| A summary of stock option activity for the six months ended October 31, 2021, is presented below: |
A summary of stock option
activity for the six months ended October 31, 2021, is presented below:
| |
|
|
|
|
Outstanding Options |
|
| |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
| |
|
|
|
|
|
|
|
Weighted |
|
|
Average |
|
|
|
|
| |
|
Shares |
|
|
|
|
|
Average |
|
|
Remaining |
|
|
Aggregate |
|
| |
|
Available for |
|
|
Number of |
|
|
Exercise |
|
|
Contractual |
|
|
Intrinsic |
|
| |
|
Grant |
|
|
Options |
|
|
Price |
|
|
Life (years) |
|
|
Value |
|
| Balance at April 30, 2021 |
|
|
10,450,000 |
|
|
|
19,550,000 |
|
|
$ |
0.7195 |
|
|
|
5.92 |
|
|
$ |
35,159,500 |
|
| Options granted |
|
|
(1,750,000 |
) |
|
|
1,750,000 |
|
|
$ |
2.9167 |
|
|
|
|
|
|
|
|
|
| Options exercised |
|
|
- |
|
|
|
(2,000,000 |
) |
|
$ |
0.0004 |
|
|
|
|
|
|
|
|
|
| Options cancelled/forfeited |
|
|
300,000 |
|
|
|
(300,000 |
) |
|
$ |
1.5000 |
|
|
|
|
|
|
|
|
|
| Balance at October 31, 2021 |
|
|
9,000,000 |
|
|
|
19,000,000 |
|
|
$ |
0.9826 |
|
|
|
5.97 |
|
|
$ |
23,458,300 |
|
| Options vested and expected to vest at April 30, 2021 |
|
|
|
|
|
|
18,500 |
|
|
$ |
0.9806 |
|
|
|
6.53 |
|
|
$ |
21,178,300 |
|
| Options exercisable at April 30, 2021 |
|
|
|
|
|
|
13,460,519 |
|
|
$ |
0.6729 |
|
|
|
5.88 |
|
|
$ |
18,423,196 |
|
|
| The estimated fair value of stock options granted to employees and consultants during the six months ended October 31, 2021 and 2020, were calculated using the Black-Scholes option-pricing model using the following assumptions: |
The estimated fair value of
stock options granted to employees and consultants during the six months ended October 31, 2021 and 2020, were calculated using the Black-Scholes
option-pricing model using the following assumptions:
| |
|
For the Six Months Ended October 31, |
| |
|
2021 |
|
2020 |
| Expected term (in years) |
|
2.50 – 5.00
|
|
6.25 |
| Volatility |
|
86.31% |
|
100.10% |
| Risk-free interest rate |
|
1.01% – 1.07% |
|
0.51% |
| Dividend yield |
|
0.0% |
|
0.0% |
|
| The Company’s results of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2021 and 2020, was comprised as follows: |
The Company’s results
of operations include expenses relating to stock-based compensation for three and six months ended October 31, 2021 and 2020, was comprised
as follows:
| |
|
For the Three Months Ended October 31, |
|
|
For the Six Months Ended October 31, |
|
| |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Research and development |
|
$ |
111,267 |
|
|
$ |
21,813 |
|
|
$ |
253,184 |
|
|
$ |
43,626 |
|
| General and administrative |
|
|
1,169,117 |
|
|
|
547,124 |
|
|
|
1,766,822 |
|
|
|
1,116,744 |
|
| Total |
|
$ |
1,280,384 |
|
|
$ |
568,937 |
|
|
$ |
2,020,006 |
|
|
$ |
1,160,370 |
|
|