6. STOCK OPTIONS AND WARRANTS (Tables)
|
9 Months Ended |
Jan. 31, 2021 |
|---|
| Stock option activity |
A summary of the Company’s stock option
activity and related information for the nine months ended January 31, 2021 is shown below:
| |
|
Options |
|
|
Weighted
Average
Exercise Price per Share |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding, April 30, 2020 |
|
|
67,200,000 |
|
|
$ |
0.06 |
|
|
$ |
0.06 |
|
| Granted |
|
|
11,000,000 |
|
|
|
0.01 |
|
|
|
0.01 |
|
| Forfeited |
|
|
(15,600,000 |
) |
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, January 31, 2021 |
|
|
62,600,000 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
| Exercisable, January 31, 2021 |
|
|
54,350,000 |
|
|
$ |
0.06 |
|
|
$ |
– |
|
| Vested and expected to vest |
|
|
62,600,000 |
|
|
$ |
0.05 |
|
|
$ |
– |
|
|
| Unvested stock option activity |
A summary of the activity for unvested stock
options during the nine months ended January 31, 2021 is as follows:
| |
|
Options |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
| Unvested, April 30, 2020 |
|
|
6,200,000 |
|
|
$ |
0.05 |
|
| Granted |
|
|
11,000,000 |
|
|
|
0.01 |
|
| Vested |
|
|
(8,950,000 |
) |
|
|
– |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
| Unvested, January 31, 2021 |
|
|
8,250,000 |
|
|
$ |
0.01 |
|
|
| Schedule of options by exercise price |
The following table summarizes the outstanding
stock options by exercise price at January 31, 2021:
| 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 |
|
| $ |
0.104 |
|
|
|
10,450,000 |
|
|
|
0.71 |
|
|
$ |
0.104 |
|
|
|
10,450,000 |
|
|
$ |
0.104 |
|
| $ |
0.0685 |
|
|
|
600,000 |
|
|
|
0.24 |
|
|
$ |
0.0685 |
|
|
|
600,000 |
|
|
$ |
0.0685 |
|
| $ |
0.058 |
|
|
|
2,450,000 |
|
|
|
1.06 |
|
|
$ |
0.058 |
|
|
|
2,450,000 |
|
|
$ |
0.058 |
|
| $ |
0.0734 |
|
|
|
1,200,000 |
|
|
|
1.25 |
|
|
$ |
0.0734 |
|
|
|
1,200,000 |
|
|
$ |
0.0734 |
|
| $ |
0.0729 |
|
|
|
1,800,000 |
|
|
|
1.44 |
|
|
$ |
0.0729 |
|
|
|
1,800,000 |
|
|
$ |
0.0729 |
|
| $ |
0.089 |
|
|
|
1,200,000 |
|
|
|
1.46 |
|
|
$ |
0.089 |
|
|
|
1,200,000 |
|
|
$ |
0.089 |
|
| $ |
0.0553 |
|
|
|
500,000 |
|
|
|
0.84 |
|
|
$ |
0.0553 |
|
|
|
500,000 |
|
|
$ |
0.0553 |
|
| $ |
0.0558 |
|
|
|
9,000,000 |
|
|
|
1.15 |
|
|
$ |
0.0558 |
|
|
|
9,000,000 |
|
|
$ |
0.0558 |
|
| $ |
0.0534 |
|
|
|
1,200,000 |
|
|
|
2.59 |
|
|
$ |
0.0534 |
|
|
|
1,200,000 |
|
|
$ |
0.0534 |
|
| $ |
0.0539 |
|
|
|
1,000,000 |
|
|
|
1.12 |
|
|
$ |
0.0539 |
|
|
|
1,000,000 |
|
|
$ |
0.0539 |
|
| $ |
0.0683 |
|
|
|
500,000 |
|
|
|
1.21 |
|
|
$ |
0.0683 |
|
|
|
500,000 |
|
|
$ |
0.0683 |
|
| $ |
0.0649 |
|
|
|
500,000 |
|
|
|
1.34 |
|
|
$ |
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 |
|
|
|
3.65 |
|
|
$ |
0.0380 |
|
|
|
1,200,000 |
|
|
$ |
0.0380 |
|
| $ |
0.0404 |
|
|
|
1,000,000 |
|
|
|
1.62 |
|
|
$ |
0.0404 |
|
|
|
1,000,000 |
|
|
$ |
0.0404 |
|
| $ |
0.0370 |
|
|
|
500,000 |
|
|
|
1.71 |
|
|
$ |
0.0370 |
|
|
|
500,000 |
|
|
$ |
0.0370 |
|
| $ |
0.0340 |
|
|
|
500,000 |
|
|
|
1.85 |
|
|
$ |
0.0340 |
|
|
|
500,000 |
|
|
$ |
0.0340 |
|
| $ |
0.0408 |
|
|
|
9,000,000 |
|
|
|
2.35 |
|
|
$ |
0.0408 |
|
|
|
9,000,000 |
|
|
$ |
0.0408 |
|
| $ |
0.0240 |
|
|
|
1,000,000 |
|
|
|
2.12 |
|
|
$ |
0.0240 |
|
|
|
1,000,000 |
|
|
$ |
0.0240 |
|
| $ |
0.0247 |
|
|
|
500,000 |
|
|
|
2.21 |
|
|
$ |
0.0247 |
|
|
|
500,000 |
|
|
$ |
0.0247 |
|
| $ |
0.0105 |
|
|
|
500,000 |
|
|
|
2.35 |
|
|
$ |
0.0105 |
|
|
|
500,000 |
|
|
$ |
0.0105 |
|
| $ |
0.0067 |
|
|
|
9,000,000 |
|
|
|
2.95 |
|
|
$ |
0.0067 |
|
|
|
750,000 |
|
|
$ |
0.0067 |
|
| |
Total |
|
|
|
62,600,000 |
|
|
|
1.72 |
|
|
$ |
0.05 |
|
|
|
54,350,000 |
|
|
$ |
0.06 |
|
|
| Warrant activity |
A summary of the Company’s warrant activity
and related information for the nine months ended January 31, 2021 is shown below:
| |
|
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
| Outstanding, April 30, 2020 |
|
|
|
47,890,155 |
|
|
$ |
0.05 |
|
| Issued |
|
|
|
34,366,666 |
|
|
|
0.01 |
|
| Expired |
|
|
|
(17,000,000 |
) |
|
|
– |
|
| Outstanding, January 31, 2021 |
|
|
|
65,256,821 |
|
|
|
0.01 |
|
| Exercisable, January 31, 2021 |
|
|
|
65,256,821 |
|
|
$ |
0.01 |
|
|
| Schedule of warrants outstanding and exercisable |
The following table summarizes additional information
concerning warrants outstanding and exercisable at January 31, 2021:
| Exercise Prices |
|
|
Number of
Warrant Shares
Exercisable at
April 30, 2020 |
|
|
Weighted
Average
Remaining
Contractual
Life (Years) |
|
|
Weighted
Average
Exercise Price |
|
| |
|
|
|
|
|
|
|
|
|
|
| $ |
0.065 |
|
|
|
769,231 |
|
|
|
0.88 |
|
|
|
|
|
| $ |
0.0575 |
|
|
|
869,565 |
|
|
|
1.17 |
|
|
|
|
|
| $ |
0.03 |
|
|
|
2,500,000 |
|
|
|
1.82 |
|
|
|
|
|
| $ |
0.026 |
|
|
|
1,923,077 |
|
|
|
2.41 |
|
|
|
|
|
| $ |
0.025 |
|
|
|
2,000,000 |
|
|
|
1.48 |
|
|
|
|
|
| $ |
0.018 |
|
|
|
1,388,889 |
|
|
|
2.33 |
|
|
|
|
|
| $ |
0.011 |
|
|
|
2,272,727 |
|
|
|
2.75 |
|
|
|
|
|
| $ |
0.01 |
|
|
|
13,200,000 |
|
|
|
4.17 |
|
|
|
|
|
| $ |
0.015 |
|
|
|
833,333 |
|
|
|
4.22 |
|
|
|
|
|
| $ |
0.009 |
|
|
|
3,333,333 |
|
|
|
3.42 |
|
|
|
|
|
| $ |
0.0075 |
|
|
|
15.666.666 |
|
|
|
4.49 |
|
|
|
|
|
| $ |
0.005 |
|
|
|
20,500,000 |
|
|
|
3.88 |
|
|
|
|
|
| |
|
|
|
|
65,256,821 |
|
|
|
3.83 |
|
|
$ |
0.01 |
|
|
| 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:
| |
|
Nine Months Ended January 31, |
|
| |
|
2021 |
|
|
2020 |
|
| Risk-free interest rate |
|
|
0.35% |
|
|
|
1.8% |
|
| Expected volatility |
|
|
97% |
|
|
|
91% |
|
| Expected term (years) |
|
|
2.7 |
|
|
|
2.7 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|