Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2020

Schedule of Weighted-average Black-Scholes Assumptions

In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions:

	For the Year Ended April 30, 2020
Risk free interest rate		1.74	%
Dividend yield		0.00	%
Expected volatility		72	%
Contractual term (in years)		10.0
Forfeiture rate		0.00	%

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity during the years ended April 30, 2020 and 2019:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Balance at April 30, 2018		153,146			17.90		3.43
Granted		—			—		—
Exercised		—			—		—
Forfeited		(7,500	)		14.80		—
Cancelled		—			—		—
Balance at April 30, 2019		145,646		$	18.00		2.29
Granted		5,000			8.10		10.00
Exercised		—			—		—
Forfeited		(50,646	)		24.44		—
Cancelled		—			—		—
Balance at April 30, 2020		100,000			14.31		2.87

Options exercisable at end of period		76,041		$	14.55
Options expected to vest		23,959		$	13.54
Weighted average fair value of options granted during the period				$	0.62

Schedule of Stock Warrant Activity

A summary of the Company’s outstanding warrants to purchase shares of common stock as of April 30, 2020 and changes during the year then ended are presented below, restated to post-split:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants with no Class designation:
Balance at April 30, 2018		170,236		$	31.11		1.25
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2019		170,236		$	31.11		1.25
Granted		357,142			7.00		4.92
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2020		527,378					3.73
Class A Warrants:
Balance at April 30, 2019		—			—		—
Granted		219,375			11.40		4.22
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2020		219,375			11.40		4.22

Class X Warrants:
Balance at April 30, 2019		—			—		—
Granted		109,750			11.40		0.50
Exercised		—			—		—
Forfeited, with no financial effect		(109,750	)		11.40		—
Canceled		—			—		—
Balance at April 30, 2020		-			-		-
Class Y Warrants:
Balance at April 30, 2019		—			—		—
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2020		—			—		—
Total Warrants Outstanding at April 30, 2020		746,753		$	7.41		3.88
Warrants exercisable at end of period		746,753		$	7.78
Weighted average fair value of warrants granted during the period				$	4.21

Class A Warrants [Member]

Schedule of Fair Value of Assumptions

	Class A Warrants Issued During the Year Ended April 30, 2020
Expected volatility		46% - 74	%
Stock price on date of grant	$	11.40
Exercise price	$	11.40
Expected dividends		-
Expected term (in years)		0.5 – 5
Risk-free rate		1.77% - 2.11	%
Expected forfeiture rate		0	%

Common Warrants [Member]

Schedule of Fair Value of Assumptions

	Common Warrants Issued During the Year Ended April 30, 2020
Expected volatility		133.0	%
Stock price on date of grant	$	5.34
Exercise price	$	7.00
Expected dividends		-
Expected term (in years)		5.00
Risk-free rate		0.39	%
Expected forfeiture rate		0	%