Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

6 Months Ended

Oct. 31, 2020

The following is a summary of the Company’s stock option activity during the periods ended October 31, 2020 and April 30, 2020:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Balance at April 30, 2020		100,000		$	14.31		2.87
Granted		—			—		—
Exercised		—			—		—
Forfeited		(3,125	)		—		—
Cancelled		—			—		—
Balance at October 31, 2020		96,875			14.51		2.18

Options exercisable at end of period		95,625		$	14.52
Options expected to vest		1,250		$	13.40
Weighted average fair value of options granted during the period				$	-

Schedule of Stock Warrant Activity

A summary of the Company’s outstanding warrants to purchase shares of common stock as of October 31, 2020 and changes during the six-months ended are presented below:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants with no Class designation:
Balance at April 30, 2020		527,378		$	14.83		3.73
Granted		921,666			6.00		5.00
Exercised		(10,000	)		7.00		3.20
Forfeited		—			—		—
Canceled		—			—		—
Balance at October 31, 2020		1,439,044			9.23		4.21
Class A Warrants:
Balance at April 30, 2020		219,375			11.40		4.22
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at October 31, 2020		219,375			11.40		3.72
Total Warrants Outstanding at October 31, 2020		1,658,419		$	9.52		4.15
Warrants exercisable at end of period		1,658,419		$	9.52
Weighted average fair value of warrants granted during the period				$	9.09

Schedule of Fair Value Assumptions of Warrants

The fair value of the warrants was $5,530,004, as measured on the date of the issuance with a Black-Scholes pricing model using the assumptions noted in the following table:

	Warrants Issued During the Six Months Ended October 31, 2020
Expected volatility		169.0	%
Stock price on date of grant	$	9.53
Exercise price	$	6.00
Expected dividends		-
Expected term (in years)		5.00
Risk-free rate		0.27	%
Expected forfeiture rate		0	%