ShiftPixy, a US-based company, has reported its financial performance and business developments in its latest quarterly report. The company recognized approximately $0.2 million in stock-based compensation expense for the three months ended November 30, 2023, a decrease from the $0.3 million reported in the same period the previous year. This expense is recorded under general and administrative expenses in the condensed statement of operations. Additionally, the company has accrued $0.8 million for stock-compensation related to shares to be issued for services to certain directors as of November 30, 2023. ShiftPixy has also been involved in several lease agreements for office and industrial spaces in Florida and California, with monthly rent expenses ranging from approximately $24,000 to $57,000. However, the company has faced challenges with these leases...Show More

ShiftPixy, a US-based company, has reported its financial performance and business developments in its latest quarterly report. The company recognized approximately $0.2 million in stock-based compensation expense for the three months ended November 30, 2023, a decrease from the $0.3 million reported in the same period the previous year. This expense is recorded under general and administrative expenses in the condensed statement of operations. Additionally, the company has accrued $0.8 million for stock-compensation related to shares to be issued for services to certain directors as of November 30, 2023. ShiftPixy has also been involved in several lease agreements for office and industrial spaces in Florida and California, with monthly rent expenses ranging from approximately $24,000 to $57,000. However, the company has faced challenges with these leases, including litigation with a landlord and the abandonment of properties, resulting in accrued contingent liabilities and impairment expenses totaling millions of dollars. ShiftPixy has also increased the number of shares of common stock issuable under its 2017 Stock Option/Stock Issuance Plan from 1,250 to 31,250, following shareholder approval. The company's future plans include vigorously defending a lawsuit and counterclaiming for relocation costs related to the abandoned office spaces.