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Share-Based Compensation | 6 Months Ended
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Oct. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | (11) Share-Based Compensation 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. Most recently in January 2025, the shareholders approved an amendment and restatement of the 2015 Plan to, among other things, provide an aggregate increase to the 2015 Plan of 20,000,000 shares resulting in total shares authorized for issuance of 27,282,036 as of October 31, 2025, based on 7,282,036 available before the amendment. The 2015 Plan will now terminate in January 2035, but is subject to earlier termination as provided in 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. On February 9, 2022, the 2018 Inducement Plan was amended to increase the authorized shares by 250,000 to 275,000. On June 3, 2025, the 2018 Inducement Plan was further amended to increase the authorized shares by 715,000 to 990,000. 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 the grant commensurate with the expected life of the award. The expected life (estimated period of time 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. The Company did not grant any stock options during the six months ended October 31, 2025 and 2024, respectively. A summary of stock options under the 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, 2025 |  |  | 483,342 |  |  | $ | 2.59 |  |  |  | 6.3 |
Granted |  |  | — |  |  | $ | — |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Cancelled/forfeited |  |  | (73,134 | ) |  | $ | 0.68 |  |  |  |  |
Outstanding as of October 31, 2025 |  |  | 410,208 |  |  | $ | 1.80 |  |  |  | 6.2 |
Exercisable as of October 31, 2025 |  |  | 354,255 |  |  | $ | 1.98 |  |  |  | 6.0 |
As of October 31, 2025, the total intrinsic value of outstanding and exercisable options was approximately zero. As of October 31, 2025, approximately 56,000 options were unvested, which had an intrinsic value of zero and a weighted average remaining contractual term of 7.2 years. There was approximately $17,000 and $26,000 of total recognized compensation cost related to stock options during each of the six months ended October 31, 2025 and 2024, respectively. There was approximately $8,000 and $7,000 of total recognized compensation cost related to stock options during each of the three months ended October 31, 2025 and 2024, respectively. As of October 31, 2025, there was approximately $8,000 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 0.2 years. Performance Stock Units A summary of performance stock units (“PSUs”) under our Stock Incentive Plans is detailed in the following table. Schedule of Performance Stock Units
|  | Number of Shares |  |  | Weighted Average Price per Share |
Outstanding at April 30, 2025 |  |  | — |  |  | $ | — |
Granted |  |  | 150,000 |  |  | $ | 0.56 |
Vested and issued |  |  | — |  |  | $ | — |
Cancelled/forfeited |  |  | — |  |  | $ | — |
Unvested at October 31, 2025 |  |  | 150,000 |  |  | $ | 0.56 |
There was approximately $24,000 and zero of total recognized compensation cost related to PSUs for the six months ended October 31, 2025 and 2024, respectively. There was approximately $16,000 and zero of total recognized compensation cost related to PSUs for the three months ended October 31, 2025 and 2024, respectively. As of October 31, 2025, there was approximately $60,000 of unrecognized compensation cost remaining related to unvested PSUs. This cost is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Units Compensation expense for RSUs is generally recorded based on the market value on the date of grant and recognized ratably over the associated service and performance period. During the six months ended October 31, 2025 and 2024, the Company granted approximately 631,000 and zero shares, respectively, that were subject to both service-based and market-based vesting requirements. A summary of unvested RSU’s under the Stock Incentive Plans is as follows: Schedule of Non-vested Restricted Stock Activity
|  | Number of Shares |  |  | Weighted Average Price per Share |
Unvested at April 30, 2025 |  |  | 22.461,633 |  |  | $ | 0.79 |
Granted |  |  | 630,870 |  |  | $ | 0.55 |
Vested and issued |  |  | (44,000 | ) |  | $ | — |
Cancelled/forfeited |  |  | (1,953,976 | ) |  | $ | 0.74 |
Unvested at October 31, 2025 |  |  | 21,094,527 |  |  | $ | 0.79 |
There was approximately $5,150,000 and $525,000 of total recognized compensation cost related to RSUs for the six months ended October 31, 2025 and 2024, respectively. There was approximately $2,768,000 and $285,000 of total recognized compensation cost related to RSUs for the three months ended October 31, 2025 and 2024, respectively. As of October 31, 2025, there was approximately $7,384,000 of unrecognized compensation cost remaining related to unvested RSUs. This cost is expected to be recognized over a weighted-average period of 1.6 years.

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