Preferred shares

The Company has authorized 6,250,000 shares of preferred stock with a par value of $0.001 per share.

During the three months ended November 30, 2021, there were no issuances of preferred stock.

Common Shares

The Company has authorized 750,000,000 shares of common stock with a par value of $0.001 per share. Each share of common stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought.

During the three months ended November 30, 2021, the Company issued 17,774,310 shares of common stock at an average price of $1.06 per share in connection with the Company’s at-the-market equity program for proceeds, net of commission and fees, of $18,262. The agent of the program was entitled to compensation at a commission rate of 3.0% of the gross sales price per sold share of common stock.

Warrants

A summary of activity during the three months ended November 30, 2021, follows:

The intrinsic value of the warrants as of November 30, 2021, is $0. All of the outstanding warrants are exercisable as of November 30, 2021.

Stock Options

Amended and Restated 2018 Equity Incentive Plan

On September 1, 2021, the Amended and Restated 2018 Equity Plan (the “Plan”) was increased to permit the issuance of an additional 3,674,097 shares of common stock. As of November 30, 2021, the Plan permits the Company to issue up to 7,222,835 shares of common stock awards of which 4,363,651 is available to be issued.

During the three months ended November 30, 2021, the Company recognized stock option expense of $571, of which $525 was to related parties, and as of November 30, 2021, $3,682 remains unamortized, of which $3,131 is with related parties. The intrinsic value of the 2,859,184 options outstanding as of November 30, 2021, is $3.

The following is a summary of stock option activity during the three months ended November 30, 2021: