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Note 9 – Other Long-Term Assets

3 Months Ended

Jul. 31, 2024

Note 9 – Other Long-Term Assets

Other long-term assets included:

	July 31, 2024		April 30, 2024
SAFE agreement	$	250,000	$	250,000
Security deposits		43,126		43,126
Total	$	293,126	$	293,126

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 of $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 evaluates the investment for any indications of impairment in value on a quarterly basis. No factors indicative of impairment were identified during the three months ended July 31, 2024.