MySQLI Prepared Statement: num_rows & fetch_assoc

$result = $stmt->execute(); /* function returns a bool value */

reference : http://php.net/manual/en/mysqli-stmt.execute.php

so its just sufficient to write $stmt->execute(); for the query execution.

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The basic idea is to follow the following sequence :
1. make a connection. (now while using sqli or PDO method you make connection and connect with database in a single step)
2. prepare the query template
3. bind the the parameters with the variable
4. (set the values for the variable if not set or if you wish to change the values) and then Execute your query.
5. Now fetch your data and do your work.
6. Close the connection.

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/*STEP 1*/
$mysqli = mysqli_connect($servername,$usrname,$pswd,$dbname);
/*STEP 2*/
$stmt = $mysqli->prepare("SELECT * FROM licences WHERE generated = ?");
/*Prepares the SQL query, and returns a statement handle to be used for further operations on the statement.*/
//mysqli_prepare() returns a statement object(of class mysqli_stmt) or FALSE if an error occurred.
/* STEP 3*/
$stmt->bind_param('i', $core['id']);//Binds variables to a prepared statement as parameters
/* STEP 4*/
$result = $stmt->execute();//Executes a prepared Query
/* IF you wish to count the no. of rows only then you will require the following 2 lines */
$stmt->store_result();//Transfers a result set from a prepared statement
$count=$stmt->num_rows;
/*STEP 5*/
//The best way is to bind result, its easy and sleek
while($data = $stmt->fetch()) //use fetch() fetch_assoc() is not a member of mysqli_stmt class
{ //DO what you wish
  //$data is an array, one can access the contents like $data['attributeName']
}

One must call mysqli_stmt_store_result() for (SELECT, SHOW, DESCRIBE, EXPLAIN), if one wants to buffer the complete result set by the client, so that the subsequent mysqli_stmt_fetch() call returns buffered data.
It is unnecessary to call mysqli_stmt_store_result() for other queries, but if you do, it will not harm or cause any notable performance in all cases.
--reference: php.net/manual/en/mysqli-stmt.store-result.php
and http://www.w3schools.com/php/php_mysql_prepared_statements.asp
One must look up the above reference who are facing issue regarding this, My answer may not be perfect, people are welcome to improve my answer...

I searched for a long time but never found documentation needed to respond correctly, but I did my research.

$stmt->get_result() replace $stmt->store_result() for this purpose. So, If we see

$stmt_result = $stmt->get_result();
var_dump($stmt_result);

we get

object(mysqli_result)[3]
  public 'current_field' => int 0
  public 'field_count' => int 10
  public 'lengths' => null
  public 'num_rows' => int 8  #That we need!
  public 'type' => int 0

Therefore I propose the following generic solution. (I include the bug report I use)

#Prepare stmt or reports errors
($stmt = $mysqli->prepare($query)) or trigger_error($mysqli->error, E_USER_ERROR);

#Execute stmt or reports errors
$stmt->execute() or trigger_error($stmt->error, E_USER_ERROR);

#Save data or reports errors
($stmt_result = $stmt->get_result()) or trigger_error($stmt->error, E_USER_ERROR);

#Check if are rows in query
if ($stmt_result->num_rows>0) {

  # Save in $row_data[] all columns of query
  while($row_data = $stmt_result->fetch_assoc()) {
    # Action to do
    echo $row_data['my_db_column_name_or_ALIAS'];
  }

} else {
  # No data actions
  echo 'No data here :(';
}
$stmt->close();