Annual report pursuant to Section 13 and 15(d)

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)

12 Months Ended

Apr. 30, 2024

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

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 key inputs for the warrant liability were as follows as of April 30, 2023:

Key Valuation Inputs
Expected term (years)		5.45
Annualized volatility		81.4	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.51	%
Stock price	$	4.31
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		90	%
Date of fundamental transaction		1.00 years to 5.45 years

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITY

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30, 2024 and 2023:

	Warrant Liability
Fair value as of April 30, 2022	$	2,440,000
Initial fair value of warrant liability upon issuance		3,088,500
Change in fair value due to modification of warrants		262,500
Change in fair value of warrant liability		(1,560,150	)
Fair value as of April 30, 2023		4,230,850
Change in fair value of warrant liability		(313,950	)
Fair value as of April 30, 2024	$	3,916,900