STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Apr. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF WARRANT LIABILITY |
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:
SCHEDULE
OF ACTIVITY RESTRICTED STOCK UNITS
|
|
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:
SCHEDULE
OF STOCK OPTION ACTIVITY
|
|
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 |
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:
SCHEDULE
OF STOCK-BASED EXPENSE FOR STOCK OPTION
|
|
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:
SCHEDULE
OF STOCK WARRANT ACTIVITY
|
|
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 |
|
|
|
|
|
|