5. STOCK OPTIONS AND WARRANTS (Tables)
|
9 Months Ended |
Jan. 31, 2020 |
|---|
| Assumptions |
The fair value of the Employee Options
at the date of grant was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average
assumptions:
| |
|
Nine Months Ended January 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Risk-free interest rate |
|
|
1.8% |
|
|
|
– |
|
| Expected volatility |
|
|
91% |
|
|
|
– |
|
| Expected lives (years) |
|
|
2.7 |
|
|
|
– |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
– |
|
|
| Employee stock option activity |
A summary of the Company’s stock
option activity and related information for the nine months ended January 31, 2020 are shown below:
| |
|
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| Outstanding, April 30, 2019 |
|
|
107,450,000 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
| Issued |
|
|
12,200,000 |
|
|
$ |
0.04 |
|
|
$ |
0.04 |
|
| Forfeited |
|
|
(25,000,000 |
) |
|
$ |
0.19 |
|
|
$ |
0.19 |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, January 31, 2020 |
|
|
94,650,000 |
|
|
$ |
0.08 |
|
|
$ |
0.07 |
|
| Exercisable, January 31, 2020 |
|
|
85,900,000 |
|
|
$ |
0.08 |
|
|
|
– |
|
| Vested and expected to vest |
|
|
94,650,000 |
|
|
$ |
0.08 |
|
|
|
– |
|
|
| Unvested employee stock option activity |
A summary of the activity for unvested
stock options during the nine months ended January 31, 2020 is as follows:
| |
|
Options |
|
|
Weighted
Average
Grant Date
Fair Value |
|
| Unvested, April 30, 2019 |
|
|
6,200,000 |
|
|
$ |
0.05 |
|
| Granted |
|
|
12,200,000 |
|
|
$ |
0.04 |
|
| Vested |
|
|
(9,650,000 |
) |
|
$ |
0.05 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Unvested, January 31, 2020 |
|
|
8,750,000 |
|
|
$ |
0.04 |
|
|
| Range of outstanding stock options |
The following table summarizes ranges of
outstanding stock options by exercise price at January 31, 2020:
| 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 |
|
| $ |
0.110 |
|
|
|
27,200,000 |
|
|
|
0.06 |
|
|
$ |
0.110 |
|
|
|
27,200,000 |
|
|
$ |
0.110 |
|
| $ |
0.184 |
|
|
|
250,000 |
|
|
|
0.11 |
|
|
$ |
0.184 |
|
|
|
250,000 |
|
|
$ |
0.184 |
|
| $ |
0.063 |
|
|
|
15,600,000 |
|
|
|
0.55 |
|
|
$ |
0.063 |
|
|
|
15,600,000 |
|
|
$ |
0.063 |
|
| $ |
0.104 |
|
|
|
10,450,000 |
|
|
|
1.35 |
|
|
$ |
0.104 |
|
|
|
10,450,000 |
|
|
$ |
0.104 |
|
| $ |
0.0685 |
|
|
|
600,000 |
|
|
|
1.25 |
|
|
$ |
0.0685 |
|
|
|
600,000 |
|
|
$ |
0.0685 |
|
| $ |
0.058 |
|
|
|
2,450,000 |
|
|
|
1.80 |
|
|
$ |
0.058 |
|
|
|
2,450,000 |
|
|
$ |
0.058 |
|
| $ |
0.0734 |
|
|
|
1,200,000 |
|
|
|
2.25 |
|
|
$ |
0.0734 |
|
|
|
1,200,000 |
|
|
$ |
0.0734 |
|
| $ |
0.0729 |
|
|
|
1,800,000 |
|
|
|
2.44 |
|
|
$ |
0.0729 |
|
|
|
1,800,000 |
|
|
$ |
0.0729 |
|
| $ |
0.089 |
|
|
|
1,200,000 |
|
|
|
2.46 |
|
|
$ |
0.089 |
|
|
|
1,200,000 |
|
|
$ |
0.089 |
|
| $ |
0.0553 |
|
|
|
500,000 |
|
|
|
1.35 |
|
|
$ |
0.0553 |
|
|
|
500,000 |
|
|
$ |
0.0553 |
|
| $ |
0.0558 |
|
|
|
9,000,000 |
|
|
|
1.75 |
|
|
$ |
0.0558 |
|
|
|
9,000,000 |
|
|
$ |
0.0558 |
|
| $ |
0.0534 |
|
|
|
1,200,000 |
|
|
|
3.60 |
|
|
$ |
0.0534 |
|
|
|
1,200,000 |
|
|
$ |
0.0534 |
|
| $ |
0.0539 |
|
|
|
1,000,000 |
|
|
|
1.62 |
|
|
$ |
0.0539 |
|
|
|
1,000,000 |
|
|
$ |
0.0539 |
|
| $ |
0.0683 |
|
|
|
500,000 |
|
|
|
1.71 |
|
|
$ |
0.0683 |
|
|
|
500,000 |
|
|
$ |
0.0683 |
|
| $ |
0.0649 |
|
|
|
500,000 |
|
|
|
1.85 |
|
|
$ |
0.0649 |
|
|
|
500,000 |
|
|
$ |
0.0649 |
|
| $ |
0.0404 |
|
|
|
1,000,000 |
|
|
|
2.13 |
|
|
$ |
0.0404 |
|
|
|
1,000,000 |
|
|
$ |
0.0404 |
|
| $ |
0.0370 |
|
|
|
500,000 |
|
|
|
2.21 |
|
|
$ |
0.0370 |
|
|
|
500,000 |
|
|
$ |
0.0370 |
|
| $ |
0.0495 |
|
|
|
9,000,000 |
|
|
|
2.48 |
|
|
$ |
0.0495 |
|
|
|
9,000,000 |
|
|
$ |
0.0495 |
|
| $ |
0.0380 |
|
|
|
1,200,000 |
|
|
|
4.65 |
|
|
$ |
0.0380 |
|
|
|
700,000 |
|
|
$ |
0.0380 |
|
| $ |
0.0340 |
|
|
|
500,000 |
|
|
|
2.35 |
|
|
$ |
0.0340 |
|
|
|
500,000 |
|
|
$ |
0.0340 |
|
| $ |
0.0408 |
|
|
|
9,000,000 |
|
|
|
2.96 |
|
|
$ |
0.0408 |
|
|
|
750,000 |
|
|
$ |
0.0408 |
|
| |
Total |
|
|
|
94,650,000 |
|
|
|
1.27 |
|
|
$ |
0.08 |
|
|
|
85,900,000 |
|
|
$ |
0.08 |
|
|
| Warrant activity |
A summary of the Company’s warrant
activity and related information for the nine months ended January 31, 2020 are shown below:
| |
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
| Outstanding, April 30, 2019 |
|
|
42,077,797 |
|
|
$ |
0.09 |
|
| Issued |
|
|
6,833,333 |
|
|
|
0.01 |
|
| Expired |
|
|
(854,308 |
) |
|
|
0.12 |
|
| Outstanding, January 31, 2020 |
|
|
48,056,822 |
|
|
|
– |
|
| Exercisable, January 31, 2020 |
|
|
48,056,822 |
|
|
$ |
0.07 |
|
|
| Schedule of warrants outstanding and exercisable |
The following table summarizes additional
information concerning warrants outstanding and exercisable at January 31, 2020:
| Exercise Prices |
|
Number of
Warrant Shares
Exercisable at
October 31, 2019 |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
|
Weighted
Average
Exercise Price |
|
| |
|
|
|
|
|
|
|
|
|
| $0.12 |
|
|
17,000,000 |
|
|
|
0.94 |
|
|
|
– |
|
| $0.11 |
|
|
10,000,000 |
|
|
|
0.14 |
|
|
|
– |
|
| $0.065 |
|
|
769,231 |
|
|
|
1.88 |
|
|
|
– |
|
| $0.0575 |
|
|
869,565 |
|
|
|
2.18 |
|
|
|
– |
|
| $0.03 |
|
|
2,500,000 |
|
|
|
2.82 |
|
|
|
– |
|
| $0.026 |
|
|
1,923,077 |
|
|
|
3.41 |
|
|
|
– |
|
| $0.025 |
|
|
2,000,000 |
|
|
|
2.48 |
|
|
|
– |
|
| $0.018 |
|
|
1,388,889 |
|
|
|
3.33 |
|
|
|
– |
|
| $0.011 |
|
|
2,272,727 |
|
|
|
3.75 |
|
|
|
– |
|
| $0.01 |
|
|
2,500,000 |
|
|
|
4.15 |
|
|
|
– |
|
| $0.009 |
|
|
3,333,333 |
|
|
|
4.42 |
|
|
|
– |
|
| $0.005 |
|
|
3,500,000 |
|
|
|
4.52 |
|
|
|
– |
|
| |
|
|
48,056,822 |
|
|
|
1.94 |
|
|
$ |
0.07 |
|
|