Annual report pursuant to Section 13 and 15(d)

EQUITY (Tables)

v3.19.3
EQUITY (Tables)
12 Months Ended
Aug. 31, 2019
Equity [Abstract]  
Schedule of activity warrants outstanding

 

 

 

 

 

 

 

Weighted

 

 

 

Number of

 

 

Weighted Average

 

 

Average

 

 

 

shares

 

 

Exercise Price

 

 

Life (years)

 

Outstanding, August 31, 2017

 

 

240,917

 

 

$ 8.00

 

 

 

4.83

 

Granted

 

 

254,389

 

 

 

12.64

 

 

 

5.00

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, August 31, 2018

 

 

495,306

 

 

$ 10.40

 

 

 

4.23

 

Granted

 

 

1,839,575

 

 

 

7.46

 

 

 

3.23

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, August 31, 2019

 

 

2,334,881

 

 

$ 8.15

 

 

 

4.14

 

 

Schedule of assumptions to value the stock options

 

 

Year Ended

 

 

Year Ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2019

 

 

2018

 

Expected term

 

5 years

 

 

10 years

 

Expected average volatility

 

 

158 %

 

 

170 %

Expected dividend yield

 

 

-

 

 

 

-

 

Risk-free interest rate

 

1.40

 %

 

 

2.87 %

 

 

Name

Number of Shares

Exercise Price

Vesting Commencement Date

Expiration Date

Vesting Schedule

Saoirse O’Sullivan

12,500

$10.8

August 17, 2018

August 17, 2028

(1)

R. Martin Emanuele, Ph.D.

12,500

$10.8

August 17, 2018

August 17, 2028

(1)

Andy Yates, Ph.D.

12,500

$10.8

August 17, 2018

August 17, 2028

(1)

Steven D. Reich, M.D.

12,500

$10.8

April 1, 2018

August 17, 2028

(2)

RobPrince

2,500

$3.12

July 18, 2019

July 18, 2029

100% vested

Gregory D. Gorgas

75,000

$1.99

August 29, 2019

August 29, 2029

(3)

Connie Matsui

26,500

$1.99

August 29, 2019

August 29, 2029

(4)

Douglas Blayney, MD

18,000

$1.99

August 29, 2019

August 29, 2029

(4)

Georgia Erbez

22,250

$1.99

August 29, 2019

August 29, 2029

(4)

R. Martin Emanuele, PhD

17,500

$1.99

August 29, 2019

August 29, 2029

(4)

Steven Kelly

22,250

$1.99

August 29, 2019

August 29, 2029

(4)

Total option grants:

234,000

_________

(1)

Twenty-five percent (25%) of the Shares subject to the Option shall vest on the Vesting Commencement Date, and one forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date.

(2)

The number of Shares that will vest upon the first day following the end of such Vesting Period (a “Vesting Date”) will equal (i) the lesser of (a) the number of hours that the Company’s Chief Executive Officer certifies Participant provided the Services during such Vesting Period or (b) 60, multiplied by (ii) a number of Shares equal to 350 divided by the exercise price per Share of the option. “Vesting Period” means each three-month period during the term of the consulting agreement, beginning on the Vesting Commencement Date.

(3)

The shares subject to this option award will vest, subject to Mr. Gorgas’ continued service through the applicable vesting date, ratably over 48 months starting on August 29, 2019, such that the option will be fully vested on August 29, 2023.

(4)

One Hundred percent (100%) of the Shares subject to the Option shall vest on the earlier to occur of

(i) the date six (6) months from the Vesting Commencement Date or

(ii) the date immediately preceding the 2020 annual meeting of stockholders,

subject to Participant continuing to be a Service Provider through each such date.

Schedule of stock option activity

 

 

 

Options Outstanding

 

 

Weighted Average 

 

 

 

Number of

 

 

Weighted Average

 

 

 Remaining life

 

 

 

Options

 

 

Exercise Price

 

 

(years)

 

 

 

 

 

 

 

 

 

 

 

Outstanding, August 31, 2017

 

 

-

 

 

$ -

 

 

$ -

 

Granted

 

 

50,000

 

 

 

10.80

 

 

 

10.0

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/canceled

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, August 31, 2018

 

 

50,000

 

 

$ 10.80

 

 

$

9.97

 

Granted

 

 

184,000

 

 

 

2.01

 

 

 

10.0

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/canceled

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, August 31, 2019

 

 

234,000

 

 

$ 3.88

 

 

$

9.78

 

 

Schedule of exercisable stock options outstanding

Options Outstanding

 

 

Options Exercisable

 

Number of Options

 

 

Weighted Average Remaining

 

 

Weighted Average

 

 

Number of

 

 

Weighted Average

 

 

 

Contractual life (in years)

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

50,000

 

 

 

8.97

 

 

$ 10.80

 

 

 

21,700

 

 

$ 10.80

 

2,500

 

 

 

9.89

 

 

$ 3.12

 

 

 

2,500

 

 

$ 3.12

 

181,500

 

 

 

10.00

 

 

$ 1.99

 

 

 

-

 

 

$ -