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Note 17 – Share Based Awards | 12 Months Ended
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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.

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