5. COMMON STOCK TRANSACTIONS |
6 Months Ended |
|---|---|
Oct. 31, 2015 | |
| Equity [Abstract] | |
| COMMON STOCK TRANSACTIONS |
The Company issued 3,600,000 shares of common stock to officers as part of their compensation agreements in the year ended April 30, 2015. These shares vest on a quarterly basis over a twelve-month period. During the six months ended October 31, 2015, 1,800,000 shares that vested were valued using the intrinsic value at the date of vesting and resulted in a non-cash compensation expense of $190,620.
The Company issued 1,200,000 shares of common stock to an employee as part of an employee agreement in the year ended April 30, 2015. These shares vest on a quarterly basis over a twelve-month period. During the six months ended October 31, 2015, 600,000 shares that vested were valued using the intrinsic value at the date of vesting and resulted in a non-cash expense of $63,510.
The shares listed above were issued without registration under the Securities Act of 1933, as amended (“Securities Act”), in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act.
During the six months ended October 31, 2015, the Company sold and issued approximately 14.7 million shares of common stock pursuant to a registration statement at prices ranging from $0.08 to $0.16 per share. The Company received net proceeds of approximately $1.7 million from the sale of these shares. |