Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

6 Months Ended

Oct. 31, 2015

	Three months ended October 31, 2015	Six months ended October 31, 2015
Expected term (years)	3.0	2.5-3.0
Expected volatility	80%	79%-80%
Dividend yield	0	0
Risk-free interest rate	1.01%	.90% -1.01%
Weighted average per share grant date fair value	$0.78	$0.78 - $1.03

Summary of option activity

	Shares		Weighted average exercise price		Weighted average remaining contractual life		Aggregate intrinsic value (1)

Balance May 1, 2015		125,746	$	8.48		3.59	$	—

Granted		238,667	$	1.63		6.49	$	—
Expired		36,996	$	12.71		—		—
Balance October 31, 2015		327,414	$	3.01		3.34	$	—
Exercisable October 31, 2015		279,414	$	3.27		3.09	$	—
Expected to vest October 31, 2015		327,414	$	3.01		3.34	$	—

Warrants

	Shares		Weighted average exercise price		Weighted average remaining contractual life years		Aggregate intrinsic value (1)

Balance May 1, 2015		3,308,275	$	3.52		—		—

Issued		50,000	$	2.50		—		—
Balance October 31, 2015		3,358,275	$	3.51		—		—

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details