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Share-Based Compensation | 9 Months Ended
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Jan. 31, 2021
Share-based Payment Arrangement [Abstract] |
Share-Based Compensation | (14) Share-Based Compensation In 2015, upon approval by the Company’s stockholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 shares are authorized for issuance under the 2015 Omnibus Incentive Plan, including shares available for awards under the 2006 Stock Incentive Plan remaining at the time that plan terminated, or that were subject to awards under the 2006 Stock Incentive Plan that thereafter terminated by reason of expiration, forfeiture, cancellation or otherwise. If any award under the 2006 Stock Incentive Plan or 2015 Plan expires, is cancelled, terminates unexercised or is forfeited, those shares become again available for grant under the 2015 Plan. The 2015 Plan will terminate ten years after its effective date, in October 2025, but is subject to earlier termination as provided in the 2015 Plan. As of January 31, 2021, the Company has 193,928 shares available for future issuance under the 2015 Plan. On January 18, 2018, the Company’s Board of Directors adopted the Company’s Employment Inducement Incentive Award Plan (the “2018 Inducement Plan”) pursuant to which the Company reserved 25,000 shares of common stock for issuance under the Inducement Plan. In accordance with Rule 5635(c)(4) and Rule 5635(c)(3) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company. An award is any right to receive the Company’s common stock pursuant to the 2018 Inducement Plan, consisting of a performance share award, restricted stock award, a restricted stock unit award or a stock payment award. As of January 31, 2021, there were 11,487 shares available for grant under the 2018 Inducement Plan. Stock Options The Company estimates the fair value of each stock option award granted with service-based vesting requirements, using the Black-Scholes option pricing model, assuming no dividends, and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted is estimated using the “simplified” method as permitted by the SEC’s Staff Accounting Bulletin No. 110, Share-Based Payment. Expected volatility is based on the Company’s historical volatility over the expected life of the stock option granted. The Company granted options to acquire 248,876 and 411,666 shares of common stock during the three and nine months ended January 31, 2021 and 2020. The following assumptions were used to value the awards:
|  | Three months ended January 31, |  |  | Nine months ended January 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 0.6 | % |  |  | 1.7 | % |  |  | 0.6 | % |  |  | 1.7 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life (in years) |  |  | 5.5 - 5.7 |  |  |  | 5.5 - 5.7 |  |  |  | 5.5 - 5.7 |  |  |  | 5.5 - 5.7 |
Expected volatility |  |  | 136.5 | % |  |  | 127.6% - 128.2 | % |  |  | 136.5 | % |  |  | 127.6% - 128.2 | %
A summary of stock options under our stock incentive plans is detailed in the following table.
|  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  | Average |
|  |  |  |  | Weighted |  |  | Remaining |
|  | Shares |  |  | Average |  |  | Contractual |
|  | Underlying |  |  | Exercise |  |  | Term |
|  | Options |  |  | Price |  |  | (In Years) |
Outstanding as of April 30, 2020 |  |  | 474,128 |  |  | $ | 3.56 |  |  |  | 9.4 |
Granted |  |  | 248,876 |  |  | $ | 2.93 |  |  |  |  |
Exercised |  |  | (175,500 | ) |  | $ | 1.05 |  |  |  |  |
Cancelled/forfeited |  |  | (28,719 | ) |  | $ | 6.29 |  |  |  |  |
Outstanding as of January 31, 2021 |  |  | 518,785 |  |  | $ | 3.96 |  |  |  | 9.2 |
Exercisable as of January 31, 2021 |  |  | 249,577 |  |  | $ | 5.21 |  |  |  | 8.5 |
As of January 31, 2021, the total intrinsic value of outstanding and exercisable options was approximately $0.9 million and $0.6 million, respectively. As of January 31, 2021, approximately 269,208 additional options were unvested, which had an intrinsic value of $0.3 million and a weighted average remaining contractual term of 9.9 years. There was approximately $82,000 and $44,000 of total recognized compensation cost related to stock options during each of the three months ended January 31, 2021 and 2020, respectively. There was approximately $0.3 million and $0.2 million of total recognized compensation cost related to stock options during each of the nine months ended January 31, 2021 and 2020, respectively. As of January 31, 2021, there was approximately $0.7 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 1.9 years. Performance Stock Options In January of 2020, the Company issued 81,334 performance-based stock options to two of its executives. The awards can vest over 2 years if there is positive total shareholder return (e.g. share price increase) as measured to the 5-day (January 11-15, 2021) and (January 10-14, 2022) share price Volume Weighted Average Price (“VWAP”). In January of 2021, the Company issued 344,723 performance-based stock options to employees and executives. The awards vest over 2 years provided there is positive total shareholder return (e.g. share price increase) as measured to the closing share price on January 14, 2022 and January 14, 2023. The Company determined these awards contain a market- based condition and estimated the fair value using the Monte Carlo simulation model with the following assumptions:
|  | Three months ended January 31, |  |  | Nine months ended January 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate |  |  | 1.2 | % |  |  | 2.3 | % |  |  | 1.2 | % |  |  | 2.3 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Expected life (in years) |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 10.0 |  |  |  | 10.0 |
Expected volatility |  |  | 76.0%- 136.5 | % |  |  | 115.0 | % |  |  | 76.0%- 136.5 | % |  |  | 115.0 | %
A summary of performance stock options under our stock incentive plans is detailed in the following table.
|  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  | Average |
|  |  |  |  | Weighted |  |  | Remaining |
|  | Shares |  |  | Average |  |  | Contractual |
|  | Underlying |  |  | Exercise |  |  | Term |
|  | Options |  |  | Price |  |  | (In Years) |
Outstanding as of April 30, 2020 |  |  | 81,347 |  |  | $ | 1.05 |  |  |  | 9.7 |
Granted |  |  | 344,723 |  |  | $ | 2.93 |  |  |  |  |
Exercised |  |  | - |  |  | $ | - |  |  |  |  |
Cancelled/forfeited |  |  | - |  |  | $ | - |  |  |  |  |
Outstanding as of January 31, 2021 |  |  | 426,070 |  |  | $ | 2.57 |  |  |  | 9.8 |
Exercisable as of January 31, 2021 |  |  | 40,681 |  |  | $ | 1.05 |  |  |  | 9.0 |
As of January 31, 2021, the total intrinsic value of both outstanding and exercisable options was approximately $0.6 million and zero, respectively. As of January 31, 2021, approximately 385,389 additional options were unvested, which had an intrinsic value of $0.5 million and a weighted average remaining contractual term of 9.8 years. There was approximately $26,000 and $1,600 of total recognized compensation cost related to stock options during each of the three months ended January 31, 2021 and 2020, respectively. There was approximately $43,000 and $1,600 of total recognized compensation cost related to stock options during each of the nine months ended January 31, 2021 and 2020, respectively. As of January 31, 2021, there was approximately $0.7 million of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 1.8 years. Restricted Stock Compensation expense for non-vested restricted stock is generally recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the three and nine months ended January 31, 2021 and 2020, the Company granted 10,000 and 13,513 shares subject to service-based vesting requirements. A summary of non-vested restricted stock under our stock incentive plans is as follows:
|  |  |  |  | Weighted |
|  | Number |  |  | Average Price per |
|  | of Shares |  |  | Share |
Issued and unvested at April 30, 2020 |  |  | 13,513 |  |  | $ | 1.48 |
Granted |  |  | 10,000 |  |  | $ | 2.93 |
Vested |  |  | (13,513 | ) |  | $ | 1.48 |
Cancelled/forfeited |  |  | - |  |  | $ | - |
Issued and unvested at January 31, 2021 |  |  | 10,000 |  |  | $ | 2.93 |
There was approximately $2,000 and $5,000 of total recognized compensation cost related to restricted stock for the three months ended January 31, 2021 and 2020, respectively. There was approximately $12,000 and $10,000 of total recognized compensation cost related to restricted stock for the nine months ended January 31, 2021 and 2020, respectively. As of January 31, 2021, there is $28,000 of unrecognized compensation cost remaining related to unvested restricted stock granted under our plans. This cost is expected to be recognized over a weighted-average period of 1.0 years. In December 2019, the Company granted 51,547 shares, subject to service-based vesting requirements, to an employee that were outside the Company stock incentive plans. There was approximately $5,000 and $7,000 of total recognized compensation cost related to this award for the three months ended January 31, 2021 and 2020, respectively. There was approximately $30,000 and $8,000 of total recognized compensation cost related to this award for the nine months ended January 31, 2021 and 2020, respectively. As of January 31, 2021, there is no unrecognized compensation cost remaining related to this award.

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