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GOING CONCERN | 12 Months Ended
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Apr. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
GOING CONCERN | NOTE 3 — GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2025, the Company had cash of approximately $8.2 million, working capital of approximately $8.0 million which consists primarily of cash and prepaid expenses and other current assets and an accumulated deficit of approximately $93.4 million. The Company had a net loss and cash used in operating activities of approximately $20.6 million and $9.9 million, respectively, for the year ended April 30, 2025. As a result of the utilization of cash in its operating activities, and the development of its assets, the Company has incurred losses since it commenced operations. The Company’s primary source of operating funds since inception has been equity financing. As noted in Note 10, in November 2024, the Company completed a registered offering which raised total gross proceeds of approximately $10.2 million before deducting fees and other estimated offering expenses. As of the date of filing the annual report for the year ended April 30, 2025, the Company has sufficient cash to fund its corporate activities and general and administrative costs and currently undertaken project activities related to permitting and engineering studies. However, in order to advance any of its projects past the aforementioned objectives the Company does not have sufficient cash and will need to raise additional funds. These matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these consolidated financial statements. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-40/tableOfContent + Details
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