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Note 15 – Share Based Awards | 3 Months Ended
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Jul. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Note 15 – Share Based Awards | Note 15 – 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 three months ended July 31 was:
|  |  | 2024 |  |  |  | 2025 |
Exercise Price |  | $ | 1.15 – 1.29 |  |  | $ | 1.06 – 1.12 |
Stock price on date of grant |  |  | 1.20 – 1.38 |  |  |  | 1.06 – 1.12 |
Risk-free interest rate |  |  | 4.24 – 4.44% |  |  |  | 3.47 – 4.07% |
Dividend yield |  |  | — |  |  |  | — |
Expected term (years) |  |  | 5.24 – 5.85 |  |  |  | 6.00 – 6.25 |
Volatility |  |  | 191.28 – 199.48% |  |  |  | 257.25 – 260.22% |
A summary of options activity under the Plan since April 30, 2023 was:
|  | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
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 |
Granted |  |  | 627,500 |  |  |  | 1.15 |  |  |  |  |  |  |  |  |
Exercised |  |  | (4,000 | ) |  |  | 0.72 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (83,446 | ) |  |  | 1.55 |  |  |  |  |  |  |  |  |
Outstanding as of July 31, 2024 |  |  | 7,319,988 |  |  |  | 1.43 |  |  |  | 7.54 |  |  |  | 5,658,470 |
Exercisable as of July 31, 2024 |  |  | 4,444,723 |  |  | $ | 1.65 |  |  |  | 6.57 |  |  | $ | 3,014,807 |
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, 2024, there was $2,773,793 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.17.
| B. | Restricted Stock
A summary of restricted stock activity under the Plan since April 30, 2023 was:
|  | Shares |  | Weighted Average Grant-Date Fair Value Per Share
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 |
Granted |  |  | 2,447,599 |  |  |  | 1.06 |
Vested |  |  | (420,130 | ) |  |  | 1.25 |
Forfeited |  |  | — |  |  |  | — |
Unvested and outstanding as of July 31, 2024 |  |  | 2,202,599 |  |  | $ | 1.11 |
| C. | Stock Compensation
Stock compensation expense for the three months ended July 31 by functional operating expense was:
|  | 2024 |  | 2023
Research and development |  | $ | 94,422 |  |  | $ | 127,417 |
Sales and marketing |  |  | 116,543 |  |  |  | 165,309 |
General and administrative |  |  | 1,235,073 |  |  |  | 618,880 |
Total |  | $ | 1,446,038 |  |  | $ | 911,606 |
Stock compensation expense pertaining to options totaled $357,258 and $629,426 for the three months ended July 31, 2024 and 2023, respectively. Stock compensation expense pertaining to restricted stock totaled $1,088,780 and $282,180 for the three months ended July 31, 2024 and 2023, respectively.

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