Stockholders' Equity (Tables)
|
6 Months Ended |
Oct. 31, 2019 |
|---|
| Summary of Warrant Activity |
A summary of the Company’s warrant activity during the six months ended October 31, 2019 is presented below:
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| Warrants |
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Number of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contractual
Term |
|
Aggregate
Intrinsic
Value |
| Balance Outstanding, April 30, 2019 |
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731,152 |
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$ |
5.28 |
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3.29 |
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$ |
413,296 |
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| Granted |
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— |
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— |
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— |
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— |
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| Exercised |
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(164,929) |
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$ |
2.05 |
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— |
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— |
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| Surrendered |
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— |
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— |
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— |
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— |
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| Expired |
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— |
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— |
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— |
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— |
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| Balance Outstanding, October 31, 2019 |
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566,223 |
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$ |
6.22 |
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3.66 |
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$ |
154,820 |
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| Exercisable, October 31, 2019 |
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516,223 |
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$ |
6.35 |
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3.59 |
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$ |
86,820 |
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| Stock Incentive Plan and Stock Option Grants to Employees and Directors |
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| Share-based Payment Arrangement, Option, Exercise Price Range |
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| ALL OPTIONS |
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EXERCISABLE OPTIONS |
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Exercise
Price |
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Weighted
Average
Exercise
Price |
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Outstanding
No. of
Options |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining Life
In Years |
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Exercisable
No. of
Options |
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$1.57 to $2.10 |
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$ |
1.99 |
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600,115 |
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$ |
1.99 |
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1.18 |
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600,115 |
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$2.28 to $2.76 |
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$ |
2.31 |
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392,780 |
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$ |
2.29 |
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0.87 |
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400,486 |
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$3.24 to $4.38 |
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$ |
3.90 |
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358,388 |
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$ |
3.93 |
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2.00 |
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235,904 |
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$4.50 to $5.20 |
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$ |
4.93 |
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711,459 |
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$ |
4.90 |
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2.53 |
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336,611 |
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$5.95 to $6.28 |
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$ |
6.07 |
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80,417 |
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$ |
6.13 |
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2.68 |
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36,806 |
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$7.17 to $7.55 |
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$ |
7.39 |
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660,972 |
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$ |
7.39 |
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3.73 |
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220,324 |
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$8.57 to $9.07 |
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$ |
8.98 |
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217,000 |
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$ |
8.98 |
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3.44 |
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72,333 |
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| Options only |
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3,021,131 |
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1,902,579 |
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| Summary of Valuation Assumptions Used |
The following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted to employees during the period ended.
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October 31,
2019 |
|
April 30,
2019 |
| Expected life (years) |
3.5 |
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3.5 |
| Expected volatility |
46.0 |
% |
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50.1 |
% |
| Risk-free interest rate |
1.67 |
% |
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2.63 |
% |
| Dividend yield |
0.00 |
% |
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0.00 |
% |
| Expected forfeiture rate |
n/a |
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n/a |
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| Summary of Stock Option Activity |
A summary of the Company’s stock option activity for employees and directors during the six months ended October 31, 2019, is presented below:
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| Options |
|
Number of
Shares |
|
Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining
Contractual
Term |
|
Aggregate
Intrinsic
Value |
| Balance Outstanding, April 30, 2019 |
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3,408,154 |
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$ |
4.44 |
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2.90 |
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$ |
6,880,644 |
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| Granted |
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89,000 |
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|
4.03 |
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— |
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— |
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| Exercised |
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(453,660) |
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2.20 |
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— |
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— |
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| Forfeited |
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(22,363) |
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5.92 |
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— |
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— |
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| Expired |
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— |
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— |
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— |
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— |
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Balance Outstanding, October 31, 2019 |
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3,021,131 |
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$ |
4.57 |
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2.90 |
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$ |
6,880,644 |
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Exercisable, October 31, 2019 |
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1,902,579 |
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$ |
3.78 |
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1.86 |
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$ |
7,545,471 |
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| Warrant |
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| Share-based Payment Arrangement, Option, Exercise Price Range |
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| ALL WARRANTS |
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EXERCISABLE WARRANTS |
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|
Exercise
Price |
|
Weighted
Average
Exercise
Price |
|
Outstanding
No. of
Warrants |
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Weighted
Average
Exercise
Price |
|
Weighted
Average
Remaining Life
In Years |
|
Exercisable
No. of
Warrants |
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| $ |
4.89 |
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$ |
4.89 |
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50,000 |
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$ |
4.89 |
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4.70 |
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— |
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| $ |
5.85 |
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$ |
5.85 |
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92,049 |
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$ |
5.85 |
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4.27 |
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92,049 |
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| $ |
6.00 |
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$ |
6.00 |
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200,000 |
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$ |
6.00 |
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4.60 |
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200,000 |
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| $ |
6.87 |
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$ |
6.87 |
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224,174 |
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$ |
6.87 |
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2.99 |
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224,174 |
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566,223 |
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516,223 |
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