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Note 18 – Share Based Awards
 6 Months Ended
Oct. 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 11,750,000.

 

  A. Options 

 

The range of assumptions used to calculate the fair value of options granted during the six months ended October 31 was:

 

      2023       2022  
Exercise Price   $ 0.95 – 1.12     $ 2.38  
Stock price on date of grant     0.95 – 1.12       2.38  
Risk-free interest rate     3.47 – 4.34%       3.34%  
Dividend yield     —         —    
Expected term (years)     6.00 – 8.25       8.25  
Volatility     242.38 – 260.22%       260.06%  

   

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     2,541,042       1.01                  
Exercised     —         —                    
Forfeited or expired     (464,334 )      2.43                  
Outstanding as of October 31, 2023     6,861,517     1.52       8.54     57,374  
Exercisable as of October 31, 2023     3,261,527     $ 1.91       6.96     $ 57,374  

      

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, 2023 and October 31, 2022, there was $2,712,605 and $3,277,073 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 2.12 and 1.24 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   (229,197)   1.92 
Forfeited   (70,656)   1.25 
Unvested and outstanding as of October 31, 2023   779,850   $2.11 

      

  C. Stock Compensation

 

Stock compensation expense by functional operating expense was:

        
  

Three months ended

October 31,

 

Six months ended

October 31,

   2023  2022  2023  2022
Operations  $238,522   $225,879   $429,621   $384,310 
Research and development   147,629    209,497    275,046    354,295 
Sales and marketing   208,903    162,269    374,212    269,343 
General and administrative   601,271    649,151    1,029,052    994,319 
Total  $1,196,325   $1,246,796   $2,107,931   $2,002,267 

 

Stock compensation expense pertaining to options totaled $1,606,305 and $890,711 for the six months ended October 31, 2023 and 2022, respectively. Stock compensation expense pertaining to restricted stock units totaled $501,626 and $1,111,556 for the six months ended October 31, 2023 and 2022, respectively.