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Note 9 – Other Long Term Assets | 12 Months Ended
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Apr. 30, 2023
Note 9 Other Long Term Assets |
Note 9 – Other Long Term Assets | Note 9 – Other Long Term Assets Other long term assets as of April 30 consisted of:
|  | 2023 |  | 2022
SAFE agreement |  | $ | 250,000 |  |  | $ | — |
Security deposits |  |  | 57,033 |  |  |  | 57,033 |
Total |  | $ | 307,033 |  |  | $ | 57,033 |
In November 2022, the Company entered into a SAFE (Simple Agreement for Future Equity) agreement with Firestorm Labs, Inc. (“Firestorm”) under which it made a payment $250,000 to Firestorm in exchange for the right to certain shares of Firestorm stock. The SAFE permits the Company to participate in a future equity financing of Firestorm by converting the $250,000 into shares of Preferred Stock of Firestorm. If there is a change in control of Firestorm or a public offering of shares of its stock, then the Company shall have the right to receive cash payments, or shares of stock, whichever has greater value. The Company’s investment in the SAFE agreement has been recorded on the cost method of accounting. The Company plans to evaluate the investment for any indications of impairment in value on a quarterly basis. No factors indicative of impairment were identified during the fiscal year ended April 30, 2023.

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