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 and six months ended October 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 Director Letter Agreements (“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 $3,205 for the three months ended October 31, 2021, and 2020, respectively, and $0 and $10,561 for the six months ended October 31, 2021, and 2020, respectively. There were 0zero unvested shares of common stock remaining related to these DLAs as of October 31, 2021, and 2020.

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 the executive officers continuing service under their respective employment agreement with the Company. During the three months ended October 31, 2021, and 2020, respectively, the Company recorded a non-cash compensation expense in the amount of $0 and $67,320, respectively, and $0 and $134,640 for the six months ended October 31, 2021, and 2020, respectively. There were 0zero and 733 unvested shares as of October 31, 2021, and 2020, respectively.

During the six months ended October 31, 2020, the four independent directors on the Board were issued 1,334 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 $971 and $9,419 for the three months ended October 31, 2021, and 2020, respectively, and $4,342 and $16,448 for the six months ended October 31, 2021, and 2020, respectively. There were 0zero unvested shares remaining related to such DLAs as of October 31, 2021, and 2020.

During the six months ended October 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 $5,409 for the three months ended October 31, 2021, and 2020, respectively, and $0 and $9,608 for the six months ended October 31, 2021, and 2020, respectively. There were zero and 333 unvested shares remaining related to these consulting agreements as of October 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 $1,417 and $708 for the three months ended October 31, 2021, and 2020, respectively and $3,542 and $708 for the six months ended October 31, 2021, and 2020, respectively. There were 0zero unvested shares remaining related to his compensation arrangement as of October 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 and six months ended October 31, 2021, the Company recorded a non-cash compensation expense in the amount of $11,055 and $22,110, respectively. There were 733 unvested shares as of October 31, 2021.

During the six months ended October 31, 2021, four non-employee members of the Board were issued 1,336 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 $5,851 and $10,736 for the three and six months ended October 31, 2021, respectively. There were zero unvested shares remaining related to such DLAs as of October 31, 2021.

During the six months ended October 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 $2,442 and $4,062 for the three and six months ended October 31, 2021, respectively. There were 167 unvested shares remaining related to these consulting agreements as of October 31, 2021.

In September 2021, a consultant was issued 334 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 $88 and $88 for the three and six months ended October 31, 2021, respectively. There were zero unvested shares remaining related to his compensation arrangement as of October 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, an S-3 Registration Statement (“Second S-3”) 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 six months ended October 31, 2020, the Company sold and issued approximately 462,000 shares of common stock, 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 million from the sale of these shares for the six months ended October 31, 2020. 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. During the six months ended October 31, 2021, the Company sold and issued approximately 19.1 million shares of common stock, at prices ranging from $4.25 to $5.00 per share. Net of underwriting discounts, legal, accounting, and other offering expenses, the Company received approximately $87.4 million from the sale of these shares and the exercise of approximately 2.5 million warrant shares for the six months ended October 31, 2021.

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