Stock Options

12 Months Ended

Apr. 30, 2016

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

Stock Options

As of April 30, 2016, the Company has one equity incentive plan. The number of shares reserved for issuance in aggregate under the plan is limited to 120 million shares. The exercise price, term and vesting schedule of stock options granted are set by the Board of Directors at the time of grant. Stock options granted under the plan may be exercised on a cashless basis, if such exercise is approved by the Board. In a cashless exercise, the employee receives a lesser amount of shares in lieu of paying the exercise price based on the quoted market price of the shares on the trading day immediately preceding the exercise date.

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 options to consultants.

For options issued during the year ended April 30, 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 1.83% to 2.29%.

The following table summarizes information about the options outstanding and exercisable for the years ended April 30, 2016 and 2015:

	Options			Weighted Average Exercise Prices
Outstanding – April 30, 2014		440,191		$	12.00
Exercisable – April 30, 2014		121,025		$	12.00
Granted		105,000		$	106.00
Exercised		-		$	-
Forfeited/Cancelled		(3,750	)	$	12.00
Outstanding April 30, 2015		540,941		$	12.00
Exercisable – April 30, 2015		158,241		$	12.00
Granted		672,706			2.26
Exercised		-			-
Forfeited/Cancelled		(470,597	)		10.25
Outstanding April 30, 2016		743,050			4.00
Exercisable – April 30, 2016		421,460		$	3.41
Outstanding - Aggregate Intrinsic Value				$	-
Exercisable - Aggregate Intrinsic Value				$	-

The following table summarizes information about the options outstanding and exercisable at April 30, 2016:

			Options Outstanding				Options Exercisable
	Exercise Price		Options	Weighted Avg. Life Remaining	Weighted Average Exercise Price		Options	Weighted Average 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
	$	3.39	24,000		$	3.39	4,000	$	3.39
	$	3.00	51,001	9.91 years	$	3.00	4,250	$	3.00
	$	2.87	65,334	9.25 years	$	2.87	13,611	$	2.87
	$	2.00	457,402	9.25 years	$	2.00	332,620	$	2.00
			743,050				421,460
Aggregate Intrinsic Value					$	-		$	-

During the years ended April 30, 2016 and 2015, the Company expensed an aggregate $1,586,474 and $1,135,417 to general and administrative expenses for stock based compensation pursuant to employment and consulting agreements.

As of April 30, 2016, the Company has $59,551 in unrecognized stock-based compensation expense which will be amortized over a weighted average exercise period of 3.5 years.

Warrants:

	Number of  Warrants			Weighted Average Exercise Price		Weighted Average Life Remaining
Outstanding and exercisable – April 30, 2014		203,125		$	27.12		1.62
Forfeited		-			-		-
Granted		133,333			50.0		5.0
Outstanding and exercisable – April 30, 2015		336,458			36.19		2.29
Forfeited		-			-		-
Granted/Expired		(203,125	)		-		-
Outstanding and exercisable – April 30, 2016		133,333		$	50.00		3.83

There were no changes of the Company’s warrants during the year ended April 30, 2016. The aggregate intrinsic value of the outstanding warrants was $0.