Annual report pursuant to Section 13 and 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

v3.22.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
12 Months Ended
Apr. 30, 2022
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:

 

    April 30, 2022     April 30, 2021  
Prepaid consulting fees   $ 186,667     $ 613,758  
Prepaid insurance     155,880       -  
Other prepaid expenses     7,176       353,352  
Other receivables     -       16,210  
Total prepaid expenses and other current assets   $ 349,723     $ 983,320  

 

On June 14, 2021, the Company purchased directors and officers insurance for twelve months at an annual premium amount of $855,000. Prepaid insurance at April 30, 2022 represents the unamortized portion of annual premium paid for this policy. At April 30, 2021, prepaid consulting fees represented the balance of fees paid for consulting services to Spartan Capital Securities, LLC (“Spartan Capital”) that are expected to be recognized over the remaining term of the agreement that runs through December 31, 2022.