7. STOCK OPTIONS AND WARRANTS (Tables)
|
9 Months Ended |
Jan. 31, 2018 |
|---|
| Employee stock option activity |
| |
|
Nine Months Ended January 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Risk-free interest rate |
|
|
2.5% |
|
|
|
1.8% |
|
| Expected volatility |
|
|
106% |
|
|
|
110% |
|
| Expected lives (years) |
|
|
4.3 |
|
|
|
5.0 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|
| Unvested employee stock option activity |
| |
|
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding, April 30, 2017 |
|
|
79,100,000 |
|
|
$ |
0.13 |
|
|
$ |
0.09 |
|
| Issued |
|
|
16,150,000 |
|
|
|
0.06 |
|
|
|
0.06 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, January 31, 2018 |
|
|
95,250,000 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
| Exercisable, January 31, 2018 |
|
|
84,500,000 |
|
|
$ |
0.12 |
|
|
$ |
– |
|
| Vested and expected to vest |
|
|
95,250,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
|
| Range of outstanding stock options |
| Exercise Price |
|
|
Number of Options
Outstanding |
|
|
Weighted Average Remaining
Contractual Life (years) of Outstanding Options |
|
|
Weighted Average Exercisable
Price |
|
|
Number of Options
Exercisable |
|
|
Weighted Average Exercise
Price of Exercisable Options |
|
| $ |
0.19 |
|
|
|
25,000,000 |
|
|
|
0.83 |
|
|
$ |
0.19 |
|
|
|
25,000,000 |
|
|
$ |
0.19 |
|
| $ |
0.11 |
|
|
|
27,200,000 |
|
|
|
1.01 |
|
|
$ |
0.11 |
|
|
|
27,200,000 |
|
|
$ |
0.11 |
|
| $ |
0.18 |
|
|
|
250,000 |
|
|
|
1.11 |
|
|
$ |
0.18 |
|
|
|
250,000 |
|
|
$ |
0.18 |
|
| $ |
0.06 |
|
|
|
15,600,000 |
|
|
|
1.75 |
|
|
$ |
0.06 |
|
|
|
15,600,000 |
|
|
$ |
0.06 |
|
| $ |
0.10 |
|
|
|
10,450,000 |
|
|
|
2.63 |
|
|
$ |
0.10 |
|
|
|
10,350,000 |
|
|
$ |
0.10 |
|
| $ |
0.07 |
|
|
|
600,000 |
|
|
|
3.25 |
|
|
$ |
0.07 |
|
|
|
600,000 |
|
|
$ |
0.07 |
|
| $ |
0.06 |
|
|
|
1,250,000 |
|
|
|
2.21 |
|
|
$ |
0.06 |
|
|
|
1,250,000 |
|
|
$ |
0.06 |
|
| $ |
0.06 |
|
|
|
1,200,000 |
|
|
|
4.42 |
|
|
$ |
0.06 |
|
|
|
700,000 |
|
|
$ |
0.06 |
|
| $ |
0.07 |
|
|
|
1,200,000 |
|
|
|
4.25 |
|
|
$ |
0.07 |
|
|
|
900,000 |
|
|
$ |
0.07 |
|
| $ |
0.07 |
|
|
|
1,800,000 |
|
|
|
4.44 |
|
|
$ |
0.07 |
|
|
|
700,000 |
|
|
$ |
0.07 |
|
| $ |
0.09 |
|
|
|
1,200,000 |
|
|
|
2.23 |
|
|
$ |
0.09 |
|
|
|
700,000 |
|
|
$ |
0.09 |
|
| $ |
0.06 |
|
|
|
500,000 |
|
|
|
2.35 |
|
|
$ |
0.06 |
|
|
|
500,000 |
|
|
$ |
0.06 |
|
| $ |
0.06 |
|
|
|
9,000,000 |
|
|
|
2.95 |
|
|
$ |
0.06 |
|
|
|
750,000 |
|
|
$ |
0.06 |
|
| Total |
|
|
|
95,250,000 |
|
|
|
1.68 |
|
|
$ |
0.11 |
|
|
|
84,500,000 |
|
|
$ |
0.12 |
|
|
| Warrant activity |
| Exercise Price |
|
|
Number of
Options
Outstanding |
|
|
Weighted
Average
Remaining
Contractual Life
(years) of
Outstanding
Options |
|
|
Weighted
Average
Exercisable
Price |
|
|
Number of
Options
Exercisable |
|
|
Weighted
Average
Exercise Price
of Exercisable
Options |
|
| $ |
0.19 |
|
|
|
25,000,000 |
|
|
|
0.83 |
|
|
$ |
0.19 |
|
|
|
25,000,000 |
|
|
$0.19 |
|
| $ |
0.11 |
|
|
|
27,200,000 |
|
|
|
1.01 |
|
|
$ |
0.11 |
|
|
|
27,200,000 |
|
|
$0.11 |
|
| $ |
0.18 |
|
|
|
250,000 |
|
|
|
1.11 |
|
|
$ |
0.18 |
|
|
|
250,000 |
|
|
$0.18 |
|
| $ |
0.06 |
|
|
|
15,600,000 |
|
|
|
1.75 |
|
|
$ |
0.06 |
|
|
|
15,600,000 |
|
|
$0.06 |
|
| $ |
0.10 |
|
|
|
10,450,000 |
|
|
|
2.63 |
|
|
$ |
0.10 |
|
|
|
10,350,000 |
|
|
$0.10 |
|
| $ |
0.07 |
|
|
|
600,000 |
|
|
|
3.25 |
|
|
$ |
0.07 |
|
|
|
600,000 |
|
|
$0.07 |
|
| $ |
0.06 |
|
|
|
1,250,000 |
|
|
|
2.21 |
|
|
$ |
0.06 |
|
|
|
1,250,000 |
|
|
$0.06 |
|
| $ |
0.06 |
|
|
|
1,200,000 |
|
|
|
4.42 |
|
|
$ |
0.06 |
|
|
|
700,000 |
|
|
$0.06 |
|
| $ |
0.07 |
|
|
|
1,200,000 |
|
|
|
4.25 |
|
|
$ |
0.07 |
|
|
|
900,000 |
|
|
$0.07 |
|
| $ |
0.07 |
|
|
|
1,800,000 |
|
|
|
4.44 |
|
|
$ |
0.07 |
|
|
|
700,000 |
|
|
$0.07 |
|
| $ |
0.09 |
|
|
|
1,200,000 |
|
|
|
2.23 |
|
|
$ |
0.09 |
|
|
|
700,000 |
|
|
$0.09 |
|
| $ |
0.06 |
|
|
|
500,000 |
|
|
|
2.35 |
|
|
$ |
0.06 |
|
|
|
500,000 |
|
|
$0.06 |
|
| $ |
0.06 |
|
|
|
9,000,000 |
|
|
|
2.95 |
|
|
$ |
0.06 |
|
|
|
750,000 |
|
|
$0.06 |
|
| Total |
|
|
|
95,250,000 |
|
|
|
1.68 |
|
|
$ |
0.11 |
|
|
|
84,500,000 |
|
|
$0.12 |
|
|
| Schedule of warrants outstanding and exercisable |
| Exercise Prices |
|
Number of
Warrant
Shares
Exercisable at January 31, 2018 |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
|
Weighted
Average
Exercise Price |
|
| $0.025, $0.03, $0.0575, $0.065, $0.11, $0.12 and
$0.18 |
|
|
48,850,197 |
|
|
|
1.93 |
|
|
$ |
0.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Five Year Term – $0.12 |
|
|
25,841,188 |
|
|
|
2.03 |
|
|
|
|
|
| Five Year Term – $0.18 |
|
|
8,536,880 |
|
|
|
0.15 |
|
|
|
|
|
| Five Year Term – $0.11 |
|
|
10,000,000 |
|
|
|
2.14 |
|
|
|
|
|
| Five Year Term – $0.065 |
|
|
769,231 |
|
|
|
3.92 |
|
|
|
|
|
| Five Year Term – $0.0575 |
|
|
869,565 |
|
|
|
4.18 |
|
|
|
|
|
| Five Year Term – $0.03 |
|
|
833,333 |
|
|
|
4.31 |
|
|
|
|
|
| Five Year Term – $0.025 |
|
|
2,000,000 |
|
|
|
4.44 |
|
|
|
|
|
| |
|
|
48,850,197 |
|
|
|
|
|
|
|
|
|
|
| Employee Options [Member] |
|
| Assumptions |
| |
|
Nine Months Ended January 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Risk-free interest rate |
|
|
2.0% |
|
|
|
– |
|
| Expected volatility |
|
|
107% |
|
|
|
– |
|
| Expected lives (years) |
|
|
2.8 |
|
|
|
– |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
– |
|
|
| Non-Employee Options [Member] |
|
| Assumptions |
| |
|
Nine Months Ended January 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Risk-free interest rate |
|
|
2.5% |
|
|
|
1.8% |
|
| Expected volatility |
|
|
106% |
|
|
|
110% |
|
| Expected lives (years) |
|
|
4.3 |
|
|
|
5.0 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|