5. STOCK OPTIONS AND WARRANTS (Tables)
|
12 Months Ended |
Apr. 30, 2019 |
|---|
| Employee stock option activity |
| |
|
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
|
|
|
|
| Outstanding, April 30, 2017 |
|
|
79,100,000 |
|
|
$ |
0.13 |
|
|
$ |
0.09 |
|
| Issued |
|
|
16,150,000 |
|
|
|
0.06 |
|
|
|
0.06 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, April 30, 2018 |
|
|
95,250,000 |
|
|
|
0.11 |
|
|
|
0.11 |
|
| Issued |
|
|
12,200,000 |
|
|
|
0.05 |
|
|
|
0.05 |
|
| Forfeited |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Exercised |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Outstanding, April 30, 2019 |
|
|
107,450,000 |
|
|
$ |
0.11 |
|
|
$ |
0.11 |
|
| Exercisable, April 30, 2019 |
|
|
101,250,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
| Vested and expected to vest |
|
|
107,450,000 |
|
|
$ |
0.11 |
|
|
$ |
– |
|
|
| Unvested employee stock option activity |
| |
Options |
|
|
Weighted
Average
Grant Date
Fair Value
per Share |
|
| |
|
|
|
|
|
| Non-vested, April 30, 2017 |
|
6,800,000 |
|
|
$ |
– |
|
| Granted |
|
16,150,000 |
|
|
|
0.06 |
|
| Vested |
|
(15,750,000 |
) |
|
|
– |
|
| Forfeited |
|
– |
|
|
|
– |
|
| Non-vested, April 30, 2018 |
|
7,200,000 |
|
|
|
– |
|
| Granted |
|
12,200,000 |
|
|
|
0.05 |
|
| Vested |
|
(13,200,000 |
) |
|
|
– |
|
| Forfeited |
|
– |
|
|
|
– |
|
| Non-vested, April 30, 2019 |
|
6,200,000 |
|
|
$ |
0.05 |
|
|
| Range of outstanding stock options |
| Exercise Price |
|
|
Number of Options Outstanding |
|
|
Weighted Average Remaining Contractual Life (years) of Outstanding Options |
|
|
Weighted Average Exercisable Price |
|
|
Number of Options Exercisable |
|
|
Weighted Average Exercise Price of Exercisable Options |
|
| $ |
0.190 |
|
|
|
25,000,000 |
|
|
|
0.21 |
|
|
$ |
0.190 |
|
|
|
25,000,000 |
|
|
$ |
0.190 |
|
| $ |
0.110 |
|
|
|
27,200,000 |
|
|
|
0.35 |
|
|
$ |
0.110 |
|
|
|
27,200,000 |
|
|
$ |
0.110 |
|
| $ |
0.184 |
|
|
|
250,000 |
|
|
|
0.49 |
|
|
$ |
0.184 |
|
|
|
250,000 |
|
|
$ |
0.184 |
|
| $ |
0.063 |
|
|
|
15,600,000 |
|
|
|
1.00 |
|
|
$ |
0.063 |
|
|
|
15,600,000 |
|
|
$ |
0.063 |
|
| $ |
0.104 |
|
|
|
10,450,000 |
|
|
|
1.84 |
|
|
$ |
0.104 |
|
|
|
10,450,000 |
|
|
$ |
0.104 |
|
| $ |
0.0685 |
|
|
|
600,000 |
|
|
|
2.00 |
|
|
$ |
0.0685 |
|
|
|
600,000 |
|
|
$ |
0.0685 |
|
| $ |
0.058 |
|
|
|
2,450,000 |
|
|
|
2.37 |
|
|
$ |
0.058 |
|
|
|
2,450,000 |
|
|
$ |
0.058 |
|
| $ |
0.0734 |
|
|
|
1,200,000 |
|
|
|
3.01 |
|
|
$ |
0.0734 |
|
|
|
1,200,000 |
|
|
$ |
0.0734 |
|
| $ |
0.0729 |
|
|
|
1,800,000 |
|
|
|
3.20 |
|
|
$ |
0.0729 |
|
|
|
1,800,000 |
|
|
$ |
0.0729 |
|
| $ |
0.089 |
|
|
|
1,200,000 |
|
|
|
3.22 |
|
|
$ |
0.089 |
|
|
|
1,200,000 |
|
|
$ |
0.089 |
|
| $ |
0.0553 |
|
|
|
500,000 |
|
|
|
1.72 |
|
|
$ |
0.0553 |
|
|
|
500,000 |
|
|
$ |
0.0553 |
|
| $ |
0.0558 |
|
|
|
9,000,000 |
|
|
|
2.21 |
|
|
$ |
0.0558 |
|
|
|
9,000,000 |
|
|
$ |
0.0558 |
|
| $ |
0.0534 |
|
|
|
1,200,000 |
|
|
|
4.35 |
|
|
$ |
0.0534 |
|
|
|
1,000,000 |
|
|
$ |
0.0534 |
|
| $ |
0.0539 |
|
|
|
1,000,000 |
|
|
|
2.00 |
|
|
$ |
0.0539 |
|
|
|
1,000,000 |
|
|
$ |
0.0539 |
|
| $ |
0.0683 |
|
|
|
500,000 |
|
|
|
2.09 |
|
|
$ |
0.0683 |
|
|
|
500,000 |
|
|
$ |
0.0683 |
|
| $ |
0.0649 |
|
|
|
500,000 |
|
|
|
2.22 |
|
|
$ |
0.0649 |
|
|
|
500,000 |
|
|
$ |
0.0649 |
|
| $ |
0.0495 |
|
|
|
9,000,000 |
|
|
|
2.94 |
|
|
$ |
0.0495 |
|
|
|
3,000,000 |
|
|
$ |
0.0495 |
|
| |
Total |
|
|
|
107,450,000 |
|
|
|
1.17 |
|
|
$ |
0.11 |
|
|
|
101,250,000 |
|
|
$ |
0.11 |
|
|
| Warrant activity |
| |
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
| Outstanding, April 30, 2017 |
|
|
67,853,504 |
|
|
$ |
0.13 |
|
| Issued |
|
|
4,500,000 |
|
|
|
– |
|
| Expired |
|
|
(38,360,400 |
) |
|
|
– |
|
| Outstanding, April 30, 2018 |
|
|
33,993,104 |
|
|
|
0.10 |
|
| Issued |
|
|
5,084,693 |
|
|
|
– |
|
| Expired |
|
|
– |
|
|
|
– |
|
| Outstanding, April 30, 2019 |
|
|
42,077,797 |
|
|
|
– |
|
| Exercisable, April 30, 2019 |
|
|
42,077,797 |
|
|
$ |
0.09 |
|
|
| Schedule of warrants outstanding and exercisable |
| Exercise Prices |
Number of
Warrant Shares
Exercisable at
April 30, 2019 |
|
|
Weighted
Average
Remaining
Contractual
Life |
|
|
Weighted
Average
Exercise Price |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| $0.12 |
|
17,854,308 |
|
|
|
1.63 |
|
|
|
|
|
| $0.11 |
|
10,000,000 |
|
|
|
0.90 |
|
|
|
|
|
| $0.065 |
|
769,231 |
|
|
|
2.64 |
|
|
|
|
|
| $0.0575 |
|
869,565 |
|
|
|
2.93 |
|
|
|
|
|
| $0.03 |
|
2,500,000 |
|
|
|
3.58 |
|
|
|
|
|
| $0.026 |
|
1,923,077 |
|
|
|
4.16 |
|
|
|
|
|
| $0.025 |
|
2,000,000 |
|
|
|
3.24 |
|
|
|
|
|
| $0.018 |
|
1,388,889 |
|
|
|
4.08 |
|
|
|
|
|
| $0.011 |
|
2,272,727 |
|
|
|
4.51 |
|
|
|
|
|
| $0.01 |
|
2,500,000 |
|
|
|
4.91 |
|
|
|
|
|
| |
|
42,077,797 |
|
|
|
2.16 |
|
|
$ |
0.09 |
|
|
| Employee Options [Member] |
|
| Assumptions |
| |
|
Years Ended April 30, |
|
| |
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
|
2.0% |
|
|
|
2.0% |
|
| Expected volatility |
|
|
97% |
|
|
|
108% |
|
| Expected lives (years) |
|
|
2.7 |
|
|
|
3.0 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|
| Non-Employee Options [Member] |
|
| Assumptions |
| |
|
Years Ended April 30, |
|
| |
|
2019 |
|
|
2018 |
|
| Risk-free interest rate |
|
|
2.5% |
|
|
|
2.5% |
|
| Expected volatility |
|
|
98% |
|
|
|
102% |
|
| Expected lives (years) |
|
|
5.0 |
|
|
|
5.0 |
|
| Expected dividend yield |
|
|
0.00% |
|
|
|
0.00% |
|
|