STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Apr. 30, 2024 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF WARRANT LIABILITY |
SCHEDULE
OF WARRANT LIABILITY
| |
|
|
|
|
| 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 |
|
|
| SCHEDULE OF ACTIVITY RESTRICTED STOCK UNITS |
A
summary of the of changes in restricted stock units outstanding during the years ended April 30, 2024 and 2023, is as follows:
SCHEDULE
OF ACTIVITY RESTRICTED STOCK UNITS
| |
|
Restricted
Stock Units |
|
|
Weighted
Average
Grant-Date
Fair Value
Per Share |
|
| 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 |
|
| Vested
and converted into common stock |
|
|
- |
|
|
|
- |
|
| Balance
at April 30, 2024 |
|
|
433,475 |
|
|
$ |
10.31 |
|
|
| SCHEDULE OF STOCK OPTION ACTIVITY |
The
following is a summary of the Company’s stock option activity during the years ended April 30, 2024 and 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
|
Number
of
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Life
(Years) |
|
| 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 |
|
|
|
5.54 |
|
|
|
4.44 |
|
| Granted |
|
|
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Cancelled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance
at April 30, 2024 |
|
|
192,750 |
|
|
|
5.54 |
|
|
|
3.44 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Options
exercisable at end of year |
|
|
186,200 |
|
|
$ |
5.49 |
|
|
|
|
|
| Options
expected to vest |
|
|
6,550 |
|
|
$ |
6.93 |
|
|
|
|
|
| Weighted
average fair value of options granted during the year |
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
| SCHEDULE OF STOCK OPTION VALUATION ASSUMPTION |
SCHEDULE
OF STOCK OPTION VALUATION ASSUMPTION
| |
|
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 |
% |
|
| SCHEDULE OF STOCK-BASED EXPENSE FOR STOCK OPTION |
Stock-based
expense for stock options were recorded in the following as reflected in the consolidated statements of operations:
SCHEDULE
OF STOCK-BASED EXPENSE FOR STOCK OPTION
| |
|
For
the Year
Ended
April 30, 2024
|
|
|
For
the Year
Ended
April 30, 2023
|
|
| Compensation
and related taxes – general and administrative |
|
$ |
29,608 |
|
|
$ |
188,488 |
|
| Professional
and consulting fees |
|
|
- |
|
|
|
304,520 |
|
| Total |
|
$ |
29,608 |
|
|
$ |
493,008 |
|
|
| SCHEDULE OF STOCK WARRANT ACTIVITY |
The
following is a summary of the Company’s stock warrant activity during the years ended April 30, 2024 and 2023:
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, 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 |
|
| Granted |
|
|
1,400,000 |
|
|
|
4.48 |
|
|
|
5.47 |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Canceled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance
at April 30, 2024 |
|
|
4,179,262 |
|
|
|
6.66 |
|
|
|
4.01 |
|
| Class
A Warrants: |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Canceled |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance
at April 30, 2024 |
|
|
109,687 |
|
|
|
11.40 |
|
|
|
0.64 |
|
| Total
Warrants Outstanding at April 30, 2024 |
|
|
4,288,949 |
|
|
$ |
6.79 |
|
|
|
3.92 |
|
| Warrants
exercisable at end of year |
|
|
2,888,949 |
|
|
$ |
7.90 |
|
|
|
|
|
| Weighted
average fair value of warrants granted during the year |
|
|
|
|
|
$ |
4.48 |
|
|
|
|
|
|