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6. STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

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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