5. STOCK OPTIONS AND WARRANTS (Tables)
|
12 Months Ended |
Apr. 30, 2018 |
Employee stock option activity |
|
|
Options |
|
|
Weighted
Average
Exercise Price
|
|
|
Weighted
Average
Grant Date
Fair Value
per Share
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Issued |
|
|
16,150,000 |
|
|
|
0.06 |
|
|
|
0.06 |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
Outstanding, April 30, 2018 |
|
|
95,250,000 |
|
|
|
0.11 |
|
|
|
0.11 |
|
Exercisable, April 30, 2018 |
|
|
88,050,000 |
|
|
$ |
0.12 |
|
|
|
– |
|
Vested and expected to vest |
|
|
95,250,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
|
Unvested employee stock option activity |
|
|
Options |
|
|
Weighted
Average
Grant Date
Fair Value
per Share
|
|
|
|
|
|
|
|
|
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 |
|
|
|
– |
|
Granted |
|
|
16,150,000 |
|
|
|
0.06 |
|
Vested |
|
|
(15,750,000 |
) |
|
|
– |
|
Forfeited |
|
|
- |
|
|
|
– |
|
Non-vested, April 30, 2018 |
|
|
7,200,000 |
|
|
$ |
0.06 |
|
|
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 |
|
|
|
0.71 |
|
|
$ |
0.19 |
|
|
|
25,000,000 |
|
|
$ |
0.19 |
|
$ |
0.11 |
|
|
|
27,200,000 |
|
|
|
0.88 |
|
|
$ |
0.11 |
|
|
|
27,200,000 |
|
|
$ |
0.11 |
|
$ |
0.18 |
|
|
|
250,000 |
|
|
|
0.99 |
|
|
$ |
0.18 |
|
|
|
250,000 |
|
|
$ |
0.18 |
|
$ |
0.06 |
|
|
|
15,600,000 |
|
|
|
1.60 |
|
|
$ |
0.06 |
|
|
|
15,600,000 |
|
|
$ |
0.06 |
|
$ |
0.10 |
|
|
|
10,450,000 |
|
|
|
2.48 |
|
|
$ |
0.10 |
|
|
|
10,450,000 |
|
|
$ |
0.10 |
|
$ |
0.07 |
|
|
|
600,000 |
|
|
|
3.00 |
|
|
$ |
0.07 |
|
|
|
600,000 |
|
|
$ |
0.07 |
|
$ |
0.06 |
|
|
|
1,250,000 |
|
|
|
2.09 |
|
|
$ |
0.06 |
|
|
|
1,250,000 |
|
|
$ |
0.06 |
|
$ |
0.06 |
|
|
|
1,200,000 |
|
|
|
4.01 |
|
|
$ |
0.06 |
|
|
|
1,000,000 |
|
|
$ |
0.06 |
|
$ |
0.07 |
|
|
|
1,200,000 |
|
|
|
4.18 |
|
|
$ |
0.07 |
|
|
|
1,200,000 |
|
|
$ |
0.07 |
|
$ |
0.07 |
|
|
|
1,800,000 |
|
|
|
4.20 |
|
|
$ |
0.07 |
|
|
|
1,000,000 |
|
|
$ |
0.07 |
|
$ |
0.09 |
|
|
|
1,200,000 |
|
|
|
2.11 |
|
|
$ |
0.09 |
|
|
|
1,000,000 |
|
|
$ |
0.09 |
|
$ |
0.06 |
|
|
|
500,000 |
|
|
|
2.22 |
|
|
$ |
0.06 |
|
|
|
500,000 |
|
|
$ |
0.06 |
|
$ |
0.06 |
|
|
|
9,000,000 |
|
|
|
2.81 |
|
|
$ |
0.06 |
|
|
|
3,000,000 |
|
|
$ |
0.06 |
|
Total |
|
|
|
95,250,000 |
|
|
|
1.54 |
|
|
$ |
0.11 |
|
|
|
88,050,000 |
|
|
$ |
0.12 |
|
|
Warrant activity |
|
|
Warrants |
|
|
Weighted
Average
Exercise Price
|
|
Outstanding, April 30, 2016 |
|
|
84,969,908 |
|
|
$ |
0.16 |
|
Issued |
|
|
1,638,796 |
|
|
|
– |
|
Exercised |
|
|
(18,755,200 |
) |
|
|
– |
|
Outstanding, April 30, 2017 |
|
|
67,853,504 |
|
|
|
0.13 |
|
Issued |
|
|
4,500,000 |
|
|
|
– |
|
Expired |
|
|
(38,360,400 |
) |
|
|
– |
|
Outstanding, April 30, 2018 |
|
|
33,993,104 |
|
|
|
– |
|
Exercisable, April 30, 2018 |
|
|
33,993,104 |
|
|
$ |
0.10 |
|
|
Schedule of warrants outstanding and exercisable |
Range of Exercise Prices |
|
Number of
Warrant Shares
Exercisable at
April 30, 2018
|
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
|
Weighted
Average
Exercise Price
|
|
$0.025, $0.03, $0.0575 $0.065, $0.11 and $0.12 |
|
|
33,993,104 |
|
|
|
2.60 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Five Year Term – $0.12 |
|
|
17,854,308 |
|
|
|
2.63 |
|
|
|
|
|
Five Year Term – $0.11 |
|
|
10,000,000 |
|
|
|
1.90 |
|
|
|
|
|
Five Year Term – $0.065 |
|
|
769,231 |
|
|
|
3.64 |
|
|
|
|
|
Five Year Term – $0.0575 |
|
|
869,565 |
|
|
|
3.93 |
|
|
|
|
|
Five Year Term – $0.03 |
|
|
2,500,000 |
|
|
|
4.58 |
|
|
|
|
|
Five Year Term – $0.025 |
|
|
2,000,000 |
|
|
|
4.24 |
|
|
|
|
|
|
|
|
33,993,104 |
|
|
|
|
|
|
|
|
|
|
Employee Options [Member] |
|
Assumptions |
|
|
Years Ended April 30, |
|
|
|
2018 |
|
|
2017 |
|
Risk-free interest rate |
|
|
2.0% |
|
|
|
2.1% |
|
Expected volatility |
|
|
108% |
|
|
|
108% |
|
Expected lives (years) |
|
|
3.0 |
|
|
|
2.9 |
|
Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|
Non-Employee Options [Member] |
|
Assumptions |
|
|
Years Ended April 30, |
|
|
|
2018 |
|
|
2017 |
|
Risk-free interest rate |
|
|
2.5% |
|
|
|
1.8% |
|
Expected volatility |
|
|
102% |
|
|
|
110% |
|
Expected lives (years) |
|
|
5.0 |
|
|
|
5.0 |
|
Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|