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Note 18 – Warrants | 12 Months Ended
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Apr. 30, 2024
Note 18 Warrants |
Note 18 – Warrants | Note 18 – Warrants The Company issued 5 year warrants to investors in connection with two convertible note financings. The warrants have an exercise price of $1.50. The warrants were valued using the multinominal lattice The value of the warrants was included in the determination of the initial accounting for each financing. A summary of the warrants issued and their fair values were:
|  | Upon Issuance |  | Outstanding at April 30, 2024
Date of Transaction |  | Number of Warrants |  | Initial Fair Value |  | Number of Warrants |  | Fair Value
| October 2020 |  |  |  | 399,998 |  |  | $ | 267,999 |  |  |  | 266,666 |  |  | $ | 209,938 |
| January 2021 |  |  |  | 675,000 |  |  | $ | 2,870,666 |  |  |  | 540,000 |  |  | $ | 443,242 |
To date, we have received $301,248 related to the exercise of 268,332 warrants. In May 2021, the Company issued warrants to purchase 200,000 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $5.00. In July 2021, the Company issued warrants to purchase 533,333 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $5.625. In December 2023, the Company issued warrants to purchase 736,000 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $0.625. The following table presents the range of assumptions used to estimate the fair values of the stock warrants granted during the fiscal years ended April 30:
|  | 2024 |  | 2023
Risk-free interest rate |  |  | 4.25 | % |  |  | — |
Expected dividend yield |  |  | — |  |  |  | — |
Expected term (in years) |  |  | 5.00 |  |  |  | — |
Expected volatility |  |  | 205.50 | % |  |  | — |
The following table summarizes the changes in warrants outstanding since April 30, 2022.
|  | Number of Shares |  | Weighted-average Exercise Price per Share |  | Weighted-average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
| Balance as of April 30, 2022 | 1,539,999 |  |  |  | 3.38 |  |  |  | 3.89 |  |  | $ | 427,533 |
| Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
| Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
| Outstanding as of April 30, 2023 | 1,539,999 |  |  |  | 3.38 |  |  |  | 2.89 |  |  | $ | — |
| Granted | 736,000 |  |  |  | 0.63 |  |  |  |  |  |  |  |  |
| Exercised | — |  |  |  | — |  |  |  |  |  |  |  |  |
| Outstanding at April 30, 2024 | 2,275,999 |  |  | $ | 2.49 |  |  |  | 2.77 |  |  | $ | 666,080 |

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