Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.2
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Apr. 30, 2022
Share-Based Payment Arrangement [Abstract]  
A summary of stock option activity for the period May 1, 2020 to April 30, 2022, is presented below:

A summary of stock option activity for the period May 1, 2020 to April 30, 2022, is presented below: 

 

            Outstanding Options  
      Shares
Available for
Grant
      Number of
Options
      Weighted
Average
Exercise
Price
      Weighted
Average
Remaining
Contractual
Life (years)
      Aggregate
Intrinsic
Value
 
Balance at April 30, 2020     575,000       19,425,000     $ 0.6964       6.89     $ 15,609,500  
Increase to plan shares     10,000,000                                  
Options granted     (125,000 )     125,000     $ 1.5000                  
Balance at April 30, 2021     10,450,000       19,550,000     $ 0.7195       5.92     $ 35,159,500  
Options granted     (1,950,000 )     1,950,000     $ 2.7195                  
Options exercised     -       (5,500,000 )   $ 0.0004                  
Options cancelled/forfeited     300,000       (300,000 )   $ 1.5000                  
Balance at April 30, 2022     8,800,000       15,700,000     $ 1.2017       6.10     $ 2,219,700  
Options vested and expected to vest at April 30, 2022             13,700,000     $ 1.2311       6.62     $ 2,179,700  
Options exercisable at April 30, 2022             13,460,519     $ 1.0345       6.15     $ 2,155,022  
The estimated fair value of stock options granted to employees and consultants during the years ended April 30, 2022 and 2021 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 years ended April 30, 2022 and 2021 were calculated using the Black-Scholes option-pricing model using the following assumptions:

 

    For the Year Ended April 30,  
    2022     2021  
Expected term (in years)     6.25       3.50 - 6.25  
Volatility     88.94%     85.53% - 100.1%  
Risk-free interest rate     2.20%     0.31% - 0.51%  
Dividend yield     0.0%     0.0%
The Company’s results of operations include expenses relating to stock-based compensation for the years ended April 30, 2022 and 2021, were comprised as follows:

The Company’s results of operations include expenses relating to stock-based compensation for the years ended April 30, 2022 and 2021, were comprised as follows:

 

    For the Year Ended April 30,  
    2022     2021  
 Research and development   $ 423,167     $ 87,252  
 General and administrative     3,985,402       2,323,811  
Total   $ 4,408,569     $ 2,411,063