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Note 17 – Share Based Awards | 6 Months Ended
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Oct. 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.
| A. | Options
The range of assumptions used to calculate the fair value of options granted during the six months ended October 31 was:
|  |  | 2022 |  |  |  | 2021 |
Exercise Price |  | $ | 2.38 |  |  | $ | 2.41 – 2.60 |
Stock price on date of grant |  |  | 2.38 |  |  |  | 2.41 – 2.60 |
Risk-free interest rate |  |  | 3.34 | % |  |  | 0.47 – 1.57% |
Dividend yield |  |  | — |  |  |  | — |
Expected term (years) |  |  | 8.25 |  |  |  | 3.75 – 10.00 |
Volatility |  |  | 260.06 | % |  |  | 210.68 – 214.17% |
A summary of options activity under the Plan since April 30, 2021 was:
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 |  |  | 397,000 |  |  |  | 2.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (96,584 | ) |  |  | 2.48 |  |  |  |  |  |  |  |  |
Outstanding as of October 31, 2022 |  |  | 3,994,558 |  |  |  | 2.18 |  |  |  | 8.22 |  |  |  | 608,162 |
Exercisable as of October 31, 2022 |  |  | 2,569,306 |  |  | $ | 2.06 |  |  |  | 7.48 |  |  | $ | 559,578 |
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 October 31, 2022 and October 31, 2021, there was $3,277,073 and $4,429,626 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.24 and 1.31 years, respectively.
| B. | Restricted Stock
A summary of restricted stock activity under the Plan since April 30, 2021 was:
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 |  |  | 696,000 |  |  |  | 2.27 |
Vested |  |  | (673,161 | ) |  |  | 2.45 |
Forfeited |  |  | — |  |  |  | — |
Unvested and outstanding as of October 31, 2022 |  |  | 1,106,514 |  |  | $ | 2.48 |
Stock Compensation Stock compensation expense by functional operating expense was:
|  | Three months ended October 31, |  | Six months ended October 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Operations |  | $ | 225,879 |  |  | $ | 311,346 |  |  | $ | 384,310 |  |  | $ | 374,607 |
Research and development |  |  | 209,497 |  |  |  | 84,751 |  |  |  | 354,295 |  |  |  | 141,231 |
Sales and marketing |  |  | 162,269 |  |  |  | 114,088 |  |  |  | 269,343 |  |  |  | 158,832 |
General and administrative |  |  | 649,151 |  |  |  | 389,752 |  |  |  | 994,319 |  |  |  | 609,353 |
Total |  | $ | 1,246,796 |  |  | $ | 899,937 |  |  | $ | 2,002,267 |  |  | $ | 1,284,023 |
Stock compensation expense pertaining to options totaled $890,711 and $505,821 for the six months ended October 31, 2022 and 2021, respectively. Stock compensation expense pertaining to restricted stock units totaled $1,111,556 and $778,202 for the six months ended October 31, 2022 and 2021, respectively.

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