Annual report pursuant to Section 13 and 15(d)

6. STOCK OPTIONS AND WARRANTS (Tables)

v3.20.2
6. STOCK OPTIONS AND WARRANTS (Tables)
 12 Months Ended
Apr. 30, 2020
Employee stock option activity

A summary of the Company’s stock option activity and related information for the two years ended April 30, 2020 are shown below:

 

    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     12,200,000       0.05       0.05  
Forfeited     –       –       –  
Exercised     –       –       –  
Outstanding, April 30, 2019     107,450,000       0.11       0.11  
Issued     12,200,000       0.04       0.04  
Forfeited     (52,450,000 )     0.15       0.14  
Exercised     –       –       –  
Outstanding, April 30, 2020     67,200,000     $ 0.06     $ 0.06  
Exercisable, April 30, 2020     61,000,000     $ 0.07     $ –  
Vested and expected to vest     67,200,000     $ 0.06     $ –  
Unvested employee stock option activity

A summary of the activity for unvested stock options during the years ended April 30, 2020 and 2019 is as follows:

 

    Options     Weighted
Average
Grant Date
Fair Value
per Share		  
             
Unvested, April 30, 2018     7,200,000     $ –  
Granted     12,200,000       0.05  
Vested     (13,200,000 )     –  
Forfeited     –       –  
Unvested, April 30, 2019     6,200,000       –  
Granted     12,200,000       0.04  
Vested     (12,200,000 )     –  
Forfeited     –       –  
Unvested, April 30, 2020     6,200,000     $ 0.05  
Range of outstanding stock options

The following table summarizes ranges of outstanding stock options by exercise price at April 30, 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		  
$ 0.063       15,600,000       0.40     $ 0.063       15,600,000     $ 0.063  
$ 0.104       10,450,000       1.20     $ 0.104       10,450,000     $ 0.104  
$ 0.0685       600,000       1.00     $ 0.0685       600,000     $ 0.0685  
$ 0.058       2,450,000       1.62     $ 0.058       2,450,000     $ 0.058  
$ 0.0734       1,200,000       2.00     $ 0.0734       1,200,000     $ 0.0734  
$ 0.0729       1,800,000       2.19     $ 0.0729       1,800,000     $ 0.0729  
$ 0.089       1,200,000       2.22     $ 0.089       1,200,000     $ 0.089  
$ 0.0553       500,000       1.22     $ 0.0553       500,000     $ 0.0553  
$ 0.0558       9,000,000       1.60     $ 0.0558       9,000,000     $ 0.0558  
$ 0.0534       1,200,000       3.35     $ 0.0534       1,200,000     $ 0.0534  
$ 0.0539       1,000,000       1.50     $ 0.0539       1,000,000     $ 0.0539  
$ 0.0683       500,000       1.58     $ 0.0683       500,000     $ 0.0683  
$ 0.0649       500,000       1.72     $ 0.0649       500,000     $ 0.0649  
$ 0.0495       9,000,000       2.33     $ 0.0495       9,000,000     $ 0.0495  
$ 0.0380       1,200,000       4.40     $ 0.0380       1,000,000     $ 0.0380  
$ 0.0404       1,000,000       2.00     $ 0.0404       1,000,000     $ 0.0404  
$ 0.0370       500,000       2.09     $ 0.0370       500,000     $ 0.0370  
$ 0.0340       500,000       2.22     $ 0.0340       500,000     $ 0.0340  
$ 0.0408       9,000,000       2.81     $ 0.0408       3,000,000     $ 0.0408  
  Total       67,200,000       1.61     $ 0.06       61,000,000     $ 0.07  
Warrant activity

A summary of the Company’s warrant activity and related information for the two years ended April 30, 2020 are shown below:

 

    Warrants     Weighted
Average
Exercise Price		  
Outstanding, April 30, 2018     33,993,104     $ 0.10  
Issued     8,084,693       –  
Expired     –       –  
Outstanding, April 30, 2019     42,077,797       0.09  
Issued     16,666,666       –  
Expired     (10,854,308 )     –  
Outstanding, April 30, 2020     47,890,155       –  
Exercisable, April 30, 2020     47,890,155     $ 0.05  
Schedule of warrants outstanding and exercisable

The following table summarizes additional information concerning warrants outstanding and exercisable at April 30, 2020:

 

Exercise Prices   Number of
Warrant Shares
Exercisable at
April 30, 2020		     Weighted
Average
Remaining
Contractual
Life		     Weighted
Average
Exercise Price		  
                   
$0.12     17,000,000       0.69          
$0.065     769,231       1.64          
$0.0575     869,565       1.93          
$0.03     2,500,000       2.58          
$0.026     1,923,077       3.16          
$0.025     2,000,000       2.24          
$0.018     1,388,889       3.08          
$0.011     2,272,727       3.51          
$0.01     5,000,000       4.42          
$0.015     833,333       4.98          
$0.009     3,333,333       4.17          
$0.005     10,000,000       4.67          
      47,890,155       2.73     $ 0.05  
Employee Options [Member]  
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:

 

    Years Ended April 30,  
    2020     2019  
Risk-free interest rate     1.8%       2.0%  
Expected volatility     91%       97%  
Expected lives (years)     2.7       2.7  
Expected dividend yield     0.00%       0.00%  
Non-Employee Options [Member]  
Assumptions

The fair value of the Non-Employee Options was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average assumptions:

 

    Years Ended April 30,  
    2020     2019  
Risk-free interest rate     1.6%       2.5%  
Expected volatility     90%       98%  
Expected lives (years)     5.0       5.0  
Expected dividend yield     0.00%       0.00%