Annual report pursuant to Section 13 and 15(d)

STOCKHOLDERS??? EQUITY (Tables)

v3.23.2
STOCKHOLDERS’ EQUITY (Tables)
12 Months Ended
Apr. 30, 2023
Equity [Abstract]  
SCHEDULE OF WARRANT LIABILITY

 

       
Net proceeds on March 18, 2022   $ 4,559,600  
Less:        
Proceeds allocated to warrant liability     (3,652,000 )
Plus:        
Offering cost associated with warrant liability     190,840  
         
Net proceeds on March 18, 2022 allocated to equity   $ 1,098,440  
 
      -  
Net proceeds on April 10, 2023   $ 4,550,210  
Less:        
Proceeds allocated to warrant liability     (3,088,500 )
Plus:        
Offering cost associated with warrant liability     279,487  
         
Net proceeds on April 10, 2023 allocated to equity   $ 1,741,197  
 
SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS

A summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows:

 

    Restricted
Stock Units
    Weighted
Average
Grant-Date
Fair Value
Per Share
 
Balance at April 30, 2021     346,802     $ 10.30  
Granted     104,064       7.45  
Vested and converted     (1,116 )     11.21  
Forfeited     (8,348 )     12.16  
Balance at April 30, 2022     441,402       9.57  
Vested and converted into common stock     (7,927 )     9.34  
Balance at April 30, 2023     433,475     $ 9.57  
SCHEDULE OF STOCK OPTION ACTIVITY

The following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022:

 

    Number of
Options
    Weighted
Average
Exercise
Price
    Weighted
Average
Remaining
Contractual
Life
(Years)
 
Balance at April 30, 2021     95,000     $ 14.63       1.57  
Granted     58,060       6.93       5.00  
Exercised                  
Forfeited                  
Cancelled     (5,000 )     13.40        
Balance at April 30, 2022     148,060       11.65       2.23  
Granted     140,000       5.02       5.00  
Exercised                  
Forfeited                  
Cancelled     (95,310 )     14.27        
Balance at April 30, 2023     192,750       5.73       4.44  
                         
Options exercisable at end of year     179,650     $ 5.44          
Options expected to vest     13,100     $ 6.93          
Weighted average fair value of options granted during the year           $ 3.31          
SCHEDULE OF STOCK OPTION

 

    For the Year Ended
April 30, 2022
 
Risk free interest rate     1.53 %
Dividend yield     0.00 %
Expected volatility     82 %
Contractual and expected term (in years)     5.0  
Forfeiture rate     0.00 %
 
    For the Year Ended
April 30, 2023
 
Risk free interest rate     3.53 %
Dividend yield     0.00 %
Expected volatility     80 %
Contractual and expected term (in years)     5.0  
Forfeiture rate     0.00 %
 
SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION

Stock-based expense for stock options were recorded in the following as reflected in the consolidated statements of operations:

    For the Year Ended
April 30, 2023
    For the Year Ended
April 30, 2022
 
Compensation and related taxes – general and administrative   $ 188,488     $ 39,475  
Professional and consulting fees     304,520       144,000  
Total   $ 493,008     $ 183,475  
SCHEDULE OF STOCK WARRANT ACTIVITY

The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022:

 

    Number of Warrants     Weighted Average
Exercise
Price
    Weighted Average Remaining Contractual
Life
(Years)
 
Warrants with no Class designation:                        
Balance at April 30, 2021     1,428,794     $ 12.00       4.08  
Granted     817,370       8.46       5.39  
Exercised     (166,667 )     6.00       3.33  
Forfeited     (170,235 )     31.25        
Canceled                  
Balance at April 30, 2022     1,909,262       9.29       4.38  
Granted     870,000       6.16       5.51  
Exercised                  
Forfeited                  
Canceled                  
Balance at April 30, 2023     2,779,262       7.76       4.27  
Class A Warrants:                        
Balance at April 30, 2021     109,687       11.40       3.22  
Granted                  
Exercised                  
Forfeited                  
Canceled                  
Balance at April 30, 2022     109,687       11.40       2.22  
Granted                  
Exercised                  
Forfeited                  
Canceled                  
Balance at April 30, 2023     109,687       11.40       1.22  
Total Warrants Outstanding at April 30, 2023     2,888,949     $ 7.90       4.15  
 Warrants exercisable at end of year     2,018,949     $ 8.65          
Weighted average fair value of warrants granted during the year           $ 3.55