NOTE 12 – STOCK OPTIONS

The Company has one stock option plan under which equity securities are authorized for issuance to officers, directors, employees and advisors: the 2019 Stock Option and Stock Bonus Plan (the “2019 Plan”). The 2019 Plan was amended on April 19, 2022 (the “Amended 2019 Plan”). Under the Amended 2019 Plan, 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses, to a maximum of 15,000,000 shares.

No options were granted or exercised during the six months ended April 30, 2026 and 2025.

The expected volatility assumption is based on the historical volatility of the price of the common stock. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds with a remaining term equal to the stock options’ expected life. The Company has not paid and does not anticipate paying dividends on its common stock. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, the Company applied the estimated forfeiture rate of 0% in determining the expense recorded in the accompanying condensed interim consolidated statements of operations and comprehensive loss.

The following is a summary of stock option activity for the six months ended April 30, 2026:

The Company recognized stock-based compensation costs for stock options of $4,293 and $21,329 for the six months ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there was $nil of total unrecognized compensation expense.

Summarized information about stock options outstanding and exercisable at April 30, 2026 is as follows: