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Note 17 – Share Based Awards
 6 Months Ended
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.