Quarterly report pursuant to Section 13 or 15(d)

5. STOCK OPTIONS AND WARRANTS (Tables)

5. STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Jul. 31, 2018

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

Outstanding, April 30, 2018		95,250,000	$	0.11	$	0.11
Issued		–		–		–
Forfeited		–		–		–
Exercised		–		–		–
Outstanding, July 31, 2018		95,250,000	$	0.11	$	0.11
Exercisable, July 31, 2018		91,000,000	$	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, 2018		7,200,000		$	0.06
Granted		–			–
Vested		(2,950,000	)		0.06
Forfeited		–			–
Non-vested, July 31, 2018		4,250,000		$	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		0.83	$	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		10,450,000	$	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		1,200,000	$	0.06
$	0.07		1,200,000		4.25	$	0.07		1,200,000	$	0.07
$	0.07		1,800,000		4.44	$	0.07		1,300,000	$	0.07
$	0.09		1,200,000		2.23	$	0.09		1,200,000	$	0.09
$	0.06		500,000		2.35	$	0.06		500,000	$	0.06
$	0.06		9,000,000		2.95	$	0.06		5,250,000	$	0.06
	Total		95,250,000		1.68	$	0.11		91,000,000	$	0.12

Warrant activity

	Warrants		Weighted Average Exercise Price
Outstanding, April 30, 2018		33,993,104	$	0.10
Issued		3,311,966		0.02
Expired		–		–
Outstanding, July 31, 2018		37,305,070		0.09
Exercisable, July 31, 2018		37,305,070	$	0.09

Schedule of warrants outstanding and exercisable

Exercise Prices	Number of Warrant Shares Exercisable at July 31, 2018		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
$0.018, $0.025, $0.026, $0.03, $0.0575, $0.065, $0.11 and $0.12		37,305,070		2.67	$	0.09

Five Year Term – $0.12		17,854,308		2.38
Five Year Term – $0.11		10,000,000		1.65
Five Year Term – $0.065		769,231		3.39
Five Year Term – $0.0575		869,565		3.68
Five Year Term – $0.03		2,500,000		4.33
Five Year Term – $0.026		1,923,077		4.91
Five Year Term – $0.025		2,000,000		3.99
Five Year Term – $0.018		1,388,889		4.83
		37,305,070

Employee Options [Member]

Assumptions

	Three Months Ended July 31,
	2018		2017
Risk-free interest rate		–		2.0%
Expected volatility		–		107%
Expected lives (years)		–		2.5
Expected dividend yield		–		0.00%

Non-Employee Options [Member]

Assumptions

	Three Months Ended July 31,
	2018		2017
Risk-free interest rate		2.8%		1.8%
Expected volatility		98%		108%
Expected lives (years)		4.0		5.0
Expected dividend yield		0.00%		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