Share-Based Payments (Tables)

3 Months Ended

Jul. 31, 2017

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

Allocation of Share Based Compensation Expense

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

	Three Months Ended July 31,
	2017		2016
General and administrative	$	423	$	830
Sales and marketing	34		168
Research and development	80		85
TOS cost of sales	26		44
POS cost of sales	1		2
Total stock-based compensation expense	$	564	$	1,129

Valuation Assumptions for Stock Options

Black-Scholes assumptions used to calculate the fair value of options granted during the three months ended July 31, 2017 and 2016 were as follows:

	Three Months Ended July 31,
	2017	2016
Expected term in years	6	2.6 - 6
Risk-free interest rates	1.98%	0.75% - 1.25%
Volatility	87.1%	73.2% - 95.6%
Dividend yield	—%	—%

Summary of Stock Option Activity

The Company’s stock options activity for the three months ended July 31, 2017 was as follows:

	Non- Employees	Directors and Employees		Total		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding, May 1, 2017	50,000	2,258,704		2,308,704		$	2.86	6.1	$	1,282,000
Granted	—	194,977		194,977		2.51
Exercised	—	—		—		—
Forfeited	—	(1,875	)	(1,875	)	7.76
Canceled	—	—		—		—
Expired	—	—		—		—
Outstanding, July 31, 2017	50,000	2,451,806		2,501,806		2.83		6.1	$	1,720,000
Vested and expected to vest as of July 31, 2017	50,000	2,451,806		2,501,806		2.83		6.1	$	1,720,000
Exercisable as of July 31, 2017	33,336	2,287,095		2,320,431		2.85		6.0	$	1,608,000

Summary of Warrant Activity

Activity related to these warrants, which expire at various dates through March 2020, is summarized as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding, May 1, 2017	2,004,284	$	5.57	2.8	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Expired	—	—		—	—
Outstanding, July 31, 2017	2,004,284	$	5.57	2.5	$	—