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6. STOCK OPTIONS AND WARRANTS (Tables) | 12 Months Ended
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Apr. 30, 2020
Employee stock option activity | A summary of the Company’s stock option activity and related information for the two years ended April 30, 2020 are shown below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value per Share |
Outstanding, April 30, 2018 |  |  | 95,250,000 |  |  | $ | 0.11 |  |  | $ | 0.11 |
Issued |  |  | 12,200,000 |  |  |  | 0.05 |  |  |  | 0.05 |
Forfeited |  |  | – |  |  |  | – |  |  |  | – |
Exercised |  |  | – |  |  |  | – |  |  |  | – |
Outstanding, April 30, 2019 |  |  | 107,450,000 |  |  |  | 0.11 |  |  |  | 0.11 |
Issued |  |  | 12,200,000 |  |  |  | 0.04 |  |  |  | 0.04 |
Forfeited |  |  | (52,450,000 | ) |  |  | 0.15 |  |  |  | 0.14 |
Exercised |  |  | – |  |  |  | – |  |  |  | – |
Outstanding, April 30, 2020 |  |  | 67,200,000 |  |  | $ | 0.06 |  |  | $ | 0.06 |
Exercisable, April 30, 2020 |  |  | 61,000,000 |  |  | $ | 0.07 |  |  | $ | – |
Vested and expected to vest |  |  | 67,200,000 |  |  | $ | 0.06 |  |  | $ | – |
Unvested employee stock option activity | A summary of the activity for unvested stock options during the years ended April 30, 2020 and 2019 is as follows:
|  | Options |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested, April 30, 2018 |  |  | 7,200,000 |  |  | $ | – |
Granted |  |  | 12,200,000 |  |  |  | 0.05 |
Vested |  |  | (13,200,000 | ) |  |  | – |
Forfeited |  |  | – |  |  |  | – |
Unvested, April 30, 2019 |  |  | 6,200,000 |  |  |  | – |
Granted |  |  | 12,200,000 |  |  |  | 0.04 |
Vested |  |  | (12,200,000 | ) |  |  | – |
Forfeited |  |  | – |  |  |  | – |
Unvested, April 30, 2020 |  |  | 6,200,000 |  |  | $ | 0.05 |
Range of outstanding stock options | The following table summarizes ranges of outstanding stock options by exercise price at April 30, 2020:
Exercise Price |  |  | Number of Options Outstanding |  |  | Weighted Average Remaining Contractual Life (years) of Outstanding Options |  |  | Weighted Average Exercisable Price |  |  | Number of Options Exercisable |  |  | Weighted Average Exercise Price of Exercisable Options |
$ | 0.063 |  |  |  | 15,600,000 |  |  |  | 0.40 |  |  | $ | 0.063 |  |  |  | 15,600,000 |  |  | $ | 0.063 |
$ | 0.104 |  |  |  | 10,450,000 |  |  |  | 1.20 |  |  | $ | 0.104 |  |  |  | 10,450,000 |  |  | $ | 0.104 |
$ | 0.0685 |  |  |  | 600,000 |  |  |  | 1.00 |  |  | $ | 0.0685 |  |  |  | 600,000 |  |  | $ | 0.0685 |
$ | 0.058 |  |  |  | 2,450,000 |  |  |  | 1.62 |  |  | $ | 0.058 |  |  |  | 2,450,000 |  |  | $ | 0.058 |
$ | 0.0734 |  |  |  | 1,200,000 |  |  |  | 2.00 |  |  | $ | 0.0734 |  |  |  | 1,200,000 |  |  | $ | 0.0734 |
$ | 0.0729 |  |  |  | 1,800,000 |  |  |  | 2.19 |  |  | $ | 0.0729 |  |  |  | 1,800,000 |  |  | $ | 0.0729 |
$ | 0.089 |  |  |  | 1,200,000 |  |  |  | 2.22 |  |  | $ | 0.089 |  |  |  | 1,200,000 |  |  | $ | 0.089 |
$ | 0.0553 |  |  |  | 500,000 |  |  |  | 1.22 |  |  | $ | 0.0553 |  |  |  | 500,000 |  |  | $ | 0.0553 |
$ | 0.0558 |  |  |  | 9,000,000 |  |  |  | 1.60 |  |  | $ | 0.0558 |  |  |  | 9,000,000 |  |  | $ | 0.0558 |
$ | 0.0534 |  |  |  | 1,200,000 |  |  |  | 3.35 |  |  | $ | 0.0534 |  |  |  | 1,200,000 |  |  | $ | 0.0534 |
$ | 0.0539 |  |  |  | 1,000,000 |  |  |  | 1.50 |  |  | $ | 0.0539 |  |  |  | 1,000,000 |  |  | $ | 0.0539 |
$ | 0.0683 |  |  |  | 500,000 |  |  |  | 1.58 |  |  | $ | 0.0683 |  |  |  | 500,000 |  |  | $ | 0.0683 |
$ | 0.0649 |  |  |  | 500,000 |  |  |  | 1.72 |  |  | $ | 0.0649 |  |  |  | 500,000 |  |  | $ | 0.0649 |
$ | 0.0495 |  |  |  | 9,000,000 |  |  |  | 2.33 |  |  | $ | 0.0495 |  |  |  | 9,000,000 |  |  | $ | 0.0495 |
$ | 0.0380 |  |  |  | 1,200,000 |  |  |  | 4.40 |  |  | $ | 0.0380 |  |  |  | 1,000,000 |  |  | $ | 0.0380 |
$ | 0.0404 |  |  |  | 1,000,000 |  |  |  | 2.00 |  |  | $ | 0.0404 |  |  |  | 1,000,000 |  |  | $ | 0.0404 |
$ | 0.0370 |  |  |  | 500,000 |  |  |  | 2.09 |  |  | $ | 0.0370 |  |  |  | 500,000 |  |  | $ | 0.0370 |
$ | 0.0340 |  |  |  | 500,000 |  |  |  | 2.22 |  |  | $ | 0.0340 |  |  |  | 500,000 |  |  | $ | 0.0340 |
$ | 0.0408 |  |  |  | 9,000,000 |  |  |  | 2.81 |  |  | $ | 0.0408 |  |  |  | 3,000,000 |  |  | $ | 0.0408 |
| Total |  |  |  | 67,200,000 |  |  |  | 1.61 |  |  | $ | 0.06 |  |  |  | 61,000,000 |  |  | $ | 0.07 |
Warrant activity | A summary of the Company’s warrant activity and related information for the two years ended April 30, 2020 are shown below:
|  | Warrants |  |  | Weighted Average Exercise Price |
Outstanding, April 30, 2018 |  |  | 33,993,104 |  |  | $ | 0.10 |
Issued |  |  | 8,084,693 |  |  |  | – |
Expired |  |  | – |  |  |  | – |
Outstanding, April 30, 2019 |  |  | 42,077,797 |  |  |  | 0.09 |
Issued |  |  | 16,666,666 |  |  |  | – |
Expired |  |  | (10,854,308 | ) |  |  | – |
Outstanding, April 30, 2020 |  |  | 47,890,155 |  |  |  | – |
Exercisable, April 30, 2020 |  |  | 47,890,155 |  |  | $ | 0.05 |
Schedule of warrants outstanding and exercisable | The following table summarizes additional information concerning warrants outstanding and exercisable at April 30, 2020:
Exercise Prices |  | Number of Warrant Shares Exercisable at April 30, 2020 |  |  | Weighted Average Remaining Contractual Life |  |  | Weighted Average Exercise Price |
$0.12 |  |  | 17,000,000 |  |  |  | 0.69 |  |  |  |  |
$0.065 |  |  | 769,231 |  |  |  | 1.64 |  |  |  |  |
$0.0575 |  |  | 869,565 |  |  |  | 1.93 |  |  |  |  |
$0.03 |  |  | 2,500,000 |  |  |  | 2.58 |  |  |  |  |
$0.026 |  |  | 1,923,077 |  |  |  | 3.16 |  |  |  |  |
$0.025 |  |  | 2,000,000 |  |  |  | 2.24 |  |  |  |  |
$0.018 |  |  | 1,388,889 |  |  |  | 3.08 |  |  |  |  |
$0.011 |  |  | 2,272,727 |  |  |  | 3.51 |  |  |  |  |
$0.01 |  |  | 5,000,000 |  |  |  | 4.42 |  |  |  |  |
$0.015 |  |  | 833,333 |  |  |  | 4.98 |  |  |  |  |
$0.009 |  |  | 3,333,333 |  |  |  | 4.17 |  |  |  |  |
$0.005 |  |  | 10,000,000 |  |  |  | 4.67 |  |  |  |  |
|  |  | 47,890,155 |  |  |  | 2.73 |  |  | $ | 0.05 |
Employee Options [Member] |
Assumptions | The fair value of the Employee Options at the date of grant was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average assumptions:
|  | Years Ended April 30, |
|  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 1.8% |  |  |  | 2.0% |
Expected volatility |  |  | 91% |  |  |  | 97% |
Expected lives (years) |  |  | 2.7 |  |  |  | 2.7 |
Expected dividend yield |  |  | 0.00% |  |  |  | 0.00% |
Non-Employee Options [Member] |
Assumptions | The fair value of the Non-Employee Options was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average assumptions:
|  | Years Ended April 30, |
|  | 2020 |  |  | 2019 |
Risk-free interest rate |  |  | 1.6% |  |  |  | 2.5% |
Expected volatility |  |  | 90% |  |  |  | 98% |
Expected lives (years) |  |  | 5.0 |  |  |  | 5.0 |
Expected dividend yield |  |  | 0.00% |  |  |  | 0.00% |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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