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Stockholders' Equity (Tables)
 3 Months Ended
Jul. 31, 2020
Schedule of Restricted Stock Unit Activity
A summary of the Company’s Restricted Stock Unit activity which were granted under the 2012 and 2018 equity incentive plans during the three months ended July 31, 2020 is presented below:
Restricted Stock UnitsNumber of SharesWeighted Average Grant Price
Unvested Balance Outstanding, April 30,2020643,175 $5.64 
Granted158,793 9.12 
Exercised— — 
Forfeits(500)6.09 
Vested— — 
Expired— — 
Unvested Balance Outstanding, July 31,2020801,468 $6.33 
Summary of Warrant Activity
A summary of the Company’s warrant activity during the three months ended July 31, 2020 is presented below:
WarrantsNumber of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Balance Outstanding, April 30, 2020566,223 $6.22 3.17$950,100 
Granted— $— — — 
Exercised(192,049)$5.60 — — 
Surrendered— $— — — 
Expired— $— — — 
Balance Outstanding, July 31, 2020374,174 $6.37 2.64$908,156 
Exercisable, July 31, 2020374,174 $6.37 2.64$908,156 
Warrant  
Share-based Payment Arrangement, Option, Exercise Price Range
OUTSTANDING WARRANTSEXERCISABLE WARRANTS
Exercise
Price		Weighted
Average
Exercise
Price		Outstanding
No. of
Warrants		Weighted
Average
Exercise
Price		Weighted
Average
Remaining Life
In Years		Exercisable
No. of
Warrants
$4.89 $4.89 50,000 $4.89 3.7050,000 
$6.00 $6.00 100,000 $6.00 3.60100,000 
$6.87 $6.87 224,174 $6.87 1.98224,174 
 374,174   374,174 
Stock Incentive Plan and Stock Option Grants to Employees and Directors  
Share-based Payment Arrangement, Option, Exercise Price Range
OUTSTANDING OPTIONSEXERCISABLE OPTIONS
Exercise
Price		Weighted
Average
Exercise
Price		Outstanding
No. of
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining Life
In Years		Exercisable
No. of
Options
$1.57 to $2.10
$2.02 306,166 $2.02 0.56261,771 
$2.28 to $2.76
$2.30 307,779 $2.30 0.27307,779 
$3.24 to $4.38
$3.90 318,174 $3.87 1.32262,507 
$4.50 to $5.20
$4.93 665,195 $4.91 1.98536,597 
$5.95 to $6.28
$6.08 75,751 $6.11 1.9661,195 
$7.17 to $7.55
$7.44 481,639 $7.41 3.16342,056 
$8.57 to $9.07
$8.98 159,332 $8.98 2.44112,888 
Options only2,314,036 1,884,793 
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 three months ended April 30, 2020. There were no options granted to employees during the three months ended July 31, 2020.
July 31,
2020		April 30,
2020
Expected life (years)n/a3.5
Expected volatilityn/a57.0 %
Risk-free interest raten/a0.24 %
Dividend yieldn/a0.00 %
Expected forfeiture raten/an/a
Summary of Stock Option Activity
A summary of the Company’s stock option activity for employees and directors during the three months ended July 31, 2020, is presented below:
OptionsNumber of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Balance Outstanding, April 30, 20202,732,899 $4.62 1.97$9,146,198 
Granted— — — — 
Exercised(415,175)9.18 — — 
Forfeited(3,688)6.94 — — 
Expired— — — — 
Balance Outstanding, July 31, 2020
2,314,036 $4.89 1.89$9,073,489 
Exercisable, July 31, 2020
1,884,793 $4.68 1.65$7,797,166