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Note 15 – Share Based Awards
 3 Months Ended
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.