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WARRANT LIABILITY (Tables) | 9 Months Ended
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Jan. 31, 2024
Warrant Liability |
SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY | The key inputs for the warrant liability were as follows as of January 31, 2024: SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY
Key Valuation Inputs |  |  |
Expected term (years) |  |  | 4.69 |
Annualized volatility |  |  | 77.3 | %
Volatility if fundamental transaction occurs |  |  | 100.00 | %
Risk-free interest rate |  |  | 3.93 | %
Stock price |  | $ | 3.70 |
Dividend yield |  |  | 0.00 | %
Exercise price |  | $ | 6.16 |
Probability of fundamental transaction |  |  | 90 | %
Date of fundamental transaction |  |  | 0.25 years to 4.70 years |
The key inputs for the warrant liability were as follows as of April 30, 2023:
Key Valuation Inputs |  |  |
Expected term (years) |  |  | 5.45 |
Annualized volatility |  |  | 81.4 | %
Volatility if fundamental transaction occurs |  |  | 100.00 | %
Risk-free interest rate |  |  | 3.51 | %
Stock price |  | $ | 4.31 |
Dividend yield |  |  | 0.00 | %
Exercise price |  | $ | 6.16 |
Probability of fundamental transaction |  |  | 90 | %
Date of fundamental transaction |  |  | 1.00 years to 5.45 years |
SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY | The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the nine months ended January 31, 2024: SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY
|  | Warrant Liability |
Fair value as of April 30, 2023 |  | $ | 4,230,850 |
Change in fair value |  |  | (1,091,350 | )
Fair value as of January 31, 2024 |  | $ | 3,139,500 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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