Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2016 | 2,109,840 | $ | 5.54 | 3.6 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | (105,556 | ) | 4.80 | — | — | ||||||||
Outstanding, April 30, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — |
• | One University Plaza, Suite 307, Hackensack, New Jersey 7601, which, since November 2011, serves as the Company’s corporate headquarters. The lease expires in November 2021. The Company recognized $90,000 and $86,000 of rental costs relative to this lease for fiscal 2018 and 2017, respectively. |
• | 855 North Wolfe Street, Suite 619, Baltimore, Maryland 21205, which consists of laboratories and office space where the Company conducts operations related to its primary service offerings. This lease was terminated in October 2017. The Company transitioned its activities from this location to the new location in Rockville, MD. The Company recognized $59,000 and $105,000 of rental costs relative to this lease for fiscal 2018 and 2017, respectively. |
• | 450 East 29th Street, New York, New York, 10016, which was a laboratory facility. The Company recognized $52,000 and $207,000 of rental expense for fiscal 2018 and 2017, respectively. This lease expired in May 2017 and was not renewed. |
• | 1330 Piccard Drive, Suite 025, Rockville, MD 20850, which consists of laboratory and office space where the Company will conduct operations related to its primary service offerings. The Company executed this lease on January 11, 2017. The operating commencement date was August 11, 2017. This lease expires in August 2028. The Company recognized $454,000 and nil of rental expense for fiscal 2018 and 2017, respectively. |
• | 910 Clopper Road, Suites 260S and 280S, Gaithersburg, Maryland 20878, which consists of laboratory and office space where the Company will conduct operations related to its primary service offerings. The Company executed this lease on April 1, 2018. The operating commencement date is May 1, 2018. This lease expires in August 31, 2028. The Company recognized nil of rental expense for fiscal 2018 and 2017. |
2019 | $ | 437,983 | |
2020 | 740,249 | ||
2021 | 817,864 | ||
2022 | 790,243 | ||
2023 | 745,872 | ||
Thereafter | $ | 3,798,433 | |
Total | $ | 7,330,644 |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
General and administrative | $ | 689 | $ | 2,193 | |||
Sales and marketing | 112 | 201 | |||||
Research and development | 166 | 216 | |||||
TOS cost of sales | 65 | 50 | |||||
POS cost of sales | 2 | 2 | |||||
Total stock-based compensation expense | $ | 1,034 | $ | 2,662 |
Year Ended April 30, | |||
2018 | 2017 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 1.8% - 2.6% | 0.6% - 1.9% | |
Volatility | 84% - 88% | 72% - 88% | |
Dividend yield | —% | —% |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2017 | 50,000 | 2,258,704 | 2,308,704 | $ | 2.86 | 6.1 | $ | 1,282,000 | ||||||||||
Granted | — | 455,310 | 455,310 | 3.01 | 9.6 | $ | 603,000 | |||||||||||
Exercised | — | (12,500 | ) | (12,500 | ) | 3.00 | ||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (7,042 | ) | (7,042 | ) | 6.86 | ||||||||||||
Expired | — | (38,627 | ) | (38,627 | ) | 5.21 | ||||||||||||
Outstanding, April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested and expected to vest as of April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested as of April 30, 2018 | 25,836 | 2,436,263 | 2,462,099 | 2.79 | 5.6 | $ | 5,036,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2016 | 51,250 | 2,161,507 | 2,212,757 | $ | 5.58 | 6.1 | $ | 10,000 | ||||||||||
Granted | — | 2,420,681 | 2,420,681 | 1.99 | ||||||||||||||
Exercised | — | — | — | — | ||||||||||||||
Canceled | — | (1,793,779 | ) | (1,793,779 | ) | 4.92 | ||||||||||||
Forfeited | — | (421,487 | ) | (421,487 | ) | 2.03 | ||||||||||||
Expired | (1,250 | ) | (108,218 | ) | (109,468 | ) | 7.86 | |||||||||||
Outstanding, April 30, 2017 | 50,000 | 2,258,704 | 2,308,704 | 2.86 | 6.1 | $ | 1,282,000 | |||||||||||
Vested and expected to vest as of April 30, 2017 | 50,000 | 2,258,704 | 2,308,704 | 6.1 | $ | 1,282,000 | ||||||||||||
Vested as of April 30, 2017 | 33,336 | 2,028,469 | 2,061,805 | 2.93 | 5.9 | $ | 1,101,000 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | — | — | — | — | |||||||||
Outstanding, April 30, 2018 | 2,004,284 | $ | 5.57 | 1.8 | $ | — |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding, May 1, 2016 | 2,109,840 | $ | 5.54 | 3.6 | $ | — | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Forfeited | — | — | — | — | |||||||||
Expired | (105,556 | ) | 4.80 | — | — | ||||||||
Outstanding, April 30, 2017 | 2,004,284 | $ | 5.57 | 2.8 | $ | — |
• | Level one — Quoted market prices in active markets for identical assets or liabilities; |
• | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and |
• | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Year Ended April 30, 2018 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||
Total | $ | — | $ | 3 | $ | 30 | $ | 33 |
Year Ended April 30, 2017 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | (14 | ) | $ | — | $ | 33 | $ | 19 | ||||||
Total | $ | (14 | ) | $ | — | $ | 33 | $ | 19 |
Year Ended April 30, | |||||
2018 | 2017 | ||||
Federal income tax at statutory rate | 29.7 | % | 34.0 | % | |
US vs. foreign tax rate difference | 0.1 | — | |||
State income tax, net of federal benefit | (0.2 | ) | 3.9 | ||
Permanent differences | (2.0 | ) | (0.2 | ) | |
Increase in uncertain tax position | (2.1 | ) | 1.6 | ||
Other | 2.5 | (0.3 | ) | ||
Change in valuation allowance | 498.0 | (39.8 | ) | ||
Changes in tax rates | (528.0 | ) | 0.5 | ||
Income tax expense | (2.0 | )% | (0.3 | )% |
As of April 30, | |||||||
2018 | 2017 | ||||||
Accrued liabilities | $ | 71 | $ | 103 | |||
Depreciation and amortization | (58 | ) | — | ||||
State taxes | 1 | 22 | |||||
Stock-based compensation expense | 4,466 | 6,503 | |||||
Capitalized research and development costs | 43 | 195 | |||||
Foreign net operating loss carry-forward | 208 | 214 | |||||
Net operating loss carry-forward | 9,678 | 14,786 | |||||
Total deferred tax assets | 14,409 | 21,823 | |||||
Less: Valuation allowance | (14,409 | ) | (21,779 | ) | |||
Net deferred tax asset | $ | — | $ | 44 |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
Balance, beginning of the year | $ | 121 | $ | 165 | |||
Addition based on tax positions related to prior years | — | — | |||||
Payment made on tax positions related to prior years | — | (84 | ) | ||||
Addition based on tax positions related to current year | 30 | 40 | |||||
Balance, end of year | $ | 151 | $ | 121 |
• | An allocation or shift of income between taxing jurisdictions; |
• | The characterization of income or a decision to exclude reportable taxable income in a tax return; or |
• | A decision to classify a transaction, entity or other position in a tax return as tax exempt. |
Year Ended April 30 | |||||
2018 | 2017 | ||||
Stock options | 2,705,845 | 2,308,704 | |||
Warrants | 2,004,284 | 2,004,284 | |||
Total common stock equivalents | 4,710,129 | 4,312,988 |
Year Ended April 30, 2018 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | — | $ | 3 | $ | 30 | $ | 33 | |||||||
Total | $ | — | $ | 3 | $ | 30 | $ | 33 |
Year Ended April 30, 2017 | |||||||||||||||
Federal | State | Foreign | Total | ||||||||||||
Current | $ | (14 | ) | $ | — | $ | 33 | $ | 19 | ||||||
Total | $ | (14 | ) | $ | — | $ | 33 | $ | 19 |
As of April 30, | |||||||
2018 | 2017 | ||||||
Accrued liabilities | $ | 71 | $ | 103 | |||
Depreciation and amortization | (58 | ) | — | ||||
State taxes | 1 | 22 | |||||
Stock-based compensation expense | 4,466 | 6,503 | |||||
Capitalized research and development costs | 43 | 195 | |||||
Foreign net operating loss carry-forward | 208 | 214 | |||||
Net operating loss carry-forward | 9,678 | 14,786 | |||||
Total deferred tax assets | 14,409 | 21,823 | |||||
Less: Valuation allowance | (14,409 | ) | (21,779 | ) | |||
Net deferred tax asset | $ | — | $ | 44 |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
Basic and diluted net loss per share computation (dollars in thousands except per share amounts) | |||||||
Net loss attributable to common stockholders | $ | (1,476 | ) | $ | (6,884 | ) | |
Weighted Average common shares | 10,991,105 | 10,684,395 | |||||
Basic and diluted net loss per share | $ | (0.13 | ) | $ | (0.64 | ) |
Year Ended April 30, | |||||
2018 | 2017 | ||||
Federal income tax at statutory rate | 29.7 | % | 34.0 | % | |
US vs. foreign tax rate difference | 0.1 | — | |||
State income tax, net of federal benefit | (0.2 | ) | 3.9 | ||
Permanent differences | (2.0 | ) | (0.2 | ) | |
Increase in uncertain tax position | (2.1 | ) | 1.6 | ||
Other | 2.5 | (0.3 | ) | ||
Change in valuation allowance | 498.0 | (39.8 | ) | ||
Changes in tax rates | (528.0 | ) | 0.5 | ||
Income tax expense | (2.0 | )% | (0.3 | )% |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
General and administrative | $ | 689 | $ | 2,193 | |||
Sales and marketing | 112 | 201 | |||||
Research and development | 166 | 216 | |||||
TOS cost of sales | 65 | 50 | |||||
POS cost of sales | 2 | 2 | |||||
Total stock-based compensation expense | $ | 1,034 | $ | 2,662 |
For the Years Ended April 30, | 2019 | $ | 28 | ||
2020 | 16 | ||||
Total minimum lease payments | 44 | ||||
Less: amount representing interest | (2 | ) | |||
Present value of minimum payments | 42 | ||||
Less: current portion | (26 | ) | |||
$ | 16 |
2019 | $ | 437,983 | |
2020 | 740,249 | ||
2021 | 817,864 | ||
2022 | 790,243 | ||
2023 | 745,872 | ||
Thereafter | $ | 3,798,433 | |
Total | $ | 7,330,644 |
April 30, | |||||||
2018 | 2017 | ||||||
Furniture and fixtures | $ | 73 | $ | 74 | |||
Computer equipment and software | 973 | 872 | |||||
Laboratory equipment | 2,490 | 918 | |||||
Assets in progress | 15 | 472 | |||||
Leasehold improvements | — | 2 | |||||
Total property and equipment | 3,551 | 2,338 | |||||
Less: Accumulated depreciation and amortization | (1,468 | ) | (1,122 | ) | |||
Property and equipment, net | $ | 2,083 | $ | 1,216 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2017 | 50,000 | 2,258,704 | 2,308,704 | $ | 2.86 | 6.1 | $ | 1,282,000 | ||||||||||
Granted | — | 455,310 | 455,310 | 3.01 | 9.6 | $ | 603,000 | |||||||||||
Exercised | — | (12,500 | ) | (12,500 | ) | 3.00 | ||||||||||||
Canceled | — | — | — | — | ||||||||||||||
Forfeited | — | (7,042 | ) | (7,042 | ) | 6.86 | ||||||||||||
Expired | — | (38,627 | ) | (38,627 | ) | 5.21 | ||||||||||||
Outstanding, April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested and expected to vest as of April 30, 2018 | 50,000 | 2,655,845 | 2,705,845 | 2.85 | 5.9 | $ | 5,265,000 | |||||||||||
Vested as of April 30, 2018 | 25,836 | 2,436,263 | 2,462,099 | 2.79 | 5.6 | $ | 5,036,000 |
Non- Employees | Directors and Employees | Total | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding, May 1, 2016 | 51,250 | 2,161,507 | 2,212,757 | $ | 5.58 | 6.1 | $ | 10,000 | ||||||||||
Granted | — | 2,420,681 | 2,420,681 | 1.99 | ||||||||||||||
Exercised | — | — | — | — | ||||||||||||||
Canceled | — | (1,793,779 | ) | (1,793,779 | ) | 4.92 | ||||||||||||
Forfeited | — | (421,487 | ) | (421,487 | ) | 2.03 | ||||||||||||
Expired | (1,250 | ) | (108,218 | ) | (109,468 | ) | 7.86 | |||||||||||
Outstanding, April 30, 2017 | 50,000 | 2,258,704 | 2,308,704 | 2.86 | 6.1 | $ | 1,282,000 | |||||||||||
Vested and expected to vest as of April 30, 2017 | 50,000 | 2,258,704 | 2,308,704 | 6.1 | $ | 1,282,000 | ||||||||||||
Vested as of April 30, 2017 | 33,336 | 2,028,469 | 2,061,805 | 2.93 | 5.9 | $ | 1,101,000 |
Year Ended April 30, | |||
2018 | 2017 | ||
Expected term in years | 3 - 6 | 3 - 6 | |
Risk-free interest rates | 1.8% - 2.6% | 0.6% - 1.9% | |
Volatility | 84% - 88% | 72% - 88% | |
Dividend yield | —% | —% |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
Balance, beginning of the year | $ | 121 | $ | 165 | |||
Addition based on tax positions related to prior years | — | — | |||||
Payment made on tax positions related to prior years | — | (84 | ) | ||||
Addition based on tax positions related to current year | 30 | 40 | |||||
Balance, end of year | $ | 151 | $ | 121 |
• | Level one — Quoted market prices in active markets for identical assets or liabilities; |
• | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and |
• | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
April 30, | |||||||
2018 | 2017 | ||||||
Furniture and fixtures | $ | 73 | $ | 74 | |||
Computer equipment and software | 973 | 872 | |||||
Laboratory equipment | 2,490 | 918 | |||||
Assets in progress | 15 | 472 | |||||
Leasehold improvements | — | 2 | |||||
Total property and equipment | 3,551 | 2,338 | |||||
Less: Accumulated depreciation and amortization | (1,468 | ) | (1,122 | ) | |||
Property and equipment, net | $ | 2,083 | $ | 1,216 |
For the Years Ended April 30, | 2019 | $ | 28 | ||
2020 | 16 | ||||
Total minimum lease payments | 44 | ||||
Less: amount representing interest | (2 | ) | |||
Present value of minimum payments | 42 | ||||
Less: current portion | (26 | ) | |||
$ | 16 |
Year Ended April 30, | |||||||
2018 | 2017 | ||||||
Basic and diluted net loss per share computation (dollars in thousands except per share amounts) | |||||||
Net loss attributable to common stockholders | $ | (1,476 | ) | $ | (6,884 | ) | |
Weighted Average common shares | 10,991,105 | 10,684,395 | |||||
Basic and diluted net loss per share | $ | (0.13 | ) | $ | (0.64 | ) |
Year Ended April 30 | |||||
2018 | 2017 | ||||
Stock options | 2,705,845 | 2,308,704 | |||
Warrants | 2,004,284 | 2,004,284 | |||
Total common stock equivalents | 4,710,129 | 4,312,988 |
• | An allocation or shift of income between taxing jurisdictions; |
• | The characterization of income or a decision to exclude reportable taxable income in a tax return; or |
• | A decision to classify a transaction, entity or other position in a tax return as tax exempt. |