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Note 17 – Share Based Awards
 6 Months Ended
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.