WARRANT LIABILITY (Tables)

3 Months Ended

Jul. 31, 2022

The key inputs for the warrant liability were as follows as of July 31, 2022:

Key Valuation Inputs
Expected term (years)		5.13
Annualized volatility		81.7	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		2.70	%
Stock price	$	4.15
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.60 years to 5.1 years

The key inputs for the warrant liability were as follows as of April 30, 2022:

Key Valuation Inputs
Expected term (years)		5.39
Annualized volatility		84.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		2.92	%
Stock price	$	5.65
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.90 years to 5.4 years

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the three months ended July 31, 2022: