Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.22.2
Statements of Cash Flows - USD ($)
12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Cash flows from operating activities:    
Net loss $ (12,362,059) $ (5,046,567)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,549
Interest expense - debt discount 12,770 124,046
Interest expense - debt discount, related party 14,300
Gain on extinguishment of debt (4,000) (62,418)
Stock-based compensation to employees and consultants 4,408,569 2,032,359
Non-cash expense from issuance of common stock 378,704
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 633,597 260,791
Accounts payable and accrued expenses 693,584 (413,242)
Net cash used in operating activities (6,613,990) (2,712,027)
Cash flows from investing activities:    
Proceeds from repayments of notes receivable - related party 100,915
Purchase of machinery (106,458)
Net cash provided by investing activities (106,458) 100,915
Cash flows from financing activities:    
Proceeds from the issuance of common stock and warrants - related party, net 6,000,000 2,100,000
Proceeds from stock option exercise 2,200
Payments of related party payable (58,667) (1,918)
Proceeds from short-term advances, related party 1,850,000
Proceeds from note payable 62,110
Proceeds from note receivable for common stock – related party 99,905
Proceeds from convertible note payable 290,000
Proceeds from convertible note payable, related party 50,000
Proceeds from initial public offering, net of underwriters’ discounts and commissions and issuance costs 12,911,456
Net cash provided by financing activities 18,854,989 4,450,097
Net increase in cash 12,134,541 1,838,985
Cash at beginning of period 1,929,270 90,285
Cash at end of period 14,063,811 1,929,270
Non-cash financing activities:    
Conversion of Series A preferred stock 1,425
Fair value of warrants issued in connection with initial public offering 194,490
Fair value of warrants issued in connection with March 2021 securities purchase agreement, related party 5,374,509
Fair value of warrants issued in connection with convertible notes payable, related party 14,300
Fair value of warrants issued in connection with convertible notes payable 91,241
Issuance of common stock in payment of short-term advances, related party 1,850,000
Issuance of common stock on conversion of note 378,398
Issuance of common stock in payment of convertible notes payable, related party 50,000
Accrued interest payable for common stock $ 12,498