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Note 17 – Share Based Awards
 3 Months Ended
Jul. 31, 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 three months ended July 31:  

 

    2022    2021 
Exercise Price  —     $ 2.41 – 2.60 
Stock price on date of grant   —      2.41 – 2.60 
Risk-free interest rate    —      0.47 – 1.57% 
Dividend yield   —      —   
Expected term (years)    —      3.75 – 10.00 
Volatility   —      210.68 – 214.17% 

   

A summary of options activity under the Plan since April 30, 2021 is as follows:

 

Options   Shares   Weighted-Average Exercise Price   Weighted-Average Remaining Contractual Term   Aggregate Intrinsic Value
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   
Granted     —                          
Exercised     —                          
Forfeited or expired     (60,000 )      2.55                  
Outstanding as of July 31, 2022     3,634,142     2.16       8.31     1,608,791  
Exercisable as of July 31, 2022     2,312,975     $ 1.89       7.68     $ 1,334,291  

 

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 July 31, 2022 and July 31, 2021, there was $2,760,989 and $1,592,188 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.10 and 1.61 years, respectively.

 

Restricted Stock

 

A summary of restricted stock activity under the plan since April 30, 2021 is as follows:

 

Restricted Stock  Shares  Weighted Average Grant-Date Fair Value Per Share
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 
Granted   —      —   
Vested   (111,974)   2.57 
Forfeited   —      —   
Unvested and outstanding as of July 31, 2022   971,701   $2.59 

  

Stock Compensation

 

Stock compensation expense for the three months ended July 31 was as follows:

 

   2022  2021
General and administrative  $345,168   $219,601 
Research and development   144,798    56,480 
Operations   158,431    63,261 
Sales and marketing   107,074    44,744 
 Total  $755,471   $384,086 

 

Stock compensation expense pertaining to options totaled $458,023 and $187,494 for the three months ended July 31, 2022 and 2021, respectively. Stock compensation expense pertaining to restricted stock units totaled $297,448 and $196,592 for the three months ended July 31, 2022 and 2021, respectively.