Cover
Cover - shares | 9 Months Ended | |
May 31, 2022 | Jul. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --08-31 | |
Entity File Number | 333-127953 | |
Entity Registrant Name | SOLARWINDOW TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001071840 | |
Entity Tax Identification Number | 59-3509694 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9375 E. Shea Blvd. | |
Entity Address, Address Line Two | Suite 107-B | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85260 | |
City Area Code | (800) | |
Local Phone Number | 213-0689 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,198,399 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | May 31, 2022 | Aug. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 8,632,495 | $ 7,127,456 |
Short-term investments | 5,000,000 | |
Deferred research and development costs | 130,970 | 122,332 |
Prepaid expenses and other current assets | 115,975 | 68,649 |
Total current assets | 8,879,440 | 12,318,437 |
Property and Equipment, net of accumulated depreciation of $114,030 and $110,271, respectively | 1,327,195 | 1,387,342 |
Security deposit | 21,598 | |
Total assets | 10,206,635 | 13,727,377 |
Current liabilities | ||
Accounts payable and accrued expenses | 43,391 | 55,402 |
Related party payables | 29,583 | 114,750 |
Total current liabilities | 72,974 | 170,152 |
Total liabilities | 72,974 | 170,152 |
Stockholders' equity | ||
Preferred stock: $0.10 par value; 1,000,000 shares authorized, no shares issued and outstanding | ||
Common stock: $0.001 par value; 300,000,000 shares authorized, 53,198,399 shares issued and outstanding at May 31, 2022 and August 31, 2021 | 53,198 | 53,198 |
Additional paid-in capital | 82,453,847 | 81,551,840 |
Accumulated other comprehensive income (loss) | (14,872) | |
Retained deficit | (72,373,384) | (68,032,941) |
Total stockholders' equity | 10,133,661 | 13,557,225 |
Total liabilities and stockholders' equity | $ 10,206,635 | $ 13,727,377 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | May 31, 2022 | Aug. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Equipment, net of accumulated depreciation | $ 114,030 | $ 110,271 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 53,198,399 | 53,198,399 |
Common stock, shares outstanding | 53,198,399 | 53,198,399 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
Selling, general and administrative | 776,707 | 1,394,977 | 2,900,575 | 5,180,785 |
Research and development | 191,439 | 423,859 | 797,295 | 1,338,248 |
Total operating expenses | 968,146 | 1,818,836 | 3,697,870 | 6,519,033 |
Loss from operations | (968,146) | (1,818,836) | (3,697,870) | (6,519,033) |
Other income (expense) | ||||
Interest income | 5,861 | 12,435 | 18,066 | 35,102 |
Loss on disposal of assets | (8,775) | |||
Impairment of assets | (674,200) | (674,200) | ||
Other income | 13,560 | |||
Total other income (expense) | (668,339) | 12,435 | (642,574) | 26,327 |
Net loss | (1,636,485) | (1,806,401) | (4,340,444) | (6,492,706) |
Other comprehensive income (loss) | ||||
Foreign currency translation gain/(loss) | 33,728 | 8,014 | 14,872 | 1,247 |
Comprehensive income (loss) | $ (1,602,757) | $ (1,798,387) | $ (4,325,572) | $ (6,491,459) |
Basic and Diluted Loss per Common Share | $ (0.03) | $ (0.03) | $ (0.08) | $ (0.12) |
Weighted average number of common shares outstanding - basic and diluted | 53,198,399 | 53,196,799 | 53,198,399 | 53,076,883 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2020 | $ 52,959 | $ 76,039,209 | $ (60,125,039) | $ 15,967,129 | |
Beginning Balance, Shares at Aug. 31, 2020 | 52,959,323 | ||||
Stock based compensation due to common stock purchase options | 1,838,532 | 1,838,532 | |||
Foreign currency translation adjustments | 3,277 | 3,277 | |||
Net loss | (2,537,035) | (2,537,035) | |||
Ending balance, value at Nov. 30, 2020 | $ 52,959 | 77,877,741 | 3,277 | (62,662,074) | 15,271,903 |
Ending Balance, Shares at Nov. 30, 2020 | 52,959,323 | ||||
Exercise of warrants | $ 200 | 683,800 | 684,000 | ||
Exercise of warrants, Shares | 200,000 | ||||
Exercise of stock options | $ 38 | 35,362 | 35,400 | ||
Exercise of stock options, Shares | 37,476 | ||||
Stock based compensation due to common stock purchase options | 1,463,904 | 1,463,904 | |||
Foreign currency translation adjustments | (10,044) | (10,044) | |||
Net loss | (2,149,270) | (2,149,270) | |||
Ending balance, value at Feb. 28, 2021 | $ 53,197 | 80,060,807 | (6,767) | (64,811,344) | 15,295,893 |
Ending Balance, Shares at Feb. 28, 2021 | 53,196,799 | ||||
Stock based compensation due to common stock purchase options | 903,198 | 903,198 | |||
Foreign currency translation adjustments | 8,014 | 8,014 | |||
Net loss | (1,806,401) | (1,806,401) | |||
Ending balance, value at May. 31, 2021 | $ 53,197 | 80,964,005 | 1,247 | (66,617,745) | 14,400,704 |
Ending Balance, Shares at May. 31, 2021 | 53,196,799 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 53,198 | 81,551,840 | (14,872) | (68,032,941) | 13,557,225 |
Beginning Balance, Shares at Aug. 31, 2021 | 53,198,399 | ||||
Stock based compensation due to common stock purchase options | 278,863 | 278,863 | |||
Foreign currency translation adjustments | (5,160) | (5,160) | |||
Net loss | (1,326,124) | (1,326,124) | |||
Ending balance, value at Nov. 30, 2021 | $ 53,198 | 81,830,703 | (20,032) | (69,359,065) | 12,504,804 |
Ending Balance, Shares at Nov. 30, 2021 | 53,198,399 | ||||
Stock based compensation due to common stock purchase options | 410,789 | 410,789 | |||
Foreign currency translation adjustments | (13,696) | (13,696) | |||
Net loss | (1,377,834) | (1,377,834) | |||
Ending balance, value at Feb. 28, 2022 | $ 53,198 | 82,241,492 | (33,728) | (70,736,899) | 11,524,063 |
Ending Balance, Shares at Feb. 28, 2022 | 53,198,399 | ||||
Stock based compensation due to common stock purchase options | 212,355 | 212,355 | |||
Foreign currency translation adjustments | 33,728 | 33,728 | |||
Net loss | (1,636,485) | (1,636,485) | |||
Ending balance, value at May. 31, 2022 | $ 53,198 | $ 82,453,847 | $ (72,373,384) | $ 10,133,661 | |
Ending Balance, Shares at May. 31, 2022 | 53,198,399 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (4,340,444) | $ (6,492,706) |
Depreciation | 18,865 | 21,637 |
Stock based compensation expense | 902,007 | 4,205,634 |
Loss on disposal of assets | 8,775 | |
Impairment of assets | 674,200 | |
Changes in operating assets and liabilities: | ||
Deferred research and development costs | (8,638) | 386,975 |
Prepaid expenses and other current assets | (48,699) | (92,363) |
Security deposits | 20,142 | (19,906) |
Accounts payable and accrued expenses | (11,102) | 85,338 |
Operating lease assets and liabilities | (353) | |
Related party payable | (85,167) | (47,636) |
Net cash used in operating activities | (2,878,836) | (1,944,605) |
Cash flows used in investing activity | ||
Purchase of short-term investments | (5,000,000) | |
Redemption of short-term investments | 5,000,000 | |
Capital expenditures | (601,598) | (52,920) |
Proceeds from the sale of assets | 2,161 | |
Net cash provided by (used in) investing activities | 4,398,402 | (5,050,759) |
Cash flows from financing activities | ||
Proceeds from the issuance of equity securities | 719,400 | |
Net cash from financing activities | 719,400 | |
Effect of exchange rate changes on cash and cash equivalents | (14,527) | 887 |
Net increase (decrease) in cash and cash equivalents | 1,505,039 | (6,275,077) |
Cash and cash equivalents at beginning of period | 7,127,456 | 14,151,523 |
Cash and cash equivalents at end of period | $ 8,632,495 | $ 7,876,446 |
Organization
Organization | 9 Months Ended |
May 31, 2022 | |
Accounting Policies [Abstract] | |
Organization | NOTE 1 – Organization Organization SolarWindow Technologies, Inc. was incorporated in the State of Nevada on May 5, 1998 (“ SWT, Company OPV On August 24, 2020, the SolarWindow Technologies, Inc. formed wholly owned SolarWindow Asia (USA) Corp., a Nevada Corporation, as the holding company for SolarWindow Asia Co. Ltd., (the “ Korean Subsidiary During the three months ended May 31, 2022, the Company recognized an impairment of all assets related to the Korean Subsidiary totaling $ 674,200 Liquidity and Management’s Plan The Company has not generated any revenue since inception and has sustained recurring losses and negative cash flows from operations since inception. We expect to incur losses as we continue to develop and further refine and promote our technologies and potential product applications. As of May 31, 2022, the Company had $ 8,632,495 8,806,466 |
Interim Statement Presentation
Interim Statement Presentation | 9 Months Ended |
May 31, 2022 | |
Interim Statement Presentation | |
Interim Statement Presentation | NOTE 2 – Interim Statement Presentation Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements of the Company as of May 31, 2022, and for the three and nine months ended May 31, 2022 and 2021 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“ SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of May 31, 2022, results of operations, stockholders’ equity and cash flows for the three and nine months ended May 31, 2022 and 2021. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. The Company considers its accounting policies relating to stock-based compensation to be the most significant accounting policy that involves management estimates and judgments. The Company has made accounting estimates based on the facts and circumstances available as of the reporting date. Actual amounts could differ from these estimates, and such differences could be material. These consolidated financial statements presented are those of SolarWindow Technologies, Inc. and its wholly owned subsidiaries, SolarWindow Asia (USA) Corp., and SolarWindow Asia Co. Ltd. All significant intercompany balances and transactions have been eliminated. Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended August 31, 2021. Presented below and in the following notes is supplemental information that should be read in conjunction with “Notes to Financial Statements” in the Annual Report. Fiscal quarter The Company’s quarterly periods end on November 30, February 28, May 31, and August 31. The Company’s third quarter in fiscal 2022 and 2021 ended on May 31, 2022 and 2021, respectively. Cash and Highly Liquid Investments As of May 31, 2022, the Company’s cash, includes $ 1,192,917 7,439,578 Schedule of cash and cash cash equivalents May 31, August 31, 2022 2021 Cash $ 8,632,495 $ 7,127,456 Short-term investments - 5,000,000 Cash and cash equivalents $ 8,632,495 $ 12,127,456 Short-term investments The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. Money market funds, certificates of deposit, and time deposits with maturities of greater than three months but no more than twelve months are carried at cost, which approximates fair value and are recorded in the consolidated balance sheets in short-term investments. As of August 31, 2021, the short-term investments consist of a fixed-term deposit with a twelve-month maturity at the time of purchase which matured on October 1, 2021. Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion. Recent accounting pronouncements not yet adopted None. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intra period allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. This guidance is effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The transition requirements are dependent upon each amendment within this update and applied either prospectively or retrospectively. The Company adopted ASU 2019-12 beginning September 1, 2021 with no impact on its Financial Statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
May 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NOTE 3 - Net Income (Loss) Per Share The computation of basic earnings per share (“ EPS Following is the computation of basic and diluted net loss per share for the three and nine months ended May 31, 2022 and 2021: Schedule of earning per shares Three Months Ended May 31, Nine Months Ended May 31, 2022 2021 2022 2021 Basic and diluted EPS Computation Numerator: Loss available to common stockholders' $ (1,636,485 ) $ (1,806,401 ) $ (4,340,444 ) $ (6,492,706 ) Denominator: Weighted average number of common shares outstanding 53,198,399 53,196,799 53,198,399 53,076,883 Basic and diluted EPS Computation $ (0.03 ) $ (0.03 ) $ (0.08 ) $ (0.12 ) The shares listed below were not included in the computation of diluted losses per share because to do so would be antidilutive for the periods presented: Stock options 6,781,800 6,740,400 6,781,800 6,740,400 Warrants 19,281,917 19,283,517 19,281,917 19,283,517 Total shares not included in the computation of diluted loss per share 26,063,717 26,023,917 26,063,717 26,023,917 |
Property and Equipment
Property and Equipment | 9 Months Ended |
May 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 4 – Property and Equipment Property and equipment consists of the following: Schedule of property and equipment May 31, August 31, 2022 2021 Computers, office equipment and software $ 17,387 $ 14,800 Furniture and fixtures - 47,660 Equipment 131,183 113,820 Leasehold improvements - 28,678 In-process equipment 1,292,655 1,292,655 Total property and equipment 1,441,225 1,497,613 Accumulated depreciation (114,030 ) (110,271 ) Property and equipment, net $ 1,327,195 $ 1,387,342 During the nine months ended May 31, 2022 and 2021, the Company purchased $ 601,598 71,647 3,057 9,183 18,865 21,637 During the year ended August 31, 2019, the Company made deposits for in-process equipment totaling $ 1,292,655 1,803,000 During the quarter ended February 28, 2022, the Company’s Korean subsidiary agreed to purchase equipment consisting of a roll-2-roll coating system for use in Korea. In February 2022, the Company paid approximately $ 581,000 58,122 558,344 |
Common Stock and Warrants
Common Stock and Warrants | 9 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
Common Stock and Warrants | NOTE 5 – Common Stock and Warrants Common Stock At May 31, 2022, the Company had 300,000,000 0.001 53,198,399 Warrants Each of the Company’s warrants outstanding entitles the holder to purchase one share of the Company’s common stock for each warrant share held. Other than the Series O Warrants and Series P Warrants, all of the following warrants may be exercised on a cashless basis. A summary of the Company’s warrants outstanding and exercisable as of May 31, 2022 and August 31, 2021 is as follows: Schedule of warrants Shares of Common Stock Weighted May 31, August 31, Exercise Date of Description 2022 2021 Price Issuance Expiration Series M 246,000 246,000 $ 2.34 December 7, 2015 December 31, 2022 Series N 767,000 767,000 $ 3.38 December 31, 2015 December 31, 2022 Series P 213,500 213,500 $ 3.70 March 25, 2016 December 31, 2022 Series R 468,750 468,750 $ 4.00 June 20, 2016 December 31, 2022 Series S-A 300,000 300,000 $ 2.53 July 24, 2017 December 31, 2022 Series S 620,000 620,000 $ 3.42 September 29, 2017 September 29, 2022 Series T 16,666,667 16,666,667 $ 1.70 November 26, 2018 November 26, 2025 Total 19,281,917 19,281,917 |
Stock Options
Stock Options | 9 Months Ended |
May 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options | NOTE 6 - Stock Options The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense on a straight-line basis over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions: Schedule of assumption used Nine Months Ended May 31, 2022 2021 Expected dividend yield – – Expected stock price volatility 103.31 % 89.44 % Risk-free interest rate 1.16 % 0.19 % Expected term (in years)(simplified method) 5.75 4.00 Exercise price $ 6.21 $ 3.42 Weighted-average grant date fair-value $ 4.92 $ 2.16 A summary of the Company’s stock option activity for the nine months ended May 31, 2022 and related information follows: Schedule of stock option activity Number of Weighted Weighted Aggregate Outstanding at August 31, 2021 6,740,400 3.97 Grants 140,000 6.21 Forfeitures and cancellations (98,600 ) 4.43 Outstanding at May 31, 2022 6,781,800 4.01 3.64 122,430 Exercisable at May 31, 2022 6,590,600 4.00 3.58 115,843 The aggregate intrinsic value in the table above represents the total pretax intrinsic value for all “in-the-money” options (i.e. the difference between the Company’s closing stock price on the last trading day of the period covered by this report and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all in-the-money option holders exercised their vested options on May 31, 2022. The intrinsic value of the option changes based upon the fair market value of the Company’s common stock. Since the closing stock price was $ 2.63 2,653,000 2.63 122,430 115,843 Three and nine Months Ended May 31, 2022 Grants 140,000 6.21 Forfeitures and cancellations 58,600 30,000 Three and nine Months Ended May 31, 2021 Grants 50,000 3.42 Exercises 56,667 35,400 37,476 Of the 56,667 options exercised, 10,000 were exercised for cash at an exercise price of $3.54 and 46,667 were exercised on a cashless basis resulting in the issuance of 27,476 shares of restricted common stock. Forfeitures and cancellations 1,008,000 37,500 16,667 4,500 The following table sets forth the share-based compensation cost resulting from stock option grants, including those previously granted and vesting over time, that were recorded in the Company’s Statements of Operations for the three and nine months ended May 31, 2022 and 2021: Schedule of share-based compensation Three Months Ended May 31, Nine Months Ended May 31, Stock compensation expense: 2022 2021 2022 2021 Selling, general and administrative $ 191,122 $ 761,654 $ 838,309 $ 3,617,132 Research and development 21,233 141,544 63,698 588,502 Total $ 212,355 $ 903,198 $ 902,007 $ 4,205,634 As of May 31, 2022, the Company had $ 391,608 2.525 The following table summarizes information about stock options outstanding and exercisable at May 31, 2022: Schedule of stock options outstanding and exercisable Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted Weighted Number Weighted Weighted 2.32 153,000 7.36 2.32 131,750 7.36 2.32 2.60 2,500,000 4.09 2.60 2,500,000 4.09 2.60 3.42 50,000 4.39 3.42 12,500 4.39 3.42 3.46 35,000 3.60 3.46 35,000 3.60 3.46 3.54 1,283,800 6.25 3.54 1,206,350 6.45 3.54 3.66 1,000,000 1.25 3.66 1,000,000 1.25 3.66 4.87 150,000 5.48 4.87 150,000 5.48 4.87 6.00 800,000 1.25 6.00 800,000 1.25 6.00 6.21 110,000 9.41 6.21 55,000 9.41 6.21 8.00 700,000 1.25 8.00 700,000 1.25 8.00 Total 6,781,800 3.64 4.01 6,590,600 3.58 4.00 |
Transactions with Related Perso
Transactions with Related Persons | 9 Months Ended |
May 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Persons | NOTE 7 - Transactions with Related Persons A related party with respect to the Company is generally defined as any person (i) (and, if a natural person, inclusive of his or her immediate family) that holds 10% or more of the Company’s securities, (ii) that is part of the Company’s management, (iii) that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. On August 7, 2017, the Company appointed Jatinder Bhogal to the Board of directors. Mr. Bhogal has provided consulting services to the Company through his wholly owned company, Vector Asset Management, Inc. (“VAMI”). On July 1, 2020 the Company and VAMI entered into an Executive Consulting Agreement (the “ECA”) pursuant to which Mr. Bhogal served as a director of the Company and as its Chairman and Chief Executive Officer. Effective January 18, 2022, Mr. Bhogal resigned all positions he held in the Company. Pursuant to the ECA, VAMI received $34,167 per month and was eligible for an annual bonus. VAMI also incurred expenses on behalf of the Company which are reimbursed according to the Company’s expense reimbursement policy. In connection with the ECA and the Separation and Release of Claims Agreement dated January 18, 2022 by and among the Company, VAMI and Mr. Bhogal, the Company recognized cash compensation expense of $ 0 102,500 524,505 307,500 Joseph Sierchio, one of the Company’s directors, has maintained his role as the Company’s General Counsel since its inception as Principal of the law firm of Sierchio & Partners, LLP, and then as a Partner with Satterlee Stephens LLP and beginning in August 2020, as Principal of Sierchio Law, LLP pursuant to an engagement letter which provides for an annual fee of $175,000 in exchange for general counsel services. Mr. Sierchio resigned from the Board effective October 22, 2018, and was reappointed on October 1, 2020. Fees for legal services billed by Sierchio Law, LLP while serving as a director totaled $ 43,750 43,750 131,250 116,667 14,583 All related party transactions are recorded at the exchange amount established and agreed to between related parties and are in the normal course of business. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 – Commitments and Contingencies In September 2020, and February 2021, the Korean Subsidiary entered into leases for office space and an apartment in South Korea. See “Note 9 - Leases” for additional information. On June 9, 2022, the Company was served the Notice of Civil Claim dated May 16, 2022, and related Notice of Application and Order Made After Application. See Part II, Item 1. Legal Proceedings COVID- 19 A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there was no material adverse impact on the Company’s results of operations and financial position as of May 31, 2022. The full extent of the future impact of COVID-19 on the Company’s plan of operations is uncertain. A prolonged outbreak could have a material adverse impact on the Company’s ability to identify and implement business opportunities or continue to effectuate its business plan. |
Leases
Leases | 9 Months Ended |
May 31, 2022 | |
Leases | |
Leases | NOTE 9 – Leases On February 26, 2021, the Korean Subsidiary entered into an apartment lease for the purposes of housing foreign personnel. The apartment lease provided for a term of one year beginning March 7, 2021, and was renewed on March 7, 2022 for an additional year. Monthly rent is approximately $950. The Company paid a security deposit of approximately $8,700. In September 2020, the Korean Subsidiary entered a lease for office space in South Korea. The office lease provided for an initial term of one-year from September 23, 2020 through September 23, 2021, which was renewed for an additional year, monthly rent of approximately $1,200 and a security deposit of approximately $13,000. The Company’s policy is to record all leases with a term of less than one year as an operating lease with rent expensed recorded on a straight-line basis and to not recognize lease assets or lease liabilities. As of May 31, 2022, the Company has not entered into any leases other than those described above which have not yet commenced and would entitle the Company to significant rights or create additional obligations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
May 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 – Subsequent Events Management has reviewed material events subsequent of the period ended May 31, 2022 and through the date of filing of financial statements in accordance with FASB ASC 855 “Subsequent Events.” In managements opinion, no material subsequent events have occurred as of the date of this quarterly report. On June 9, 2022, the Company was served the Notice of Civil Claim dated May 16, 2022, and related Notice of Application and Order Made After Application. See Part II, Item 1. Legal Proceedings |
Interim Statement Presentation
Interim Statement Presentation (Policies) | 9 Months Ended |
May 31, 2022 | |
Interim Statement Presentation | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements of the Company as of May 31, 2022, and for the three and nine months ended May 31, 2022 and 2021 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“ SEC U.S. GAAP The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Actual results may differ from those estimates. The accompanying unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments (including normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s consolidated financial position as of May 31, 2022, results of operations, stockholders’ equity and cash flows for the three and nine months ended May 31, 2022 and 2021. The Company did not record an income tax provision during the periods presented due to net taxable losses. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. The Company considers its accounting policies relating to stock-based compensation to be the most significant accounting policy that involves management estimates and judgments. The Company has made accounting estimates based on the facts and circumstances available as of the reporting date. Actual amounts could differ from these estimates, and such differences could be material. These consolidated financial statements presented are those of SolarWindow Technologies, Inc. and its wholly owned subsidiaries, SolarWindow Asia (USA) Corp., and SolarWindow Asia Co. Ltd. All significant intercompany balances and transactions have been eliminated. Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended August 31, 2021. Presented below and in the following notes is supplemental information that should be read in conjunction with “Notes to Financial Statements” in the Annual Report. |
Fiscal quarter | Fiscal quarter The Company’s quarterly periods end on November 30, February 28, May 31, and August 31. The Company’s third quarter in fiscal 2022 and 2021 ended on May 31, 2022 and 2021, respectively. |
Cash and Highly Liquid Investments | Cash and Highly Liquid Investments As of May 31, 2022, the Company’s cash, includes $ 1,192,917 7,439,578 Schedule of cash and cash cash equivalents May 31, August 31, 2022 2021 Cash $ 8,632,495 $ 7,127,456 Short-term investments - 5,000,000 Cash and cash equivalents $ 8,632,495 $ 12,127,456 |
Short-term investments | Short-term investments The Company determines the balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. Money market funds, certificates of deposit, and time deposits with maturities of greater than three months but no more than twelve months are carried at cost, which approximates fair value and are recorded in the consolidated balance sheets in short-term investments. As of August 31, 2021, the short-term investments consist of a fixed-term deposit with a twelve-month maturity at the time of purchase which matured on October 1, 2021. |
Accounting Pronouncements | Accounting Pronouncements The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable, the Company has not identified any standards that the Company believes merit further discussion. Recent accounting pronouncements not yet adopted None. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intra period allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. This guidance is effective for interim and annual reporting periods beginning after December 15, 2020. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The transition requirements are dependent upon each amendment within this update and applied either prospectively or retrospectively. The Company adopted ASU 2019-12 beginning September 1, 2021 with no impact on its Financial Statements. |
Interim Statement Presentatio_2
Interim Statement Presentation (Tables) | 9 Months Ended |
May 31, 2022 | |
Interim Statement Presentation | |
Schedule of cash and cash cash equivalents | Schedule of cash and cash cash equivalents May 31, August 31, 2022 2021 Cash $ 8,632,495 $ 7,127,456 Short-term investments - 5,000,000 Cash and cash equivalents $ 8,632,495 $ 12,127,456 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
May 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earning per shares | Schedule of earning per shares Three Months Ended May 31, Nine Months Ended May 31, 2022 2021 2022 2021 Basic and diluted EPS Computation Numerator: Loss available to common stockholders' $ (1,636,485 ) $ (1,806,401 ) $ (4,340,444 ) $ (6,492,706 ) Denominator: Weighted average number of common shares outstanding 53,198,399 53,196,799 53,198,399 53,076,883 Basic and diluted EPS Computation $ (0.03 ) $ (0.03 ) $ (0.08 ) $ (0.12 ) The shares listed below were not included in the computation of diluted losses per share because to do so would be antidilutive for the periods presented: Stock options 6,781,800 6,740,400 6,781,800 6,740,400 Warrants 19,281,917 19,283,517 19,281,917 19,283,517 Total shares not included in the computation of diluted loss per share 26,063,717 26,023,917 26,063,717 26,023,917 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
May 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment May 31, August 31, 2022 2021 Computers, office equipment and software $ 17,387 $ 14,800 Furniture and fixtures - 47,660 Equipment 131,183 113,820 Leasehold improvements - 28,678 In-process equipment 1,292,655 1,292,655 Total property and equipment 1,441,225 1,497,613 Accumulated depreciation (114,030 ) (110,271 ) Property and equipment, net $ 1,327,195 $ 1,387,342 |
Common Stock and Warrants (Tabl
Common Stock and Warrants (Tables) | 9 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
Schedule of warrants | Schedule of warrants Shares of Common Stock Weighted May 31, August 31, Exercise Date of Description 2022 2021 Price Issuance Expiration Series M 246,000 246,000 $ 2.34 December 7, 2015 December 31, 2022 Series N 767,000 767,000 $ 3.38 December 31, 2015 December 31, 2022 Series P 213,500 213,500 $ 3.70 March 25, 2016 December 31, 2022 Series R 468,750 468,750 $ 4.00 June 20, 2016 December 31, 2022 Series S-A 300,000 300,000 $ 2.53 July 24, 2017 December 31, 2022 Series S 620,000 620,000 $ 3.42 September 29, 2017 September 29, 2022 Series T 16,666,667 16,666,667 $ 1.70 November 26, 2018 November 26, 2025 Total 19,281,917 19,281,917 |
Stock Options (Tables)
Stock Options (Tables) | 9 Months Ended |
May 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of assumption used | Schedule of assumption used Nine Months Ended May 31, 2022 2021 Expected dividend yield – – Expected stock price volatility 103.31 % 89.44 % Risk-free interest rate 1.16 % 0.19 % Expected term (in years)(simplified method) 5.75 4.00 Exercise price $ 6.21 $ 3.42 Weighted-average grant date fair-value $ 4.92 $ 2.16 |
Schedule of stock option activity | Schedule of stock option activity Number of Weighted Weighted Aggregate Outstanding at August 31, 2021 6,740,400 3.97 Grants 140,000 6.21 Forfeitures and cancellations (98,600 ) 4.43 Outstanding at May 31, 2022 6,781,800 4.01 3.64 122,430 Exercisable at May 31, 2022 6,590,600 4.00 3.58 115,843 |
Schedule of share-based compensation | Schedule of share-based compensation Three Months Ended May 31, Nine Months Ended May 31, Stock compensation expense: 2022 2021 2022 2021 Selling, general and administrative $ 191,122 $ 761,654 $ 838,309 $ 3,617,132 Research and development 21,233 141,544 63,698 588,502 Total $ 212,355 $ 903,198 $ 902,007 $ 4,205,634 |
Schedule of stock options outstanding and exercisable | Schedule of stock options outstanding and exercisable Stock Options Outstanding Stock Options Exercisable Range of Number of Weighted Weighted Number Weighted Weighted 2.32 153,000 7.36 2.32 131,750 7.36 2.32 2.60 2,500,000 4.09 2.60 2,500,000 4.09 2.60 3.42 50,000 4.39 3.42 12,500 4.39 3.42 3.46 35,000 3.60 3.46 35,000 3.60 3.46 3.54 1,283,800 6.25 3.54 1,206,350 6.45 3.54 3.66 1,000,000 1.25 3.66 1,000,000 1.25 3.66 4.87 150,000 5.48 4.87 150,000 5.48 4.87 6.00 800,000 1.25 6.00 800,000 1.25 6.00 6.21 110,000 9.41 6.21 55,000 9.41 6.21 8.00 700,000 1.25 8.00 700,000 1.25 8.00 Total 6,781,800 3.64 4.01 6,590,600 3.58 4.00 |
Organization (Details Narrative
Organization (Details Narrative) - USD ($) | 3 Months Ended | |
May 31, 2022 | Aug. 31, 2021 | |
Accounting Policies [Abstract] | ||
Other Asset Impairment Charges | $ 674,200 | |
Cash and cash equivalents | 8,632,495 | $ 12,127,456 |
Working capital | $ 8,806,466 |
Interim Statement Presentatio_3
Interim Statement Presentation (Details) - USD ($) | May 31, 2022 | Aug. 31, 2021 |
Interim Statement Presentation | ||
Cash | $ 8,632,495 | $ 7,127,456 |
Short-term investments | 5,000,000 | |
Cash and cash equivalents | $ 8,632,495 | $ 12,127,456 |
Interim Statement Presentatio_4
Interim Statement Presentation (Details Narrative) | May 31, 2022 USD ($) |
Interim Statement Presentation | |
Domestic bank accounts | $ 1,192,917 |
FDIC Insured amount | $ 7,439,578 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
Numerator: | ||||
Loss available to common stockholders' | $ (1,636,485) | $ (1,806,401) | $ (4,340,444) | $ (6,492,706) |
Denominator: | ||||
Weighted average number of common shares outstanding | 53,198,399 | 53,196,799 | 53,198,399 | 53,076,883 |
Basic and diluted EPS Computation | $ (0.03) | $ (0.03) | $ (0.08) | $ (0.12) |
Stock options | 6,781,800 | 6,740,400 | 6,781,800 | 6,740,400 |
Warrants | 19,281,917 | 19,283,517 | 19,281,917 | 19,283,517 |
Total shares not included in the computation of diluted loss per share | 26,063,717 | 26,023,917 | 26,063,717 | 26,023,917 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | May 31, 2022 | Aug. 31, 2021 | Aug. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 1,441,225 | $ 1,497,613 | |
Accumulated depreciation | (114,030) | (110,271) | |
Property and equipment, net | 1,327,195 | 1,387,342 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 17,387 | 14,800 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 47,660 | ||
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 131,183 | 113,820 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 28,678 | ||
In Process Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 1,292,655 | $ 1,292,655 | $ 1,292,655 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 | May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | Aug. 31, 2019 | Aug. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||||
Depreciation | $ 3,057 | $ 9,183 | $ 18,865 | $ 21,637 | |||
Total property and equipment | 1,441,225 | 1,441,225 | $ 1,497,613 | ||||
Estimated cost | $ 1,803,000 | ||||||
Payments for Deposits | $ 581,000 | ||||||
Property, Plant and Equipment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Purchase of property and equipment | 601,598 | $ 71,647 | |||||
In Process Equipment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total property and equipment | 1,292,655 | 1,292,655 | $ 1,292,655 | 1,292,655 | |||
Furniture and Fixtures [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total property and equipment | 47,660 | ||||||
Furniture and Fixtures [Member] | Korean Subsidiary [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total property and equipment | 58,122 | 58,122 | |||||
Leasehold Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total property and equipment | $ 28,678 | ||||||
Leasehold Improvements [Member] | Korean Subsidiary [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total property and equipment | $ 558,344 | $ 558,344 |
Common Stock and Warrants (Deta
Common Stock and Warrants (Details) - $ / shares | 9 Months Ended | |
May 31, 2022 | Aug. 31, 2021 | |
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 19,281,917 | 19,281,917 |
Series M warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 246,000 | 246,000 |
Weighted Average Exercise Price | $ 2.34 | |
Investment warrants issuance date | Dec. 07, 2015 | |
Expiration | Dec. 31, 2022 | |
Series N warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 767,000 | 767,000 |
Weighted Average Exercise Price | $ 3.38 | |
Investment warrants issuance date | Dec. 31, 2015 | |
Expiration | Dec. 31, 2022 | |
Series P warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 213,500 | 213,500 |
Weighted Average Exercise Price | $ 3.70 | |
Investment warrants issuance date | Mar. 25, 2016 | |
Expiration | Dec. 31, 2022 | |
Series R warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 468,750 | 468,750 |
Weighted Average Exercise Price | $ 4 | |
Investment warrants issuance date | Jun. 20, 2016 | |
Expiration | Dec. 31, 2022 | |
Series S-A warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 300,000 | 300,000 |
Weighted Average Exercise Price | $ 2.53 | |
Investment warrants issuance date | Jul. 24, 2017 | |
Expiration | Dec. 31, 2022 | |
Series S warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 620,000 | 620,000 |
Weighted Average Exercise Price | $ 3.42 | |
Investment warrants issuance date | Sep. 29, 2017 | |
Expiration | Sep. 29, 2022 | |
Series T warrants [Member] | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issuable from Warrants | 16,666,667 | 16,666,667 |
Weighted Average Exercise Price | $ 1.70 | |
Investment warrants issuance date | Nov. 26, 2018 | |
Expiration | Nov. 26, 2025 |
Common Stock and Warrants (De_2
Common Stock and Warrants (Details Narrative) - $ / shares | May 31, 2022 | Aug. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 53,198,399 | 53,198,399 |
Stock Options (Details)
Stock Options (Details) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Expected dividend yield | ||
Expected stock price volatility | 103.31% | 89.44% |
Risk-free interest rate | 1.16% | 0.19% |
Expected term (in years)(simplified method) | 5 years 9 months | 4 years |
Exercise price | $ 6.21 | $ 3.42 |
Weighted-average grant date fair-value | $ 4.92 | $ 2.16 |
Stock Options (Details 1)
Stock Options (Details 1) - USD ($) | 9 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Offsetting Assets [Line Items] | ||
Grants | $ 6.21 | $ 3.42 |
Equity Option [Member] | ||
Offsetting Assets [Line Items] | ||
Outstanding Beginning | 6,740,400 | |
Weighted-average exercise price Beginning | $ 3.97 | |
Grants | 140,000 | |
Grants | $ 6.21 | |
Forfeitures and cancellations | (98,600) | |
Forfeitures and cancellations | $ 4.43 | |
Outstanding Ending | 6,781,800 | |
Weighted-average exercise price Ending | $ 4.01 | |
Weighted Average Remaining Contractual Term, Option Outstanding | 3 years 7 months 20 days | |
Outstanding Ending | $ 122,430 | |
Exercisable Ending | 6,590,600 | |
Exercisable Ending | $ 4 | |
Weighted Average Remaining Contractual Term, Option exercisable | 3 years 6 months 29 days | |
Exercisable Ending | $ 115,843 |
Stock Options (Details 2)
Stock Options (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Selling, general and administrative | $ 191,122 | $ 761,654 | $ 838,309 | $ 3,617,132 |
Research and development | 21,233 | 141,544 | 63,698 | 588,502 |
Total | $ 212,355 | $ 903,198 | $ 902,007 | $ 4,205,634 |
Stock Options (Details 3)
Stock Options (Details 3) - $ / shares | 9 Months Ended | |
May 31, 2022 | Aug. 31, 2021 | |
Equity Option [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 6,781,800 | 6,740,400 |
Weighted average contractural life (years) | 3 years 7 months 20 days | |
Weighted-average exercise price | $ 4.01 | $ 3.97 |
Number of Shares Subject to options exercisable | 6,590,600 | |
Weighted average contractural life (years) of options exercisable | 3 years 6 months 29 days | |
Weighted-average exercise price of options exercisable | $ 4 | |
$2.32 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 153,000 | |
Weighted average contractural life (years) | 7 years 4 months 9 days | |
Weighted-average exercise price | $ 2.32 | |
Number of Shares Subject to options exercisable | 131,750 | |
Weighted average contractural life (years) of options exercisable | 7 years 4 months 9 days | |
Weighted-average exercise price of options exercisable | $ 2.32 | |
$2.60 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 2,500,000 | |
Weighted average contractural life (years) | 4 years 1 month 2 days | |
Weighted-average exercise price | $ 2.60 | |
Number of Shares Subject to options exercisable | 2,500,000 | |
Weighted average contractural life (years) of options exercisable | 4 years 1 month 2 days | |
Weighted-average exercise price of options exercisable | $ 2.60 | |
$3.42 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 50,000 | |
Weighted average contractural life (years) | 4 years 4 months 20 days | |
Weighted-average exercise price | $ 3.42 | |
Number of Shares Subject to options exercisable | 12,500 | |
Weighted average contractural life (years) of options exercisable | 4 years 4 months 20 days | |
Weighted-average exercise price of options exercisable | $ 3.42 | |
$3.46 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 35,000 | |
Weighted average contractural life (years) | 3 years 7 months 6 days | |
Weighted-average exercise price | $ 3.46 | |
Number of Shares Subject to options exercisable | 35,000 | |
Weighted average contractural life (years) of options exercisable | 3 years 7 months 6 days | |
Weighted-average exercise price of options exercisable | $ 3.46 | |
$3.54 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 1,283,800 | |
Weighted average contractural life (years) | 6 years 3 months | |
Weighted-average exercise price | $ 3.54 | |
Number of Shares Subject to options exercisable | 1,206,350 | |
Weighted average contractural life (years) of options exercisable | 6 years 5 months 12 days | |
Weighted-average exercise price of options exercisable | $ 3.54 | |
$3.66 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 1,000,000 | |
Weighted average contractural life (years) | 1 year 3 months | |
Weighted-average exercise price | $ 3.66 | |
Number of Shares Subject to options exercisable | 1,000,000 | |
Weighted average contractural life (years) of options exercisable | 1 year 3 months | |
Weighted-average exercise price of options exercisable | $ 3.66 | |
$4.87 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 150,000 | |
Weighted average contractural life (years) | 5 years 5 months 23 days | |
Weighted-average exercise price | $ 4.87 | |
Number of Shares Subject to options exercisable | 150,000 | |
Weighted average contractural life (years) of options exercisable | 5 years 5 months 23 days | |
Weighted-average exercise price of options exercisable | $ 4.87 | |
$6.00 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 800,000 | |
Weighted average contractural life (years) | 1 year 3 months | |
Weighted-average exercise price | $ 6 | |
Number of Shares Subject to options exercisable | 800,000 | |
Weighted average contractural life (years) of options exercisable | 1 year 3 months | |
Weighted-average exercise price of options exercisable | $ 6 | |
$6.21 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 110,000 | |
Weighted average contractural life (years) | 9 years 4 months 28 days | |
Weighted-average exercise price | $ 6.21 | |
Number of Shares Subject to options exercisable | 55,000 | |
Weighted average contractural life (years) of options exercisable | 9 years 4 months 28 days | |
Weighted-average exercise price of options exercisable | $ 6.21 | |
$8.00 Per Share [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Shares Subject to Outstanding Options | 700,000 | |
Weighted average contractural life (years) | 1 year 3 months | |
Weighted-average exercise price | $ 8 | |
Number of Shares Subject to options exercisable | 700,000 | |
Weighted average contractural life (years) of options exercisable | 1 year 3 months | |
Weighted-average exercise price of options exercisable | $ 8 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 9 Months Ended | |||
Oct. 27, 2021 | Dec. 18, 2020 | Feb. 23, 2021 | Oct. 19, 2020 | May 31, 2022 | Aug. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Options Outstanding | 2,653,000 | |||||
Option exercise price | $ 2.63 | |||||
Share based compensation recognition period | 2 years 6 months 9 days | |||||
Equity Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock options exercised | 56,667 | |||||
Proceeds from stock options exercised | $ 35,400 | |||||
Restricted shares issued | 37,476 | |||||
Options Exercised Description | Of the 56,667 options exercised, 10,000 were exercised for cash at an exercise price of $3.54 and 46,667 were exercised on a cashless basis resulting in the issuance of 27,476 shares of restricted common stock. | |||||
Stock options cancelled | 1,008,000 | |||||
Unvested options cancelled | 37,500 | |||||
Mr Gary Parmar [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Options Granted | 30,000 | |||||
Unvested stock options | 58,600 | |||||
Employee [Member] | Equity Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Options expired | 16,667 | |||||
Options previously canceled | 4,500 | |||||
Officers And Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Options Granted | 140,000 | |||||
Option exerciseable price | $ 6.21 | |||||
Equity Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Closing stock Option exercise price | $ 2.63 | |||||
Aggregate intrinsic value of options | $ 122,430 | |||||
Aggregate intrinsic value of options vested | $ 115,843 | |||||
Option exerciseable price | $ 4.01 | $ 3.97 | ||||
Stock options exercise price | $ 4.43 | |||||
Share based compensation expenses not yet recognized | $ 391,608 | |||||
Equity Option [Member] | Director [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock options granted | 50,000 | |||||
Stock options exercise price | $ 3.42 |
Transactions with Related Per_2
Transactions with Related Persons (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
V A M I [Member] | Consulting Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expense | $ 0 | $ 102,500 | $ 524,505 | $ 307,500 |
Satterlee Stephens L L P [Member] | ||||
Related Party Transaction [Line Items] | ||||
Legal services | 43,750 | $ 43,750 | 131,250 | $ 116,667 |
Related party payable | $ 14,583 | $ 14,583 |
Leases (Details Narrative)
Leases (Details Narrative) | 9 Months Ended |
May 31, 2022 | |
Rent description | The apartment lease provided for a term of one year beginning March 7, 2021, and was renewed on March 7, 2022 for an additional year. Monthly rent is approximately $950. The Company paid a security deposit of approximately $8,700. |
Office Space [Member] | |
Rent description | The office lease provided for an initial term of one-year from September 23, 2020 through September 23, 2021, which was renewed for an additional year, monthly rent of approximately $1,200 and a security deposit of approximately $13,000. |