INCOME TAXES (Tables)
|
12 Months Ended |
Apr. 30, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of net pre-tax book income and/or loss |
| Schedule of net pre-tax
book income and/or loss |
|
|
|
|
|
|
|
|
| |
|
Years Ended April 30, |
|
| |
|
2026 |
|
|
2025 |
|
| United States |
|
$ |
(19,424,654 |
) |
|
$ |
30,656,050 |
|
| Foreign |
|
|
– |
|
|
|
– |
|
| Total |
|
$ |
(19,424,654 |
) |
|
$ |
30,656,050 |
|
|
| Schedule of effective income tax rate |
|
Schedule of effective income tax rate |
|
|
|
|
|
|
|
|
| |
|
Year Ended April 30, 2026 |
|
| U.S. federal statutory tax rate |
|
$ |
(4,079,177 |
) |
|
|
21.0% |
|
| State income taxes, net of federal income tax effect (1)
|
|
|
– |
|
|
|
– |
|
| Foreign tax effects |
|
|
– |
|
|
|
– |
|
| Changes in valuation allowances |
|
|
2,998,757 |
|
|
|
(15.4 |
) |
| Non-taxable or non-deductible items |
|
|
|
|
|
|
|
|
| Fair value of warranty liability |
|
|
996,688 |
|
|
|
(5.1 |
) |
| Gain on related party investment - QCLS |
|
|
(438,690 |
) |
|
|
2.3 |
|
| Fair value of derivative liability |
|
|
(234,570 |
) |
|
|
1.2 |
|
| Issuance costs on Series C convertible preferred stock and warrants |
|
|
259,256 |
|
|
|
(1.3 |
) |
| Other |
|
|
(27,287 |
) |
|
|
0.1 |
|
| Other adjustments |
|
|
|
|
|
|
|
|
| Expired warrant assets |
|
|
963,271 |
|
|
|
(5.0 |
) |
| Redemption of note receivable |
|
|
(700,140 |
) |
|
|
3.6 |
|
| Forgone benefit on federal tax NOLs |
|
|
369,981 |
|
|
|
(1.9 |
) |
| Other |
|
|
(108,089 |
) |
|
|
0.5 |
|
| Effective tax rate |
|
$ |
– |
|
|
|
–% |
|
|
| Schedule of provision for income taxes |
| Schedule of provision for income taxes |
|
|
|
|
| |
|
Year Ended
April 30, 2025
|
|
| Federal benefit at statutory rate |
|
$ |
6,437,771 |
|
| State income taxes, net of Federal taxes |
|
|
2,139,792 |
|
| Fair value of warrant liability |
|
|
(2,922,791 |
) |
| Gain on related party investment |
|
|
(5,986,526 |
) |
| Fair value of derivative liability |
|
|
(611,083 |
) |
| Redemption of derivative liability |
|
|
(174,862 |
) |
| Expiration of warrant asset – Series B |
|
|
(79,743 |
) |
| State deferred tax adjustment |
|
|
572,607 |
|
| Legal settlement |
|
|
131,226 |
|
| Provision related to change in valuation allowance |
|
|
27,998 |
|
| Fair value of warrant asset – Series B |
|
|
385,005 |
|
| Expired stock options |
|
|
78,384 |
|
| Net valuation allowance for state NOLs |
|
|
(6,748 |
) |
| Other, net |
|
|
8,970 |
|
| Effective tax rate |
|
$ |
– |
|
|
| Schedule of deferred tax assets and liabilities |
| Schedule of deferred tax assets and liabilities |
|
|
|
|
|
|
|
|
| |
|
April 30, |
|
| |
|
2026 |
|
|
2025 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
16,079,880 |
|
|
$ |
15,026,112 |
|
| Stock compensation |
|
|
569,229 |
|
|
|
523,822 |
|
| Research and development |
|
|
63,232 |
|
|
|
216,831 |
|
| Investment in SG Austria |
|
|
439,953 |
|
|
|
439,953 |
|
| Intangible asset (diabetes license) |
|
|
559,672 |
|
|
|
559,672 |
|
| Intangible asset (value of cells) |
|
|
433,585 |
|
|
|
– |
|
| Fair value of investment in QCLS |
|
|
511,464 |
|
|
|
– |
|
| Fair value of warrant asset |
|
|
493,351 |
|
|
|
– |
|
| Other - deferred tax asset |
|
|
217,244 |
|
|
|
147,798 |
|
| Total deferred tax assets |
|
|
19,367,610 |
|
|
|
16,914,188 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Fair value of convertible note receivable |
|
|
– |
|
|
|
(568,067 |
) |
| Fair value of warrant asset |
|
|
– |
|
|
|
(228,906 |
) |
| Fair value of investment in QCLS |
|
|
– |
|
|
|
(754,512 |
) |
| Other - deferred tax liability |
|
|
– |
|
|
|
(140,985 |
) |
| Total deferred tax liabilities |
|
|
– |
|
|
|
(1,692,470 |
) |
| |
|
|
|
|
|
|
|
|
| Total deferred tax assets |
|
|
19,367,610 |
|
|
|
15,221,718 |
|
| Valuation allowance |
|
|
(19,367,610 |
) |
|
|
(15,221,718 |
) |
| Net deferred tax assets |
|
$ |
– |
|
|
$ |
– |
|
|