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