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Note 18 – Warrants
 12 Months Ended
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