Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Cash flows from operating activities:    
Net loss $ (4,443,685) $ (6,063,784)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock issued for services 107,500 491,684
Stock issued for compensation 420,480 405,080
Stock based compensation - options 597,400 788,770
Stock based compensation - warrants 0 905,340
Change in assets and liabilities:    
Increase in prepaid expenses and current assets 36,234 9,231
Increase / (decrease) in accounts payable 29,591 (160,690)
Increase / (decrease) in accrued expenses 63,018 127,963
Increase / (decrease) in license agreement obligation (150,000) (850,000)
Net cash used in operating activities (3,339,462) (4,346,406)
Cash flows from investing activities:    
Net cash used in investing activities 0 0
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs of $152,250 4,881,936 3,568,150
Net cash provided by financing activities 4,881,936 3,568,150
Effect of currency rate exchange on cash 930 (656)
Net increase (decrease) in cash 1,543,404 (778,912)
Cash at beginning of the year 1,920,825 2,699,737
Cash at end of the year 3,464,229 1,920,825
Supplementary disclosures of cash flows information:    
Cash paid during the year for interest $ 1,539 $ 1,191