Quarterly report pursuant to Section 13 or 15(d)

Note 17 ??? Share Based Awards

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Note 17 – Share Based Awards
 3 Months Ended
Jul. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Note 17 – Share Based Awards

Note 17 – 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 

 

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

 

      2022       2021  
Exercise Price   —       $ 2.41 – 2.60  
Stock price on date of grant     —         2.41 – 2.60  
Risk-free interest rate     —         0.47 – 1.57%  
Dividend yield     —         —    
Expected term (years)     —         3.75 – 10.00  
Volatility     —         210.68 – 214.17%  

   

A summary of options activity under the Plan since April 30, 2021 is as follows:

 

Options   Shares   Weighted-Average Exercise Price   Weighted-Average Remaining Contractual Term   Aggregate Intrinsic Value
Outstanding as of April 30, 2021     2,197,475     $ 1.79       8.68        4,943,870   
Granted     1,681,000       2.58                  
Exercised     (150,000 )      2.49                  
Forfeited or expired     (34,333 )      2.11                  
Outstanding as of April 30, 2022     3,694,142     2.17       8.56        1,407,545   
Granted     —                          
Exercised     —                          
Forfeited or expired     (60,000 )      2.55                  
Outstanding as of July 31, 2022     3,634,142     2.16       8.31     1,608,791  
Exercisable as of July 31, 2022     2,312,975     $ 1.89       7.68     $ 1,334,291  

 

The aggregate intrinsic value of outstanding options represents the excess of the stock price at the indicated date over the exercise price of each option. As of July 31, 2022 and July 31, 2021, there was $2,760,989 and $1,592,188 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.10 and 1.61 years, respectively.

 

Restricted Stock

 

A summary of restricted stock activity under the plan since April 30, 2021 is as follows:

 

Restricted Stock   Shares   Weighted Average Grant-Date Fair Value Per Share
Unvested and outstanding as of April 30, 2021     687,500     $ 2.69  
Granted     995,659       2.55  
Vested     (599,484 )     2.64  
Forfeited     —         —    
Unvested and outstanding as of April 30, 2022     1,083,675       2.59  
Granted     —         —    
Vested     (111,974 )     2.57  
Forfeited     —         —    
Unvested and outstanding as of July 31, 2022     971,701     $ 2.59  

  

Stock Compensation

 

Stock compensation expense for the three months ended July 31 was as follows:

 

    2022   2021
General and administrative   $ 345,168     $ 219,601  
Research and development     144,798       56,480  
Operations     158,431       63,261  
Sales and marketing     107,074       44,744  
 Total   $ 755,471     $ 384,086  

 

Stock compensation expense pertaining to options totaled $458,023 and $187,494 for the three months ended July 31, 2022 and 2021, respectively. Stock compensation expense pertaining to restricted stock units totaled $297,448 and $196,592 for the three months ended July 31, 2022 and 2021, respectively.