Quarterly report pursuant to Section 13 or 15(d)

5. STOCK OPTIONS AND WARRANTS (Tables)

v3.20.1
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