WARRANT LIABILITY (Tables)

9 Months Ended

Jan. 31, 2023

Warrant Liability

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

The key inputs for the warrant liability were as follows as of January 31, 2023:

Key Valuation Inputs
Expected term (years)		4.63
Annualized volatility		78.0	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.68	%
Stock price	$	4.61
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.4 years to 4.6 years

The key inputs for the warrant liability were as follows as of April 30, 2022:

Key Valuation Inputs
Expected term (years)		5.39
Annualized volatility		84.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		2.92	%
Stock price	$	5.65
Dividend yield		0.00	%
Exercise price	$	8.60
Probability of fundamental transaction		85	%
Date of fundamental transaction		1.9 years to 5.4 years

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL THREE WARRANT LIABILITY

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the nine months ended January 31, 2023:

	Warrant Liability
Fair value as of April 30, 2022	$	2,440,000
Change in fair value		(765,000	)
Fair value as of January 31, 2023	$	1,675,000