Note 13. Warrants

A summary of warrant activity for nine months ended October 31, 2023 is as follows:

On September 5, 2023, the board of directors approved the repricing of the exercise price of 2,125,000 warrants to $1.00 per share and extending the expiration date of the warrants until January 31, 2028.

During the three months ended October 31, 2023, stock-based compensation expense related to warrant grants was $576,000, which consisted of grants to employees of $411,000, directors of $145,000, and consultants of $20,000. During the nine months ended October 31, 2023, stock-based compensation expense related to warrant grants was $1,792,000, which consisted of grants to employees of $1,087,000, directors of $620,000, and consultants of $85,000. During the three months ended October 31, 2022, stock-based compensation expense related to warrant grants was $641,000, which consisted of grants to employees of $366,000, directors of $209,000, and consultants of $66,000. During the nine months ended October 31, 2022, stock-based compensation expense related to warrant grants was $1,915,000, which consisted of grants to employees of $1,090,000, directors of $628,000, and consultants of $197,000.