Annual report pursuant to Section 13 and 15(d)

8. STOCK OPTIONS AND WARRANTS (Tables)

8. STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

Apr. 30, 2017

	Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value per Share

Outstanding, April 30, 2015		52,450,000			0.15		0.11
Issued		15,600,000			0.06		0.04
Exercised		–			–		–
Outstanding, April 30, 2016		68,050,000			0.13		0.09
Issued		23,550,000			0.10		0.08
Forfeited		(12,500,000	)		0.07		0.04
Exercised		–			–		–
Outstanding, April 30, 2017		79,100,000			0.13		0.09
Exercisable, April 30, 2017		72,300,000		$	0.13		–
Vested and expected to vest		79,100,000		$	0.13	$	–

Unvested employee stock option activity

	Options			Weighted Average Grant Date Fair Value per Share

Non-vested, April 30, 2015		6,600,000		$	–
Granted		15,600,000			0.05
Vested		(11,800,000	)		–
Forfeited		–			–
Non-vested, April 30, 2016		10,400,000			–
Granted		23,550,000			0.08
Vested		(14,650,000	)		–
Forfeited		(12,500,000	)		–
Non-vested, April 30, 2017		6,800,000		$	0.10

Range of outstanding stock options

	Exercise Price
Exercise Price	$	0.19	$	0.11	$	0.18	$	0.063	$	0.10	$	0.07
Number of Options Outstanding		25,000,000		27,200,000		250,000		15,600,000		10,450,000		600,000
Weighted Average Remaining Contractual Life (years) of Outstanding Options		2.42		2.67		2.97		3.67		2.92		4.00
Weighted Average Exercise Price	$	0.19	$	0.11	$	0.18	$	0.063	$	0.104	$	0.104
Number of Options Exercisable		25,000,000		27,200,000		250,000		15,600,000		3,650,000		600,000
Weighted Average Exercise Price of Exercisable Options	$	0.19	$	0.11	$	0.18	$	0.063	$	0.10	$	0.07

Warrant activity

	Warrants			Weighted Average Exercise Price
Outstanding, April 30, 2015		72,969,908			0.17
Issued		17,000,000			–
Exercised		(5,000,000	)		–
Outstanding, April 30, 2016		84,969,908			0.16
Issued		1,638,796			–
Expired		(18,755,200	)		–
Outstanding, April 30, 2017		67,853,504			–
Exercisable, April 30, 2017		67,853,504		$	0.13

Schedule of warrants outstanding and exercisable

Range of Exercise Prices	Number of Warrant Shares Exercisable at 04/30/2017		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$0.0575, $0.065, $0.075, $0.11, $0.12 and $0.18		67,853,504		1.85		0.13

Five Year Term – $0.075		1,056,000		0.44
Five Year Term – $0.12		35,347,508		2.17
Five Year Term – $0.18		19,811,200		0.67
Five Year Term – $0.11		10,000,000		2.90
Five Year Term – $0.065		769,231		4.64
Five Year Term – $0.0575		869,565		4.93
		67,853,504

Non-Employee Options [Member]

Assumptions

	Years Ended April 30,
	2017		2016
Risk-free interest rate		2.1%		2.0%
Expected volatility		108%		140%
Expected lives (years)		2.9		3.0
Expected dividend yield		0.00%		0.00%

Employee Options [Member]

Assumptions

	Years Ended April 30,
	2017		2016
Risk-free interest rate		1.8%		–
Expected volatility		110%		–
Expected lives (years)		5.0		–
Expected dividend yield		0.00%		–

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details