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Note 19 – Share Based Awards
 12 Months Ended
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.