v3.23.1
Stockholders' Equity (Deficit) (Tables)
9 Months Ended 12 Months Ended
Jan. 31, 2023
Apr. 30, 2022
Class of Stock [Line Items]    
Summary of Common Stock
During the nine months ended January 31, 2023, the Company issued 5,025,917 shares of Common Stock, as set forth in the below table:
 
    
Number of Shares
 
Issuance of Common Stock in IPO
     1,500,000  
Conversion of $1.5M notes to Common Stock (see Note 4)
     909,071  
Conversion of Bridge Notes and accrued interest to Common Stock (see Note 4)
     1,544,114  
Conversion of Series A Preferred Stock to Common Stock
     703,290  
Conversion of Series C Preferred Stock to Common Stock
     230,086  
Exercise of
pre-funded
warrants
     139,356  
  
 
 
 
Common Stock issued during the nine months ended January 31, 2023
     5,025,917  
  
 
 
 
Summary table of Common Stock share transactions:
  
Balance at April 30, 2022
     3,323,942  
Issued in Fiscal 2023
     5,025,917  
  
 
 
 
Balance at January 31, 2023
     8,349,859  
  
 
 
 
 
Summary of Warrant Activity
The following is a summary of warrant activity during the nine months ended January 31, 2023:
 
    
Warrants
Outstanding
and
Exercisable
    
Exercise

Price
Per Share
    
Weighted
Average
Strike Price
per Share
 
Balance, April 30, 2022
     1,442,401      $
$
3.47-
15.18  
 
 
   $ 9.00  
Issued
     3,652,826      $
$
0.0001-
4.25  

 
   $ 4.09  
Exercised
     (139,356 )     $ 0.0001      $ 0.0001  
Cancelled
     (1,365,960 )     $ 5.16      $ 5.16  
  
 
 
       
Balance, January 31, 2023
     3,589,911      $
$
0.0001-
15.18  

 
   $ 4.32  
  
 
 
       
A summary of the outstanding warrants as of April 30, 2022 and 2021 and underlying assumptions used in the Black Scholes option-pricing model is as follows:
 
    
Warrants
Outstanding
and
Exercisable
    
Exercise

Price

Per Share
    
Weighted
Average
Strike Price
per Share
 
Balance, May 1, 2020
     662,361      $
3.47-$49.50
     $ 18.39  
Issued
     13,992      $ 8.25      $ 8.25  
Expired
     (8,613 )     $ 12.21      $ 12.21  
  
 
 
       
Balance, April 30, 2021
     667,740      $
3.47-$49.50
     $ 18.26  
Issued
     806,201      $ 7.45      $ 9.00  
Forfeited
     (909 )     $ 8.25      $ 8.25  
Expired
     (621,172 )     $
9.90-$49.50
     $ 18.96  
  
 
 
       
Balance April 30, 2022
     851,860      $
3.47-$15.18
     $ 9.00  
  
 
 
       
Warrants    
Class of Stock [Line Items]    
Summary of significant inputs to the Black-Scholes Option Pricing Model for the fair value of the Warrants  
    
April 30,
2022
   
April 30,
2021
 
Risk free interest rate
     1.6 %      2.0 % 
Expected volatility
     55.0 %      66.2 % 
Expected life in years
     5       5