Stockholders' Equity (Tables)

12 Months Ended

Apr. 30, 2021

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

The following is a summary of the Company’s stock option activity during the years ended April 30, 2021 and 2020:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
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
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Cancelled		(5,000	)		—		—
Balance at April 30, 2021		95,000			14.63		1.57

Options exercisable at end of period		95,000		$	14.63
Options expected to vest		—		$	—
Weighted average fair value of options granted during the period				$	—

	Warrants Issued During the Year ended April 30, 2021
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	%

The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2021 and 2020:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants with no Class designation:
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		$	14.83		3.73
Granted		1,425,224			9.09		5.18
Exercised		(523,808	)		6.68		4.03
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2021		1,428,794			12.00		4.08
Class A Warrants:
Balance at April 30, 2020		219,375			11.40		4.22
Granted		—			—		—
Exercised		(109,688	)		11.40		3.22
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2021		109,687			11.40		3.22
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 and April 30, 2021		—			—		—
Class Y Warrants:
Total Warrants Outstanding at April 30, 2021		1,538,481		$	11.96		4.08
Warrants exercisable at end of period		1,034,923		$	10.73
Weighted average fair value of warrants granted during the period				$	9.00

	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 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	%