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Note 17 – Share Based Awards | 6 Months Ended
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Oct. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Note 17 – Share Based Awards | Note 17 – Share Based Awards The 2019 Equity Incentive Plan (the “2019 Plan”) and the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”) (collectively, the “Plans”) allow 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 2019 Plan were not to exceed 11,750,000. However, no shares are issuable under the 2019 Plan after the 2024 Plan became effective on October 15, 2024. The number of shares issuable in connection with Awards under the 2024 Plan may not exceed 11,250,000 plus any underlying forfeited 2019 Plan awards.
| A. | Options
The range of assumptions used to calculate the fair value of options granted during the six months ended October 31 was:
|  |  | 2024 |  |  |  | 2023 |
Exercise Price |  | $ | 1.15 – 2.45 |  |  | $ | 0.95 – 1.12 |
Stock price on date of grant |  |  | 1.20 – 2.56 |  |  |  | 0.95 – 1.12 |
Risk-free interest rate |  |  | 3.54 – 4.44% |  |  |  | 3.47 – 4.34% |
Dividend yield |  |  | — |  |  |  | — |
Expected term (years) |  |  | 5.17 – 5.73 |  |  |  | 6.00 – 8.25 |
Volatility |  |  | 191.43 – 199.03% |  |  |  | 242.38 – 260.22% |
A summary of options activity under the Plans 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 |  |  | 1,333,500 |  |  |  | 1.94 |  |  |  |  |  |  |  |  |
Exercised |  |  | (97,414 | ) |  |  | 1.60 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (119,117 | ) |  |  | 1.47 |  |  |  |  |  |  |  |  |
Outstanding as of October 31, 2024 |  |  | 7,896,903 |  |  |  | 1.54 |  |  |  | 7.55 |  |  |  | 12,438,946 |
Exercisable as of October 31, 2024 |  |  | 4,557,077 |  |  | $ | 1.63 |  |  |  | 6.45 |  |  | $ | 6,959,111 |
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, 2024, there was $2,674,589 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.12 years.
| B. | Restricted Stock
A summary of restricted stock activity under the Plans 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 |  |  | 2,497,599 |  |  |  | 1.10 |
Vested |  |  | (914,416 | ) |  |  | 1.18 |
Forfeited |  |  | — |  |  |  | — |
Unvested and outstanding as of October 31, 2024 |  |  | 1,758,313 |  |  | $ | 1.16 |
| C. | Stock Compensation
Stock compensation expense by functional operating expense was:
|  | Three months ended October 31, |  | Six months ended October 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  | $ | 80,093 |  |  | $ | 147,629 |  |  | $ | 174,515 |  |  | $ | 275,046 |
Sales and marketing |  |  | 130,264 |  |  |  | 208,903 |  |  |  | 246,807 |  |  |  | 374,212 |
General and administrative |  |  | 1,093,680 |  |  |  | 839,793 |  |  |  | 2,328,753 |  |  |  | 1,458,673 |
Total |  | $ | 1,304,037 |  |  | $ | 1,196,325 |  |  | $ | 2,750,075 |  |  | $ | 2,107,931 |
Stock compensation expense pertaining to options totaled$815,632 and $1,606,305 for the six months ended October 31, 2024 and 2023, respectively. Stock compensation expense pertaining to restricted stock units totaled $1,934,443 and $501,626 for the six months ended October 31, 2024 and 2023, respectively.

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