A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the three months ended July 31, 2017 and 2016 are as follows:

The Company awarded 3,600,000 shares of common stock to officers as part of their compensation agreements for 2016. These shares vest on a quarterly basis over a twelve-month period and are subject to their continuing service under the agreements. During the three months ended July 31, 2016, 900,000 shares vested and the Company recorded a non-cash compensation expense in the amount of $53,910. There were no unvested shares as of July 31, 2017.

The Company awarded 1,200,000 shares of common stock to an employee as part of his compensation agreement for 2016. These shares vest on a quarterly basis over a twelve-month period and are subject to the employee providing services under the agreement. During the three months ended July 31, 2016, 300,000 shares vested and the Company recorded a non-cash compensation expense in the amount of $17,970. There were no unvested shares as of July 31, 2017.

During the three months ended July 31, 2016, the Company issued 600,000 shares of common stock to a consultant. These shares vest on a quarterly basis over a twelve-month period and are subject to the consultant providing services under the agreement. During the three months ended July 31, 2016, 150,000 shares vested and the Company recorded a non-cash expense in the amount of $8,550.

The Company awarded 6,600,000 shares of common stock to officers as part of their compensation agreements for 2017. These shares vest monthly over a twelve-month period and are subject to them continuing service under the agreements. During the three months ended July 31, 2017, the Company recorded a non-cash compensation expense in the amount of $171,600. As of July 31, 2017, there were 2,750,000 unvested shares.

During the three months ended July 31, 2017, the Company issued 1,250,000 shares of common stock to three directors of the Company’s Board of Directors (“Board”). The terms of the agreements are for twelve months. The shares vested upon issuance and the Company recorded a non-cash compensation expense of $72,500 for the three months ended July 31, 2017.

During the three months ended July 31, 2017, the Company issued 4,200,000 shares of common stock to three consultants. The terms of two of the agreements are for twelve months and one agreement is for eighteen months. The shares vest monthly over a twelve-month to eighteen-month period and are subject to the consultants providing services under the agreements. The Company recorded a non-cash compensation expense in the amount of $21,990 for the three months ended July 31, 2017. As of July 31, 2017, there were 3,900,000 unvested shares.

All shares were issued without registration under the Securities Act of 1933, as amended (“Securities Act”) in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act.

During the three months ended July 31, 2017 and 2016, the Company sold and issued approximately 62.4 and 66.8 million shares of common stock, respectively, at prices ranging from $0.02 to $0.08 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $1.75 and $1.33 million from the sale of these shares for the three months ended July 31, 2017 and 2016, respectively.

A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the three months ended July 31, 2017 are as follows: