Stock Options

6 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options

The following table summarizes information about the options changes of options for the period from Aril 30, 2015 to October 31, 2015 and options outstanding and exercisable at October 31, 2015:

	Options			Weighted Average Exercise Prices
Outstanding April 30, 2015		540,941		$	12.00
Exercisable – April 30, 2015		158,241		$
Granted		453,039		$	2.00
Exercised		-		$	-
Forfeited/Cancelled		(395,629	)	$	11.71
Outstanding – October 31, 2015		598,352		$	4.39
Exercisable – October 31, 2015		439,951		$	5.21
Outstanding – Aggregate Intrinsic Value				$	-
Exercisable – Aggregate Intrinsic Value				$	-

The Company restructured its option plan by cancelling 395,629 options and issuing 453,039 options to new and existing option holders pursuant to the Amended and Restated 2012 Equity Compensation Plan.

For options issued during the six months ended October 31, 2015, the Company computed the fair value of the grant as of the date of grant utilizing a Black-Scholes option-pricing model using the following assumptions: common share value based on the fair value of the Company’s common stock as quoted on the Over the Counter Bulletin Board, range of $2.00 to $12.00; exercise price range of $2.00 to $12.00; expected volatility of 171%; and a discount rate range of 2.16% to 2.29%.

The following table summarizes information about the options outstanding and exercisable at October 31, 2015:

		Options Outstanding				Options Exercisable
Exercise Price		Options	Weighted Avg. Life Remaining	Weighted Avg. Exercise Price		Options	Weighted Avg. Exercise Price
$	44.00	2,326	0.01 years	$	44.00	2,326	$	44.00
$	12.00	132,987	8.18 years	$	12.00	130,811	$	12.00
$	6.00	10,000	9.25 years	$	6.00	10,000	$	6.00
$	2.00	453,039	10.0 years	$	2.00	296,814	$	2.00
		598,352				439,951
Aggregate Intrinsic Value				$	-		$	-

During the three months ended October 31, 2015 and 2014, the Company expensed approximately $1,174,000 and $485,000 to general and administrative expense for stock-based compensation pursuant to employment and consulting agreements. During the six months ended October 31, 2015 and 2014, the Company expensed approximately $1,403,000 and $674,200 to general and administrative expense for stock-based compensation pursuant to employment and consulting agreements.

As of October 31, 2015, the total intrinsic value of options outstanding and exercisable was $0.

During the three and six months ended October 31, 2015, the Company had no other stock-based compensation expense.

As of October 31, 2015, the Company has approximately $683,000 in unrecognized stock-based compensation expense, which will be amortized over a weighted average exercise period of 4.25 years.

Warrants:

	Number of  Warrants		Weighted Average Exercise Price		Weighted Average Life Remaining
Outstanding and exercisable – April 30, 2015		336,458	$	36.00		2.29
Forfeited		-		-		-
Granted		-		-		-
Outstanding and exercisable – October 31, 2015		336,458	$	36.00		2.04

There were no changes of the Company’s warrants during the six months ended October 31, 2015. The aggregate intrinsic value of the outstanding warrants was $0.