Quarterly report pursuant to Section 13 or 15(d)

Note 18 ??? Share Based Awards

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Note 18 – Share Based Awards
 9 Months Ended
Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Note 18 – Share Based Awards

Note 18 – 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.

 

  A. Options 

 

The range of assumptions used to calculate the fair value of options granted during the nine months ended January 31 was:

 

      2023       2022  
Exercise Price   $ 1.06 – 2.38     $ 1.69 – 2.82  
Stock price on date of grant     1.06 – 2.38       1.69 – 2.82  
Risk-free interest rate     3.34 – 7.52%     0.47 – 1.57%  
Dividend yield     —         —    
Expected term (years)     8.25       3.75 – 10.00  
Volatility     253.52 – 513.58%     210.68 – 270.18%  

 

A summary of options activity under the Plan since April 30, 2021 was:

 

  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     598,000       1.94                  
Exercised     —         —                    
Forfeited or expired     (127,000 )      2.45                  
Outstanding as of January 31, 2023     4,165,142     2.13       8.11     477,665  
Exercisable as of January 31, 2023     2,797,226     $ 2.04       7.30     $ 447,515  

   

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 January 31, 2023 and January 31, 2022, there was $3,052,603 and $3,762,636 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.22 and 1.64 years, respectively. 

 

  B. Restricted Stock

 

A summary of restricted stock activity under the Plan since April 30, 2021 was:

 

  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     746,000       2.20  
Vested     (823,707 )     2.45  
Forfeited     (21,127 )     2.13  
Unvested and outstanding as of January 31, 2023     984,841     $ 2.20  

    

  C. Stock Compensation

 

Stock compensation expense by functional category was:

                 
   

Three months ended

January 31,

  

Nine months ended

January 31,
    2023   2022   2023   2022
Operations   $ 181,908     $ 182,320     $ 566,218     $ 556,928  
Research and development     170,579       143,279       524,874       284,511  
Sales and marketing     120,733       112,975       390,076       271,808  
General and administrative     315,471       343,549       1,309,790       952,899  
Total   $ 788,691     $ 782,123     $ 2,790,958     $ 2,066,146  

 

Stock compensation expense pertaining to options totaled $1,308,768 and $974,019 for the nine months ended January 31, 2023 and 2022, respectively. Stock compensation expense pertaining to restricted stock units totaled $1,482,190 and $1,092,127 for the nine months ended January 31, 2023 and 2022, respectively.