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Note 15 - Share Based Awards | 6 Months Ended
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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 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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