Subsequent Events |
3 Months Ended |
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Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events The Company has evaluated subsequent events after the balance sheet date of July 31, 2023, through the date of filing. On September 7, 2023, the Company entered into the MSW Note with Matthews Southwest Holdings, Inc., (the "Lender"). The MSW Note provides for an unsecured drawdown loan of up to $1,000,000, drawn in installments consisting of (i) $250,000 on or prior to September 8, 2023, (ii) $250,000 on or prior to September 20, 2023, and (iii) further drawdowns of up to $500,000 in such amounts and such times to be mutually agreed upon between the Company and Lender. In consideration of the MSW Note, the Company shall pay a facility fee to the Lender as follows: • Warrants to acquire 500,000 shares of Common Stock, $0.001 par value per share (the "Common Stock"), of the Company ("Warrants") exercisable at $1.00 per share, which shall be issued to the Lender upon the completion of the first drawdown; • Warrants to acquire up to 500,000 shares of Common Stock, exercisable at $1.25 per share, of which 250,000 of such Warrants shall be issued to the Lender upon the completion of the first drawdown and 250,000 of such Warrants shall be issued to the Lender pro-rata based on further drawdowns up to $500,000; and • Warrants to acquire up to 500,000 shares of Common Stock, exercisable at $1.50 per share, of which 250,000 of such Warrants shall be issued to the Lender upon the completion of the first drawdown and 250,000 of such Warrants to be issued to the Lender pro-rata based on further drawdowns up to $500,000. The MSW Note bears no interest, except upon an event of default, at which time, interest accrues at a rate of 12% per annum. The MSW Note matures on December 31, 2023 and may be repaid at any time in whole or in part without fees or penalty. On September 7, 2023, the Company drew $0.25 million under the MSW Note and issued Warrants in lieu of a facility fee to purchase 500,000 shares of Common Stock exercisable at $1.00 per share, Warrants to purchase 250,000 shares of Common Stock exercisable at $1.25 per share, and Warrants to purchase 250,000 shares of Common Stock exercisable at $1.50 per share. |