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Share Based Awards
 8 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share Based Awards

Note 19 – 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 eight months ended December 31, 2024 was:

 

Exercise Price   $ 1.15 – 4.02 
Stock price on date of grant   1.20 – 4.02 
Risk-free interest rate   3.54 – 4.44%
Dividend yield   — 
Expected term (years)   5.17 – 5.78 
Volatility   190.46 – 199.03%

 

The range of assumptions used to calculate the fair value of options granted during the year ended April 30 was:

 

   2024   2023 
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 
Granted   1,463,500    2.14           
Exercised   (2,475,242)   1.69           
Forfeited or expired   (122,867)   1.45           
Outstanding as of December 31, 2024   5,645,325    1.54    7.90    59,779,836 
Exercisable as of December 31, 2024   1,924,275   $1.31    6.13   $22,212,003 

 

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 December 31, 2024, April 30, 2024 and April 30, 2023, there was $4,068,622, $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 1.25, 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 
Granted   3,072,599    2.58 
Vested   (1,403,702)   1.43 
Forfeited   (300,000)   1.14 
Unvested and outstanding as of December 31, 2024   1,544,027   $3.84 

 

As of December 31, 2024, April 30, 2024 and April 30, 2023, there was $5,328,970, $2,749,936 and $932,592 of unrecognized stock-based compensation expense related to unvested restricted stock units which is expected to be recognized over the weighted average periods of 1.25, 0.26 and 0.73 years, respectively.

 

  C. Stock Compensation

 

Stock compensation expense by functional operating expense was:

 

   December 31, 2024   April 30, 2024   April 30, 2023 
Research and development  $239,664   $395,105   $692,947 
Sales and marketing   1,040,260    562,110    566,153 
General and administrative   2,823,110    2,652,052    2,397,624 
Total  $4,103,034   $3,609,267   $3,656,724 

 

Stock compensation expense pertaining to options totaled $1,210,193 for the eight months ended December 31, 2024. Stock compensation expense pertaining to restricted stock totaled $2,892,841 for the eight months ended December 31, 2024. 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.