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Note 16 – Warrants

6 Months Ended

Oct. 31, 2024

Note 16 – 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

As of October 31, 2024, 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.

In September 2024, the Company issued warrants to purchase 750,000 shares of common stock to Lind, as further described in Note 13. The warrants have a five-year term and an exercise price of $6.50. No value was assigned to the warrants under the Monte Carlo simulation model due to the fair market value of the convertible note payable being in excess of the proceeds received.

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	750,000			6.50		5.00
Exercised	(733,792	)		0.63
Outstanding at October 31, 2024	2,292,207		$	4.40		2.51	$	1,263,775