STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Apr. 30, 2023

		-
Net proceeds on March 18, 2022	$	4,559,600
Less:
Proceeds allocated to warrant liability		(3,652,000	)
Plus:
Offering cost associated with warrant liability		190,840

Net proceeds on March 18, 2022 allocated to equity	$	1,098,440

Net proceeds on April 10, 2023	$	4,550,210
Less:
Proceeds allocated to warrant liability		(3,088,500	)
Plus:
Offering cost associated with warrant liability		279,487

Net proceeds on April 10, 2023 allocated to equity	$	1,741,197

A summary of the of changes in restricted stock units outstanding during the years ended April 30, 2023 and 2022, is as follows:

	Restricted Stock Units			Weighted Average Grant-Date Fair Value Per Share
Balance at April 30, 2021		346,802		$	10.30
Granted		104,064			7.45
Vested and converted		(1,116	)		11.21
Forfeited		(8,348	)		12.16
Balance at April 30, 2022		441,402			9.57
Vested and converted into common stock		(7,927	)		9.34
Balance at April 30, 2023		433,475		$	9.57

The following is a summary of the Company’s stock option activity during the years ended April 30, 2023 and 2022:

SCHEDULE OF STOCK OPTION ACTIVITY

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Balance at April 30, 2021		95,000		$	14.63		1.57
Granted		58,060			6.93		5.00
Exercised		—			—		—
Forfeited		—			—		—
Cancelled		(5,000	)		13.40		—
Balance at April 30, 2022		148,060			11.65		2.23
Granted		140,000			5.02		5.00
Exercised		—			—		—
Forfeited		—			—		—
Cancelled		(95,310	)		14.27		—
Balance at April 30, 2023		192,750			5.73		4.44

Options exercisable at end of year		179,650		$	5.44
Options expected to vest		13,100		$	6.93
Weighted average fair value of options granted during the year				$	3.31

	For the Year Ended April 30, 2022
Risk free interest rate		1.53	%
Dividend yield		0.00	%
Expected volatility		82	%
Contractual and expected term (in years)		5.0
Forfeiture rate		0.00	%

	For the Year Ended April 30, 2023
Risk free interest rate		3.53	%
Dividend yield		0.00	%
Expected volatility		80	%
Contractual and expected term (in years)		5.0
Forfeiture rate		0.00	%

Stock-based expense for stock options were recorded in the following as reflected in the consolidated statements of operations:

	For the Year Ended April 30, 2023		For the Year Ended April 30, 2022
Compensation and related taxes – general and administrative	$	188,488	$	39,475
Professional and consulting fees		304,520		144,000
Total	$	493,008	$	183,475

The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2023 and 2022:

SCHEDULE OF STOCK WARRANT ACTIVITY

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants with no Class designation:
Balance at April 30, 2021		1,428,794		$	12.00		4.08
Granted		817,370			8.46		5.39
Exercised		(166,667	)		6.00		3.33
Forfeited		(170,235	)		31.25		—
Canceled		—			—		—
Balance at April 30, 2022		1,909,262			9.29		4.38
Granted		870,000			6.16		5.51
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2023		2,779,262			7.76		4.27
Class A Warrants:
Balance at April 30, 2021		109,687			11.40		3.22
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2022		109,687			11.40		2.22
Granted		—			—		—
Exercised		—			—		—
Forfeited		—			—		—
Canceled		—			—		—
Balance at April 30, 2023		109,687			11.40		1.22
Total Warrants Outstanding at April 30, 2023		2,888,949		$	7.90		4.15
Warrants exercisable at end of year		2,018,949		$	8.65
Weighted average fair value of warrants granted during the year				$	3.55