Stock Options

3 Months Ended

Jul. 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, 2016 to July 31, 2016 and options outstanding and exercisable at July 31, 2016:

	Options			Weighted Average Exercise Prices
Outstanding April 30, 2016		743,050		$	4.00
Exercisable – April 30, 2016		421,460		$	3.41
Granted		1,761,458		$	1.38
Exercised		-			-
Forfeited/Cancelled		(2,326	)		-
Outstanding – July 31, 2016		2,502,182		$	2.16
Exercisable – July 31, 2016		1,129,542		$	2.22
Outstanding – Aggregate Intrinsic Value				$	915,958
Exercisable – Aggregate Intrinsic Value				$	334,657

For options issued during the three months ended July 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 $1.76 to $1.90; exercise price range of $1.38 to $3.39; expected volatility range of 170% to 175%; and a discount rate range of 1.43% to 1.46%.

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

				Options Outstanding			Options Exercisable
	Exercise Price			Options	Weighted Avg. Life Remaining		Options
	$	1.38		1,761,458	9.95 years		643,572
	$	2.00		457,402	9.00 years		356,621
	$	2.87		65,334	9.00 years		29,611
	$	3.00		51,001	9.66 years		25,084
	$	3.39		24,000	9.64 years		10,000
	$	6.00		10,000	8.75 years		10,000
	$	12.00		132,987	7.68 years		54,654
				2,502,182			1,129,542
Aggregate Intrinsic Value			$	915,958		$	334,657

During the three months ended July 31, 2016 and 2015, the Company expensed $1,150,197 and $228,930 to general and administrative expense for stock-based compensation pursuant to employment and consulting agreements. 

As of July 31, 2016, the Company has approximately $1,503,120 in unrecognized stock-based compensation expense, which will be amortized over a weighted average exercise period of approximately 4 years.

Warrants:

	Number of  Warrants		Weighted Average Exercise Price		Weighted Average Life Remaining
Outstanding and exercisable – April 30, 2016		133,333	$	50.00		3.83
Forfeited		-		-		-
Granted		-		-		-
Outstanding and exercisable – July 31, 2016		133,333	$	50.00		3.58

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