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Note 19 – Share Based Awards | 12 Months Ended
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Apr. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Note 19 – Share Based Awards | Note 19 – 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 year ended April 30 was:
|  |  | 2024 |  |  |  | 2025 |
Exercise Price |  | $ | 0.72 – 1.12 |  |  | $ | 0.89 – 2.38 |
Stock price on date of grant |  |  | 0.70 – 1.12 |  |  |  | 0.89 – 2.38 |
Risk-free interest rate |  |  | 3.46 – 4.41% |  |  |  | 3.34 – 4.18% |
Dividend yield |  |  | — |  |  |  | — |
Expected term (years) |  |  | 5.28 – 8.25 |  |  |  | 6.25 – 8.25 |
Volatility |  |  | 206.99 – 262.07% |  |  |  | 245.57 – 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 |  |  | 2,903,542 |  |  |  | 1.02 |  |  |  |  |  |  |  |  |
Exercised |  |  | (3,000 | ) |  |  | 0.89 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (905,417 | ) |  |  | 2.27 |  |  |  |  |  |  |  |  |
Outstanding as of April 30, 2024 |  |  | 6,779,934 |  |  |  | 1.46 |  |  |  | 8.02 |  |  |  | 2,762,242 |
Exercisable as of April 30, 2024 |  |  | 3,578,756 |  |  | $ | 1.78 |  |  |  | 6.77 |  |  | $ | 1,246,497 |
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, 2024 and April 30, 2023, there was $943,648 and $2,940,239 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.95 and 1.94 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 |  |  | (485,024 | ) |  |  | 1.92 |
Forfeited |  |  | (419,549 | ) |  |  | 2.09 |
Unvested and outstanding as of April 30, 2024 |  |  | 175,130 |  |  | $ | 2.09 |
| C. | Stock Compensation
Stock compensation expense by functional operating expense was:
|  | 2024 |  | 2023
Research and development |  | $ | 395,105 |  |  | $ | 692,947 |
Sales and marketing |  |  | 562,110 |  |  |  | 566,153 |
General and administrative |  |  | 2,652,052 |  |  |  | 2,397,624 |
Total |  | $ | 3,609,267 |  |  | $ | 3,656,724 |
Stock compensation expense pertaining to options totaled $2,619,501 and $1,617,982 for the year ended April 30, 2024 and 2023, respectively. Stock compensation expense pertaining to restricted stock totaled $989,766 and $2,038,742 for the year ended April 30, 2024 and 2023, respectively.

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