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 three months ended July 31, 2021 and 2020 is as follows: 

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 $7,356 for the three months ended July 31, 2021 and 2020, respectively. There were zero 0 unvested shares of common stock remaining related to these DLAs as of July 31, 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 three months ended July 31, 2021 and 2020, the Company recorded a non-cash compensation expense in the amount of $0 and $67,320, respectively. There were zero 0 and 1,833 unvested shares as of July 31, 2021 and 2020, respectively.

During the three months ended July 31, 2020, three non-employee members of the Board were issued 1,000 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 $3,371 and $7,029 for the three months ended July 31, 2021 and 2020, respectively. There were zero 0 unvested shares remaining related to such DLAs as of July 31, 2021.

During the three months ended July 31, 2020, 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 $0 and $4,199 for the three months ended July 31, 2021 and 2020, respectively. There were zero 0 and 500 unvested shares remaining related to these consulting agreements as of July 31, 2021 and 2020, respectively.

In September 2020, 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 $2,125 and $0 for the three months ended July 31, 2021 and 2020, respectively. There were zero 0 unvested shares remaining related to his compensation arrangement as of July 31, 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 three months ended July 31, 2021, the Company recorded a non-cash compensation expense in the amount of $11,055. There were 1,833 unvested shares as of July 31, 2021.

During the three months ended July 31, 2021, three non-employee members of the Board were issued 1,002 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 $4,885 for the three months ended July 31, 2021. There were zero 0 unvested shares remaining related to such DLAs as of July 31, 2021.

During the three months ended July 31, 2021, two consultants were issued 334 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 $1,620 for the three months ended July 31, 2021. There were 251 unvested shares remaining related to these consulting agreements as of July 31, 2021.

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, a S-3 registration statement was declared effective by the Commission for the Company to sell from time to time in one or more public offerings of up to $50 million of its securities on a “shelf offering” basis. During the three months ended July 31, 2021 and 2020, the Company sold and issued approximately 0 and 156,000 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 $0 and $1.9 million from the sale of these shares for the three months ended July 31, 2021 and 2020, respectively. On April 9, 2021, the Third S-3 (“Third S-3”) was declared effective by the Commission for a public offering of up to $100 million on a “shelf offering” basis.

A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the three months ended July 31, 2021 are as follows: