Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTION COMPENSATION EXPENSE (Tables)

v3.3.1.900
STOCK OPTION COMPENSATION EXPENSE (Tables)
6 Months Ended
Oct. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of options granted during the six months ended October 31, 2015 was estimated using the following assumptions:
  
 
 
For  the Six
 
 
 
Months Ended
 
 
 
October 31, 2015
 
Exercise price
 
 
$1.19 - $1.32
 
Expected stock price volatility
 
 
101.7% - 104.1
%
Risk-free rate of interest
 
 
1.4
%
Expected term (years)
 
 
10.0
 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of option activities under the Company’s employee stock option plan for the six months ended October 31, 2015 is presented below:
 
 
 
Number of
Shares
 
Weighted
Average
Exercise
Price
 
Total
Intrinsic
Value
 
Weighted
Average
Remaining
Contractual
Life (in
years)
 
Outstanding as of April 30, 2015
 
 
40,688
 
$
18.79
 
$
-
 
 
5.88
 
Employee options granted
 
 
2,683,000
 
 
1.31
 
 
0.17
 
 
9.91
 
Forfeited/expired
 
 
(6)
 
 
61.82
 
 
-
 
 
-
 
Outstanding as of October 31, 2015
 
 
2,723,682
 
$
1.58
 
$
0.16
 
 
9.84
 
Options vested and exercisable
 
 
1,342,182
 
$
1.84
 
$
0.17
 
 
9.76