Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2021 | Mar. 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | PharmaCyte Biotech, Inc. | |
Entity Central Index Key | 0001157075 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 2,385,125,674 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Interactive Data Current? | Yes | |
Incorporation State | NV | |
Entity File Number | 333-68008 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Jan. 31, 2021 | Apr. 30, 2020 |
Current Assets: | ||
Cash | $ 3,090,971 | $ 894,861 |
Prepaid expenses and other current assets | 41,710 | 142,785 |
Total Current Assets | 3,132,681 | 1,037,646 |
Other assets: | ||
Intangibles | 3,549,427 | 3,549,427 |
Investment in SG Austria | 1,572,193 | 1,572,193 |
Other assets | 7,372 | 7,372 |
Total other assets | 5,128,992 | 5,128,992 |
Total Assets | 8,261,673 | 6,166,638 |
Current Liabilities: | ||
Accounts payable | 79,159 | 185,842 |
Accrued expenses | 494,341 | 816,638 |
Current portion of Small Business Administration - Paycheck Protection Program loan | 66,753 | 28,918 |
Total current liabilities | 640,253 | 1,031,398 |
Long term liabilities: | ||
Small Business Administration - Paycheck Protection Program loan | 8,447 | 46,282 |
Total Liabilities | 648,700 | 1,077,680 |
Commitments and Contingencies (Notes 7 and 9) | ||
Stockholders' Equity | ||
Common stock, authorized: 2,490,000,000 shares, $0.0001 par value; 2,341,410,405 and 1,638,637,839 shares issued and outstanding as of January 31, 2021 and April 30, 2020, respectively | 234,142 | 163,864 |
Additional paid in capital | 113,849,337 | 108,805,062 |
Accumulated deficit | (106,449,491) | (103,858,259) |
Accumulated other comprehensive loss | (21,015) | (21,709) |
Total stockholders' equity | 7,612,973 | 5,088,958 |
Total Liabilities and Stockholders' Equity | $ 8,261,673 | $ 6,166,638 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jan. 31, 2021 | Apr. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 2,490,000,000 | 2,490,000,000 |
Common stock issued | 2,341,410,405 | 1,638,637,839 |
Common stock, outstanding | 2,341,410,405 | 1,638,637,839 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenues: | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development costs | 174,088 | 113,296 | 595,976 | 203,566 |
Compensation expense | 336,095 | 406,006 | 1,167,527 | 1,305,346 |
Director fees | 65,953 | 79,269 | 207,294 | 237,765 |
Legal and professional | 95,720 | 116,531 | 325,888 | 342,142 |
General and administrative | 84,991 | 160,206 | 291,353 | 987,686 |
Total operating expenses | 756,847 | 875,308 | 2,588,038 | 3,076,505 |
Loss from operations | (756,847) | (875,308) | (2,588,038) | (3,076,505) |
Other expenses: | ||||
Interest expense | (249) | 0 | (2,006) | 0 |
Other expense | 0 | 0 | (1,188) | 0 |
Total other expenses | (249) | 0 | (3,194) | 0 |
Net loss | $ (757,096) | $ (875,308) | $ (2,591,232) | $ (3,076,505) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding basic and diluted | 2,337,034,318 | 1,375,499,976 | 2,108,274,833 | 1,284,500,731 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||||
Net Loss | $ (757,096) | $ (875,308) | $ (2,591,232) | $ (3,076,505) |
Other comprehensive income (loss): | ||||
Foreign currency translation | 869 | (602) | 694 | (7,530) |
Other comprehensive income (loss) | 869 | (602) | 694 | (7,530) |
Comprehensive loss | $ (756,227) | $ (875,910) | $ (2,590,538) | $ (3,084,035) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Series A Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Other Comprehensive Income (Loss) | Total |
Beginning balance, shares at Apr. 30, 2019 | 1,186,004,505 | |||||
Beginning balance, value at Apr. 30, 2019 | $ 118,600 | $ 104,966,158 | $ (100,031,371) | $ (13,842) | $ 5,039,545 | |
Shares issued for compensation, shares | ||||||
Shares issued for compensation, value | 104,726 | 104,726 | ||||
Shares issued for services, shares | 5,500,000 | |||||
Shares issued for services, value | $ 550 | 311,266 | 311,816 | |||
Shares issued for cash, net of issuance costs, shares | 66,666,667 | |||||
Shares issued for cash, net of issuance costs, value | $ 6,667 | 551,333 | 558,000 | |||
Stock based compensation - options | 126,325 | 126,325 | ||||
Foreign currency translation adjustment | (6,862) | (6,862) | ||||
Net loss | (1,134,075) | (1,134,075) | ||||
Ending balance, shares at Jul. 31, 2019 | 1,258,171,172 | |||||
Ending balance, amount at Jul. 31, 2019 | $ 125,817 | 106,059,808 | (101,165,446) | (20,704) | 4,999,475 | |
Beginning balance, shares at Apr. 30, 2019 | 1,186,004,505 | |||||
Beginning balance, value at Apr. 30, 2019 | $ 118,600 | 104,966,158 | (100,031,371) | (13,842) | 5,039,545 | |
Ending balance, shares at Jan. 31, 2020 | 1,428,471,172 | |||||
Ending balance, amount at Jan. 31, 2020 | $ 142,847 | 107,305,733 | (103,107,876) | (21,372) | 4,319,332 | |
Beginning balance, shares at Jul. 31, 2019 | 1,258,171,172 | |||||
Beginning balance, value at Jul. 31, 2019 | $ 125,817 | 106,059,808 | (101,165,446) | (20,704) | 4,999,475 | |
Shares issued for compensation, shares | ||||||
Shares issued for compensation, value | 104,727 | 104,727 | ||||
Shares issued for services, shares | 3,700,000 | |||||
Shares issued for services, value | $ 370 | 73,183 | 73,553 | |||
Shares issued for cash, net of issuance costs, shares | 1 | 70,000,000 | ||||
Shares issued for cash, net of issuance costs, value | $ 7,000 | 318,501 | 325,501 | |||
Stock based compensation - options | 98,409 | 98,409 | ||||
Foreign currency translation adjustment | (66) | (66) | ||||
Net loss | (1,067,122) | (1,067,122) | ||||
Ending balance, shares at Oct. 31, 2019 | 1 | 1,331,871,172 | ||||
Ending balance, amount at Oct. 31, 2019 | $ 133,187 | 106,654,628 | (102,232,568) | (20,770) | 4,534,477 | |
Shares issued for compensation, shares | 6,600,000 | |||||
Shares issued for compensation, value | $ 660 | 99,578 | 100,238 | |||
Shares issued for services, shares | ||||||
Shares issued for services, value | 26,092 | 26,092 | ||||
Shares repurchased for cash, shares | (1) | 90,000,000 | ||||
Shares repurchased for cash, value | $ 9,000 | 440,999 | 449,999 | |||
Stock based compensation - options | 84,436 | 84,436 | ||||
Foreign currency translation adjustment | (602) | (602) | ||||
Net loss | (875,308) | (875,308) | ||||
Ending balance, shares at Jan. 31, 2020 | 1,428,471,172 | |||||
Ending balance, amount at Jan. 31, 2020 | $ 142,847 | 107,305,733 | (103,107,876) | (21,372) | 4,319,332 | |
Beginning balance, shares at Apr. 30, 2020 | 1,638,637,839 | |||||
Beginning balance, value at Apr. 30, 2020 | $ 163,864 | 108,805,062 | (103,858,259) | (21,709) | 5,088,958 | |
Shares issued for compensation, shares | ||||||
Shares issued for compensation, value | 67,320 | 67,320 | ||||
Shares issued for services, shares | 2,500,000 | |||||
Shares issued for services, value | $ 250 | 40,300 | 40,550 | |||
Shares issued for cash, net of issuance costs, shares | 234,005,899 | |||||
Shares issued for cash, net of issuance costs, value | $ 23,401 | 1,833,996 | 1,857,397 | |||
Stock based compensation - options | 72,317 | 72,317 | ||||
Foreign currency translation adjustment | 2,677 | 2,677 | ||||
Net loss | (883,944) | (883,944) | ||||
Ending balance, shares at Jul. 31, 2020 | 1,875,143,738 | |||||
Ending balance, amount at Jul. 31, 2020 | $ 187,515 | 110,818,995 | (104,742,203) | (19,032) | 6,245,275 | |
Beginning balance, shares at Apr. 30, 2020 | 1,638,637,839 | |||||
Beginning balance, value at Apr. 30, 2020 | $ 163,864 | 108,805,062 | (103,858,259) | (21,709) | 5,088,958 | |
Ending balance, shares at Jan. 31, 2021 | 2,341,410,405 | |||||
Ending balance, amount at Jan. 31, 2021 | $ 234,142 | 113,849,337 | (106,449,491) | (21,015) | 7,612,973 | |
Beginning balance, shares at Jul. 31, 2020 | 1,875,143,738 | |||||
Beginning balance, value at Jul. 31, 2020 | $ 187,515 | 110,818,995 | (104,742,203) | (19,032) | 6,245,275 | |
Shares issued for compensation, shares | ||||||
Shares issued for compensation, value | 67,320 | 67,320 | ||||
Shares issued for services, shares | 1,000,000 | |||||
Shares issued for services, value | $ 100 | 19,059 | 19,159 | |||
Shares issued for cash, net of issuance costs, shares | 458,666,667 | |||||
Shares issued for cash, net of issuance costs, value | $ 45,867 | 2,795,983 | 2,841,850 | |||
Stock based compensation - options | 56,059 | 56,059 | ||||
Foreign currency translation adjustment | (2,852) | (2,852) | ||||
Net loss | (950,192) | (950,192) | ||||
Ending balance, shares at Oct. 31, 2020 | 2,334,810,405 | |||||
Ending balance, amount at Oct. 31, 2020 | $ 233,482 | 113,757,416 | (105,692,395) | (21,884) | 8,276,619 | |
Shares issued for compensation, shares | 6,600,000 | |||||
Shares issued for compensation, value | $ 660 | 47,906 | 48,566 | |||
Shares issued for services, shares | ||||||
Shares issued for services, value | 5,409 | 5,409 | ||||
Shares issued for cash, net of issuance costs, shares | ||||||
Shares issued for cash, net of issuance costs, value | ||||||
Stock based compensation - options | 38,606 | 38,606 | ||||
Foreign currency translation adjustment | 869 | 869 | ||||
Net loss | (757,096) | (757,096) | ||||
Ending balance, shares at Jan. 31, 2021 | 2,341,410,405 | |||||
Ending balance, amount at Jan. 31, 2021 | $ 234,142 | $ 113,849,337 | $ (106,449,491) | $ (21,015) | $ 7,612,973 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) | 3 Months Ended | |||
Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Payment of stock issuance costs | $ 278,150 | $ 198,150 | $ 24,500 | $ 70,000 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (2,591,232) | $ (3,076,505) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares issued for services | 65,117 | 411,461 |
Shares issued for compensation | 183,206 | 309,691 |
Stock-based compensation - options | 166,982 | 309,170 |
Change in assets and liabilities: | ||
Decrease in prepaid expenses and other current assets | 101,075 | 71,199 |
Increase (decrease) in accounts payable | (106,682) | 218,608 |
Increase (decrease) in accrued expenses | (209,052) | 57,395 |
Net cash used in operating activities | (2,390,586) | (1,698,981) |
Cash flows from investing activities: | ||
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Payment of insurance financing loan | (113,245) | 0 |
Proceeds from sale of Series A Preferred Stock | 0 | 1 |
Use of funds from purchase of Series A preferred stock | 0 | (1) |
Proceeds from sale of common stock, net of issuance costs | 4,699,247 | 1,333,500 |
Net cash provided by financing activities | 4,586,002 | 1,333,500 |
Effect of currency rate exchange on cash | 694 | (7,530) |
Net increase (decrease) in cash | 2,196,110 | (373,011) |
Cash at beginning of the period | 894,861 | 515,253 |
Cash at end of the period | 3,090,971 | 142,242 |
Supplemental disclosures of cash flows information: | ||
Cash paid during the periods for income taxes | 800 | 800 |
Cash paid during the periods for interest | $ 2,006 | $ 0 |
1. NATURE OF BUSINESS
1. NATURE OF BUSINESS | 9 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS Overview PharmaCyte Biotech, Inc. (“Company”) is a biotechnology company focused on developing cellular therapies for cancer and diabetes based upon a proprietary cellulose-based live cell encapsulation technology known as “Cell-in-a-Box ® ® The Company is developing therapies for pancreatic and other solid cancerous tumors by using genetically engineered live human cells that it believes are capable of converting a cancer prodrug into its cancer-killing form, encapsulating those cells using the Cell-in-a-Box ® The Company is also examining ways to exploit the benefits of the Cell-in-a-Box ® Cannabis In addition, the Company is developing a therapy to delay the production and accumulation of malignant ascites fluid that results from many types of abdominal cancerous tumors. Malignant ascites fluid is secreted by abdominal cancerous tumors into the abdomen after the tumors have reached a certain stage of growth. This fluid contains cancer cells that can seed and form new tumors throughout the abdomen. This fluid accumulates in the abdominal cavity, causing swelling of the abdomen, severe breathing difficulties and extreme pain. The Company is using its therapy for pancreatic cancer to determine if it can prevent or delay the production and accumulation of malignant ascites fluid. As with the Company’s Cannabis The Company is also developing a therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes. The Company’s diabetes therapy consists of encapsulated genetically modified insulin-producing cells. The encapsulation will be done using the Cell-in-a-Box ® Finally, the Company had licensed (“Hai Kang License Agreement”) from Hai Kang Life Corporation (“Hai Kang”) the right to certain technology owned or controlled by Hai Kang related to SARS-Cov2 COVID-19 diagnostic kits (“Kits”). On November 19, 2020, the Company terminated the Hai Kang License Agreement. Clinical Hold On September 1, 2020, the Company submitted an IND to the FDA for a planned Phase 2b clinical trial in LAPC. Shortly thereafter, the Company received Information Requests from the FDA related to the IND. The Company timely responded to all information requests. On October 1, 2020, the Company received notice that the FDA had placed the IND on clinical hold. On October 30, 2020, the FDA sent a letter to the Company setting forth the reasons for the clinical hold and specific guidance on what the Company must do to have the clinical hold lifted. In order to lift the clinical hold, the FDA has informed the Company that it needs to conduct several additional preclinical studies. The FDA also requested additional information regarding several topics, including sequencing data, manufacturing information and product release specifications. In addition, the FDA requested that several items not related to the clinical hold be addressed through the submission of an IND amendment. Specifically, the FDA requested that the Company perform qualification studies for the drug substance filling step to ensure that the product remains sterile and stable during the filling process. The FDA also requested additional information, discussion and clarification on several other topics. Since October 30, 2020, there has been no further communication with the FDA regarding the clinical hold. The Company has assembled a scientific team to address the FDA requests related to the clinical hold. That team is working through an extensive list of items that the FDA requested. Among other things, the Company has successfully completed a 9-month product stability study, commenced physical parameter testing for CypCaps™ and commenced additional studies for the sequence of DNA encoding of its encapsulated cells. The Company has also designed the biocompatibility tests for cytotoxicity, sensitization, irritation, acute systemic toxicity, material-mediated pyrogenicity, subacute/subchronic toxicity, genotoxicity and implantation. In addition, the Company has begun a compression and swelling study of CypCaps™, designed a study to determine if CypCaps™ are adversely affected by contrast medium and designed a study to show the catheters used to implant CypCaps™ do not adversely impact the encapsulated cells. See Management’s Discussion and Analysis of Financial Condition and Results of Operations-Clinical Hold for a further discussion of the clinical hold. Impact of the COVID-19 Pandemic on the Company’s Operations The coronavirus SARS-Cov2 pandemic (“COVID-19”) is causing significant, industry-wide delays in clinical trials. Although the Company is not yet in a clinical trial, the Company has filed an IND with the FDA to commence a clinical trial in LAPC. While the IND has been placed on clinical hold by the FDA, the Company has assessed the impact of COVID-19 on its operations. Currently, many clinical trials are being delayed due to COVID-19. There are numerous reasons for these delays. For example, patients have shown a reluctance to enroll or continue in a clinical trial due to fear of exposure to COVID-19 when they are in a hospital or doctor’s office. There are local, regional and state-wide orders and regulations restricting usual normal activity by people. These discourage and interfere with patient visits to a doctor’s office if the visit is not COVID-19 related. Healthcare providers and health systems are shifting their resources away from clinical trials toward the care of COVID-19 patients. The FDA and other healthcare providers are making product candidates for the treatment of COVID-19 a priority over product candidates unrelated to COVID-19. As of the date of this Report on Form 10-Q (“Report”), the COVID-19 pandemic has had an impact upon the Company’s operations, although the Company believes that impact is not material. The impact primarily relates to delays in tasks associated with the preparation of the Company’s responses to the clinical hold, including all requested preclinical studies. There may be further delays in generating responses to the requests from the FDA related to the clinical hold. As a result of the COVID-19 pandemic, commencement of the Company’s planned clinical trial to treat LAPC may be delayed beyond the lifting of the clinical hold should that occur. Also, enrollment may be difficult for the reasons discussed above. In addition, after enrollment in the trial, if patients contract COVID-19 during their participation in the trial or are subject to isolation or shelter in place restrictions, this may cause them to drop out of our clinical trial, miss scheduled therapy appointments or follow-up visits or otherwise fail to follow the clinical trial protocol. If patients are unable to follow the clinical trial protocol or if the trial results are otherwise affected by the consequences of the COVID-19 pandemic on patient participation or actions taken to mitigate COVID-19 spread, the integrity of data from the clinical trial may be compromised or not be accepted by the FDA. This could further adversely impact or delay the Company’s clinical development program. It is highly speculative in projecting the effects of COVID-19 on the Company’s clinical development program and the Company generally. The effects of COVID-19 quickly and dramatically change over time. Its evolution is difficult to predict, and no one is able to say with certainty when the pandemic will subside. Company Background The Company is a Nevada corporation incorporated in 1996. In 2013, the Company restructured its operations to focus on biotechnology. The restructuring resulted in the Company focusing all its efforts upon the development of a novel, effective and safe way to treat cancer and diabetes. In January 2015, the Company changed its name from Nuvilex, Inc. to PharmaCyte Biotech, Inc. to reflect the nature of its current business. |
2. SUMMARY OF SIGNIFICANT ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. The Company operates independently and through four wholly owned subsidiaries: (i) Bio Blue Bird AG; (ii) PharmaCyte Biotech Europe Limited; (iii) PharmaCyte Biotech Australia Pty. Ltd.; and (iv) Viridis Biotech, Inc. and are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“Commission”). Intercompany balances and transactions are eliminated. The Company’s 14.5% investment in SG Austria is presented on the cost method of accounting. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates including those related to fair values of financial instruments, intangible assets, fair value of stock-based awards, income taxes and contingent liabilities, among others. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s Condensed Consolidated Financial Statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s condensed consolidated financial position and results of operations. Intangible Assets The Financial Accounting Standards Board ("FASB") standard on goodwill and other intangible assets prescribes a two-step process for impairment testing of goodwill and indefinite-lived intangibles, which is performed annually, as well as when an event triggering impairment may have occurred. The first step tests for impairment, while the second step, if necessary, measures the impairment. The Company has elected to perform its annual analysis at the end of its reporting year. The Company’s intangible assets are licensing agreements related to the Cell-in-a-Box ® These intangible assets have an indefinite life; therefore, they are not amortizable. The Company concluded that there was no impairment of the carrying value of the intangibles for the nine months ended January 31, 2021 and 2020. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are less than carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. No impairment was identified or recorded during the nine months ended January 31, 2021 and 2020. Fair Value of Financial Instruments For certain of the Company’s non-derivative financial instruments, including cash, accounts payable and accrued expenses, the carrying amount approximates fair value due to the short-term maturities of these instruments. Accounting Standards Codification ("ASC") Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the condensed consolidated balance sheets for current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1. Observable inputs such as quoted prices in active markets; · Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Income Taxes Deferred taxes are calculated using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. The Company believes the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based on, among other things, an estimate of future taxable income in the U.S. and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against the Company’s net deferred income tax assets, the Company considers all available evidence, both positive and negative. Consistent with the Company’s policy, and because of the Company’s history of operating losses, the Company does not currently recognize the benefit of all its deferred tax assets, including tax loss carry forwards, which may be used to offset future taxable income. The Company continually assesses its ability to generate sufficient taxable income during future periods in which deferred tax assets may be realized. When the Company believes it is more-likely-than-not that it will recover its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in the Condensed Consolidated Statements of Operations. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more-likely-than-not to be sustained upon examination. Step two, measurement, is addressed only if a position is more-likely-than-not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more-likely-than-not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more-likely-than-not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more-likely-than-not standard is met, the issue is resolved with the taxing authority or the statute of limitations expires. Positions previously recognized are derecognized when the Company subsequently determines the position no longer is more-likely-than-not to be sustained. Evaluation of tax positions, their technical merits and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. On March 27, 2020, Congress enacted the “Coronavirus Aid, Relief and Economic Security ("CARES") Act” to provide certain relief as a result of COVID-19. The Company maintains a full valuation allowance on its U.S. net deferred tax assets. Deferred tax asset remeasurement (tax expense) was offset by a net decrease in valuation allowance, that resulted in no impact on the Company's income tax expense. Therefore, the Company does not expect the provisions in the CARES Act will impact the Company’s Condensed Consolidated Financial Statements. Research and Development Research and development (“R&D”) expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses, that are utilized in R&D and that have no alternative future use are expensed when incurred. Technology developed for use in the Company’s product candidates is expensed as incurred until technological feasibility has been established. R&D expenses for the three and nine months ended January 31, 2021 were $174,088 and $595,976, respectively, and for the three and nine months ended January 31, 2020 were $113,296 and $203,566, respectively. Stock-Based Compensation The Company recognizes stock-based compensation expense for only those awards ultimately expected to vest on a straight-line basis over the requisite service period of the award. The Company estimates the fair value of stock options using a Black-Scholes-Merton valuation model. This model requires the input of highly subjective assumptions, including the option's expected term and stock price volatility. In addition, judgment is also required in estimating the number of stock-based awards that are expected to be forfeited. Forfeitures are estimated based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The assumptions used in calculating the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. Thus, if factors change and the Company uses different assumptions, the stock-based compensation expense could be materially different in the future. Concentration of Credit Risk The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains most of its cash balance at a financial institution located in California. Accounts at this institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $2,810,000 and $618,000 at January 31, 2021 and April 30, 2020, respectively. The Company has not experienced any losses in such accounts. Management believes it is not exposed to any significant credit risk on cash. Foreign Currency Translation The Company translates the financial statements of its foreign subsidiaries from the local (functional) currencies to U.S. dollars in accordance with FASB ASC 830, Foreign Currency Matters Going Concern The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern; however, the following conditions raise substantial doubt about the Company's ability to do so. As of January 31, 2021, the Company has an accumulated deficit of $106,449,491 and incurred a net loss for the nine months ended January 31, 2021 of $2,591,232. The Company requires substantial additional capital to finance its planned business operations and expects to incur operating losses in future periods due to the expenses related to the Company’s core businesses. The Company has not realized any revenue since it commenced doing business in the biotechnology sector, and there can be no assurance that it will be successful in generating revenues in the future in this sector. The Condensed Consolidated Financial Statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. For the nine months ended January 31, 2021, funding was provided by investors to maintain and expand the Company’s operations. Sales of the Company’s common stock were made under a Form S-3 (“S-3”) allowing for offerings of up to $50 million dollars. During the nine months ended January 31, 2021, the Company raised funds through the Company’s S-3 pursuant to which the placement agent sells shares of common stock “at-the-market” as defined in Rule 415 under the Securities Act of 1933, as amended (“Securities Act”), or in transactions of a distinct block or blocks of shares of the Company’s common stock (“Block Trade Transactions”) in a program which is structured to provide up to $25 million to the Company less certain commissions pursuant to the S-3. On August 13, 2020, the Company no longer met the eligibility requirements to use the S-3 to raise capital, and the Company ceased to use the S-3 to raise capital after that date. From May 1, 2020 through August 13, 2020 the Company raised capital of approximately $4.7 million in Block Trade Transactions and “at-the-market” transactions. Management determined that its plans to raise additional capital alleviate substantial doubt about the Company’s ability to continue as a going concern. The Company believes the cash on hand, the potential sales of unregistered shares of its common stock and any public offerings of common stock in which the Company may engage in will provide sufficient capital to meet the Company’s capital requirements and to fund the Company’s operations through March 31, 2022. Recent Accounting Pronouncements ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU No. 2019-12, Simplifying the Accounting for Income Taxes |
3. ACCRUED EXPENSES
3. ACCRUED EXPENSES | 9 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses at January 31, 2021 and April 30, 2020 are summarized below: January 31, 2021 April 30, 2020 Payroll related costs $ 484,462 $ 435,577 Director and Officer insurance financing – 113,245 Other 9,879 267,816 Total $ 494,341 $ 816,638 The Company financed the Director and Officer insurance policy. The term of the policy is from March 8, 2020 through March 8, 2021. The financing agreement has an interest rate of 4.25% per annum and requires ten monthly payments of $12,806. The unpaid balances as of January 31, 2021 and April 30, 2020 are $0 and $113,245, respectively, which are included in accrued expenses. |
4. SMALL BUSINESS ADMINISTRATIO
4. SMALL BUSINESS ADMINISTRATION - PAYCHECK PROTECTION PROGRAM | 9 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
SMALL BUSINESS ADMINISTRATION - PAYCHECK PROTECTION PROGRAM | NOTE 4 – SMALL BUSINESS ADMINISTRATION – PAYCHECK PROTECTION PROGRAM On March 27, 2020, the CARES Act was enacted to provide financial aid to family and businesses impacted by COVID-19. The Company participated in the CARES Act, and on April 15, 2020, the Company entered into a note payable with a bank under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loan in the amount of $75,200. This loan payable matures on April 15, 2022 with a fixed interest rate of 1% per annum with interest deferred for six months. The PPP loan has an initial term of two years, is unsecured and guaranteed by the SBA. Under the terms of the PPP loan, the Company may apply for forgiveness of the amount due on the PPP loan. The Company used the proceeds from the PPP loan for qualifying expenses as defined in the PPP. The Company intends to apply for forgiveness of the PPP loan in accordance with the terms of the CARES Act. However, the Company cannot assure at this time that the PPP loan will be forgiven partially or in full. The outstanding PPP loan balance as of January 31, 2021 and April 30, 2020 was $75,200. |
5. COMMON STOCK TRANSACTIONS
5. COMMON STOCK TRANSACTIONS | 9 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
COMMON STOCK TRANSACTIONS | NOTE 5 – COMMON STOCK TRANSACTIONS A summary of the Company’s stock activity and related weighted average grant date fair value information for the nine months ended January 31, 2021 and 2020 is as follows: During the nine months ended January 31, 2020, the Company issued 2,000,000 shares of common stock to four non-employee members of the Company’s Board of Directors (“Board”) pursuant to Director Letter Agreements (“DLAs”) with the Company for services relating to the prior year. The shares vested upon issuance and the Company recorded a non-cash expense of $0 and $0 and for the three and nine months ended January 31, 2021, respectively, and $0 and $19,212 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares as of January 31, 2021. Effective July 1, 2018, the Company issued 1,200,000 shares of common stock to a consultant. The term of the agreement is for twelve months. The shares vest monthly over a twelve-month period and are subject to the consultant providing services under the agreement. The Company recorded a non-cash consulting expense in the amount of $0 and $0 for the three and nine months ended January 31, 2021, respectively, and $0 and $12,816 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares as of January 31, 2021 and 2020. During the month of April 2019, two consultants were issued 2,500,000 shares of common stock pursuant to their consulting agreements. The term of the agreements is for twelve months which covered prior and current periods. The shares vest monthly over a twelve-month period and are subject to the consultants providing services under their respective consulting agreements. The Company recorded a non-cash consulting expense in the amount of $0 and $0 for the three and nine months ended January 31, 2021, respectively, and $0 and $11,910 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares as of January 31, 2021 and 2020. During the nine months ended January 31, 2020, a consultant was issued 500,000 shares of common stock pursuant to his consulting agreement with the Company. The term of the consulting agreement is for twelve months which covered prior and current periods. The shares vest monthly over a twelve-month period and are subject to the consultant providing services under his consulting agreement. The Company recorded a non-cash consulting expense in the amount of $0 and $0 for the three and nine months ended January 31, 2021, respectively, and $0 and $17,350 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares as of January 31, 2021 and 2020. In January 2019, the Company awarded 6,600,000 shares of common stock to executive officers of the Company as part of their compensation agreements for 2019. These shares vest monthly over a twelve-month period and are subject to the executive officers continuing to provide service under their compensation agreements. During the three and nine months ended January 31, 2021, the Company recorded a non-cash compensation expense in the amount of $0 and $0, respectively, and $69,438 and $278,891 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares as of January 31, 2021 and 2020. During the nine months ended January 31, 2020, four non-employee members of the Board were issued 2,000,000 shares of common stock pursuant to their DLAs with the Company. The shares were fully vested upon issuance. The Company recorded a non-cash expense of $0 and $10,561 for the three and nine months ended January 31, 2021, respectively, and $18,988 and $46,433 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares remaining related to these DLAs as of January 31, 2021 and 2020. During the nine months ended January 31, 2020, a consultant was issued 2,000,000 shares of common stock in respect of his services as the Chairman of the Company’s Medical and Scientific Advisory Board over a four-year period with their vesting subject to the consultant continuing to provide services to the Company. The Company recorded a non-cash consulting expense in the amount of $0 and $0 for the three and nine months ended January 31, 2021, respectively, and $0 and $11,851 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares remaining related to his compensation arrangement as of January 31, 2021 and 2020. During the nine months ended January 31, 2021, four non-employee members of the Board were issued 2,000,000 shares of common stock pursuant to their DLAs in respect of their service during that year. The shares were fully vested upon issuance. The Company recorded a non-cash expense of $10,411 and $26,859 for the three and nine months ended January 31, 2021, respectively. There were zero unvested shares remaining related to such DLAs as of January 31, 2021. During the nine months ended January 31, 2021 four consultants were issued 1,000,000 shares of common stock pursuant to their consulting agreements with the Company. The terms of the agreements are for twelve months. The shares vest monthly over a twelve-month period and are subject to the consultants continuing to provide services under their consulting agreements. The Company recorded a non-cash consulting expense in the amount of $5,409 and $15,017 for the three and nine months ended January 31, 2021, respectively. There were 250,000 unvested shares remaining related to these consulting agreements as of January 31, 2021. In January 2020, the Company awarded 6,600,000 shares of common stock to the executive officers of the Company as part of their compensation agreements for 2020. These shares vest monthly over a twelve-month period and are subject to the executive officers continuing to provide service under their compensation agreements. During the three and nine months ended January 31, 2021, the Company recorded a non-cash compensation expense in the amounts of $44,881 and $179,521, respectively, and $30,800 and $30,800 for the three and nine months ended January 31, 2020, respectively. There were zero and 6,050,000 unvested shares as of January 31, 2021 and 2020, respectively. During the nine months ended January 31, 2021, a consultant was issued 500,000 shares of common stock in respect of his services as the Chairman of the Company’s Medical and Scientific Advisory Board with vesting subject to the consultant continuing to provide services to the Company. The Company recorded a non-cash consulting expense in the amount of $2,125 and $2,833 for the three and nine months ended January 31, 2021, respectively, and $0 and $0 for the three and nine months ended January 31, 2020, respectively. There were zero unvested shares remaining related to his compensation arrangement as of January 31, 2021 and 2020, respectively. In January 2021, the Company awarded 6,600,000 shares of common stock to the executive officers of the Company as part of their compensation agreements for 2021. These shares vest monthly over a twelve-month period and are subject to the executive officers continuing to provide service under their compensation agreements. During the three and nine months ended January 31, 2021, the Company recorded a non-cash compensation expense in the amounts of $3,685 and $3,685, respectively. There were 6,050,000 unvested shares as of January 31, 2021. All shares listed above were issued without registration under the Securities Act in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act. During the nine months ended January 31, 2021 and 2020, the Company sold and issued approximately 693 million and 137 million shares of common stock, respectively, at prices of approximately $0.01 per share pursuant to the Company’s S-3. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received net proceeds of approximately $4.7 million and $884,000 from the sale of these shares for the nine months ended January 31, 2021 and 2020, respectively. A summary of the Company’s unvested restricted stock activity and related weighted average grant date fair value information for the nine months ended January 31, 2021 is as follows: Shares Weighted Unvested, at April 30, 2020 4,600,000 $ 0.06 Granted 10,100,000 0.01 Vested (8,400,000 ) 0.01 Forfeited – – Unvested, at January 31, 2021 6,300,000 $ 0.01 |
6. STOCK OPTIONS AND WARRANTS
6. STOCK OPTIONS AND WARRANTS | 9 Months Ended |
Jan. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS AND WARRANTS | NOTE 6 – STOCK OPTIONS AND WARRANTS Stock Options As of January 31, 2021, the Company had 62,600,000 outstanding stock options to its directors and executive officers (collectively, “Employee Options”) and consultants (“Non-Employee Options”). During the nine months ended January 31, 2021 and 2020, the Company granted 11,000,000 and 11,000,000 Employee Options, respectively. The fair value of the Employee Options at the date of grant was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average assumptions: Nine Months Ended January 31, 2021 2020 Risk-free interest rate 0.35% 1.8% Expected volatility 97% 91% Expected term (years) 2.7 2.7 Expected dividend yield 0.00% 0.00% The Company’s computation of expected volatility is based on the historical daily volatility of its publicly traded stock. For stock option grants issued during the nine months ended January 31, 2021 and 2020, the Company used a calculated volatility for each grant. The Company lacks adequate information about the exercise behavior and therefore has determined the expected term assumption under the simplified method provided for under ASC 718, which averages the contractual term of the Company’s stock options of five years with the average vesting term of two and seven-tenths years for an average of 2.7 years. The dividend yield assumption of zero is based upon the fact the Company has never paid cash dividends and presently has no intention of paying cash dividends. The risk-free interest rate used for each grant is equal to the U.S. Treasury rates in effect at the time of the grant for instruments with a similar expected life. During the nine months ended January 31, 2021 and 2020, the Company granted zero and 1,200,000 Non-Employee Options, respectively. During the three months ended January 31, 2021 and 2020, the Company granted zero and zero Non-Employee Options, respectively. A summary of the Company’s stock option activity and related information for the nine months ended January 31, 2021 is shown below: Options Weighted Weighted Outstanding, April 30, 2020 67,200,000 $ 0.06 $ 0.06 Granted 11,000,000 0.01 0.01 Forfeited (15,600,000 ) – – Exercised – – – Outstanding, January 31, 2021 62,600,000 $ 0.05 $ 0.05 Exercisable, January 31, 2021 54,350,000 $ 0.06 $ – Vested and expected to vest 62,600,000 $ 0.05 $ – A summary of the activity for unvested stock options during the nine months ended January 31, 2021 is as follows: Options Weighted Unvested, April 30, 2020 6,200,000 $ 0.05 Granted 11,000,000 0.01 Vested (8,950,000 ) – Forfeited – – Unvested, January 31, 2021 8,250,000 $ 0.01 The Company recorded $38,606 and $74,025 of stock-based compensation expense related to the issuance of Employee Options to certain executive officers and directors in exchange for services during the three months ended January 31, 2021 and 2020, respectively, and $166,982 and $284,934 during the nine months ended January 31, 2021 and 2020, respectively. At January 31, 2021, there remained $35,148 of unrecognized compensation expense related to unvested Employee Options granted to executive officers and directors, to be recognized as expense over a weighted-average period of the remaining eleven months in the calendar year. The unvested options vest at 750,000 shares per month and are expected to be fully vested on December 31, 2021. The Company recorded $0 and $10,411 of stock-based compensation related to the issuance of Non-Employee Options in exchange for services during the three months ended January 31, 2021 and 2020, respectively, and $0 and $24,237 during the nine months ended January 31, 2021 and 2020, respectively. There were no unvested Non-Employee Options on January 31, 2021. The following table summarizes the outstanding stock options by exercise price at January 31, 2021: Exercise Price Number of Weighted Weighted Number of Weighted Average $ 0.104 10,450,000 0.71 $ 0.104 10,450,000 $ 0.104 $ 0.0685 600,000 0.24 $ 0.0685 600,000 $ 0.0685 $ 0.058 2,450,000 1.06 $ 0.058 2,450,000 $ 0.058 $ 0.0734 1,200,000 1.25 $ 0.0734 1,200,000 $ 0.0734 $ 0.0729 1,800,000 1.44 $ 0.0729 1,800,000 $ 0.0729 $ 0.089 1,200,000 1.46 $ 0.089 1,200,000 $ 0.089 $ 0.0553 500,000 0.84 $ 0.0553 500,000 $ 0.0553 $ 0.0558 9,000,000 1.15 $ 0.0558 9,000,000 $ 0.0558 $ 0.0534 1,200,000 2.59 $ 0.0534 1,200,000 $ 0.0534 $ 0.0539 1,000,000 1.12 $ 0.0539 1,000,000 $ 0.0539 $ 0.0683 500,000 1.21 $ 0.0683 500,000 $ 0.0683 $ 0.0649 500,000 1.34 $ 0.0649 500,000 $ 0.0649 $ 0.0495 9,000,000 1.88 $ 0.0495 9,000,000 $ 0.0495 $ 0.0380 1,200,000 3.65 $ 0.0380 1,200,000 $ 0.0380 $ 0.0404 1,000,000 1.62 $ 0.0404 1,000,000 $ 0.0404 $ 0.0370 500,000 1.71 $ 0.0370 500,000 $ 0.0370 $ 0.0340 500,000 1.85 $ 0.0340 500,000 $ 0.0340 $ 0.0408 9,000,000 2.35 $ 0.0408 9,000,000 $ 0.0408 $ 0.0240 1,000,000 2.12 $ 0.0240 1,000,000 $ 0.0240 $ 0.0247 500,000 2.21 $ 0.0247 500,000 $ 0.0247 $ 0.0105 500,000 2.35 $ 0.0105 500,000 $ 0.0105 $ 0.0067 9,000,000 2.95 $ 0.0067 750,000 $ 0.0067 Total 62,600,000 1.72 $ 0.05 54,350,000 $ 0.06 The aggregate intrinsic value of outstanding options as of January 31, 2021 was $12,225. This represents options whose exercise price was less than the closing fair market value of the Company’s common stock on January 31, 2021 of approximately $0.018 per share. Warrants The warrants issued by the Company are equity-classified. The fair value of the warrants was recorded as additional paid-in-capital, and no further adjustments are made. For stock warrants paid in consideration of services rendered by non-employees, the Company recognizes consulting expense in accordance with the requirements of ASC 505. Common Stock Purchase Warrants issued in conjunction with Block Trade transactions to Aeon Capital, Inc. (“Aeon”), the Company’s placement agent under its S-3 “at-the-market” prospectus, are accounted for in accordance with ASC 815-40, with the fair value recorded to additional paid-in capital and offsetting amounts recorded as equity issuance costs on the Condensed Consolidated Statement of Stockholders’ Equity. Effective June 13, 2019, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 1,338,889 shares of common stock based upon the Block Trade transaction pursuant to the Company’s engagement agreement with Aeon dated February 22, 2018 (“Aeon Engagement Agreement”). The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $9,000. The warrants have a cashless exercise feature. Effective July 15, 2019, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 1,944,444 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $12,000. The warrants have a cashless exercise feature. Effective August 7, 2019, the Company issued two Common Stock Purchase Warrants to Aeon for two Block Trade transactions. The Company issued two warrants to purchase a total of 3,500,000 shares of common stock based on two Block Trades pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate value of these warrants to be approximately $12,000. The warrants have a cashless exercise feature. Effective July 10, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 4,100,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $29,000. The warrants have a cashless exercise feature. Effective July 18, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 3,500,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $18,000. The warrants have a cashless exercise feature. Effective July 19, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 1,333,333 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $7,000. The warrants have a cashless exercise feature. Effective July 27, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 2,500,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $13,000. The warrants have a cashless exercise feature. Effective August 3, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 4,500,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $24,000. The warrants have a cashless exercise feature. Effective August 6, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 4,100,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $29,000. The warrants have a cashless exercise feature. Effective August 6, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 5,000,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $18,000. The warrants have a cashless exercise feature. Effective August 7, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 2,500,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $13,000. The warrants have a cashless exercise feature. Effective August 7, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 5,500,000 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $19,000. The warrants have a cashless exercise feature. Effective August 10, 2020, the Company issued a Common Stock Purchase Warrant to Aeon for a Block Trade transaction. The Company issued a warrant to purchase 1,333,333 shares of common stock based upon the Block Trade pursuant to the Aeon Engagement Agreement. The Company classified these warrants as equity. The warrants have a term of five years with an exercise price of approximately $0.01 per warrant share. Using the Black-Scholes-Merton option pricing model, the Company determined the aggregate fair value of these warrants to be approximately $7,000. The warrants have a cashless exercise feature. A summary of the Company’s warrant activity and related information for the nine months ended January 31, 2021 is shown below: Warrants Weighted Outstanding, April 30, 2020 47,890,155 $ 0.05 Issued 34,366,666 0.01 Expired (17,000,000 ) – Outstanding, January 31, 2021 65,256,821 0.01 Exercisable, January 31, 2021 65,256,821 $ 0.01 The following table summarizes additional information concerning warrants outstanding and exercisable at January 31, 2021: Exercise Prices Number of Weighted Weighted $ 0.065 769,231 0.88 $ 0.0575 869,565 1.17 $ 0.03 2,500,000 1.82 $ 0.026 1,923,077 2.41 $ 0.025 2,000,000 1.48 $ 0.018 1,388,889 2.33 $ 0.011 2,272,727 2.75 $ 0.01 13,200,000 4.17 $ 0.015 833,333 4.22 $ 0.009 3,333,333 3.42 $ 0.0075 15.666.666 4.49 $ 0.005 20,500,000 3.88 65,256,821 3.83 $ 0.01 |
7. LEGAL PROCEEDINGS
7. LEGAL PROCEEDINGS | 9 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 7 – LEGAL PROCEEDINGS The Company is not currently a party to any pending legal proceedings, material or otherwise. There are no legal proceedings to which any property of the Company is subject. |
8. RELATED PARTY TRANSACTIONS
8. RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS The Company had the following related party transactions during the three and nine months ended January 31, 2021 and 2020. The Company owns 14.5% of the equity in SG Austria and is reported on the cost method of accounting. SG Austria has two subsidiaries: (i) Austrianova Singapore Pte. Ltd. (“Austrianova”); and (ii) Austrianova Thailand Company Ltd. The Company purchased products and services from these subsidiaries in the approximate amounts of $109,500 and $183,500 in the three and nine months ended January 31, 2021, respectively, and $85,000 and $87,400 for the three and nine months ended January 31, 2020, respectively. In April 2014, the Company entered the Vin-de-Bona Consulting Agreement pursuant to which Vin-de-Bona agreed to provide professional consulting services to the Company. Vin-de-Bona is owned by Prof. Walter H. Günzburg (“Prof. Günzburg”) and Dr. Brian Salmons (“Dr. Salmons”), both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer and diabetes (Prof. Gunzburg is the Chairman and Chief Technical Officer of Austrianova, and Dr. Salmons is the Chief Executive Officer and President of Austrianova). The term of the agreement was for 12 months, automatically renewable for successive 12-month terms. After the initial term, either party can terminate the agreement by giving the other party 30 days’ written notice before the effective date of termination. The agreement has been automatically renewed annually. The amounts incurred for the three and nine months ended January 31, 2021 were approximately $21,000 and $65,000, respectively, and $3,000 and $18,000 for the three and nine months ended January 31, 2020, respectively. In addition, during the nine months ended January 31, 2021 the Company issued 250,000 shares of common stock to Dr. Salmons to be a member of the Company’s Medical and Scientific Advisory Board. The Company recorded a noncash consulting expense of approximately $3,700 relating to this share issuance for the nine months ended January 31, 2021. During the year ended April 30, 2020, the Company issued one share of Series A Preferred Stock to the Chief Executive Officer of the Company for $1 pursuant to a Subscription Agreement. The Series A Preferred Stock is described in detail in Note 12 – Preferred Stock. The Board exercised its right to have the Company redeem the one share of Series A Preferred Stock. It is no longer issued and outstanding. See Note 9 under Service Agreements for related party disclosures. |
9. COMMITMENTS AND CONTINGENCIE
9. COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES The Company acquires assets still in development and enters R&D arrangements with third parties that often require milestone and royalty payments to the third-party contingent upon the occurrence of certain future events linked to the success of the asset in development. Milestone payments may be required, contingent upon the successful achievement of an important point in the development lifecycle of the pharmaceutical product (e.g., approval of the product for marketing by a regulatory agency). If required by the license agreements, the Company may have to make royalty payments based upon a percentage of the sales of the pharmaceutical product if regulatory approval for marketing of the product candidate is obtained. Office Lease Effective September 1, 2017, the Company entered into an office lease at 23046 Avenida de la Carlota, Suite 600, Laguna Hills, California (“Leased Premises”). The term of the lease was for 24 months and expired on August 31, 2019. In May 2019, the Company entered into an additional one-year lease for the Leased Premises, commencing upon the expiration of the term of the prior lease. The term of the lease expired on August 31, 2020. On May 28, 2020, the Company entered into an additional six-month lease of the Leased Premises, commencing on September 1, 2020. The term of the new lease expires on February 28, 2021. On December 2, 2020, the Company entered into an additional six-month lease of the Leased Premises, commencing on March 1, 2021. This lease expires on August 31, 2021. Rent expenses for these offices for the three months ended January 31, 2021 and 2020 were $5,288 and $7,152, respectively, and for the nine months ended January 31, 2021 and 2020 were $17,824 and $23,812, respectively. The following table summarizes the Company’s aggregate future minimum lease payments required under the operating leases as of January 31, 2021. Amount 2021 $ 3,764 2022 4,956 Total $ 8,720 Compensation Agreements The Company entered into executive compensation agreements with its three executive officers in March 2015, each of which was amended in March 2017. Each agreement had a term of two years with automatic annual extensions thereafter unless the Company or the executive officer provides written notification of termination at least ninety days prior to the end of the term or subsequent extensions. Each agreement has been renewed. The Company also entered a compensation agreement with a Board member in April 2015 which continued in effect until amended in May 2017. In May 2017, the Company amended the compensation agreement with the Board members and the term continue in effect until a member is no longer on the Board. The Company has four independent directors. Each director receives the same compensation: (i) $12,500 in cash for each calendar quarter of service on the Board; (ii) 500,000 fully-paid, non-assessable shares of the Company’s restricted common stock (“Shares”) annually; and (iii) a five-year option to purchase 500,000 Shares annually at an exercise price equal to the fair market value of the Shares on the date of grant. The Shares and the option Shares fully vest on the date of the grants. Service Agreements The Company entered into several service agreements with independent and related parties pursuant to which services will be provided over a specified period-of-time related to our IND which was placed on clinical hold by the FDA and proposed clinical trial involving LAPC. The services include regulatory affairs strategy, advice and follow up work on the IND and services related to having the clinical hold lifted. They also cover a 24-month stability study, which is approximately fifty percent complete, including the container closure integrity testing of the clinical trial product syringes. The total cost is estimated to be approximately $437,000, of which the related party portion will be approximately $310,000. These amounts take into account some of the cost associated with the work and preclinical studies required to lift the FDA’s clinical hold. |
10. INCOME TAXES
10. INCOME TAXES | 9 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 - INCOME TAXES The Company had no income tax expense for the nine months ended January 31, 2021 and 2020, respectively. During the nine months ended January 31, 2021 and 2020, the Company had a net operating loss (“NOL”) for each period which generated deferred tax assets for NOL carryforwards. The Company provided valuation allowances against the net deferred tax assets including the deferred tax assets for NOL carryforwards. Valuation allowances provided for the net deferred tax asset increased by approximately $565,000 and $270,000 for the nine months ended January 31, 2021 and 2020, respectively. There was no material difference between the effective tax rate and the projected blended statutory tax rate for the nine months ended January 31, 2021 and 2020. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. Based on the assessment of all available evidence including, but not limited to, the Company’s limited operating history in its core business and lack of profitability, uncertainties of the commercial viability of its technology, the impact of government regulations and healthcare reform initiatives and other risks normally associated with biotechnology companies, the Company has concluded that is more-likely-than-not that these operating loss carryforwards will not be realized. Accordingly, 100% of the deferred tax valuation allowance has been recorded against these assets at January 31, 2021. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of the nine months ended January 31, 2021 and 2020, the Company had no accrued interest or penalties related to uncertain tax positions. See Note 10 of Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2020 for additional information regarding income taxes. |
11. EARNINGS PER SHARE
11. EARNINGS PER SHARE | 9 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 11 – EARNINGS PER SHARE Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares and potentially dilutive shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would be outstanding if the potentially dilutive securities had been issued. Potential shares of common stock outstanding principally include stock options and warrants. During the nine months ended January 31, 2021 and 2020, the Company incurred losses. Accordingly, the effect of any common stock equivalent would be anti-dilutive during those periods and are not included in the calculation of diluted weighted average number of shares outstanding. The table below sets forth the basic loss per share calculations: Three Months Ended January 31, 2021 2020 Net loss $ (757,096 ) $ (875,308 ) Basic weighted average number of shares outstanding 2,337,034,318 1,375,499,976 Diluted weighted average number of shares outstanding 2,337,034,318 1,375,499,976 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) Nine Months Ended January 31, 2021 2020 Net loss $ (2,591,232 ) $ (3,076,505 ) Basic weighted average number of shares outstanding 2,108,274,833 1,284,500,731 Diluted weighted average number of shares outstanding 2,108,274,833 1,284,500,731 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) The table below sets forth these potentially dilutive securities: Nine Months Ended January 31, 2021 2020 Excluded options 62,600,000 94,650,000 Excluded warrants 65,256,821 48,056,822 Total excluded options and warrants 127,856,821 142,706,822 |
12. PREFERRED STOCK
12. PREFERRED STOCK | 9 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 12 – PREFERRED STOCK The Company has authorized 10,000,000 shares of preferred stock, with a par value of $0.0001, of which one share has been designated as "Series A Preferred Stock". The one share of Series A Preferred Stock was issued on October 30, 2019 and redeemed by the Company on December 3, 2019. As of January 31, 2021, there are no shares of preferred stock issued and outstanding. The description of the Series A Preferred Stock below is qualified in its entirety by reference to the Company’s Articles of Incorporation, as amended. The Series A Preferred Stock has the following features: · There is one share of preferred stock designated as Series A Preferred Stock; · The Series A Preferred Stock has a number of votes at any time equal to the number of votes then held by all other shareholders of the Company having a right to vote on any matter plus one. The Certificate of Designations that designated the terms of the Series A Preferred Stock cannot be amended without the consent of the holder of the Series A Preferred Stock; · The Company may redeem the Series A Preferred Stock at any time for a redemption price of $1.00 paid to the holder of the share of Series A Preferred Stock; and · The Series A Preferred Stock has no rights of transfer, conversion, dividends, preferences upon liquidation or participation in any distributions to shareholders. |
13. SUBSEQUENT EVENTS
13. SUBSEQUENT EVENTS | 9 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13 – SUBSEQUENT EVENTS On March 1, 2021, the Company received notices of exercise for 26 Common Stock Purchase Warrants (“Warrants”). The holder of the Warrants elected to exercise the Warrants through a cashless exercise in accordance with the terms of the Warrants. This resulted in the Company issuing 43,715,269 shares of unregistered common stock. |
2. SUMMARY OF SIGNIFICANT ACC_2
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. The Company operates independently and through four wholly owned subsidiaries: (i) Bio Blue Bird AG; (ii) PharmaCyte Biotech Europe Limited; (iii) PharmaCyte Biotech Australia Pty. Ltd.; and (iv) Viridis Biotech, Inc. and are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“Commission”). Intercompany balances and transactions are eliminated. The Company’s 14.5% investment in SG Austria is presented on the cost method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates including those related to fair values of financial instruments, intangible assets, fair value of stock-based awards, income taxes and contingent liabilities, among others. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s Condensed Consolidated Financial Statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s condensed consolidated financial position and results of operations. |
Intangible Assets | Intangible Assets The Financial Accounting Standards Board ("FASB") standard on goodwill and other intangible assets prescribes a two-step process for impairment testing of goodwill and indefinite-lived intangibles, which is performed annually, as well as when an event triggering impairment may have occurred. The first step tests for impairment, while the second step, if necessary, measures the impairment. The Company has elected to perform its annual analysis at the end of its reporting year. The Company’s intangible assets are licensing agreements related to the Cell-in-a-Box ® These intangible assets have an indefinite life; therefore, they are not amortizable. The Company concluded that there was no impairment of the carrying value of the intangibles for the nine months ended January 31, 2021 and 2020. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of an asset are less than carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. No impairment was identified or recorded during the nine months ended January 31, 2021 and 2020. |
Fair value of Financial Instruments | Fair Value of Financial Instruments For certain of the Company’s non-derivative financial instruments, including cash, accounts payable and accrued expenses, the carrying amount approximates fair value due to the short-term maturities of these instruments. Accounting Standards Codification ("ASC") Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the condensed consolidated balance sheets for current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1. Observable inputs such as quoted prices in active markets; · Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and · Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Income Taxes | Income Taxes Deferred taxes are calculated using the liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The determination of the need for a valuation allowance is based on an on-going evaluation of current information including, among other things, historical operating results, estimates of future earnings in different taxing jurisdictions and the expected timing of the reversals of temporary differences. The Company believes the determination to record a valuation allowance to reduce a deferred income tax asset is a significant accounting estimate because it is based on, among other things, an estimate of future taxable income in the U.S. and certain other jurisdictions, which is susceptible to change and may or may not occur, and because the impact of adjusting a valuation allowance may be material. In determining when to release the valuation allowance established against the Company’s net deferred income tax assets, the Company considers all available evidence, both positive and negative. Consistent with the Company’s policy, and because of the Company’s history of operating losses, the Company does not currently recognize the benefit of all its deferred tax assets, including tax loss carry forwards, which may be used to offset future taxable income. The Company continually assesses its ability to generate sufficient taxable income during future periods in which deferred tax assets may be realized. When the Company believes it is more-likely-than-not that it will recover its deferred tax assets, the Company will reverse the valuation allowance as an income tax benefit in the Condensed Consolidated Statements of Operations. The U.S. GAAP method of accounting for uncertain tax positions utilizes a two-step approach to evaluate tax positions. Step one, recognition, requires evaluation of the tax position to determine if based solely on technical merits it is more-likely-than-not to be sustained upon examination. Step two, measurement, is addressed only if a position is more-likely-than-not to be sustained. In step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more-likely-than-not to be realized upon ultimate settlement with tax authorities. If a position does not meet the more-likely-than-not threshold for recognition in step one, no benefit is recorded until the first subsequent period in which the more-likely-than-not standard is met, the issue is resolved with the taxing authority or the statute of limitations expires. Positions previously recognized are derecognized when the Company subsequently determines the position no longer is more-likely-than-not to be sustained. Evaluation of tax positions, their technical merits and measurements using cumulative probability are highly subjective management estimates. Actual results could differ materially from these estimates. On March 27, 2020, Congress enacted the “Coronavirus Aid, Relief and Economic Security ("CARES") Act” to provide certain relief as a result of COVID-19. The Company maintains a full valuation allowance on its U.S. net deferred tax assets. Deferred tax asset remeasurement (tax expense) was offset by a net decrease in valuation allowance, that resulted in no impact on the Company's income tax expense. Therefore, the Company does not expect the provisions in the CARES Act will impact the Company’s Condensed Consolidated Financial Statements. |
Research and Development | Research and Development Research and development (“R&D”) expenses consist of costs incurred for direct and overhead-related research expenses and are expensed as incurred. Costs to acquire technologies, including licenses, that are utilized in R&D and that have no alternative future use are expensed when incurred. Technology developed for use in the Company’s product candidates is expensed as incurred until technological feasibility has been established. R&D expenses for the three and nine months ended January 31, 2021 were $174,088 and $595,976, respectively, and for the three and nine months ended January 31, 2020 were $113,296 and $203,566, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense for only those awards ultimately expected to vest on a straight-line basis over the requisite service period of the award. The Company estimates the fair value of stock options using a Black-Scholes-Merton valuation model. This model requires the input of highly subjective assumptions, including the option's expected term and stock price volatility. In addition, judgment is also required in estimating the number of stock-based awards that are expected to be forfeited. Forfeitures are estimated based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The assumptions used in calculating the fair value of share-based payment awards represent management's best estimates, but these estimates involve inherent uncertainties and the application of management's judgment. Thus, if factors change and the Company uses different assumptions, the stock-based compensation expense could be materially different in the future. |
Concentration of Credit Risk | Concentration of Credit Risk The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains most of its cash balance at a financial institution located in California. Accounts at this institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $2,810,000 and $618,000 at January 31, 2021 and April 30, 2020, respectively. The Company has not experienced any losses in such accounts. Management believes it is not exposed to any significant credit risk on cash. |
Foreign Currency Translation | Foreign Currency Translation The Company translates the financial statements of its foreign subsidiaries from the local (functional) currencies to U.S. dollars in accordance with FASB ASC 830, Foreign Currency Matters |
Going Concern | Going Concern The accompanying Condensed Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern; however, the following conditions raise substantial doubt about the Company's ability to do so. As of January 31, 2021, the Company has an accumulated deficit of $106,449,491 and incurred a net loss for the nine months ended January 31, 2021 of $2,591,232. The Company requires substantial additional capital to finance its planned business operations and expects to incur operating losses in future periods due to the expenses related to the Company’s core businesses. The Company has not realized any revenue since it commenced doing business in the biotechnology sector, and there can be no assurance that it will be successful in generating revenues in the future in this sector. The Condensed Consolidated Financial Statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. For the nine months ended January 31, 2021, funding was provided by investors to maintain and expand the Company’s operations. Sales of the Company’s common stock were made under a Form S-3 (“S-3”) allowing for offerings of up to $50 million dollars. During the nine months ended January 31, 2021, the Company raised funds through the Company’s S-3 pursuant to which the placement agent sells shares of common stock “at-the-market” as defined in Rule 415 under the Securities Act of 1933, as amended (“Securities Act”), or in transactions of a distinct block or blocks of shares of the Company’s common stock (“Block Trade Transactions”) in a program which is structured to provide up to $25 million to the Company less certain commissions pursuant to the S-3. On August 13, 2020, the Company no longer met the eligibility requirements to use the S-3 to raise capital, and the Company ceased to use the S-3 to raise capital after that date. From May 1, 2020 through August 13, 2020 the Company raised capital of approximately $4.7 million in Block Trade Transactions and “at-the-market” transactions. Management determined that its plans to raise additional capital alleviate substantial doubt about the Company’s ability to continue as a going concern. The Company believes the cash on hand, the potential sales of unregistered shares of its common stock and any public offerings of common stock in which the Company may engage in will provide sufficient capital to meet the Company’s capital requirements and to fund the Company’s operations through March 31, 2022. |
Recent accounting pronouncements | Recent Accounting Pronouncements ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU No. 2019-12, Simplifying the Accounting for Income Taxes |
3. ACCRUED EXPENSES (Tables)
3. ACCRUED EXPENSES (Tables) | 9 Months Ended |
Jan. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses at January 31, 2021 and April 30, 2020 are summarized below: January 31, 2021 April 30, 2020 Payroll related costs $ 484,462 $ 435,577 Director and Officer insurance financing – 113,245 Other 9,879 267,816 Total $ 494,341 $ 816,638 |
5. COMMON STOCK TRANSACTIONS (T
5. COMMON STOCK TRANSACTIONS (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Schedule of non-vested restricted stock activity | A summary of the Company’s unvested restricted stock activity and related weighted average grant date fair value information for the nine months ended January 31, 2021 is as follows: Shares Weighted Unvested, at April 30, 2020 4,600,000 $ 0.06 Granted 10,100,000 0.01 Vested (8,400,000 ) 0.01 Forfeited – – Unvested, at January 31, 2021 6,300,000 $ 0.01 |
6. STOCK OPTIONS AND WARRANTS (
6. STOCK OPTIONS AND WARRANTS (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Stock option activity | A summary of the Company’s stock option activity and related information for the nine months ended January 31, 2021 is shown below: Options Weighted Weighted Outstanding, April 30, 2020 67,200,000 $ 0.06 $ 0.06 Granted 11,000,000 0.01 0.01 Forfeited (15,600,000 ) – – Exercised – – – Outstanding, January 31, 2021 62,600,000 $ 0.05 $ 0.05 Exercisable, January 31, 2021 54,350,000 $ 0.06 $ – Vested and expected to vest 62,600,000 $ 0.05 $ – |
Unvested stock option activity | A summary of the activity for unvested stock options during the nine months ended January 31, 2021 is as follows: Options Weighted Unvested, April 30, 2020 6,200,000 $ 0.05 Granted 11,000,000 0.01 Vested (8,950,000 ) – Forfeited – – Unvested, January 31, 2021 8,250,000 $ 0.01 |
Schedule of options by exercise price | The following table summarizes the outstanding stock options by exercise price at January 31, 2021: Exercise Price Number of Weighted Weighted Number of Weighted Average $ 0.104 10,450,000 0.71 $ 0.104 10,450,000 $ 0.104 $ 0.0685 600,000 0.24 $ 0.0685 600,000 $ 0.0685 $ 0.058 2,450,000 1.06 $ 0.058 2,450,000 $ 0.058 $ 0.0734 1,200,000 1.25 $ 0.0734 1,200,000 $ 0.0734 $ 0.0729 1,800,000 1.44 $ 0.0729 1,800,000 $ 0.0729 $ 0.089 1,200,000 1.46 $ 0.089 1,200,000 $ 0.089 $ 0.0553 500,000 0.84 $ 0.0553 500,000 $ 0.0553 $ 0.0558 9,000,000 1.15 $ 0.0558 9,000,000 $ 0.0558 $ 0.0534 1,200,000 2.59 $ 0.0534 1,200,000 $ 0.0534 $ 0.0539 1,000,000 1.12 $ 0.0539 1,000,000 $ 0.0539 $ 0.0683 500,000 1.21 $ 0.0683 500,000 $ 0.0683 $ 0.0649 500,000 1.34 $ 0.0649 500,000 $ 0.0649 $ 0.0495 9,000,000 1.88 $ 0.0495 9,000,000 $ 0.0495 $ 0.0380 1,200,000 3.65 $ 0.0380 1,200,000 $ 0.0380 $ 0.0404 1,000,000 1.62 $ 0.0404 1,000,000 $ 0.0404 $ 0.0370 500,000 1.71 $ 0.0370 500,000 $ 0.0370 $ 0.0340 500,000 1.85 $ 0.0340 500,000 $ 0.0340 $ 0.0408 9,000,000 2.35 $ 0.0408 9,000,000 $ 0.0408 $ 0.0240 1,000,000 2.12 $ 0.0240 1,000,000 $ 0.0240 $ 0.0247 500,000 2.21 $ 0.0247 500,000 $ 0.0247 $ 0.0105 500,000 2.35 $ 0.0105 500,000 $ 0.0105 $ 0.0067 9,000,000 2.95 $ 0.0067 750,000 $ 0.0067 Total 62,600,000 1.72 $ 0.05 54,350,000 $ 0.06 |
Warrant activity | A summary of the Company’s warrant activity and related information for the nine months ended January 31, 2021 is shown below: Warrants Weighted Outstanding, April 30, 2020 47,890,155 $ 0.05 Issued 34,366,666 0.01 Expired (17,000,000 ) – Outstanding, January 31, 2021 65,256,821 0.01 Exercisable, January 31, 2021 65,256,821 $ 0.01 |
Schedule of warrants outstanding and exercisable | The following table summarizes additional information concerning warrants outstanding and exercisable at January 31, 2021: Exercise Prices Number of Weighted Weighted $ 0.065 769,231 0.88 $ 0.0575 869,565 1.17 $ 0.03 2,500,000 1.82 $ 0.026 1,923,077 2.41 $ 0.025 2,000,000 1.48 $ 0.018 1,388,889 2.33 $ 0.011 2,272,727 2.75 $ 0.01 13,200,000 4.17 $ 0.015 833,333 4.22 $ 0.009 3,333,333 3.42 $ 0.0075 15.666.666 4.49 $ 0.005 20,500,000 3.88 65,256,821 3.83 $ 0.01 |
Employee Options [Member] | |
Assumptions | The fair value of the Employee Options at the date of grant was estimated using the Black-Scholes-Merton option-pricing model, based on the following weighted average assumptions: Nine Months Ended January 31, 2021 2020 Risk-free interest rate 0.35% 1.8% Expected volatility 97% 91% Expected term (years) 2.7 2.7 Expected dividend yield 0.00% 0.00% |
9. COMMITMENTS AND CONTINGENC_2
9. COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | The following table summarizes the Company’s aggregate future minimum lease payments required under the operating leases as of January 31, 2021. Amount 2021 $ 3,764 2022 4,956 Total $ 8,720 |
11. EARNINGS PER SHARE (Tables)
11. EARNINGS PER SHARE (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share calculations | The table below sets forth the basic loss per share calculations: Three Months Ended January 31, 2021 2020 Net loss $ (757,096 ) $ (875,308 ) Basic weighted average number of shares outstanding 2,337,034,318 1,375,499,976 Diluted weighted average number of shares outstanding 2,337,034,318 1,375,499,976 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) Nine Months Ended January 31, 2021 2020 Net loss $ (2,591,232 ) $ (3,076,505 ) Basic weighted average number of shares outstanding 2,108,274,833 1,284,500,731 Diluted weighted average number of shares outstanding 2,108,274,833 1,284,500,731 Basic and diluted loss per share $ (0.00 ) $ (0.00 ) |
Schedule of potentially dilutive securities | The table below sets forth these potentially dilutive securities: Nine Months Ended January 31, 2021 2020 Excluded options 62,600,000 94,650,000 Excluded warrants 65,256,821 48,056,822 Total excluded options and warrants 127,856,821 142,706,822 |
2. SIGNIFICANT ACCOUNTING POLIC
2. SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | |
Intangible assets | $ 3,549,427 | $ 3,549,427 | $ 3,549,427 | ||
Impairment of intangible assets | 0 | $ 0 | |||
Research and development costs | 174,088 | $ 113,296 | 595,976 | 203,566 | |
Uninsured cash balances | 2,810,000 | 2,810,000 | 618,000 | ||
Accumulated deficit | (106,449,491) | (106,449,491) | $ (103,858,259) | ||
Net loss | (757,096) | $ (875,308) | (2,591,232) | $ (3,076,505) | |
Block Trade [Member] | |||||
Proceeds from the sale of equity | 4,700,000 | ||||
Cell-in-a-Box [Member] | |||||
Intangible assets | 1,549,427 | 1,549,427 | |||
Diabetes License [Member] | |||||
Intangible assets | $ 2,000,000 | $ 2,000,000 | |||
SG Austria [Member] | |||||
Percentage investment in SG Austria | 14.50% | 14.50% |
3. ACCRUED EXPENSES (Details)
3. ACCRUED EXPENSES (Details) - USD ($) | Jan. 31, 2021 | Apr. 30, 2020 |
Payables and Accruals [Abstract] | ||
Payroll related costs | $ 484,462 | $ 435,577 |
Director and Officer insurance financing | 0 | 113,245 |
Other | 9,879 | 267,816 |
Total | $ 494,341 | $ 816,638 |
3. ACCRUED EXPENSES (Details Na
3. ACCRUED EXPENSES (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2021 | Apr. 30, 2020 | |
Director and Officer insurance financing | $ 0 | $ 113,245 |
Director and Officer Insurance | ||
Policy period | March 8, 2020 through March 8, 2021 | |
Financed interest rate | 4.25% | |
Payment period | 10 monthly payments | |
Payment amount | $ 12,806 | |
Director and Officer insurance financing | $ 0 | $ 113,245 |
4. SMALL BUSINESS ADMINISTRAT_2
4. SMALL BUSINESS ADMINISTRATION - PAYCHECK PROTECTION PROGRAM (Details Narrative) | 9 Months Ended |
Jan. 31, 2021USD ($) | |
Debt Disclosure [Abstract] | |
Proceeds from loans | $ 75,200 |
Notes payable maturity date | Apr. 15, 2022 |
Payment frequency | monthly |
Loan payable outstanding | $ 75,200 |
5. COMMON STOCK TRANSACTIONS (D
5. COMMON STOCK TRANSACTIONS (Details - Nonvested Option activity) - Restricted Stock [Member] | 9 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Options Outstanding | |
Beginning balance | shares | 4,600,000 |
Granted | shares | 10,100,000 |
Vested | shares | (8,400,000) |
Forfeited | shares | 0 |
Ending balance | shares | 6,300,000 |
Weighted Average Grant Date Fair Value | |
Beginning balance | $ / shares | $ 0.06 |
Granted | $ / shares | 0.01 |
Vested | $ / shares | 0.01 |
Forfeited | $ / shares | |
Ending balance | $ / shares | $ 0.01 |
5. COMMON STOCK TRANSACTIONS _2
5. COMMON STOCK TRANSACTIONS (Details Narrative) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 01, 2018 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2019 | |
Shelf Offering [Member] | ||||||
Stock issued new, shares | 693,000,000 | 137,000,000 | ||||
Proceeds from sale of equity | $ 4,700,000 | $ 884,000 | ||||
Common Stock [Member] | Director Letter Agreement [Member] | Four Nonemployees [Member] | ||||||
Stock issued for compensation, shares | 2,000,000 | |||||
Stock based compensation expense | $ 0 | $ 18,988 | $ 10,561 | $ 46,433 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | Director Letter Agreement [Member] | Four Nonemployee [Member] | ||||||
Stock issued for compensation, shares | 2,000,000 | |||||
Stock based compensation expense | $ 10,411 | $ 10,411 | $ 26,859 | $ 26,859 | ||
Unvested shares | 0 | 0 | ||||
Common Stock [Member] | Consulting Agreement [Member] | A Consultant [Member] | ||||||
Stock issued for compensation, shares | 1,200,000 | |||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 12,816 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | Consulting Agreement [Member] | A Consultant [Member] | ||||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 17,350 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Stock to be issued for compensation, shares | 500,000 | |||||
Common Stock [Member] | Consulting Agreements [Member] | Two Consultants [Member] | ||||||
Stock issued for compensation, shares | 2,500,000 | |||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 11,910 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | Consulting Agreements [Member] | Four Consultants [Member] | ||||||
Stock issued for compensation, shares | 1,000,000 | |||||
Stock based compensation expense | $ 5,409 | $ 5,409 | $ 15,017 | $ 15,017 | ||
Unvested shares | 250,000 | 250,000 | ||||
Common Stock [Member] | 2019 Compensation Agreement [Member] | Officers [Member] | ||||||
Stock issued for compensation, shares | 6,600,000 | |||||
Stock based compensation expense | $ 0 | $ 69,438 | $ 0 | $ 278,891 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | Medical And Scientific Advisory Board [Member] | A Consultant [Member] | ||||||
Stock issued for compensation, shares | 2,000,000 | |||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 11,851 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | Medical And Scientific Advisory Board [Member] | A Consultant [Member] | ||||||
Stock issued for compensation, shares | 500,000 | |||||
Stock based compensation expense | $ 2,125 | $ 0 | $ 2,833 | $ 0 | ||
Unvested shares | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | 2020 Compensation Agreement [Member] | Officers [Member] | ||||||
Stock issued for compensation, shares | 6,600,000 | |||||
Stock based compensation expense | $ 44,881 | $ 30,800 | $ 179,521 | $ 30,800 | ||
Unvested shares | 0 | 6,050,000 | 0 | 6,050,000 | ||
Common Stock [Member] | 2021 Compensation Agreement [Member] | Executive Officer [Member] | ||||||
Stock issued for compensation, shares | 6,600,000 | |||||
Stock based compensation expense | $ 3,685 | $ 3,685 | ||||
Unvested shares | 6,050,000 | 6,050,000 | ||||
Common Stock [Member] | Four Directors [Member] | Director Letter Agreement [Member] | ||||||
Stock issued for compensation, shares | 2,000,000 | |||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 19,212 | ||
Unvested shares | 0 | 0 |
6. STOCK OPTIONS AND WARRANTS_2
6. STOCK OPTIONS AND WARRANTS (Details - Option Assumptions) - Employee Options [Member] | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Risk-free interest rate | 0.35% | 1.80% |
Expected volatility | 97.00% | 91.00% |
Expected lives (years) | 2 years 8 months 12 days | 2 years 8 months 12 days |
Expected dividend yield | 0.00% | 0.00% |
6. STOCK OPTIONS AND WARRANTS_3
6. STOCK OPTIONS AND WARRANTS (Details - Option activity) - Options [Member] - $ / shares | 9 Months Ended |
Jan. 31, 2021 | |
Options Outstanding | |
Beginning balance | 67,200,000 |
Granted | 11,000,000 |
Forfeited | (15,600,000) |
Exercised | 0 |
Ending balance | 62,600,000 |
Exercisable | 54,350,000 |
Vested and expected to vest | 62,600,000 |
Weighted Average Exercise Price per Share | |
Beginning balance | $ 0.06 |
Granted | 0.01 |
Forfeited | |
Exercised | |
Ending balance | 0.05 |
Exercisable | 0.06 |
Vested and expected to vest | 0.05 |
Beginning balance | 0.06 |
Granted | 0.01 |
Forfeited | |
Exercised | |
Ending balance | $ 0.05 |
6. STOCK OPTIONS AND WARRANTS_4
6. STOCK OPTIONS AND WARRANTS (Details - Unvested Option activity) - Unvested Stock Options [Member] | 9 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Options Outstanding | |
Beginning balance | shares | 6,200,000 |
Granted | shares | 11,000,000 |
Vested | shares | (8,950,000) |
Forfeited | shares | 0 |
Ending balance | shares | 8,250,000 |
Beginning balance | $ / shares | $ 0.05 |
Granted | $ / shares | 0.01 |
Vested | $ / shares | |
Forfeited | $ / shares | |
Ending balance | $ / shares | $ 0.01 |
6. STOCK OPTIONS AND WARRANTS_5
6. STOCK OPTIONS AND WARRANTS (Details - Options by exercise price) - $ / shares | 9 Months Ended | |
Jan. 31, 2021 | Apr. 30, 2020 | |
Options [Member] | ||
Number of Options | 62,600,000 | 67,200,000 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 8 months 19 days | |
Weighted Average Exercisable Price | $ 0.05 | $ 0.06 |
Numer of Options Exercisable | 54,350,000 | |
$0.104 [Member] | ||
Number of Options | 10,450,000 | |
Weighted Average Remaining Contractual LIfe (years) | 8 months 16 days | |
Weighted Average Exercisable Price | $ 0.104 | |
Numer of Options Exercisable | 10,450,000 | |
$0.0685 [Member] | ||
Number of Options | 600,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 months 27 days | |
Weighted Average Exercisable Price | $ 0.0685 | |
Numer of Options Exercisable | 600,000 | |
$0.058 [Member] | ||
Number of Options | 2,450,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 22 days | |
Weighted Average Exercisable Price | $ 0.058 | |
Numer of Options Exercisable | 2,450,000 | |
$0.0734 [Member] | ||
Number of Options | 1,200,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 2 months 30 days | |
Weighted Average Exercisable Price | $ 0.0734 | |
Numer of Options Exercisable | 1,200,000 | |
$0.0729 [Member] | ||
Number of Options | 1,800,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 5 months 9 days | |
Weighted Average Exercisable Price | $ 0.0729 | |
Numer of Options Exercisable | 1,800,000 | |
$0.089 [Member] | ||
Number of Options | 1,200,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 5 months 16 days | |
Weighted Average Exercisable Price | $ 0.089 | |
Numer of Options Exercisable | 1,200,000 | |
$0.0553 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 10 months 3 days | |
Weighted Average Exercisable Price | $ 0.0553 | |
Numer of Options Exercisable | 500,000 | |
$0.0558 [Member] | ||
Number of Options | 9,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 1 month 24 days | |
Weighted Average Exercisable Price | $ 0.0558 | |
Numer of Options Exercisable | 9,000,000 | |
$0.0534 [Member] | ||
Number of Options | 1,200,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 7 months 2 days | |
Weighted Average Exercisable Price | $ 0.0534 | |
Numer of Options Exercisable | 1,200,000 | |
$0.0539 [Member] | ||
Number of Options | 1,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 1 month 13 days | |
Weighted Average Exercisable Price | $ 0.0539 | |
Numer of Options Exercisable | 1,000,000 | |
$0.0683 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 2 months 16 days | |
Weighted Average Exercisable Price | $ 0.0683 | |
Numer of Options Exercisable | 500,000 | |
$0.0649 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 4 months 2 days | |
Weighted Average Exercisable Price | $ 0.0649 | |
Numer of Options Exercisable | 500,000 | |
$0.0495 [Member] | ||
Number of Options | 9,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 10 months 17 days | |
Weighted Average Exercisable Price | $ 0.0495 | |
Numer of Options Exercisable | 9,000,000 | |
$0.038 [Member] | ||
Number of Options | 1,200,000 | |
Weighted Average Remaining Contractual LIfe (years) | 3 years 7 months 24 days | |
Weighted Average Exercisable Price | $ 0.038 | |
Numer of Options Exercisable | 1,200,000 | |
$0.0404 [Member] | ||
Number of Options | 1,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 7 months 13 days | |
Weighted Average Exercisable Price | $ 0.0404 | |
Numer of Options Exercisable | 1,000,000 | |
$0.037 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 8 months 16 days | |
Weighted Average Exercisable Price | $ 0.037 | |
Numer of Options Exercisable | 500,000 | |
$0.034 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 1 year 10 months 6 days | |
Weighted Average Exercisable Price | $ 0.034 | |
Numer of Options Exercisable | 500,000 | |
$0.0408 [Member] | ||
Number of Options | 9,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 4 months 6 days | |
Weighted Average Exercisable Price | $ 0.0408 | |
Numer of Options Exercisable | 9,000,000 | |
$0.024 [Member] | ||
Number of Options | 1,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 1 month 13 days | |
Weighted Average Exercisable Price | $ 0.024 | |
Numer of Options Exercisable | 1,000,000 | |
$0.0247 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 2 months 16 days | |
Weighted Average Exercisable Price | $ 0.0247 | |
Numer of Options Exercisable | 500,000 | |
$0.0105 [Member] | ||
Number of Options | 500,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 4 months 6 days | |
Weighted Average Exercisable Price | $ 0.0105 | |
Numer of Options Exercisable | 500,000 | |
$0.0067 [Member] | ||
Number of Options | 9,000,000 | |
Weighted Average Remaining Contractual LIfe (years) | 2 years 11 months 12 days | |
Weighted Average Exercisable Price | $ 0.0067 | |
Numer of Options Exercisable | 750,000 |
6. STOCK OPTIONS AND WARRANTS_6
6. STOCK OPTIONS AND WARRANTS (Details - Warrant activity) - Warrants [Member] | 9 Months Ended |
Jan. 31, 2021$ / sharesshares | |
Warrants outstanding, beginning balance | shares | 47,890,155 |
Warrants issued | shares | 34,366,666 |
Warrants expired | shares | (17,000,000) |
Warrants outstanding, ending balance | shares | 65,256,821 |
Warrants exercisable | shares | 65,256,821 |
Weighted average exercise price warrants outstanding, beginning balance | $ / shares | $ 0.05 |
Weighted average exercise price warrants issued | $ / shares | 0.01 |
Weighted average exercise price warrants Expired | $ / shares | |
Weighted average exercise price warrants outstanding, ending balance | $ / shares | 0.01 |
Weighted average exercise price warrants exercisable | $ / shares | $ 0.01 |
6. STOCK OPTIONS AND WARRANTS_7
6. STOCK OPTIONS AND WARRANTS (Details - Warrants by exercise price) | 9 Months Ended |
Jan. 31, 2021$ / sharesshares | |
$0.065 [Member] | |
Number of Warrants exercisable | 769,231 |
Weighted Average Remaining Contractual Life (Years) | 10 months 17 days |
$0.0575 [Member] | |
Number of Warrants exercisable | 869,565 |
Weighted Average Remaining Contractual Life (Years) | 1 year 2 months 1 day |
$0.03 [Member] | |
Number of Warrants exercisable | 2,500,000 |
Weighted Average Remaining Contractual Life (Years) | 1 year 9 months 25 days |
$0.026 [Member] | |
Number of Warrants exercisable | 1,923,077 |
Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 28 days |
$0.025 [Member] | |
Number of Warrants exercisable | 2,000,000 |
Weighted Average Remaining Contractual Life (Years) | 1 year 5 months 23 days |
$0.018 [Member] | |
Number of Warrants exercisable | 1,388,889 |
Weighted Average Remaining Contractual Life (Years) | 2 years 3 months 29 days |
$0.011 [Member] | |
Number of Warrants exercisable | 2,272,727 |
Weighted Average Remaining Contractual Life (Years) | 2 years 9 months |
$0.01 [Member] | |
Number of Warrants exercisable | 13,200,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 2 months 1 day |
$0.015 [Member] | |
Number of Warrants exercisable | 833,333 |
Weighted Average Remaining Contractual Life (Years) | 4 years 2 months 19 days |
$0.009 [Member] | |
Number of Warrants exercisable | 3,333,333 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 1 day |
$0.0075 [Member] | |
Number of Warrants exercisable | 15,666,666 |
Weighted Average Remaining Contractual Life (Years) | 4 years 5 months 27 days |
$0.005 [Member] | |
Number of Warrants exercisable | 20,500,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 10 months 17 days |
Warrants [Member] | |
Number of Warrants exercisable | 65,256,821 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 29 days |
Weighted average exercise price exercisable | $ / shares | $ 0.01 |
6. STOCK OPTIONS AND WARRANTS_8
6. STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Jun. 13, 2019 | Jul. 10, 2020 | Jul. 15, 2019 | Jan. 31, 2021 | Aug. 10, 2020 | Aug. 07, 2020 | Aug. 06, 2020 | Aug. 03, 2020 | Jul. 27, 2020 | Jul. 19, 2020 | Jul. 18, 2020 | Jan. 31, 2020 | Aug. 07, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | |
Stock based compensation - options | $ 166,982 | $ 309,170 | ||||||||||||||
Stock price per share | $ 0.018 | $ 0.018 | ||||||||||||||
Options [Member] | ||||||||||||||||
Options outstanding | 62,600,000 | 62,600,000 | 67,200,000 | |||||||||||||
Options granted in period | 11,000,000 | |||||||||||||||
Aggregate intrinsic value | $ 12,225 | $ 12,225 | ||||||||||||||
Options [Member] | Employees [Member] | ||||||||||||||||
Options granted in period | 11,000,000 | 11,000,000 | ||||||||||||||
Stock based compensation - options | 38,606 | $ 74,025 | $ 166,982 | $ 284,934 | ||||||||||||
Unrecognized compensation expense | $ 35,148 | $ 35,148 | ||||||||||||||
Options [Member] | Non-Employees [Member] | ||||||||||||||||
Options granted in period | 0 | 0 | 0 | 1,200,000 | ||||||||||||
Stock based compensation - options | $ 0 | $ 10,411 | $ 0 | $ 24,237 | ||||||||||||
Unrecognized compensation expense weighted-average period | 11 months | |||||||||||||||
Warrants [Member] | Aeon [Member] | ||||||||||||||||
Warrants issued | 1,338,889 | 4,100,000 | 1,944,444 | 1,333,333 | 2,500,000 | 4,100,000 | 4,500,000 | 2,500,000 | 1,333,333 | 3,500,000 | 3,500,000 | |||||
Aggregate fair value of warrants issued | $ 9,000 | $ 29,000 | $ 12,000 | $ 7,000 | $ 13,000 | $ 29,000 | $ 24,000 | $ 13,000 | $ 7,000 | $ 18,000 | $ 12,000 | |||||
Warrants [Member] | Aeon [Member] | ||||||||||||||||
Warrants issued | 5,500,000 | 5,000,000 | ||||||||||||||
Aggregate fair value of warrants issued | $ 19,000 | $ 18,000 |
8. RELATED PARTY TRANSACTIONS (
8. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
SG Austria [Member] | ||||
Equity interest owned | 14.50% | 14.50% | ||
SG Austria [Member] | ||||
Purchases from related parties | $ 109,500 | $ 85,000 | $ 183,500 | $ 87,400 |
Vin-de-Bona [Member] | ||||
Consulting fees | $ 21,000 | $ 3,000 | 65,000 | $ 18,000 |
Share base compensation expense | $ 3,700 | |||
Vin-de-Bona [Member] | Dr. Salmons [Member] | ||||
Stock issued for services, shares | 250,000 |
9. COMMITMENTS AND CONTINGENC_3
9. COMMITMENTS AND CONTINGENCIES (Details) | Jan. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum operating lease expense 2021 | $ 3,764 |
Minimum operating lease expense 2022 | 4,956 |
Minimum operating lease expense | $ 8,720 |
9. COMMITMENTS AND CONTINGENC_4
9. COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent and lease expense | $ 5,288 | $ 7,152 | $ 17,824 | $ 23,812 |
10. INCOME TAXES (Details Narra
10. INCOME TAXES (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 0 | $ 0 |
Increase in valuation allowance | 565,000 | 270,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
11. EARNINGS PER SHARE (Details
11. EARNINGS PER SHARE (Details - per share calculation) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (757,096) | $ (875,308) | $ (2,591,232) | $ (3,076,505) |
Basic weighted average number of shares outstanding | 2,337,034,318 | 1,375,499,976 | 2,108,274,833 | 1,284,500,731 |
Diluted weighted average number of shares outstanding | 2,337,034,318 | 1,375,499,976 | 2,108,274,833 | 1,284,500,731 |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
11. EARNINGS PER SHARE (Detai_2
11. EARNINGS PER SHARE (Details - diluted shares) - shares | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Antidilutive shares | 127,856,821 | 142,706,822 |
Options [Member] | ||
Antidilutive shares | 62,600,000 | 94,650,000 |
Warrants [Member] | ||
Antidilutive shares | 65,256,821 | 48,056,822 |