v3.20.1
Stock-Based Compensation Plans
 9 Months Ended
Jan. 31, 2020
Notes to Financial Statements  
Stock-Based Compensation Plans

Note 10 – Stock-Based Compensation Plans

 

The Company entered various consulting agreements to issue common stock and options to purchase common stock and recorded the applicable non-cash expense in accordance with the authoritative guidance of the Financial Accounting Standards Board.

 

For the nine and three-month periods ended January 31, 2020, the Company recorded $232,461 and $123,930 respectively, in stock-based compensation expense.

 

For the nine and three-month periods ended January 31, 2019, the Company recorded $48,744 and $12,197 respectively, in stock-based compensation expense.

 

The components of the stock-based compensation expense are presented in the following table:

 

   Nine Months  Nine Months  Three Months  Three Months
   Ended January  Ended January  Ended January  Ended January
Stock-based compensation expense  31, 2020  31, 2019  31, 2020  31, 2019
Chief Executive Officer  $69,827   $5,563   $38,125   $1,500 
Chief Financial Officer   69,827    5,563    38,125    1,500 
Chief Marketing Officer   6,030    1,437    1,500    375 
Related party consultant   30,539    —    19,063    — 
Sales consultants   —    9,715    —    — 
Marketing consultant   25,699    26,466    8,054    8,822 
Business consultant   30,539    —    19,063    — 
Total stock-based compensation expense  $232,461   $48,744   $123,930   $12,197 

 

At January 31, 2020, the total prepaid stock compensation amounted to $731,769, as follows:        

 

Prepaid stock-based compensation  January 31, 2020
Chief Executive Officer  $243,923 
Chief Financial Officer   243,923 
Related party consultant   121,962 
Business consultant   121,961 
Total prepaid stock-based compensation expense  $731,769 

 

As of January 31, 2020, there was $465,555 of current prepaid stock-based compensation expense and $266,214 in non-current prepaid stock compensation expense for services that end on July 31, 2021. For each of the four compensation contracts, compensation expense is recognized on a straight-line basis over the life of the agreement, which is two years. In the event of a termination without cause, the remainder of the prepaid compensation would be expensed immediately.