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Note 18 – Share Based Awards
 3 Months Ended
Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Note 18 – Share Based Awards

Note 18 – 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 three months ended July 31 was:

 

      2023       2022  
Exercise Price   $ 1.06 – 1.12     $ —    
Stock price on date of grant     1.06 – 1.12       —    
Risk-free interest rate     3.47 – 4.07%       —    
Dividend yield     —         —    
Expected term (years)     6.00 – 6.25       —    
Volatility     257.25 – 260.22%       —    

 

A summary of options activity under the Plan since April 30, 2022 was:

 

  Shares   Weighted-Average Exercise Price   Weighted-Average Remaining Contractual Term   Aggregate Intrinsic Value
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   
Granted     2,401,042       1.07                  
Exercised     —         —                    
Forfeited or expired     (301,834 )      2.55                  
Outstanding as of July 31, 2023     6,884,017     1.57       8.58     298,615  
Exercisable as of July 31, 2023     3,157,975     $ 2.00       6.63     $ 241,274  

     

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, 2023 and July 31, 2022, there was $5,918,668 and $2,760,989 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.24 and 2.1 years, respectively. 

 

  B. Restricted Stock

 

A summary of restricted stock activity under the Plan since April 30, 2022 was:

 

  Shares  Weighted Average Grant-Date Fair Value Per Share
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 
Granted   298,643    1.06 
Vested   (166,346)   1.70 
Forfeited   (70,656)   1.25 
Unvested and outstanding as of July 31, 2023   842,701   $2.14 

     

  C. Stock Compensation

 

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

 

   2023  2022
General and administrative  $427,781   $345,168 
Research and development   127,417    144,798 
Operations   191,099    158,431 
Sales and marketing   165,309    107,074 
 Total  $911,606   $755,471 

 

Stock compensation expense pertaining to options totaled $629,426 and $458,023 for the three months ended July 31, 2023 and 2022, respectively. Stock compensation expense pertaining to restricted stock units totaled $282,180 and $297,448 for the three months ended July 31, 2023 and 2022, respectively.