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Warrants

8 Months Ended

Dec. 31, 2024

Note 18 – Warrants

In October 2020, the Company issued warrants to purchase 399,998 shares of common stock in connection with a convertible note financing with an initial fair value of $267,999. The warrants have a five-year term and an exercise price of $1.50.

In January 2021, the Company issued warrants to purchase 675,000 shares of common stock in connection with a convertible note financing with an initial fair value of $2,870,666. The warrants have a five-year term and an exercise price of $1.50.

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.

In November 2024, the Company issued warrants to purchase 326,000 shares of common stock to Lind, as further described in Note 13. The warrants have a five-year term and an exercise price of $9.20. 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 presents the range of assumptions used to estimate the fair values of the stock warrants granted during the eight months ended December 31, 2024 and fiscal years ended April 30, 2024 and 2023:

	December 31, 2024			April 30, 2024			April 30, 2023
Risk-free interest rate		4.01 – 4.17	%		4.25	%		—
Expected dividend yield		—			—			—
Expected term (in years)		5.00			5.00			—
Expected volatility		89.3 – 93.5	%		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		—		$	—		5.00
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
Granted		1,076,000			7.32		5.00
Exercised		(2,437,943	)		3.77
Outstanding at December 31, 2024		914,056			4.76		2.40		7,397,542