WARRANT LIABILITY (Tables)

6 Months Ended

Oct. 31, 2024

The key inputs for the warrant liability were as follows as of October 31, 2024:

Key Valuation Inputs
Expected term (years)		3.94
Annualized volatility		61.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.13	%
Stock price	$	6.15
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.94 years

The key inputs for the warrant liability were as follows as of April 30, 2024:

Key Valuation Inputs
Expected term (years)		4.45
Annualized volatility		78.9	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.75	%
Stock price	$	4.18
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 4.45 years

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the six months ended October 31, 2024: