STOCKHOLDERS’ EQUITY |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY |
NOTE 10 — STOCKHOLDERS’ EQUITY
As of July 31, 2023, authorized capital stock consisted of shares of common stock, par value $ per share, and shares of “blank check” preferred stock, par value $ per share, of which shares are designated as Series A Convertible Preferred Stock, shares are designated as Series B Convertible Preferred Stock, shares are designated as Series C Convertible Preferred Stock, shares are designated as Series D Convertible Preferred Stock, shares are designated as Series E Convertible Preferred Stock, shares are designated as Series F Preferred Stock, shares are designated as Series G Preferred Stock, shares are designated as Series H Preferred Stock, and shares are designated as Series I Preferred Stock. The Company’s Board has the authority, without further action by the stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock.
There were shares of Preferred Stock outstanding as of July 31, 2023 and April 30, 2023.
Common Stock Issued, Restricted Stock Awards, and RSU’s Granted for Services
Total stock compensation expense for awards issued for services of $347,146 vested restricted stock units awarded but unissued into common stock as of July 31, 2023. A total of 433,475 restricted stock units are outstanding, vested and unvested, as of July 31, 2023. was expensed for both the three months ended July 31, 2023 and 2022. There are unvested restricted stock units with unvested compensation expense of $ at July 31, 2023 remaining to be expensed over future vesting periods of a weighted average period of years. There were
Equity Incentive Plan
In August 2017, the Board approved the Company’s 2017 Equity Incentive Plan (the “2017 Plan”) including the reservation of shares of common stock thereunder.
On August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Stock Incentive Plan (the “2020 Plan”). The 2020 Plan initially reserved shares for future issuance to officers, directors, employees and contractors as directed from time to time by the Compensation Committee of the Board. The 2020 Plan was approved by a vote of stockholders at the 2019 annual meeting. With the approval and effectivity of the 2020 Plan, no further grants will be made under the 2017 Plan. On August 31, 2020, the Board approved and adopted, subject to stockholder approval, an amendment (the “2020 Plan Amendment”) to the 2020 Plan. The 2020 Plan Amendment increased the number of shares of common stock available for issuance pursuant to awards under the 2020 Plan by an additional , to a total of shares of the Company’s common stock. The 2020 Plan Amendment was approved by the Company’s stockholders on November 9, 2020. On December 16, 2022, the Company’s stockholders approved another amendment to the 2020 plan increasing the number of shares of common stock available for issuance pursuant to awards under the 2020 Plan by an additional shares, to a total of shares of the Company’s common stock.
U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JULY 31, 2023
Stock options
At July 31, 2023 and April 30, 2023, the aggregate intrinsic value of options outstanding and exercisable were de minimis for each period.
Stock-based compensation for stock options recorded in the unaudited consolidated statements of operations totaled $7,402 for both the three months ended July 31, 2023 and 2022. A balance of $ remains to be expensed over future vesting periods related to unvested stock options issued for services to be expensed over a weighted average period of years.
Stock Warrants
A summary of the Company’s outstanding warrants to purchase shares of common stock as of July 31, 2023, and changes during the period ended as presented below:
As of July 31, 2023, the aggregate intrinsic value of warrants outstanding and exercisable was $ .
U.S. GOLD CORP. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JULY 31, 2023
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