Quarterly report pursuant to Section 13 or 15(d)

LIQUIDITY AND GOING CONCERN

v3.22.0.1
LIQUIDITY AND GOING CONCERN
9 Months Ended
Jan. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDITY AND GOING CONCERN

 

2. 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 January 31, 2022, the Company had cash of $11.8 million and an accumulated deficit of $25.3 million. The Company incurred losses for the three and nine months ended January 31, 2022 totaling $2.6 million and $8.5 million, respectively.

 

 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 January 31, 2022, 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.