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Note 14 – Warrants

3 Months Ended

Jul. 31, 2024

Note 14 – 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 were:


		Upon Issuance
Date of Transaction		Number of Warrants		Initial Fair Value
	October 2020		399,998	$	267,999
	January 2021		675,000	$	2,870,666

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 summarizes the changes in warrants outstanding since April 30, 2023.

	Number of Shares		Weighted-average Exercise Price per Share		Weighted-average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance as of April 30, 2023	1,539,999			3.38		2.89	$	—
Granted	736,000		$	0.63
Exercised	—			—
Outstanding as of April 30, 2024	2,275,999			2.49		2.77	$	—
Granted	—			—
Exercised	(454,708	)		0.63
Outstanding at July 31, 2024	1,821,291		$	2.96		2.05	$	389,589