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Share-Based Compensation Plans | 12 Months Ended
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Apr. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Plans | (13) Share-Based Compensation Plans In 2015, upon approval by the Company’s shareholders, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. A total of 1,332,036 shares were 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. At subsequent shareholder meetings, including most recently in January 2023, the shareholders approved an aggregate increase to the 2015 Plan of 3,050,000 shares resulting in total shares authorized for issuance of 4,382,036 as of April 30, 2023. As of April 30, 2023, the Company had 221,446 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 711(a) of the NYSE American Company Guide, 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, a restricted stock unit award or a stock payment award. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000. As of April 30, 2023, there were 161,487 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 weighted average valuation assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected life of the award. The expected life (estimated period outstanding) of the stock options granted was 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. There were 601,089 and 793,850 shares granted for the periods ended April 30, 2023 and 2022, respectively. Schedule of Stock Option Valuation Assumptions
|  | Fiscal year ended April 30, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.5 | % |  |  | 1.5 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Expected life (in years) |  |  | 5.5 |  |  |  | 5.5 |
Expected volatility |  |  | 109.0 | % |  |  | 121.9 | %
A summary of stock options under our Stock Incentive Plans is detailed in the following table. Schedule of Stock Option Activity
|  | Shares Underlying Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (In Years) |
Outstanding as of April 30, 2022 |  |  | 1,110,356 |  |  | $ | 2.34 |  |  |  | 9.2 |
Granted |  |  | 601,089 |  |  | $ | 0.68 |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Cancelled/forfeited |  |  | (182,165 | ) |  | $ | 1.59 |  |  |  |  |
Expired |  |  | (95 | ) |  | $ | 511.12 |  |  |  |  |
Outstanding as of April 30, 2023 |  |  | 1,529,185 |  |  | $ | 1.75 |  |  |  | 8.8 |
Exercisable as of April 30, 2023 |  |  | 513,077 |  |  | $ | 3.22 |  |  |  | 7.7 |
As of April 30, 2023, the total intrinsic value of outstanding and exercisable options was approximately zero. As of April 30, 2023, approximately 513,000 additional options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 7.7 years. There was approximately $0.3 million and $0.3 million of total recognized compensation cost related to stock options during each of the fiscal year ended April 30, 2023 and 2022, respectively. As of April 30, 2023, 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 2.3 years. Performance Stock Options A summary of performance stock options under our stock incentive plans is detailed in the following table. Schedule of Stock Option Activity
|  | Shares Underlying Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (In Years) |
Outstanding as of April 30, 2022 |  |  | 210,122 |  |  | $ | 2.20 |  |  |  | 8.8 |
Granted |  |  | — |  |  | $ | — |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Cancelled/forfeited |  |  | (143,455 | ) |  | $ | 2.93 |  |  |  |  |
Outstanding as of April 30, 2023 |  |  | 66,667 |  |  | $ | 0.62 |  |  |  | 8.1 |
Exercisable as of April 30, 2023 |  |  | — |  |  | $ | — |  |  |  |  |
As of April 30, 2023, approximately 66,667 additional options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 8.1 years. There was approximately $0.1 million and $0.1 million of total recognized compensation cost related to performance stock options during each of the fiscal year ended April 30, 2023 and 2022, respectively. As of April 30, 2023, there was approximately $4,000 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 0.1 years. Restricted Stock Units Compensation expense for unvested restricted stock units 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 year ended April 30, 2023 and 2022, the Company granted 1,608,681 and 827,764 shares, respectively, subject to service-based and market condition vesting requirements. A summary of unvested restricted stock units under our stock incentive plans is as follows: Schedule of Non-vested Restricted Stock Activity
|  | Number of Shares |  |  | Weighted Average Price per Share |
Issued and unvested at April 30, 2022 |  |  | 827,764 |  |  | $ | 1.41 |
Granted |  |  | 1,608,681 |  |  | $ | 0.75 |
Vested and issued |  |  | (399,429 | ) |  | $ | 1.38 |
Cancelled/forfeited |  |  | (51,022 | ) |  | $ | 1.32 |
Issued and unvested at April 30, 2023 |  |  | 1,985,994 |  |  | $ | 0.89 |
There was approximately $1.1 million and $0.2 million of total recognized compensation cost related to restricted stock units for the years ended April 30, 2023 and 2022, respectively. As of April 30, 2023, there was $1.1 million 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 1.4 years.

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