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Note 17 – Share Based Awards | 12 Months Ended
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Apr. 30, 2023
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 year ended April 30 was:
|  |  | 2023 |  |  |  | 2022 |
Exercise Price |  | $ | 0.89 – 2.38 |  |  | $ | 1.69 – 2.82 |
Stock price on date of grant |  |  | 0.89 – 2.38 |  |  |  | 1.69 – 2.82 |
Risk-free interest rate |  |  | 3.34 – 4.18% |  |  |  | 0.47 – 1.91% |
Dividend yield |  |  | — |  |  |  | — |
Expected term (years) |  |  | 6.25 – 8.25 |  |  |  | 3.75 – 10.00 |
Volatility |  |  | 245.57 – 260.06% |  |  |  | 210.68 – 273.46% |
A summary of options activity under the Plan since April 30, 2021 is as follows:
|  | 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 |  |  | 1,503,500 |  |  |  | 1.40 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (412,833 | ) |  |  | 2.67 |  |  |  |  |  |  |  |  |
Outstanding as of April 30, 2023 |  |  | 4,784,809 |  |  |  | 1.88 |  |  |  | 8.72 |  |  |  | 74,586 |
Exercisable as of April 30, 2023 |  |  | 3,025,184 |  |  | $ | 2.00 |  |  |  | 7.25 |  |  | $ | 74,586 |
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 April 30, 2023 and April 30, 2022, there was $2,940,239 and $3,357,701 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.94 and 2.20 years, respectively.
| B. | Restricted Stock
A summary of restricted stock activity under the Plan since April 30, 2021 was:
|  | 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 |  |  | 780,884 |  |  |  | 2.14 |
Vested |  |  | (1,062,372 | ) |  |  | 2.42 |
Forfeited |  |  | (21,127 | ) |  |  | 2.13 |
Unvested and outstanding as of April 30, 2023 |  |  | 781,060 |  |  | $ | 2.44 |
As of April 30, 2023 and April 30, 2022, there was $1,385,325 and $2,544,105 of unrecognized stock-based compensation expense related to unvested restricted stock units which is expected to be recognized over the weighted average periods of 1.22 and 1.84 years, respectively.
| C. | Stock Compensation
Stock compensation expense by functional category was:
|  | 2023 |  | 2022
General and administrative |  | $ | 1,608,715 |  |  | $ | 1,521,951 |
Research and development |  |  | 692,947 |  |  |  | 516,456 |
Operations |  |  | 788,909 |  |  |  | 783,781 |
Sales and marketing |  |  | 566,153 |  |  |  | 469,447 |
Total |  | $ | 3,656,724 |  |  | $ | 3,291,635 |
Stock compensation expense pertaining to options totaled $1,617,982 and $1,447,115 for the year ended April 30, 2023 and 2022, respectively. Stock compensation expense pertaining to restricted stock totaled $2,038,742 and $1,844,520 for the year ended April 30, 2023 and 2022, respectively.

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