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, 2024
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 11,750,000.

 

  A. Options 

 

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

 

      2024       2023  
Exercise Price   $ 0.95 – 1.12     $ 1.06 – 2.38  
Stock price on date of grant     0.95 – 1.12       1.06 – 2.38  
Risk-free interest rate     3.47 – 4.34%       3.34 – 7.52%  
Dividend yield     —         —    
Expected term (years)     6.00 – 8.25       8.25  
Volatility     242.38 – 260.22%       253.52 – 513.58%%  

     

A summary of options activity under the Plan since April 30, 2022 was:

 

  Shares   Weighted-Average Exercise Price   Weighted-Average Remaining Contractual Term   Aggregate Intrinsic Value
Outstanding as of April 30, 2022     3,694,142     $ 2.17       8.56        1,407,545   
Granted     1,503,500       1.40                  
Exercised     —         —                    
Forfeited or expired     (412,833 )      2.67                  
Outstanding as of April 30, 2023     4,784,809     1.88       8.72        74,586   
Granted     2,541,042       1.06                  
Exercised     (3,000 )      0.89                  
Forfeited or expired     (643,751 )      2.43                  
Outstanding as of January 31, 2024     6,679,100     1.53       7.86     —    
Exercisable as of January 31, 2024     3,575,496     $ 1.86       6.31     $ —    

       

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, 2024 and January 31, 2023, there was $1,767,088 and $3,052,603 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.99 and 2.22 years, respectively. 

 

  B. Restricted Stock

 

A summary of restricted stock activity under the Plan since April 30, 2022 was:

 

  Shares   Weighted Average Grant-Date Fair Value Per Share
Unvested and outstanding as of April 30, 2022     1,083,675     $ 2.59  
Granted     780,884       2.14  
Vested     (1,062,372 )     2.42  
Forfeited     (21,127 )     2.13  
Unvested and outstanding as of April 30, 2023     781,060       2.44  
Granted     298,643       1.06  
Vested     (355,661 )     1.94  
Forfeited     (70,656 )     1.25  
Unvested and outstanding as of January 31, 2024     653,386     $ 2.14  

        

  C. Stock Compensation

 

Stock compensation expense by functional operating expense was:

                 
   

Three months ended

January 31,

  

Nine months ended

January 31,
    2024   2023   2024   2023
Operations   $ 114,425     $ 181,908     $ 544,046     $ 566,218  
Research and development     (106,314 )     170,579       168,732       524,874  
Sales and marketing     120,180       120,733       494,392       390,076  
General and administrative     457,480       315,471       1,486,532       1,309,790  
Total   $ 585,771     $ 788,691     $ 2,693,702     $ 2,790,958  

 

Stock compensation expense pertaining to options totaled $1,955,547 and $1,308,768 for the nine months ended January 31, 2024 and 2023, respectively. Stock compensation expense pertaining to restricted stock units totaled $738,155 and $1,482,190 for the nine months ended January 31, 2024 and 2023, respectively.