Share-Based Payments (Tables)

3 Months Ended

Jul. 31, 2015

Stock-based compensation expense was recognized as follows (table in thousands):

	Three Months Ended
	July 31,
	2015		2014

General and administrative	$	438	$	543
Sales and marketing		120		154
Research and development		167		105
TOS cost of sales		24		2
POS cost of sales		26		4

Total stock-based compensation expense	$	775	$	808

Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2015 and 2014 were as follows:

The Company’s stock options activity for the three months ended July 31, 2015 is as follows:

									Weighted
							Weighted		Average
			Directors				Average		Remaining		Aggregate
	Non-		and				Exercise		Contractual		Intrinsic
	Employees		Employees		Total		Price		Life (Years)		Value

Outstanding, May 1, 2015		57,917		1,946,085		2,004,002	$	5.74		6.7	$	4,166,000
Granted		-		73,333		73,333		6.82		9.7
Exercised		-		-		-		-
Forfeited		-		(31,161)		(31,161)		5.73
Expired		(6,667)		(25,000)		(31,667)		9.24

Outstanding, July 31, 2015		51,250		1,963,257		2,014,507		5.72		6.6	$	1,457,000

Vested and expected to vest as of July 31, 2015		51,250		1,963,257		2,014,507		5.72		6.6	$	1,457,000

Exercisable as of July 31, 2015		34,271		1,522,517		1,556,788		5.90		6.0	$	1,093,000

Activity related to these warrants, which expire at various dates through January 2019, is summarized as follows: