Annual report pursuant to Section 13 and 15(d)

ACCRUED EXPENSES

v3.22.2
ACCRUED EXPENSES
 12 Months Ended
Apr. 30, 2022
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

NOTE 3 – ACCRUED EXPENSES

 

Accrued expenses at April 30, 2022, and 2021, are summarized below: 

           
    2022     2021  
Payroll related costs   $ 118,062     $ 490,904  
R&D costs     377,155       –  
Director and Officer insurance financing     –       50,805  
Other     3,793       10,808  
Total   $ 499,009     $ 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 April 30, 2022 and 2021, of $0 and $50,805, respectively, are included in accrued expenses.