Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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PREPAID EXPENSES AND OTHER CURRENT ASSETS
 6 Months Ended
Oct. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets are as follows:

 

    October 31, 2021     April 30, 2021  
Prepaid consulting fees   $ 326,667     $ 966,260  
Prepaid insurance     584,477       -  
Other prepaid expenses     850       850  
Other receivables     16,210       16,210  
Total prepaid expenses and other current assets   $ 928,204     $ 983,320  

 

 

On June 14, 2021, the Company purchased D&O insurance for 12 months in the amount of $855,000. Prepaid insurance at October 31, 2021 represents the unamortized portion of annual premium paid for this policy of $584,000. At October 31, 2021, prepaid consulting fees of $327,000 consisted of payments to Spartan Capital Securities, LLC (“Spartan Capital”).