6. STOCK OPTIONS AND WARRANTS (Tables)
|
3 Months Ended |
Jul. 31, 2020 |
|---|
| Stock option activity |
A summary of the Company’s stock option
activity and related information for the three months ended July 31, 2020 is shown below:
| |
|
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding, April 30, 2020 |
|
|
67,200,000 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
| Issued |
|
|
1,500,000 |
|
|
|
0.02 |
|
|
|
0.02 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, July 31, 2020 |
|
|
68,700,000 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
| Exercisable, July 31, 2020 |
|
|
64,950,000 |
|
|
$ |
0.06 |
|
|
$ |
– |
|
| Vested and expected to vest |
|
|
68,700,000 |
|
|
$ |
0.06 |
|
|
$ |
– |
|
|
| Unvested stock option activity |
A summary of the activity for unvested stock
options during the three months ended July 31, 2020 is as follows:
| |
|
Options |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
| Unvested, April 30, 2020 |
|
|
6,200,000 |
|
|
$ |
0.05 |
|
| Granted |
|
|
1,500,000 |
|
|
|
0.02 |
|
| Vested |
|
|
(3,950,000 |
) |
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Unvested, July 31, 2020 |
|
|
3,750,000 |
|
|
$ |
0.03 |
|
|
| Schedule of options by exercise price |
The following table summarizes the outstanding
stock options by exercise price at July 31, 2020:
| Exercise Price |
|
|
Number of
Options
Outstanding |
|
|
Weighted
Average
Remaining
Contractual Life
of Outstanding
Options (years) |
|
|
Weighted
Average
Exercisable
Price |
|
|
Number of
Options
Exercisable |
|
|
Weighted Average
Exercise Price
of Exercisable
Options |
|
| $ |
0.063 |
|
|
|
15,600,000 |
|
|
|
0.25 |
|
|
$ |
0.063 |
|
|
|
15,600,000 |
|
|
$ |
0.063 |
|
| $ |
0.104 |
|
|
|
10,450,000 |
|
|
|
1.03 |
|
|
$ |
0.104 |
|
|
|
10,450,000 |
|
|
$ |
0.104 |
|
| $ |
0.0685 |
|
|
|
600,000 |
|
|
|
0.75 |
|
|
$ |
0.0685 |
|
|
|
600,000 |
|
|
$ |
0.0685 |
|
| $ |
0.058 |
|
|
|
2,450,000 |
|
|
|
1.43 |
|
|
$ |
0.058 |
|
|
|
2,450,000 |
|
|
$ |
0.058 |
|
| $ |
0.0734 |
|
|
|
1,200,000 |
|
|
|
0.96 |
|
|
$ |
0.0734 |
|
|
|
1,200,000 |
|
|
$ |
0.0734 |
|
| $ |
0.0729 |
|
|
|
1,800,000 |
|
|
|
1.94 |
|
|
$ |
0.0729 |
|
|
|
1,800,000 |
|
|
$ |
0.0729 |
|
| $ |
0.089 |
|
|
|
1,200,000 |
|
|
|
1.96 |
|
|
$ |
0.089 |
|
|
|
1,200,000 |
|
|
$ |
0.089 |
|
| $ |
0.0553 |
|
|
|
500,000 |
|
|
|
1.10 |
|
|
$ |
0.0553 |
|
|
|
500,000 |
|
|
$ |
0.0553 |
|
| $ |
0.0558 |
|
|
|
9,000,000 |
|
|
|
1.45 |
|
|
$ |
0.0558 |
|
|
|
9,000,000 |
|
|
$ |
0.0558 |
|
| $ |
0.0534 |
|
|
|
1,200,000 |
|
|
|
3.10 |
|
|
$ |
0.0534 |
|
|
|
1,200,000 |
|
|
$ |
0.0534 |
|
| $ |
0.0539 |
|
|
|
1,000,000 |
|
|
|
1.38 |
|
|
$ |
0.0539 |
|
|
|
1,000,000 |
|
|
$ |
0.0539 |
|
| $ |
0.0683 |
|
|
|
500,000 |
|
|
|
1.46 |
|
|
$ |
0.0683 |
|
|
|
500,000 |
|
|
$ |
0.0683 |
|
| $ |
0.0649 |
|
|
|
500,000 |
|
|
|
1.60 |
|
|
$ |
0.0649 |
|
|
|
500,000 |
|
|
$ |
0.0649 |
|
| $ |
0.0495 |
|
|
|
9,000,000 |
|
|
|
1.88 |
|
|
$ |
0.0495 |
|
|
|
9,000,000 |
|
|
$ |
0.0495 |
|
| $ |
0.0380 |
|
|
|
1,200,000 |
|
|
|
4.15 |
|
|
$ |
0.0380 |
|
|
|
1,200,000 |
|
|
$ |
0.0380 |
|
| $ |
0.0404 |
|
|
|
1,000,000 |
|
|
|
1.88 |
|
|
$ |
0.0404 |
|
|
|
1,000,000 |
|
|
$ |
0.0404 |
|
| $ |
0.0370 |
|
|
|
500,000 |
|
|
|
1.96 |
|
|
$ |
0.0370 |
|
|
|
500,000 |
|
|
$ |
0.0370 |
|
| $ |
0.0340 |
|
|
|
500,000 |
|
|
|
2.10 |
|
|
$ |
0.0340 |
|
|
|
500,000 |
|
|
$ |
0.0340 |
|
| $ |
0.0408 |
|
|
|
9,000,000 |
|
|
|
2.66 |
|
|
$ |
0.0408 |
|
|
|
5,250,000 |
|
|
$ |
0.0408 |
|
| $ |
0.0240 |
|
|
|
1,000,000 |
|
|
|
2.38 |
|
|
$ |
0.0240 |
|
|
|
1,000,000 |
|
|
$ |
0.0240 |
|
| $ |
0.0247 |
|
|
|
500,000 |
|
|
|
2.46 |
|
|
$ |
0.0247 |
|
|
|
500,000 |
|
|
$ |
0.0247 |
|
| |
Total |
|
|
|
68,700,000 |
|
|
|
1.47 |
|
|
$ |
0.06 |
|
|
|
64,950,000 |
|
|
$ |
0.06 |
|
|
| Warrant activity |
A summary of the Company’s warrant activity
and related information for the three months ended July 31, 2020 is shown below:
| |
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
| Outstanding, April 30, 2020 |
|
|
47,890,155 |
|
|
$ |
0.05 |
|
| Issued |
|
|
11,433,333 |
|
|
|
0.01 |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, July 31, 2020 |
|
|
59,323,488 |
|
|
|
0.04 |
|
| Exercisable, July 31, 2020 |
|
|
59,323,488 |
|
|
$ |
0.04 |
|
|
| Schedule of warrants outstanding and exercisable |
The following table summarizes additional information
concerning warrants outstanding and exercisable at July 31, 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 |
|
|
|
0.44 |
|
|
|
|
|
| $0.065 |
|
|
769,231 |
|
|
|
1.39 |
|
|
|
|
|
| $0.0575 |
|
|
869,565 |
|
|
|
1.68 |
|
|
|
|
|
| $0.03 |
|
|
2,500,000 |
|
|
|
2.32 |
|
|
|
|
|
| $0.026 |
|
|
1,923,077 |
|
|
|
2.91 |
|
|
|
|
|
| $0.025 |
|
|
2,000,000 |
|
|
|
1.99 |
|
|
|
|
|
| $0.018 |
|
|
1,388,889 |
|
|
|
2.83 |
|
|
|
|
|
| $0.011 |
|
|
2,272,727 |
|
|
|
3.25 |
|
|
|
|
|
| $0.01 |
|
|
9,100,000 |
|
|
|
4.52 |
|
|
|
|
|
| $0.015 |
|
|
833,333 |
|
|
|
4.72 |
|
|
|
|
|
| $0.009 |
|
|
3,333,333 |
|
|
|
3.92 |
|
|
|
|
|
| $0.0075 |
|
|
7,333,333 |
|
|
|
4.97 |
|
|
|
|
|
| $0.005 |
|
|
10,000,000 |
|
|
|
4.41 |
|
|
|
|
|
| |
|
|
59,323,488 |
|
|
|
2.96 |
|
|
$ |
0.04 |
|
|
| 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:
| |
|
Three Months Ended July 31, |
|
| |
|
2020 |
|
|
2019 |
|
| Risk-free interest rate |
|
|
0.3 |
% |
|
|
2.1 |
% |
| Expected volatility |
|
|
91 |
% |
|
|
91 |
% |
| Expected term (years) |
|
|
2.5 |
|
|
|
2.5 |
|
| Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|