Note 10 - Stock Options |
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Apr. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Share-Based Payment Arrangement [Text Block] |
NOTE 10 - STOCK OPTIONS
The Company established the 2011 Stock Option/Restricted Stock Plan (the “2011 Plan”). The 2011 Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction.
The 2011 Plan has a fixed maximum percentage of 10% of the Company’s outstanding shares that are eligible for the plan pool, whereby the number of Shares under the plan increases automatically as the total number of shares outstanding increase. The number of shares subject to the 2011 Plan and any outstanding awards will be adjusted appropriately by the Board of Directors if the Company’s common stock is affected through a reorganization, merger, consolidation, recapitalization, restructuring, reclassification dividend (other than quarterly cash dividends) or other distribution, stock split, spin-off or sale of substantially all of the Company’s assets.
The 2011 Plan also has terms and conditions, including without limitations that the exercise price for stock options granted under the Stock Option Plan must equal the stock’s fair value, based on the closing price per share of common stock, at the time the stock option is granted. The fair value of each option award is estimated on the date of grant utilizing the Black-Scholes model and commonly utilized assumptions associated with the Black-Scholes methodology. Options granted under the Plan have a -year maximum term and varying vesting periods as determined by the Board.
The Company has no stock options outstanding as at April 30, 2026. The Company issued no stock options during the years ended April 30, 2026 and 2025.
During the year ended April 30, 2026, 1,416,667 options were exercised at a price of $0.06 per share and 1,083,333 options expired. During the year ended April 30, 2026, the intrinsic value of options exercised was $103,550. These options were granted under the 2011 Stock Option/Restricted Stock Plan.
Summary:
The following is a summary of the Company’s stock options outstanding and exercisable:
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