Note 15 - Share Based Awards

6 Months Ended

Oct. 31, 2021

Share-based Payment Arrangement [Abstract]

Note 15 - Share Based Awards

Note 15 - Share Based Awards

The 2019 Equity Incentive Plan (the "Plan") allows us to incentivize key employees, consultants, and directors with long term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the "Awards"). The number of shares issuable in connection with Awards under the Plan may not exceed 8,750,000.

The aggregate intrinsic value of outstanding options represents the excess of the stock price at October 31, 2021 of $2.96 over the exercise price of each option. As of October 31, 2021 and April 30, 2021, there was $2,636,693 and $914,915 of unrecognized stock-based compensation expense related to unvested stock options, net of estimated forfeitures, which is expected to be recognized over the weighted average period of 1.31 years. 

The table below sets forth the assumptions used to calculate the fair value of options granted during the three months ended October 31, 2021:  

Exercise price	2.61 - 2.82
Stock price on date of grant	2.61 - 2.82
Volatility	271.7% - 273.4%
Risk-free interest rate	0.93% - 1.10%
Expected term (years)	6.56 – 8.25
Dividend yield	—

A summary of activity under the Plan since April 30, 2020 is as follows:

Options	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding as of April 30, 2020		1,597,475		$	1.10
Granted		600,000			3.63
Exercised		—			—
Forfeited or expired		—			—
Outstanding as of April 30, 2021		2,197,475			1.79
Granted		919,000			2.68
Exercised		(112,500	)		0.96
Forfeited or expired		—			—
Outstanding as of October 31, 2021		3,003,975			2.09		8.70	$	3,096,487
Exercisable as of October 31, 2021		1,694,892		$	2.18		8.35	$	1,811,400

Stock compensation expense was as follows:

	Three months ended October 31,				Six months ended October 31,
	2021		2020		2021		2020
General and administrative	$	389,749	$	94,629	$	609,350	$	189,258
Research and development		84,752		9,945		141,232		19,890
Operations		311,347		2,487		374,608		4,974
Sales and marketing		114,089		—		158,833		—
Total	$	899,937	$	107,061	$	1,284,023	$	214,122