Quarterly report pursuant to Section 13 or 15(d)

8. STOCK OPTIONS

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8. STOCK OPTIONS
 9 Months Ended
Jan. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
8. STOCK OPTIONS

As of January 31, 2015, the Company issued 25,000,000 options to purchase Shares at an exercise price of $0.19 per Share. All 25,000,000 options were fully vested upon issuance.

 

The following is a summary of stock option activity:

 

    Options
outstanding		     Weighted
Average
Exercise
Price		     Weighted
average
remaining
contractual life		     Aggregate
Intrinsic Value		  
Outstanding, April 30, 2014     –     $ –                  
Granted     25,000,000       0.19                  
Forfeited     –       –                  
Exercised     –       –                  
Outstanding, January 31, 2015     25,000,000     $ 0.19       4.67     $ –  
                                 
Exercisable, January 31, 2015     25,000,000     $ 0.19       4.67     $ –  

 

The assumptions used in calculating the fair value of options granted using the Black-Scholes option- pricing model for options granted are as follows:

       
Risk-free interest rate     2.00%  
Expected life of the options     5 years  
Expected volatility     148%  
Expected dividend yield     0%  

 

The exercise price for options outstanding at January 31, 2015:

 

Number of
Options		   Exercise
Price
     
25,000,000   $0.19
25,000,000    

 

For options granted during the period ended January 31, 2015 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $0.172 and the weighted-average exercise price of such options was $0.19.  No options were granted during 2014, where the exercise price was less than the stock price at the date of the grant or the exercise price was greater than the stock price at the date of grant.