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Note 17 – Share Based Awards
 12 Months Ended
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.