5. STOCK OPTIONS AND WARRANTS (Tables)
|
9 Months Ended |
Jan. 31, 2019 |
|---|
| Employee stock option activity |
| |
|
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 |
|
|
1,200,000 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
| Outstanding, January 31, 2018 |
|
|
96,450,000 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
| Exercisable, January 31, 2018 |
|
|
95,950,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
| Vested and expected to vest |
|
|
96,450,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
|
| Unvested employee stock option activity |
| |
|
|
Options |
|
|
Weighted
Average
Grant Date
Fair Value |
|
| |
|
|
|
|
|
|
|
| |
Non-vested, April 30, 2018 |
|
|
|
7,200,000 |
|
|
$ |
0.06 |
|
| |
Granted |
|
|
|
1,200,000 |
|
|
$ |
0.05 |
|
| |
Vested |
|
|
|
(7,900,000 |
) |
|
$ |
0.06 |
|
| |
Non-vested, January 31, 2019 |
|
|
|
500,000 |
|
|
$ |
0.05 |
|
|
| 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 |
|
| $ |
0.190 |
|
|
|
25,000,000 |
|
|
|
0.33 |
|
|
$ |
0.190 |
|
|
|
25,000,000 |
|
|
$ |
0.190 |
|
| $ |
0.110 |
|
|
|
27,200,000 |
|
|
|
0.48 |
|
|
$ |
0.110 |
|
|
|
27,200,000 |
|
|
$ |
0.110 |
|
| $ |
0.184 |
|
|
|
250,000 |
|
|
|
0.61 |
|
|
$ |
0.184 |
|
|
|
250,000 |
|
|
$ |
0.184 |
|
| $ |
0.063 |
|
|
|
15,600,000 |
|
|
|
1.15 |
|
|
$ |
0.063 |
|
|
|
15,600,000 |
|
|
$ |
0.063 |
|
| $ |
0.104 |
|
|
|
10,450,000 |
|
|
|
2.00 |
|
|
$ |
0.104 |
|
|
|
10,450,000 |
|
|
$ |
0.104 |
|
| $ |
0.0685 |
|
|
|
600,000 |
|
|
|
2.25 |
|
|
$ |
0.0685 |
|
|
|
600,000 |
|
|
$ |
0.0685 |
|
| $ |
0.058 |
|
|
|
2,450,000 |
|
|
|
2.55 |
|
|
$ |
0.058 |
|
|
|
2,450,000 |
|
|
$ |
0.058 |
|
| $ |
0.0734 |
|
|
|
1,200,000 |
|
|
|
3.25 |
|
|
$ |
0.0734 |
|
|
|
1,200,000 |
|
|
$ |
0.0734 |
|
| $ |
0.0729 |
|
|
|
1,800,000 |
|
|
|
3.44 |
|
|
$ |
0.0729 |
|
|
|
1,800,000 |
|
|
$ |
0.0729 |
|
| $ |
0.089 |
|
|
|
1,200,000 |
|
|
|
3.46 |
|
|
$ |
0.089 |
|
|
|
1,200,000 |
|
|
$ |
0.089 |
|
| $ |
0.0553 |
|
|
|
500,000 |
|
|
|
1.85 |
|
|
$ |
0.0553 |
|
|
|
500,000 |
|
|
$ |
0.0553 |
|
| $ |
0.0534 |
|
|
|
1,200,000 |
|
|
|
4.60 |
|
|
$ |
0.0534 |
|
|
|
700,000 |
|
|
$ |
0.0534 |
|
| $ |
0.0558 |
|
|
|
9,000,000 |
|
|
|
2.35 |
|
|
$ |
0.0558 |
|
|
|
9,000,000 |
|
|
$ |
0.0558 |
|
| |
Total |
|
|
|
96,450,000 |
|
|
|
1.13 |
|
|
$ |
0.11 |
|
|
|
95,950,000 |
|
|
$ |
0.11 |
|
|
| Warrant activity |
| |
|
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
| |
Outstanding, April 30, 2018 |
|
|
|
33,993,104 |
|
|
$ |
0.10 |
|
| |
Issued |
|
|
|
5,584,693 |
|
|
$ |
0.02 |
|
| |
Outstanding, January 31, 2019 |
|
|
|
39,577,797 |
|
|
$ |
0.09 |
|
| |
Exercisable, January 31, 2019 |
|
|
|
39,577,797 |
|
|
$ |
0.09 |
|
|
| Schedule of warrants outstanding and exercisable |
| Exercise Prices |
|
Number of
Warrant Shares
Exercisable at
January 31, 2019 |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
|
Weighted
Average
Exercise Price |
|
| $0.011, $0.018, $0.025, $0.026, $0.03, $0.0575, $0.065, $0.11 and $0.12 |
|
|
39,577,797 |
|
|
|
2.17 |
|
|
$ |
0.09 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Five Year Term – $0.12 |
|
|
17,854,308 |
|
|
|
1.87 |
|
|
|
|
|
| Five Year Term – $0.11 |
|
|
10,000,000 |
|
|
|
1.14 |
|
|
|
|
|
| Five Year Term – $0.065 |
|
|
769,231 |
|
|
|
2.88 |
|
|
|
|
|
| Five Year Term – $0.0575 |
|
|
869,565 |
|
|
|
3.18 |
|
|
|
|
|
| Five Year Term – $0.03 |
|
|
2,500,000 |
|
|
|
3.82 |
|
|
|
|
|
| Five Year Term – $0.026 |
|
|
1,923,077 |
|
|
|
4.41 |
|
|
|
|
|
| Five Year Term – $0.025 |
|
|
2,000,000 |
|
|
|
3.48 |
|
|
|
|
|
| Five Year Term – $0.018 |
|
|
1,388,889 |
|
|
|
4.33 |
|
|
|
|
|
| Five Year Term – $0.011 |
|
|
2,272,727 |
|
|
|
4.75 |
|
|
|
|
|
| |
|
|
39,577,797 |
|
|
|
|
|
|
|
|
|
|
| Employee Options [Member] |
|
| Assumptions |
| |
|
Nine Months Ended January 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
|
– |
|
|
|
2.0% |
|
| Expected volatility |
|
|
– |
|
|
|
107% |
|
| Expected life (years) |
|
|
– |
|
|
|
2.8 |
|
| Expected dividend yield |
|
|
– |
|
|
|
0.00% |
|
|
| Non-Employee Options [Member] |
|
| Assumptions |
| |
|
Nine Months Ended January 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
|
2.8% |
|
|
|
2.5% |
|
| Expected volatility |
|
|
97% |
|
|
|
106% |
|
| Expected life (years) |
|
|
4.9 |
|
|
|
4.3 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|