NOTE 5 – COMMON STOCK TRANSACTIONS

A summary of the Company’s compensatory stock activity and related weighted average grant date fair value information for the years ended April 30, 2021 and 2020 are as follows: 

During the year ended April 30, 2019, the Company issued 2,967 shares of common stock to four consultants. The shares vest monthly over a twelve-month period and are subject to the consultants providing services under the agreements. The Company recorded a non-cash consulting expense in the amount of $0 and $24,726 for the years ended April 30, 2021 and 2020, respectively. There were zero unvested shares as of April 30, 2021 and 2020, respectively.

In January 2019, the Company awarded 4,400 shares of common stock to officers as part of their compensation agreements for 2019. These shares vest monthly over a twelve-month period and are subject to them continuing service under the agreements. During the years ended April 30, 2021 and 2020, the Company recorded a non-cash compensation expense in the amount of $0 and $278,891, respectively. There were zero unvested shares as of April 30, 2021 and 2020, respectively.

During the year ended April 30, 2020, four non-employee members of the Board were issued 1,333 shares of common stock pursuant to their respective Director Letter Agreement (“DLAs”) and relating to their services for the prior year. The shares were fully vested upon issuance. The Company recorded a non-cash expense of $0 and $19,212 for the years ended April 30, 2021 and 2020, respectively. There were zero unvested shares of common stock remaining related to these DLAs as of April 30, 2021 and 2020, respectively.

During the year ended April 30, 2020, a consultant was issued 1,667 shares of common stock in respect of his services as the Chairman of the Company’s Medical and Scientific Advisory Board over a five-year period vested upon issuance are subject to the consultant providing services to the Company. The Company recorded a non-cash consulting expense in the amount of $0 and $22,584 for the years ended April 30, 2021 and 2020, respectively. There were zero unvested shares remaining related to his compensation agreements as of April 30, 2021 and 2020, respectively.

During the year ended April 30, 2020, the four non-employee members of the Board were issued 1,333 shares of common stock pursuant to their DLAs in respect of their service during that year. The shares were fully vested upon issuance. The Company recorded a non-cash expense of $0 and $65,339 for the years ended April 30, 2021 and 2020, respectively. There were zero unvested shares remaining related to a DLA as of April 30, 2021 and 2020, respectively.

During the year ended April 30, 2020, five consultants were issued 2,133 shares of restricted common stock pursuant to their respective consulting agreement with the Company. The terms of the agreements are for twelve months. The share issuances covered current and prior years. The shares vest monthly over a twelve-month period and are subject to the consultants providing services under the consultant’s respective consulting agreement. The Company recorded a non-cash consulting expense in the amount of $0 and $108,575 for the years ended April 30, 2021 and 2020, respectively. There were zero and 133 unvested shares remaining related to these consulting agreements as of April 30, 2021 and 2020, respectively.

In January 2020, the Company awarded 4,400 shares of common stock to the executive officers of the Company as part of their compensation agreements for 2020. These shares vest monthly over a twelve-month period and are subject to them continuing service under the agreements. During the years ended April 30, 2021 and 2020, the Company recorded a non-cash compensation expense in the amount of $179,521 and $89,759, respectively. There were zero and 2,933 unvested shares as of April 30, 2021 and 2020, respectively.

During the year ended April 30, 2020, the Company entered into four stock subscription agreements resulting in the sale and issuance of 68,667 shares of restricted common stock. The Company received $515,000 from the sale of these shares.

During the year ended April 30, 2021, four non-employee members of the Board were issued 1,333 shares of common stock pursuant to their DLAs in respect of their service during that year. The shares were fully vested upon issuance. The Company recorded a non-cash expense of $37,258 for the year ended April 30, 2021, respectively. There were zero unvested shares remaining related to such DLAs as of April 30, 2021.

During the year ended April 30, 2021, four consultants were issued 667 shares of common stock pursuant to their consulting agreements with the Company. The shares vest monthly over a twelve-month period and are subject to the consultants continuing to provide services under their consulting agreements. The Company recorded a non-cash consulting expense in the amount of $20,225 for the year ended April 30, 2021. There were zero unvested shares remaining related to these consulting agreements as of April 30, 2021.

During the year ended April 30, 2021, a consultant was issued 333 shares of common stock in respect of his services as the Chairman of the Company’s Medical and Scientific Advisory Board with vesting subject to the consultant continuing to provide services to the Company. The Company recorded a non-cash consulting expense in the amount of $4,958 for the year ended April 30, 2021. There were zero unvested shares remaining related to his compensation arrangement as of April 30, 2021.

In January 2021, the Company awarded 4,400 shares of common stock to the executive officers of the Company as part of their compensation agreements for 2021. These shares vest monthly over a twelve-month period and are subject to the executive officers continuing to provide service under their compensation agreements. During the year ended April 30, 2021, the Company recorded a non-cash compensation expense in the amounts of $14,740. There were 2,933 unvested shares as of April 30, 2021.

On March 1, 2021, the Company received notices of cashless exercises of 26 warrant agreements. The cashless exercises resulted in the issuance of 29,144 shares of restricted common stock.

All shares were issued without registration under the Securities Act in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act.

On September 28, 2017, the Second S-3 was declared effective by the Commission for a public offering of up to $50 million on a “shelf offering” basis. During the years ended April 30, 2021 and 2020, the Company sold and issued approximately 462,000 and 222,000 shares of common stock, respectively, at prices ranging from approximately $15 to $45 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $4.7 and $2.1 million from the sale of these shares for the years ended April 30, 2021 and 2020, respectively.

A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the last two years ended April 30, 2021 are as follows: