Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

12 Months Ended

Apr. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The status of these plans for the years ended April 30, 2016 and April 30, 2015 is as follows:

	Shares			Weighted average exercise price		Weighted average remaining contractual life		Aggregate intrinsic value
Balance May 1, 2015		10,478		$	101.76		3.59	$	—

Granted		19,889		$	19.56		—		—
Expired		(3,111	)	$	152.52		—		—
Exchanged / cancelled		(27,256	)	$	36.12		—		—

Balance April 30, 2016		—			—		—	$	—

Granted		—			—		—		—
Expired		—			—		—		—
Exchanged / cancelled		—			—		—		—
Balance April 30, 2017		—			—		—	$	—

Schedule of Weighted-average Black-Scholes Assumptions

The fair value of each stock option granted during fiscal year ended April 30, 2016 was estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

	Fiscal Year Ended April 30, 2016
Expected term (years)		2.5-3.0
Expected volatility		79%-80%
Dividend yield		0
Risk-free interest rate		.90% -1.01%
Weighted average per share grant date fair value		$9.36 - $12.36

Summary of Warrant Activity

A summary of warrant activity for the Fiscal year ended April 30, 2017 and 2016 is as follows:

	Shares			Weighted average exercise price		Weighted average remaining contractual life years		Aggregate Intrinsic Value (1)
Balance May 1, 2015		275,689		$	42.24		4.12		—

Issued		4,166		$	30.00
Exchanged		(220,450	)	$	32.40
Expired		(7,500	)	$	30.00
Balance April 30, 2016		51,905		$	78.96		1.24		—

Issued		—			—
Exchanged		—			—
Expired		(18,490	)	$	162.72
Balance April 30, 2017		33,415		$	32.61		0.90		—

(1) This amount represents the difference between the conversion price and $4.80, the closing price of Dataram common stock on April 28, 2017 as reported on the NASDAQ Stock Market, for all in-the-money warrants outstanding.