Quarterly report pursuant to Section 13 or 15(d)

Warrants

v3.20.4
Warrants
9 Months Ended
Oct. 31, 2020
Warrants  
Note 8. Warrants

On November 1, 2017 the Company issued 7 warrants to officers, directors, and investors for the purchase of up to 3,000,000 shares of common stock at $1.00 per share. The warrants expire on November 1, 2022 at 5:00 PM Eastern Standard Time. The warrants contain participation rights to any registration statement filed by the Company. The Holder shall not be entitled to exercise their Warrant when the number of shares exercised by the Warrant Holder would cause the Holder to exceed 4.99% of the total outstanding common stock.

 

A summary of warrant activity for three and nine months ended October 31, 2020 is as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Conversion

 

 

 

Shares

 

 

Price

 

 

 

 

 

 

 

 

Warrants outstanding at January 31, 2020

 

 

3,000,000

 

 

$

1.00

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

20,000

 

 

$

1.00

 

Granted

 

 

-

 

 

$

1.00

 

Cancelled

 

 

250,000

 

 

$

1.00

 

Warrants outstanding at July 31, 2020

 

 

2,730,000

 

 

$

1.00