Quarterly report pursuant to Section 13 or 15(d)

ACCRUED EXPENSES

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ACCRUED EXPENSES
 9 Months Ended
Jan. 31, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

Accrued expenses as of January 31, 2022, and April 30, 2021, are summarized below: 

       
    January 31, 2022   April 30, 2021
Payroll related costs   $ 50,100     $ 490,904  
R&D costs     467,000       –  
Director and Officer insurance     –       50,805  
Other     3,015       10,808  
Total   $ 520,115     $ 552,517  

 

The Director and Officer insurance policy for the policy term of September 8, 2021, through September 8, 2022, was paid in full on August 8, 2021. The Company financed the Director and Officer insurance policy for the policy term of March 8, 2021, through September 8, 2021. The financing agreement had an interest rate of 4.85% per annum and required eight monthly payments of $12,829. The unpaid balances as of January 31, 2022, and April 30, 2021, of $0 and $50,805, respectively, are included in accrued expenses.