Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Share Based Awards

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Note 15 - Share Based Awards
 6 Months Ended
Oct. 31, 2021
Share-based Payment Arrangement [Abstract]  
Note 15 - Share Based Awards

Note 15 - 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.

 

The aggregate intrinsic value of outstanding options represents the excess of the stock price at October 31, 2021 of $2.96 over the exercise price of each option. As of October 31, 2021 and April 30, 2021, there was $2,636,693 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 1.31 years. 

 

The table below sets forth the assumptions used to calculate the fair value of options granted during the three months ended October 31, 2021:  

 

Exercise price     2.61 - 2.82  
Stock price on date of grant     2.61 - 2.82  
Volatility     271.7% - 273.4%  
Risk-free interest rate     0.93% - 1.10%  
Expected term (years)     6.56 – 8.25  
Dividend yield     —    

 

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

 

Options   Shares   Weighted-Average Exercise Price   Weighted-Average Remaining Contractual Term   Aggregate Intrinsic Value
                                 
Outstanding as of April 30, 2020     1,597,475     $ 1.10                  
Granted     600,000       3.63                  
Exercised     —         —                    
Forfeited or expired     —         —                    
Outstanding as of April 30, 2021     2,197,475     1.79                  
Granted     919,000       2.68                  
Exercised     (112,500 )      0.96                  
Forfeited or expired     —         —                    
Outstanding as of October 31, 2021     3,003,975     2.09       8.70     $ 3,096,487  
Exercisable as of October 31, 2021     1,694,892     $ 2.18       8.35     $ 1,811,400  

 

Stock compensation expense was as follows:

  

   

Three months ended

October 31,

  

Six months ended

October 31,
    2021   2020   2021   2020
General and administrative   $ 389,749     $ 94,629     $ 609,350     $ 189,258  
Research and development     84,752       9,945       141,232       19,890  
Operations     311,347       2,487       374,608       4,974  
Sales and marketing     114,089       —         158,833       —    
Total   $ 899,937     $ 107,061     $ 1,284,023     $ 214,122