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Note 17 – Share Based Awards
 12 Months Ended
Apr. 30, 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 fiscal years ended April 30:  

 

    2022    2021 
Exercise Price  $ 1.69 – 2.82   $ 2.01 – 3.95 
Stock price on date of grant   1.69 – 2.82    2.01 – 3.95 
Risk-free interest rate   0.47 – 1.91%    0.38 – 1.66% 
Dividend yield   —      —   
Expected term (years)    3.75 – 10.00    5.87 – 10.00 
Volatility    210.68 – 273.46%    88.60 – 91.44% 

  

A summary of options 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       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  
Exercisable as of April 30, 2022     2,094,642     $ 1.90       7.91     $ 1,058,620  

  

The aggregate intrinsic value of outstanding options at April 30, 2022 and 2021 represents the excess of the stock price at April 30, 2022 and 2021 of $2.03 and $4.04, respectively, over the exercise price of each option. As of April 30, 2022 and April 30, 2021, there was $3,380,467 and $645,264 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.20 and 1.55 years, respectively. 

 

Restricted Stock

 

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

 

Restricted Stock  Shares  Weighted Average Grant-Date Fair Value Per Share
Unvested and outstanding as of April 30, 2020   —     $—   
Granted   1,000,000    2.69 
Vested   (312,500)   2.69 
Forfeited   —      —   
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 

 

Stock Compensation

 

Stock compensation expense for the years ended April 30 was as follows:

 

   2022  2021
General and administrative  $1,521,951   $1,688,025 
Research and development   516,456    1,269,987 
Operations   783,781    220,048 
Sales and marketing   469,447    210,156 
 Total  $3,291,635   $3,388,216 

 

Stock compensation expense pertaining to options totaled $1,447,115 and $2,547,591 for the year ended April 30, 2022 and 2021, respectively. Stock compensation expense pertaining to restricted stock units totaled $1,844,520 and $840,625 for the year ended April 30, 2022 and 2021, respectively.