v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Oct. 31, 2023
Apr. 30, 2023
Current assets:    
Cash and cash equivalents $ 73,425,269 $ 68,039,936
Prepaid expenses and other current assets 323,189 107,681
Total current assets 73,748,458 68,147,617
Other assets:    
Intangibles 3,549,427 3,549,427
Investment in SG Austria 1,572,193 1,572,193
Other assets 7,688 7,688
Total other assets 5,129,308 5,129,308
Total Assets 78,877,766 73,276,925
Current liabilities:    
Accounts payable 126,163 128,281
Accrued expenses 1,018,155 458,300
Accrued Series B convertible preferred stock redemptions and dividends 4,095,271 0
Total current liabilities 5,239,589 586,581
Other liabilities:    
Warrant liability 11,504,000 0
Derivative liability 4,069,000 0
Total other liabilities 15,573,000 0
Total Liabilities 20,812,589 586,581
Commitments and Contingencies (Notes 6 and 8)
Stockholders' equity:    
Series A preferred stock: authorized 1 share, $0.0001 par value and 0 shares issued and outstanding as of October 31, 2023 and April 30, 2023 0 0
Common stock, authorized: 200,000,000 shares, $0.0001 par value; 21,672,078 shares issued and 8,699,992 shares outstanding as of October 31, 2023 and 21,602,078 shares issued and 16,793,980 shares outstanding as of April 30, 2023 2,167 2,160
Additional paid-in capital 193,590,781 202,230,583
Accumulated deficit (116,352,174) (115,958,773)
Treasury stock, at cost, 12,972,086 and 4,808,098 shares as of October 31, 2023 and April 30, 2023, respectively (40,449,123) (13,560,623)
Accumulated other comprehensive loss (24,143) (23,003)
Total stockholders' equity 36,767,508 72,690,344
Total Liabilities, Convertible Preferred Stock and Stockholders' Equity 78,877,766 73,276,925
Series B Preferred Stock [Member]    
Convertible Preferred Stock:    
Convertible preferred stock 21,297,669 0
Series A Preferred Stock [Member]    
Stockholders' equity:    
Series A preferred stock: authorized 1 share, $0.0001 par value and 0 shares issued and outstanding as of October 31, 2023 and April 30, 2023 $ 0 $ 0

Source

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Oct. 31, 2023
Oct. 31, 2022
Oct. 31, 2023
Oct. 31, 2022
Income Statement [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating expenses:        
Research and development costs 82,033 177,996 186,516 337,269
Compensation expense 229,159 400,420 469,157 728,138
Director fees 306,738 102,335 356,953 155,062
Legal and professional 519,073 1,454,826 844,301 2,351,047
General and administrative 272,517 183,043 1,627,919 427,712
Total operating expenses 1,409,520 2,318,620 3,484,846 3,999,228
Loss from operations (1,409,520) (2,318,620) (3,484,846) (3,999,228)
Other income (expenses):        
Interest income 894,181 439,171 1,770,059 578,673
Change in fair value of warrant liability 4,075,000 0 2,623,000 0
Change in fair value of derivative liability (769,000) 0 (1,299,000) 0
Other expense (765) (1,058) (2,614) (4,964)
Total other income, net 4,199,416 438,113 3,091,445 573,709
Net income (loss) 2,789,896 (1,880,507) (393,401) (3,425,519)
Preferred stock dividends (586,886) 0 (906,735) 0
Preferred stock accretion (4,461,097) (7,733,130)
Net loss attributable to common stockholders $ (2,258,087) $ (1,880,507) $ (9,033,266) $ (3,425,519)
Basic and diluted loss per share attributable to common stockholders $ (0.26) $ (0.09) $ (0.85) $ (0.17)

Source

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Oct. 31, 2023
Oct. 31, 2022
Cash flows from operating activities:    
Net loss $ (393,401) $ (3,425,519)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock issued for services 0 2,278
Stock issued for compensation 0 6,667
Stock-based compensation 0 8,807
Change in fair value of warrant liability (2,623,000) 0
Change in fair value of derivative liability 1,299,000 0
Change in assets and liabilities:    
Decrease in prepaid expenses and other current assets (215,508) (162,637)
Increase (decrease) in accounts payable (2,118) 655,916
Increase (decrease) in accrued expenses 293,632 (49,154)
Net cash used in operating activities (1,641,395) (2,963,642)
Cash flows from investing activities:    
Net cash provided by (used in) investing activities 0 0
Cash flows from financing activities:    
Repurchase of common stock (26,622,277) (5,475,891)
Proceeds from issuance of preferred stock, net of transaction costs 33,650,075 0
Proceeds from warrant exercise 70 880
Net cash provided by (used in) financing activities 7,027,868 (5,475,011)
Effect of currency rate exchange on cash and cash equivalents (1,140) 584
Net increase (decrease) in cash and cash equivalents 5,385,333 (8,438,069)
Cash and cash equivalents at beginning of the periods 68,039,936 85,400,656
Cash and cash equivalents at end of the periods 73,425,269 76,962,587
Supplemental disclosure of cash flows information:    
Cash paid during the periods for income taxes 1,600 0
Supplemental disclosure of cash flows information:    
Non-cash derivative liability at initial fair value 2,770,000 0
Non-cash warrant liability at initial fair value 14,127,000 0
Reclassification of Series B Convertible Preferred Stock and dividends to current liability 4,095,271 0
Accretion of discounts to redemption value of Series B Preferred Stock 7,733,130 0
Excise tax accrued on repurchase of common stock $ 266,223

Source