STOCK OPTION COMPENSATION EXPENSE
|6 Months Ended|
Oct. 31, 2015
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
|STOCK OPTION COMPENSATION EXPENSE||
NOTE 11- STOCK OPTION COMPENSATION EXPENSE
On September 29, 2015, pursuant to and subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 2,573,000 non-qualified options (“September Options”) with a term of 10 years and an exercise price of $1.32 to the Company’s directors and employees. 1,191,500 of the September Options vested immediately, 655,250 of the September Options will vest on April 30, 2016, and the remaining 726,250 of the September Option vest upon either the Company completing a change in control merger by September 1, 2016 or achieving $30 million in revenue for the fiscal year May 1, 2015 to April 30, 2016.
On August 6, 2015, pursuant to and subject to the available number of shares reserved under the Company’s 2014 Equity Incentive Plan, the Company issued 110,000 non-qualified options (“August Options”) with a term of 10 years and an exercise price of $1.19 to the Company’s directors and employees. The August Options vested immediately.
The aggregate grant date fair value of the August Options and September Options were approximately $2,699,000.
The fair value of options granted during the six months ended October 31, 2015 was estimated using the following assumptions:
A summary of option activities under the Company’s employee stock option plan for the six months ended October 31, 2015 is presented below:
Stock-based compensation associated with the amortization of stock option expense was approximately $1,518,000 for the six months ended October 31, 2015 and is included in general and administration expense.
Estimated future stock-based compensation expense relating to unvested stock options is approximately $1,181,000. The weighted average remaining vesting period of options outstanding at October 31, 2015 is approximately 0.5 years.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://www.xbrl.org/2003/role/presentationRef