Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)

9 Months Ended

Jan. 31, 2020

A summary of the Company’s outstanding stock options as of January 31, 2020 and changes during the nine-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		50,000			0.81		9.82
Exercised		—			—		—
Forfeited		(506,458	)		2.44		—
Canceled		—			—		—
Balance at January 31, 2020		1,000,000		$	1.43		3.11

Options exercisable at end of period		741,666		$	1.46
Options expected to vest		258,334		$	1.34
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 Nine Months Ended January 31, 2020
Expected volatility		46% - 74	%
Stock price on date of grant	$	1.14
Exercise price	$	1.14
Expected dividends		-
Expected term (in years)		0.5 - 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 January 31, 2020 and changes during the nine-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 January 31, 2020		1,702,359			3.12		1.49
Class A Warrants:
Balance at April 30, 2019		—			—		—
Granted		2,193,750			1.14		5.00
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at January 31, 2020		2,193,750			1.14		4.46
Class X Warrants:
Balance at April 30, 2019		—			—		—
Granted		1,097,500			1.14		0.50
Exercised		—			—		—
Forfeited, with no financial effect		(1,097,500	)		1.14		—
Canceled		—			—		—
Balance at January 31, 2020		-			-		-

Class Y Warrants:
Balance at April 30, 2019	—		—	—
Granted	—		—	—
Exercised	—		—	—
Forfeited	—		—	—
Canceled	—		—	—
Balance at January 31, 2020	—		—	—
Warrant Outstanding at January 31, 2020	3,896,109	$	2.01	3.17

Warrants exercisable at end of period	3,896,109	$	2.01
Weighted average fair value of warrants granted during the period		$	0.52