Quarterly report pursuant to Section 13 or 15(d)

8. STOCK OPTIONS

8. STOCK OPTIONS

6 Months Ended

Oct. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

On September 29, 2014, the Company issued 25,000,000 options to purchase Shares at an exercise price of $0.19 per Share. All options were fully vested upon issuance.

The following is a summary of stock option activity:

	Options outstanding		Weighted Average Exercise Price		Weighted average remaining contractual life		Aggregate Intrinsic Value
Outstanding, April 30, 2014		-	$	-
Granted		25,000,000		0.19
Forfeited		-		-
Exercised		-		-
Outstanding, October 31, 2014		25,000,000	$	0.19		4.92	$	-

Exercisable, October 31, 2014		25,000,000	$	0.19		4.92	$	-

The assumptions used in calculating the fair value of options granted using the Black-Scholes option- pricing model for options granted are as follows:


Risk-free interest rate	2.00%
Expected life of the options	5 years
Expected volatility	148%
Expected dividend yield	0%

The exercise price for options outstanding at October 31, 2014:

Number of Options		Exercise Price

25,000,000		$0.19
25,000,000

For options granted during the period ended October 31, 2014 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $0.172 and the weighted-average exercise price of such options was $0.19. No options were granted during 2014, where the exercise price was less than the stock price at the date of the grant or the exercise price was greater than the stock price at the date of grant.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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