LIQUIDITY AND GOING CONCERN
|6 Months Ended|
Oct. 31, 2021
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|LIQUIDITY AND GOING CONCERN||
The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern. As of October 31, 2021, the Company had cash of $13.6 million and an accumulated deficit of $22.8 million. The Company incurred losses for the three and six months ended October 31, 2021 totaling $ million and $, respectively. Historically, the Company has financed its operations principally through issuances of promissory notes and equity securities.
The Company expects to continue to incur losses for the foreseeable future and needs to raise additional capital until it is able to generate revenues from operations sufficient to fund its development and commercial operations. However, based on the Company’s current business plan, management believes that the Company’s cash and cash equivalents at October 31, 2021, are sufficient to meet the Company’s anticipated cash requirements during the twelve-month period subsequent to the issuance of the financial statements included in this Quarterly Report.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef