Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.20.2
Subsequent Events
12 Months Ended
Apr. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On June 5, 2020, the Company reduced by 5% the exercise price of the common stock purchase warrants issued to the Foundation, on November 5, 2018 (the "2018 Cooperman Warrants") and on March 5, 2020 (the "2019 Cooperman Warrants"). The 2018 Cooperman Warrants exercise price was reduced from $5.85 to $5.56 per share. The 2019 Cooperman Warrants exercise price was reduced from $6.00 to $5.70 per share. On June 8, 2020, the Foundation immediately exercised the 2018 and 2019 Cooperman Warrants paying the Company $1,081,792 and the Company issued 192,049 shares of common stock to the Foundation. In consideration of the reduction, the Foundation in addition to its immediate exercise executed a lock-up agreement agreeing not to request registration of or sell the underlying shares of common stock for at least six months. The warrant modification and acceleration charge related to this transaction in the first quarter of fiscal 2021 will be approximately $26,000.
In May and June 2020, current and former employees exercised 295,091stock options. Total proceeds received by the Company were approximately $847,000 upon the issuance of 136,031 shares.