NOTE 4 – COMMON STOCK TRANSACTIONS

A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the years ended April 30, 2018 and 2017 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 year ended April 30, 2017, the Company recorded a non-cash compensation expense in the amount of $143,760. There were no unvested shares as of April 30, 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 year ended April 30, 2017, the Company recorded a non-cash compensation expense in the amount of $47,920. There were no unvested shares as of April 30, 2017.

During the year ended April 30, 2017, 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 year ended April 30, 2017, 600,000 shares vested and the Company recorded a non-cash expense in the amount of $34,200. There were no expenses incurred during the year ended April 30, 2018.

During the year ended April 30, 2017, the Company issued 1,250,000 shares of Common Stock to four consultants. The terms of the agreements are for twelve months each. The shares vested upon issuance and the Company recorded a non-cash compensation expense in the amount of $47,300 for the year ended April 30, 2017. There were no expenses incurred during the year ended April 30, 2018.

During the year ended April 30, 2017, the Company issued 250,000 shares of Common Stock to a director of the Board. The term of the agreement is for twelve months. The shares vested upon issuance and the Company recorded a non-cash compensation expense of $26,000 for the year ended April 30, 2017. There were no expenses incurred during the year ended April 30, 2018.

During the year ended April 30, 2017, the Company awarded 6,600,000 to officers as part of their compensation agreements for 2017. These shares vest on a monthly basis over a twelve-month period and are subject to them continuing service under the agreements. During the years ended April 30, 2018 and 2017, the Company recorded a non-cash compensation expense in the amount of $457,600 and $228,800, respectively. There were zero and 4,400,000 unvested shares as of April 30, 2018 and 2017, respectively.

During the year ended April 30, 2018, the Company issued 1,750,000 shares of common stock to four directors of the Company’s Board of Directors (“Board”) pursuant to Board compensation agreements. The terms of the agreements are for twelve months. The shares vested upon issuance and the Company recorded a non-cash expense of $75,985 for the year ended April 30, 2018.

During the year ended April 30, 2018, 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 consulting expense in the amount of $209,730 for the year ended April 30, 2018, respectively. As of April 30, 2018, there were 1,200,000 unvested shares.

The Company awarded 6,600,000 shares of common stock to officers as part of their compensation agreements for 2018. These shares vest monthly over a twelve-month period and are subject to them continuing service under the agreements. During the year ended April 30, 2018, the Company recorded a non-cash compensation expense in the amount of $122,760. As of April 30, 2018, there were 4,400,000 unvested shares.

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

On October 28, 2014, the Company’s Registration on Form S-3 was declared effective by the Commission for a public offering of up to $50 million on a “shelf offering” basis. During the years ended April 30, 2018 and 2017, the Company sold and issued approximately 95.7 and 115.4 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 $7.65 million from the sale of these shares. The Company has filed a prospectus supplement for an “at-the-market” offering with an investment bank as sales agent.

A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the last three years ended April 30, 2018 are as follows: