STOCK OPTION COMPENSATION EXPENSE

9 Months Ended

Jan. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

NOTE 11 – STOCK OPTION COMPENSATION EXPENSE

During the Quarter ended January 31, 2105, the Company finalized the grant of 720,000 stock options granted under its 2014 equity incentive plan. The total compensation expense was calculated using the Black-Scholes pricing model, using the following inputs. The Company recorded stock based compensation expense of $115,200, which is included as part of selling, general and administrative expenses for the quarter ended January 31, 2015.

Stock option plans	For the Nine
	Months ended
	January 31, 2015
Exercise price	$	1.20
Expected stock price volatility		131.5	%
Risk-free rate of interest		1.10	%
Expected term (years)		2.5

The following table summarizes outstanding stock options as of January 31, 2015.

		Weighted
	Number of	Average
	Shares	Exercise Price
Outstanding as of April 30, 2014	79,207	$	5.23
Employee options granted	720,000		1.20
Expiration	(38,350)		1.17
Outstanding as of January 31, 2015	760,857	$	1.68
Options vested	760,857	$	1.17

The Company’s stock price at January 31, 2015 was $.28 and therefore no options were in the money.

- Definition

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.

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