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Note 16 - Share Based Awards
 9 Months Ended
Jan. 31, 2022
Share-based Payment Arrangement [Abstract]  
Note 16 - Share Based Awards

Note 16 - 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 January 31, 2022 of $1.70 over the exercise price of each option. As of January 31, 2022 and April 30, 2021, there was $3,762,636 and $914,915 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average period of 1.64 years. 

 

The table below sets forth the assumptions used to calculate the fair value of options granted during the three months ended January 31, 2022:  

 

Exercise price     1.69 - 2.52  
Stock price on date of grant     1.69 - 2.33  
Volatility     268.51% - 270.18%  
Risk-free interest rate     1.50% - 1.74%  
Expected term (years)     8.25 – 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     1,656,000       2.59                  
Exercised     (112,500 )      0.96                  
Forfeited or expired     (26,000 )      2.12                  
Outstanding as of January 31, 2022     3,714,975     2.17       8.72     $ 1,010,178  
Exercisable as of January 31, 2022     1,897,142     $ 2.13       8.01     $ 687,111  

  

Stock compensation expense was as follows:

        
  

Three months ended

January 31,

 

Nine months ended

January 31,

   2022  2021  2022  2021
General and administrative  $343,549   $336,301   $952,899   $525,559 
Research and development   143,279    179,157    284,511    199,047 
Operations   182,320    170,612    556,928    175,586 
Sales and marketing   112,975    168,125    271,808    168,125 
Total  $782,123   $854,195   $2,066,146   $1,068,317