Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (13,930,882) $ (12,387,094)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 34,794 22,886
Accretion 22,064 17,477
Amortization of right-of-use asset 40,031
Stock based compensation 1,669,987 3,602,493
Abandonment of mineral properties 56,329
Amortization of prepaid stock based expenses 530,194 40,105
Change in fair value of warrant liability (1,212,000)
Changes in operating assets and liabilities:    
Income tax receivable 219,072
Prepaid expenses and other current assets (42,236) (151,497)
Reclamation bond deposit (114,000) (362,953)
Accounts payable and accrued liabilities 466,367 356,005
Accounts payable - related parties (3,459)
Operating lease liability (39,731)
NET CASH USED IN OPERATING ACTIVITIES (12,575,412) (8,590,636)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (178,972) (42,991)
Proceeds received in connection with the share exchange agreement 2,500,000
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (178,972) 2,457,009
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of preferred stock, net of issuance cost 5,530,004
Issuance of common stock, net of offering costs 7,220,490 8,999,077
Issuance of common stock for exercise of warrants 1,000,001 2,499,994
NET CASH PROVIDED BY FINANCING ACTIVITIES 8,220,491 17,029,075
NET (DECREASE) INCREASE IN CASH (4,533,893) 10,895,448
CASH - beginning of year 13,645,405 2,749,957
CASH - end of year 9,111,512 13,645,405
Cash paid for:    
Interest
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:    
Issuance of common stock for prepaid services and accrued services 850,500 106,250
Deemed dividend related to beneficial conversion feature of preferred stock 5,530,004
Issuance of common stock in connection with conversion of preferred stock 2,011
Operating lease right-of-use asset and operating lease liability recorded upon adoption of ASC 842 104,095
Assumption of liabilities in connection with the share exchange agreement 108,652
Increase in acquisition of mineral properties in connection with the share exchange agreement 10,249,632
Increase in asset retirement cost and obligation 33,517 18,746
Initial valuation of warrant liability $ 3,652,000