Note 11 - Share Based Awards

The 2019 Equity Incentive Plan (the "Plan") allows us to incentivize key employees, consultants, and directors with long term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the "Awards"). The number of shares issuable in connection with Awards under the Plan may not exceed 8,750,000.

Options exercisable as of July 31, 2021 totaled 1,305,810. The remaining weighted average contractual term of the options outstanding at July 31, 2021 was 8.38 years. The aggregate intrinsic value of outstanding options, representing the excess of the stock price at July 31, 2021 of $3.15 over the exercise price of each option, was $3,648,567. As of July 31, 2021 and April 30, 2021, there was $1,594,543 and $914,915 of unrecognized stock-based compensation expense related to unvested stock options, net of estimated forfeitures, which is expected to be recognized over the weighted average period of 1.32 years. 

The table below sets forth the assumptions used on the date of grant for estimating the fair value of options granted during the three months ended July 31, 2021:  

A summary of activity under the Plan since April 30, 2020 is as follows:

Stock compensation expense for the three months ended July 31, 2021 and 2020 was as follows: