WARRANT LIABILITY (Tables)

3 Months Ended

Jul. 31, 2023

Warrant Liability

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

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

Key Valuation Inputs
Expected term (years)		5.20
Annualized volatility		77.7	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		4.17	%
Stock price	$	4.48
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		90	%
Date of fundamental transaction	0.75 years to 5.20 years

The key inputs for the warrant liability were as follows as of April 30, 2023:

Key Valuation Inputs
Expected term (years)		5.45
Annualized volatility		81.4	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.51	%
Stock price	$	4.31
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		90	%
Date of fundamental transaction		1.00 years to 5.45 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 three months ended July 31, 2023:

	Warrant Liability
Fair value as of April 30, 2023	$	4,230,850
Change in fair value		(14,950	)
Fair value as of July 31, 2023	$	4,215,900