Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

6 Months Ended

Oct. 31, 2019

A summary of the Company’s outstanding stock options as of October 31, 2019 and changes during the six-month period then ended are presented below:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Balance at April 30, 2019		1,456,458		$	1.80		3.29
Granted		—			—		—
Exercised		—			—		—
Forfeited		(87,500	)		1.48		—
Canceled		—			—		—
Balance at October 31, 2019		1,368,958		$	1.83		2.77

Options exercisable at end of period		931,458		$	2.00
Options expected to vest		437,500		$	1.46
Weighted average fair value of options granted during the period				$	—

Schedule of Fair Value of Assumptions

The fair value of the warrants was $2,022,712, 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, 2019
Expected volatility		46% - 74	%
Stock price on date of grant	$	1.14
Exercise price	$	1.14
Expected dividends		-
Expected term (in years)		5
Risk-free rate		1.77% - 2.11	%
Expected forfeiture rate		0	%

Schedule of Stock Warrant Activity

A summary of the Company’s outstanding warrants to purchase shares of common stock as of October 31, 2019 and changes during the six-month period then 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, 2019		1,702,359	$	3.12		2.25
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Canceled		—		—		—
Balance at October 31, 2019		1,702,359		3.12		2.25
Class A Warrants:
Balance at April 30, 2019		—		—		—
Granted		2,193,750		1.14		5.00
Exercised		—		—		—
Forfeited		—		—		—
Canceled		—		—		—
Balance at October 31, 2019		2,193,750		1.14		5.00
Class X Warrants:
Balance at April 30, 2019		—		—		—
Granted		1,097,500		1.14		5.00
Exercised		—		—		—
Forfeited		—		—		—
Canceled		—		—		—
Balance at October 31, 2019		1,097,500		1.14		5.00
Class Y Warrants:
Balance at April 30, 2019		—		—		—
Granted		—		—		—
Exercised		—		—		—
Forfeited		—		—		—
Canceled		—		—		—
Balance at October 31, 2019		—		—		—
Warrant Outstanding at October 31, 2019		4,993,609	$	1.82		3.71
Warrants exercisable at end of period		2,799,859	$	2.35
Weighted average fair value of warrants granted during the period			$	0.52