Annual report pursuant to Section 13 and 15(d)

9. STOCK OPTIONS AND WARRANTS (Tables)

9. STOCK OPTIONS AND WARRANTS (Tables)

12 Months Ended

Apr. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

	April 30,
	2015			2014			2013
Risk-free interest rate		2	%		–			–
Expected volatility		145	%		–			–
Expected lives (years)		5			–			–
Expected dividend yield		0.00	%		0.00	%		0.00	%

Unvested employee stock option activity

	Options Outstanding		Weighted Average Grant Date Fair Value per Share
Nonvested, April 30, 2012	–	$	–
Granted	–
Vested	–
Forfeited	–
Nonvested, April 30, 2013	–		–
Granted	–
Vested	–
Forfeited	–
Nonvested, April 30, 2014	–
Granted	47,200,000	$	0.14
Vested	40,600,000		0.15
Forfeited	–
Nonvested, April 30, 2015	6,600,000	$	0.10

Employee stock option activity

	Options Outstanding		Weighted Average Grant Date Fair Value per Share
Nonvested, April 30, 2012	–	$	–
Granted	–
Vested	–
Forfeited	–
Nonvested, April 30, 2013	–		–
Granted	–
Vested	–
Forfeited	–
Nonvested, April 30, 2014	–
Granted	5,250,000	$	0.19
Vested	5,250,000		0.19
Forfeited	–
Nonvested, April 30, 2015	–	$	–

Range of outstanding stock options

	Exercise Prices
Range of Exercise Price	$	0.19	$	0.11	$	0.18
Number of Options		25,000,000		27,200,000		250,000
Weighted Average Remaining Contractual Life (years)		4.42		4.67		4.98
Weighted Average Stock Price	$	0.19	$	0.10	$	0.18
Number of Options Exercisable		25,000,000		27,200,000		250,000
Weighted Average Contractual Life (years)		5		5		5
Weighted Average Exercise Price	$	0.19	$	0.10	$	0.18

Warrant activity

	Warrants			Weighted Average Price		Weighted Average Fair Value
Outstanding, April 30, 2012	–		$	–	$	–
Issued	59,433,600			0.125		0.064
Exercised	–
Outstanding, April 30, 2013	59,433,600			0.125		0.064
Issued				–		–
Exercised	(1,768,000	)		–		–
Outstanding, April 30, 2014	57,665,600			0.18		0.065
Issued	15,854,308
Exercised	(550,000	)
Outstanding, April 30, 2015	72,969,908
Exercisable, April 30, 2015	72,969,908		$	0.17	$	0.075

Schedule of warrants outstanding and exercisable

Range of Exercise Prices	Number of Warrant Shares Exercisable at 04/30/2015		Weighted Average Remaining Contractual Life		Exercisable Weighted Average Exercise Price
$0.075, $0.11, $0.12, $0.18 and $0.25		72,969,908		2.86		0.17

Five Year Term - $0.075		1,056,000		2.45
Five Year Term - $0.12		18,347,508		2.75
Five Year Term - $0.18		19,811,200		2.67
Five Year Term - $0.25		18,755,200		2.68
Five Year Term - $0.11		10,000,000		4.90
Nine Month Term - $0.11		5,000,000		0.67
		72,969,908

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details