Stock Options

9 Months Ended

Jan. 31, 2016

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 April 30, 2015 to January 31, 2016 and options outstanding and exercisable at January 31, 2016:

	Options			Weighted Average Exercise Prices
Outstanding April 30, 2015		540,941		$	12.00
Exercisable – April 30, 2015		158,241		$
Granted		564,706		$	2.15
Exercised		-		$	-
Forfeited/Cancelled		(395,629	)	$	11.72
Outstanding – January 31, 2016		710,019		$	4.00
Exercisable – January 31, 2016		398,823		$	3.50
Outstanding – Aggregate Intrinsic Value				$	-
Exercisable – Aggregate Intrinsic Value				$	-

On October 23, 2015, 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. In December 2015, the Company issued an additional 111,667 to consultants.

For options issued during the nine months ended January 31, 2016, 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 range of 170% to 179%; and a discount rate range of 1.94% to 2.29%.

The following table summarizes information about the options outstanding and exercisable at January 31, 2016:

		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	7.93 years	$	12.00	54,654	$	12.00
$	6.00	10,000	9.00 years	$	6.00	10,000	$	6.00
$	2.00	483,039	9.25 years	$	2.00	320,037	$	2.00
$	3.00	81,667	9.91 years	$	2.00	6,806	$	3.00
		710,019				393,823
Aggregate Intrinsic Value				$	-		$	-

During the three months ended January 31, 2016 and 2015, the Company expensed $311,993 and $841,052 to general and administrative expense for stock-based compensation pursuant to employment and consulting agreements. During the nine months ended January 31, 2016 and 2015, the Company expensed approximately $1,485,993 and $902,329 to general and administrative expense for stock-based compensation pursuant to employment and consulting agreements.

As of January 31, 2016, the Company has approximately $65,519 in unrecognized stock-based compensation expense, which will be amortized over a weighted average exercise period of 4 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 – January 31, 2016		336,458	$	36.00		1.53

There were no changes of the Company’s warrants during the nine months ended January 31, 2016. The aggregate intrinsic value of the outstanding warrants was $0.