Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2022 | Sep. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 001-40699 | |
Entity Registrant Name | PHARMACYTE BIOTECH, INC. | |
Entity Central Index Key | 0001157075 | |
Entity Tax Identification Number | 62-1772151 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 3960 Howard Hughes Parkway | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89169 | |
City Area Code | (917) | |
Local Phone Number | 595-2850 | |
Title of 12(b) Security | Common Stock, Par Value $0.0001 Per Share | |
Trading Symbol | PMCB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,750,068 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 82,227,615 | $ 85,400,656 |
Prepaid expenses and other current assets | 28,148 | 94,172 |
Total current assets | 82,255,763 | 85,494,828 |
Other assets: | ||
Intangibles | 3,549,427 | 3,549,427 |
Investment in SG Austria | 1,572,193 | 1,572,193 |
Other assets | 7,688 | 7,688 |
Total other assets | 5,129,308 | 5,129,308 |
Total Assets | 87,385,071 | 90,624,136 |
Current liabilities: | ||
Accounts payable | 559,026 | 205,361 |
Accrued expenses | 530,331 | 499,009 |
Total current liabilities | 1,089,357 | 704,370 |
Total Liabilities | 1,089,357 | 704,370 |
Commitments and Contingencies (Notes 7 and 9) | ||
Stockholders' equity: | ||
Common stock, authorized: 33,333,334 shares, $0.0001 par value; shares issued 21,602,049, shares outstanding 20,750,068 as of July 31, 2022, and 20,721,047 shares issued and outstanding as of April 30, 2022, respectively | 2,160 | 2,072 |
Additional paid-in capital | 201,592,522 | 201,582,107 |
Accumulated deficit | (113,193,668) | (111,648,656) |
Treasury stock, at cost, 851,981 shares as of July 31, 2022 | (2,090,847) | 0 |
Accumulated other comprehensive loss | (14,453) | (15,757) |
Total stockholders' equity | 86,295,714 | 89,919,766 |
Total Liabilities and Stockholders' Equity | $ 87,385,071 | $ 90,624,136 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jul. 31, 2022 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 33,333,334 | 33,333,334 |
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 21,602,049 | 20,721,047 |
Common stock, shares outstanding | 20,750,068 | 20,721,047 |
Treasury stock, shares | 851,981 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development costs | 159,273 | 143,613 |
Compensation expense | 327,718 | 268,885 |
Director fees | 52,727 | 63,159 |
Legal and professional | 896,221 | 185,748 |
General and administrative | 244,669 | 361,946 |
Total operating expenses | 1,680,608 | 1,023,351 |
Loss from operations | (1,680,608) | (1,023,351) |
Other income (expense): | ||
Interest income | 139,502 | 0 |
Interest expense | 0 | (467) |
Other expense | (3,906) | (1,600) |
Total other income (expense), net | 135,596 | (2,067) |
Net loss | $ (1,545,012) | $ (1,025,418) |
Basic loss per share | $ (0.07) | $ (0.64) |
Diluted loss per share | $ (0.07) | $ (0.64) |
Weighted average shares outstanding basic | 20,829,315 | 1,591,306 |
Weighted average shares outstanding diluted | 20,829,315 | 1,591,306 |
ONDENSED CONSOLIDATED STATEMENT
ONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||
Net loss | $ (1,545,012) | $ (1,025,418) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 1,304 | (1,615) |
Other comprehensive income (loss) | 1,304 | (1,615) |
Comprehensive loss | $ (1,543,708) | $ (1,027,033) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Apr. 30, 2021 | $ 159 | $ 114,109,169 | $ (107,409,495) | $ (20,382) | $ 6,679,451 | |
Beginning balance, shares at Apr. 30, 2021 | 1,590,084 | |||||
Stock issued for compensation | 11,055 | 11,055 | ||||
Stock issued for services | 24,765 | 24,765 | ||||
Stock issued for services, shares | 1,336 | |||||
Stock-based compensation options | 24,144 | 24,144 | ||||
Stock issued for cash, net of issuance costs of $194,150 | $ 2 | (2) | ||||
Stock issued for cash, shares | 20,251 | |||||
Foreign currency translation adjustment | (1,615) | (1,615) | ||||
Net loss | (1,025,418) | (1,025,418) | ||||
Ending balance, value at Jul. 31, 2021 | $ 161 | 114,169,131 | (108,434,913) | (21,997) | 5,712,382 | |
Ending balance, shares at Jul. 31, 2021 | 1,611,671 | |||||
Beginning balance, value at Apr. 30, 2022 | $ 2,072 | 201,582,107 | (111,648,656) | (15,757) | 89,919,766 | |
Beginning balance, shares at Apr. 30, 2022 | 20,721,047 | |||||
Stock issued for compensation | 2,750 | 2,750 | ||||
Stock issued for services | 2,278 | 2,278 | ||||
Stock issued for services, shares | 1,002 | |||||
Stock-based compensation options | 4,595 | 4,595 | ||||
Stock issued for cash, net of issuance costs of $194,150 | $ 88 | 792 | 880 | |||
Stock issued for cash, shares | 880,000 | |||||
Foreign currency translation adjustment | 1,304 | 1,304 | ||||
Net loss | (1,545,012) | (1,545,012) | ||||
Repurchase of common stock | $ (2,090,847) | (2,090,847) | ||||
Repurchase of common stock, shares | (851,981) | |||||
Ending balance, value at Jul. 31, 2022 | $ 2,160 | $ 201,592,522 | $ (2,090,847) | $ (113,193,668) | $ (14,453) | $ 86,295,714 |
Ending balance, shares at Jul. 31, 2022 | 21,602,049 | (851,981) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Jul. 31, 2021 USD ($) | |
Common Stock [Member] | |
Payments of Stock Issuance Costs | $ 194,150 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,545,012) | $ (1,025,418) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock issued for services | 2,278 | 24,765 |
Stock issued for compensation | 2,750 | 11,055 |
Stock-based compensation – options | 4,595 | 24,144 |
Change in assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other current assets | 66,024 | (246,930) |
Increase (decrease) in accounts payable | 353,665 | (6,519) |
Increase (decrease) in accrued expenses | 31,322 | (22,318) |
Net cash used in operating activities | (1,084,378) | (1,241,221) |
Cash flows from investing activities: | ||
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Repurchase of common stock | (2,090,847) | 0 |
Proceeds from warrant exercise | 880 | 0 |
Net cash used in financing activities | (2,089,967) | 0 |
Effect of currency rate exchange on cash and cash equivalents | 1,304 | (1,615) |
Net decrease in cash and cash equivalents | (3,173,041) | (1,242,836) |
Cash and cash equivalents at beginning of the period | 85,400,656 | 2,202,106 |
Cash and cash equivalents at end of the period | 82,227,615 | 959,270 |
Supplemental disclosure of cash flows information: | ||
Cash paid during the periods for income taxes | 0 | 1,600 |
Cash paid during the periods for interest | 0 | 467 |
Supplemental information of non-cash activities: | ||
Prepaid expenses included in accounts payable | $ 0 | $ 229,033 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS PharmaCyte Biotech, Inc. (“Company”) is a biotechnology company focused on developing cellular therapies for cancer, diabetes and malignant ascites based upon a proprietary cellulose-based live cell encapsulation technology known as “Cell-in-a-Box ® ® The Company is a Nevada corporation incorporated in 1996. In 2013, the Company restructured its operations to focus on biotechnology. The Company acquired licenses from SG Austria to treat cancer and Austrianova Singapore to treat diabetes using the Cell-in-the-Box technology. 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. In October 2021, the Company moved its headquarters from Laguna Hills, California to Las Vegas, Nevada. On September 1, 2020, the Company submitted an Investigational New Drug Application (“IND”) to the United States Food and Drug Administration (“FDA”) for a planned clinical trial in LAPC. On October 1, 2020, the Company received notice from the FDA that it 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. 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 DNA sequencing data, manufacturing information and product release specifications. The Company has been in the process of conducting these studies and gathering additional information to submit to the FDA. See “Investigational New Drug Application and Clinical Hold” below. On August 15, 2022, the Company entered into a Cooperation Agreement (“Cooperation Agreement”) with Iroquois Master Fund Ltd. and its affiliates pursuant to which the Company elected a reconstituted Board of Directors. See Note 13 – Subsequent Events to the Notes to Condensed Consolidated Financial Statements. The Board has formed a Business Review Committee to evaluate, investigate and review the Company’s business, affairs, strategy, management and operations and in its sole discretion to make recommendations to the Company’s management and Board with respect thereto. The Business Review Committee is also reviewing many of the risks relative to the Company’s business. In addition, the Board is reviewing the Company’s development programs and its relationship with SG Austria, including that all licensed patents have expired, that know-how relating to the Company’s Cell-in-a-Box® technology solely resides with SG Austria, and that the incentives of SG Austria and its management may not be currently aligned with those of the Company. The Board has curtailed spending on the Company’s programs, including pre-clinical and clinical activities, until the review by the Business Review Committee and the Board is complete and the Board has determined the actions and plans to be implemented. The Business Review Committee’s recommendations will include potentially seeking a new framework for the Company’s relationship with SG Austria and its subsidiaries. In the event the Company is unsuccessful in seeking an acceptable new framework, the Company will reevaluate whether it should continue those programs which are dependent on SG Austria, including its development programs for LAPC, diabetes and malignant ascites. The issues involving SG Austria have delayed the Company’s timeline for addressing the FDA clinical hold for its planned clinical trial in LAPC and could result in other delays or termination of the development activities. In addition, the curtailment of spending on the Company’s programs pending the review by the Business Review Committee and the Board may cause additional delays. The Cell-in-a-Box ® The Company has been 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. The Company encapsulates those cells using the Cell-in-a-Box ® The Company has also been developing a way to delay the production and accumulation of malignant ascites that results from many types of abdominal cancerous tumors. The Company’s therapy for malignant ascites involves using the same encapsulated cells it employs for pancreatic cancer but placing the encapsulated cells in the peritoneal cavity of a patient and administering ifosfamide intravenously. In addition to the two cancer programs discussed above, the Company has been working on ways to exploit the benefits of the Cell-in-a-Box ® Cannabis ® Finally, the Company has been developing a potential therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes. The Company’s product candidate for the treatment of diabetes consists of encapsulated genetically modified insulin-producing cells. The encapsulation will be done using the Cell-in-a-Box ® Until the review by the Business Review Committee and the Board is complete and the Board has determined the actions and plans to be implemented, spending on the Company’s programs has been curtailed. Investigational New Drug Application and Clinical Hold On September 1, 2020, the Company submitted an IND to the FDA for a planned clinical trial in LAPC. On October 1, 2020, the Company received notice from the FDA that it had placed the Company’s IND on clinical hold. On October 30, 2020, the FDA sent the Company a letter setting forth the reasons for the clinical hold and providing specific guidance on what the Company must do to have the clinical hold lifted. In order to address the clinical hold, the FDA requested that the Company: · Provide additional sequencing data and genetic stability studies; · Conduct a stability study on the Company’s final formulated product candidate as well as the cells from the Company’s Master Cell Bank; · Evaluate the compatibility of the delivery devices (the prefilled syringe and the microcatheter used to implant the CypCaps ™ · Provide additional detailed description of the manufacturing process of the Company’s product candidate for pancreatic cancer; · Provide additional product release specifications for the Company’s encapsulated cells; · Demonstrate comparability between the 1 st nd · Conduct a biocompatibility assessment using the Company’s capsules material; · Address specified insufficiencies in the Chemistry, Manufacturing and Controls information in the cross-referenced Drug Master File; · Conduct an additional nonclinical study in a large animal (such as a pig) to assess the safety, activity, and distribution of the product candidate for pancreatic cancer; and · Revise the Investigators Brochure to include any additional preclinical studies conducted in response to the clinical hold and remove any statements not supported by the data the Company generated. The FDA also requested that the Company address the following issues as an amendment to the Company’s IND: · Provide a Certificate of Analysis for pc3/2B1 plasmid that includes tests for assessing purity, safety, and potency; · Perform qualification studies for the drug substance filling step to ensure that the Company’s product candidate for pancreatic cancer remains sterile and stable during the filling process; · Submit an updated batch analysis for the Company’s product candidate for the specific lot that will be used for manufacturing all future product candidates; · Provide additional details for the methodology for the Resorufin (CYP2B1) potency and the PrestoBlue cell metabolic assays; · Provide a few examples of common microcatheters that fit the specifications in the Company’s Angiography Procedure Manual; · Clarify the language in our Pharmacy Manual regarding proper use of the syringe fill with the Company’s product candidate for pancreatic cancer; and · Provide a discussion with data for trial of the potential for cellular and humoral immune reactivity against the heterologous rat CYP2B1 protein and potential for induction of autoimmune-mediated toxicities in our study population. The Company assembled a scientific and regulatory team of experts to address the FDA requests. That team has been working diligently to complete the items requested by the FDA. The Company is in the latter stages of conducting the studies and providing the information requested by the FDA. The Company has completed the pilot study of two pigs and is evaluating the preliminary data before commencing the larger study of 90 pigs. Impact of COVID-19 on the Company’s Financial Condition and Results of Operations The coronavirus SARS Cov2 pandemic (“COVID-19”) continues to cause uncertainty and significant, industry-wide delays in clinical trials. The availability of vaccines holds promise for the future; however, new variants of the virus and potential waning immunity from vaccines may result in continued impact from COVID-19 in the future, which could adversely impact our operations. 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. Many clinical trials have been 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 have shifted 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 a result of COVID-19 and the mitigation efforts to address it, the Company may experience additional disruptions that could adversely impact its business and clinical trial, if allowed to proceed, including: (i) delays or difficulties in enrolling patients in the Company’s clinical trial if the FDA allows the Company to go forward with the trial; (ii) delays or difficulties in clinical site activation, including difficulties in recruiting clinical site investigators and clinical site personnel; (iii) delays in clinical sites receiving the supplies and materials needed to conduct the clinical trial, including interruption in global shipping that may affect the transport of the Company’s clinical trial product; (iv) changes in local regulations as part of a response to COVID-19 which may require the Company to change the ways in which its clinical trial is to be conducted, which may result in unexpected costs, or to discontinue the clinical trial altogether; (v) diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as the Company’s clinical trial sites and hospital staff supporting the conduct of the Company’s clinical trial; (vi) interruption of key clinical trial activities, such as clinical trial site monitoring, due to limitations on travel imposed or recommended by federal or state governments, employers and others, or interruption of clinical trial subject visits and study procedures, the occurrence of which could affect the integrity of clinical trial data; (vii) risk that participants enrolled in our clinical trials will acquire COVID-19 while the clinical trial is ongoing, which could impact the results of the clinical trial, including by increasing the number of observed adverse events; (viii) delays in necessary interactions with local regulators, ethics committees, and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees; (ix) limitations in employee resources that would otherwise be focused on the conduct of the Company’s clinical trial because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people; (x) refusal of the FDA to accept data from clinical trials in affected geographies; and (xi) interruption or delays to the Company’s clinical trial activities. As a result of COVID-19, commencement of the Company’s clinical trial to treat LAPC may be delayed beyond the lifting of the clinical hold by the FDA 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 COVID-19 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 if the FDA allows it to proceed. Clinical trials in the biopharma industry may be delayed due to COVID-19. There are numerous reasons for these potential delays. The impact relates to delays in: (i) completing studies required by the FDA; (ii) manufacturing a new batch of CypCap™ for the Company’s planned clinical trial in LAPC; (iii) manufacturing syringes of CypCaps™ for some of the Company’s preclinical studies to be completed and for use in the Company’s Malignant Ascites Program; and (iv) securing third party contractors to conduct various R&D projects for the Company. As a result, there may be delays in generating responses to the requests from the FDA related to the clinical hold. Many of these potential delays are also due to the impact of COVID-19 in foreign countries where the Company is conducting these preclinical studies, including India, Europe, Singapore and Thailand. There have also been supply chain interruptions due to COVID-19. It is highly speculative in projecting the effects of COVID-19 on the Company’s proposed clinical development program and the Company generally. Moreover, the various precautionary measures taken by many governmental authorities around the world in order to limit the spread of COVID-19 has had and may continue to have an adverse effect on the global markets and global economy, including on the availability and pricing of employees, resources, materials, manufacturing and delivery efforts and other aspects of the global economy. The continuation of COVID-19 could materially disrupt the Company’s business and operations, hamper its ability to raise additional funds or sell securities, continue to slow down the overall economy, curtail consumer spending, interrupt the Company’s sources of supply, and make it hard to adequately staff the Company’s operations. 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 fully cease to have an impact on the Company’s operations. Nasdaq Listing The Company’s common stock began trading on Nasdaq on August 10, 2021, under the symbol “PMCB.” Prior to that, the Company’s common stock was quoted on the OTCQB Market under the symbol “PMCB.” Reverse Stock Split Effective July 12, 2021, the Company filed a Certificate of Change with the Nevada Secretary of State that authorized a 1:1500 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 31, 2022 | |
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; (ii) PharmaCyte Biotech Europe Limited; (iii) PharmaCyte Biotech Australia Pty. Ltd.; and (iv) Viridis Biotech, Inc. and are prepared in accordance with U.S. GAAP and the Rules and Regulations of the Commission. Upon consolidation, intercompany balances and transactions are eliminated. The Company’s 14.3 Use of Estimates in the Preparation of Financial Statements The Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). 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. 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 consolidated financial position and results of operations. The severity, magnitude and duration, as well as the economic consequences of COVID-19, are uncertain, rapidly changing and difficult to predict. Therefore, the Company’s accounting estimates and assumptions may change over time in response to COVID-19 and may change materially in future periods. Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term liquid investments purchased with maturities of three months or less. 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 ® 1,549,427 2,000,000 3,549,427 These intangible assets have an indefinite life; therefore, they are not amortizable. The Company concluded that there was no 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 three months ended July 31, 2022, and 2021. 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 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, which 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. A valuation allowance is provided for deferred income tax assets when, in management’s judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. 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 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 authorities 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 the Coronavirus Disease 2019 outbreak. 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, which 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. On March 11, 2021, Congress enacted the American Rescue Plan Act of 2021, the Company does not expect the provisions of this 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, which are utilized in research and development 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 costs for the three months ended July 31, 2022, and 2021 were $ 159,273 143,613 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 financial institutions located throughout the United States. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $ 1,760,000 679,000 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 Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and also issued subsequent amendments to the initial guidance (collectively, “Topic 848”). Topic 848 is effective for all entities as of March 12, 2020, through December 31, 2022, and provides optional guidance for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. The Company will adopt Topic 848 when relevant contracts are modified upon transition to alternative reference rates. The Company does not expect the adoption of Topic 848 to have a material impact on the Company’s Condensed Consolidated Financial Statements. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Jul. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses at July 31, 2022, and April 30, 2022, are summarized below: Schedule of accrued expenses July 31, 2022 April 30, 2022 Payroll related costs $ 148,581 $ 118,062 R&D costs 377,155 377,155 Other 4,595 3,792 Total $ 530,331 $ 499,009 The Director and Officer Insurance Policy for the policy term of September 8, 2021, through September 8, 2022, was paid in full on August 8, 2021. The Company financed the Director and Officer Insurance Policy for the policy term of March 8, 2021, through September 8, 2021. The financing agreement had an interest rate of 4.85 eight monthly payments 12,829 0 12,786 |
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS | 3 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK TRANSACTIONS | NOTE 4 – COMMON STOCK TRANSACTIONS A summary of the Company’s compensatory stock activity and related weighted average grant date fair value information for the three months ended July 31, 2022, and 2021 is as follows: During the three months ended July 31, 2020, three non-employee members of the Board were issued 1,000 0 3,371 zero In September 2020, a consultant was issued 333 0 2,125 zero In January 2021, the Company awarded 4,400 0 11,055 zero 1,833 During the three months ended July 31, 2021, three non-employee members of the Board were issued 1,002 0 4,885 zero During the three months ended July 31, 2021, two consultants were issued 334 0 1,620 zero 251 In January 2022, the Company awarded 4,400 2,750 0 1,833 zero During the three months ended July 31, 2022, three non-employee members of the Board were issued 1,002 2,278 0 zero All shares were issued without registration under the Securities Act of 1933 as amended (“Securities Act”) in reliance upon the exemption afforded by Section 4(a)(2) of the Securities Act. On April 9, 2021, the Third S-3 (“Third S-3”) was declared effective by the Commission for a public offering of up to $100 million on a “shelf offering” basis. During August 2021, the Company sold and issued approximately 19.1 87.4 2.5 On August 9, 2021, the Company entered into an underwriting agreement to offer and sell shares of common stock, pre-funded warrants to purchase common stock and warrants to purchase common stock in a public offering (“First Offering”). The gross proceeds of the First Offering were $ 15 In August 2021, the Company received twenty-seven (27) cash exercise notices relating to the common warrants with respect to the First Offering totaling 2,522,387 10,720,000 2,522,387 On August 19, 2021, the Company entered into a securities purchase agreement (“Securities Purchase Agreement”) with certain institutional investors (“Purchasers”) pursuant to which the Company agreed to sell in a registered direct offering (“Registered Direct Offering”), shares of the Company’s common stock and pre-funded warrants to purchase shares of common stock. Further, pursuant to the Securities Purchase Agreement, in a concurrent private placement (together with the Registered Direct Offering, “Second Offering”), the Company also agreed to issue to the Purchasers unregistered warrants (“Series A Warrants”) to purchase shares of common stock. The Company received gross proceeds from the Second Offering, before deducting placement agent fees and other estimated offering expenses payable by the Company, of approximately $70 million. On November 17, 2021, the Company’s Registration Statement on Form S-3 registering the resale of the common stock underlying the Series A Warrants was declared effective by the U.S. Securities and Exchange Commission (“Commission”). A summary of the Company’s non-vested restricted stock activity and related weighted average grant date fair value information for the last three months ended July 31, 2022, are as follows: Schedule of non-vested restricted stock activity Shares Weighted Unvested, at April 30, 2022 2,933 2.50 Granted 1,002 2.46 Vested (2,102 ) 2.06 Expired – – Unvested, at July 31, 2022 1,833 $ 2.50 |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 3 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS AND WARRANTS | NOTE 5 – STOCK OPTIONS AND WARRANTS 2021 Equity Incentive Plan Effective June 30, 2021, the Company implemented the 2021 Equity Incentive Plan (“2021 Equity Plan”) as approved by the Company’s stockholders. The 2021 Equity Plan is administered by the Compensation Committee of the Board and has 166,667 Stock Options As of July 31, 2022, the Company had 38,269 During the three months ended July 31, 2022, and 2021, the Company granted 1,002 1,000 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: Assumptions for options Three Months Ended July 31, 2022 2021 Risk-free interest rate 2.9 0.87 Expected volatility 139 113 Expected lives (years) 2.5 2.5 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 three months ended July 31, 2022, and 2021, the Company used a calculated volatility for each grant. The Company lacks adequate information about the exercise behavior now and 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 one-half years for an average of three 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 three months ended July 31, 2022, the Company granted no A summary of the Company’s stock option activity and related information for the three months ended July 31, 2022 are shown below: Schedule of stock option activity Options Weighted Average Exercise Price per Share Weighted Average Grant Date Fair Value per Share Outstanding, April 30, 2022 40,900 $ 53.05 Issued 1,002 2.27 Forfeited (3,633 ) 104.62 Outstanding, July 31, 2022 38,269 $ 46.83 Exercisable, July 31, 2022 35,769 $ 49.92 Vested and expected to vest 38,269 $ 46.83 A summary of the activity for unvested stock options during the three months ended July 31, 2022, is as follows: Unvested stock option activity Options Weighted Unvested, April 30, 2022 4,000 $ – Issued 1,002 2.27 Vested (2,502 ) – Forfeited – – Unvested, July 31, 2022 2,500 $ 2.50 The Company recorded $ 4,595 24,144 4,859 The following table summarizes the outstanding stock options by exercise price at July 31, 2022: Schedule of options by exercise price Exercise Price Number of Weighted Weighted Number of Weighted Average $ 82.95 333 0.10 $ 82.95 333 $ 82.95 $ 83.70 6,000 0.25 $ 83.70 6,000 $ 83.70 $ 80.10 800 1.10 $ 80.10 800 $ 80.10 $ 80.85 667 0.38 $ 80.85 667 $ 80.85 $ 102.45 333 0.46 $ 102.45 333 $ 102.45 $ 97.35 333 0.60 $ 97.35 333 $ 97.35 $ 74.25 6,000 0.98 $ 74.25 6,000 $ 74.25 $ 57.00 800 2.15 $ 57.00 800 $ 57.00 $ 60.60 667 0.88 $ 60.60 667 $ 60.60 $ 55.50 333 0.95 $ 55.50 333 $ 55.50 $ 51.00 333 1.10 $ 51.00 333 $ 51.00 $ 61.20 6,000 1.46 $ 61.20 6,000 $ 61.20 $ 36.00 667 1.38 $ 36.00 667 $ 36.00 $ 37.05 333 1.46 $ 37.05 333 $ 37.05 $ 15.75 333 1.60 $ 15.70 333 $ 15.70 $ 10.05 6,000 2.05 $ 10.05 6,000 $ 10.05 $ 26.55 667 1.88 $ 26.55 667 $ 26.55 $ 16.20 334 1.96 $ 16.20 334 $ 16.20 $ 3.19 334 2.10 $ 3.19 334 $ 3.19 $ 2.50 6,000 2.65 $ 2.50 3,500 $ 2.50 $ 2.29 668 2.38 $ 2.29 668 $ 2.29 $ 2.24 334 2.46 $ 2.24 334 $ 2.24 Total 38,269 1.19 $ 46.83 35,769 $ 46.83 The aggregate intrinsic value of outstanding options as of July 31, 2022, was $ 117 2.39 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. The Company concluded the following warrants met the permanent equity criteria classification as they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued. The warrants are immediately exercisable and do not embody an obligation for the Company to repurchase the shares. The warrants also permit the holders to receive a fixed number of shares upon exercise and do not provide any guarantee of value or return. The Company elected to early adopt ASU No. 2020-06 Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) as of May 1, 2021. The early adoption of ASU No.2020-06 had an immaterial effect on the Company’s consolidated financial statements. Effective August 12, 2021, the Company issued Common Stock Warrant Agreements (“Common Warrants”) with respect to the First Offering. The Company issued Common Warrants to purchase 4,028,528 4.25 9,385,000 Additionally, with respect to the First Offering, the Company issued common stock warrant agreements to Wainwright (“Underwriter Warrants”) to purchase 264,706 5.3125 601,000 Effective August 12, 2021, the Company issued 899,027 3,820,000 899,027 899 Effective August 23, 2021, the Company issued additional Common Stock Warrant Agreements (“Series A Warrants”) with respect to the Second Offering. The Company issued Series A Warrants to purchase 7,000,000 5.00 21,340,000 Effective August 23, 2021, the Company issued additional Common Stock Warrant Agreements (“Placement Agent Warrants”) with respect to the Second Offering. The Company issued Placement Agent Warrants to purchase 1,050,000 6.25 3,151,000 Effective August 23, 2021, the Company issued Pre-funded Warrants pursuant to the Second Offering to purchase 5,570,000 27,844,000 0.001 5,500,000 5,500, 70,000 In August 2021, the Company received twenty-seven cash exercise notices relating to the Common Warrants with respect to the First Offering totaling 2,522,387 10,720,000 2,522,387 Series A Warrants and Placement Agent Warrants were issued pursuant to the Securities Purchase Agreement dated as of August 19, 2021. At the time, the Series A Warrants and the Placement Agent Warrants were issued, neither the Series A Warrants, the Placement Agent Warrants nor the underlying common stock was registered pursuant to the Securities Act. The Company registered the common stock underlying the Series A Warrants and the Placement Agent Warrants pursuant to a Registration Statement on Form S-3 (“Registration Statement”) filed with the Commission on November 8, 2021. The Registration Statement became effective on November 17, 2021. A summary of the Company’s warrant activity and related information for the three months ended July 31, 2022, are shown below: Schedule of warrant activity Warrants Weighted Per Share Outstanding, April 30, 2022 10,772,736 $ 4.59 Issued - – Exercised (880,000 ) – Expired (1,889 ) – Outstanding, July 31, 2022 9,890,847 – Exercisable, July 31, 2022 9,890,847 $ 4.99 The following table summarizes additional information concerning warrants outstanding and exercisable at July 31, 2022: Schedule of warrants outstanding and exercisable Exercise Prices Number of Weighted Weighted $ 4.25 1,506,141 4.03 $ 5.3125 264,706 4.03 $ 5.00 7,000,000 4.07 $ 6.25 1,050,000 4.05 $ 0.001 70,000 – 9,890,847 4.06 $ 4.99 |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 6 – 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. |
OTHER RELATED PARTY TRANSACTION
OTHER RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |
OTHER RELATED PARTY TRANSACTIONS | NOTE 7 – OTHER RELATED PARTY TRANSACTIONS The Company had the following related party transactions during the three months ended July 31, 2022, and 2021, respectively. The Company owns 14.3 60,000 58,000 In April 2014, the Company entered the Vin-de-Bona Consulting Agreement pursuant to which it agreed to provide professional consulting services to the Company. Vin-de-Bona is owned by Prof. Günzburg and Dr. Salmons, both of whom are involved in numerous aspects of the Company’s scientific endeavors relating to cancer and diabetes (Prof. Günzburg is the Chairman of Austrianova, and Dr. Salmons is the Chief Executive Officer and President of Austrianova). The term of the agreement is 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 months ended July 31, 2022, and 2021, were approximately $ 45,000 32,000 The Company’s Director of Administration who has been serving in that capacity for seven years is the wife of the Company’s Chief Executive Officer. One of the Company’s directors is party to a short put option, which requires him to purchase, at the election of the option counterparty, 795,000 $2.50 October 21, 2022 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – 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 products if regulatory approval for marketing is obtained. Office Lease In May 2019, the Company entered into a lease for its office space in Laguna Hills, California for a one-year lease for the leased premises. The term of the lease expired on August 31, 2020. On May 28, 2020, the Company entered into an additional six-month lease of this office space, commencing on September 1, 2020. The term of the new lease expired on February 28, 2021. On May 24, 2021, the Company entered into an additional six-month lease of this office space, commencing on September 1, 2021, which expired on February 28, 2022. In October 2021, the Company moved the Company’s headquarter from Laguna Hills, California to Las Vegas. Nevada. In doing so, the Company entered into a lease for office space in Las Vegas, Nevada. The term of the lease expired on April 30, 2022. In January 2022, the Company entered into an additional six-month lease of the Las Vegas, Nevada office space, commencing on May 1, 2022, which expires on October 31, 2022. In July 2022, the Company entered into an additional six-month lease of the Las Vegas, Nevada office space, commencing on November 1, 2022, which expires on April 30, 2023. Rent expenses for the office for the three months ended July 31, 2022, and 2021, were $ 1,100 3,738 The following table summarizes the Company’s aggregate future minimum lease payments required under the operating lease as of: Schedule of future minimum lease payments Year Ending April 30, Amount 2023 $ 3,342 $ 3,342 Compensation Agreements The Company entered into executive compensation agreements with its three executive officers in March 2015, each of which was amended in December 2015 and March 2017. Each agreement has a term of two years with annual extensions thereafter unless the Company or the officer provides written notification of termination at least ninety days prior to the end of the term or subsequent extensions. The Company also entered a compensation agreement with a Board member in April 2015 which continued in effect until amended in May 2017. The Company entered into amended and restated executive compensation agreements with two executive officers with an effective date of January 1, 2022 (“Amendment Date”). Each agreement has a term of three years from the Amendment Date (“Initial Term”) and has automatic renewals of one year (“Renewal Term”) unless the Company or the officer provides written notice of termination at least ninety days prior to the end of the Initial Term or the Renewal Term. In May 2017, the Company amended the compensation agreement with the Board members and the terms continue in effect until a member is no longer on the Board. The Company had four independent directors. Each director receives the same compensation: (i) $12,500 in cash for each calendar quarter of service on the Board; (ii) 334 fully paid, non-assessable shares of the Company’s restricted common stock (“Shares”) annually; and (iii) a five-year option to purchase 334 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. See Note 13 – Subsequent Events for a discussion of the Reconstituted Board. Service Agreements The Company has 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 the IND which the FDA has placed on clinical hold. The services include regulatory affairs strategy, advice and follow up work on the IND and services related to having the clinical hold lifted. The total cost is estimated to be approximately $373,000, of which the related party (SG Austria and its subsidiaries) portion will be approximately $291,000. These amounts take into account some of the cost associated with the work and preclinical studies required to lift the clinical hold. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES At July 31, 2022, the Company had federal and state net operating loss carryforwards of approximately $ 53,885,000 50,122,000 37,083,000 40,838,000 16,802,000 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. 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 three months ended July 31, 2022, and 2021, the Company had accrued no 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, 2022, for additional information regarding income taxes. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jul. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 10 – EARNINGS PER SHARE Basic earnings (loss) per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income 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 three months ended July 31, 2022, and 2021, 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: Earnings per share calculations Three Months Ended July 31, 2022 2021 Net loss $ (1,545,012 ) $ (1,025,418 ) Basic weighted average number of shares outstanding 20,829,315 1,591,306 Diluted weighted average number of shares outstanding 20,829,315 1,591,306 Basic loss per share $ (0.07 ) $ (0.64 ) Diluted loss per share $ (0.07 ) $ (0.64 ) The table below sets forth these potentially dilutive securities: Schedule of potentially dilutive securities Three Months Ended July 31, 2022 2021 Excluded options 38,269 42,333 Excluded warrants 9,890,847 2,981 Total excluded options and warrants 9,929,116 45,314 |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 11 – PREFERRED STOCK The Company has authorized 10,000,000 0.0001 no 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. |
TREASURY STOCK
TREASURY STOCK | 3 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
TREASURY STOCK | NOTE 12 – TREASURY STOCK In May 2022, the Company’s Board of Directors authorized a share repurchase program to acquire its outstanding Common Stock for up to $ 10,000,000 851,981 2,090,847 851,981 7,909,153 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jul. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13 – SUBSEQUENT EVENTS On August 15, 2022, the Company entered into the Cooperation Agreement with Iroquois Master Fund Ltd. and its affiliates. Pursuant to the Cooperation Agreement, the Company and the Board of Directors of the Company (“Board”) have: (i) accepted the previously tendered irrevocable resignation of each of Dr. Matthias Löhr, Dr. Raymond C.F. Tong, Thomas Liquard, Dr. Gerald W. Crabtree, and Carlos A. Trujillo, as members of the Board, and (ii) appointed Jonathan L. Schechter, Joshua N. Silverman, Daniel Allen, Daniel S. Farb, and Jack E. Stover as independent members of the Board, effective immediately, each with a term expiring at the Company’s 2022 annual meeting of shareholders or until such person’s earlier death, resignation, disqualification or removal. Following such resignations and appointments, the Board, as reconstituted, consists of the following seven members: Kenneth L. Waggoner (Chairman), Jonathan L. Schechter, Joshua N. Silverman, Daniel Allen, Daniel S. Farb, Jack E. Stover and Dr. Michael M. Abecassis (“Reconstituted Board”). The Reconstituted Board has formed a Business Review Committee to evaluate, investigate and review the Company’s business, affairs, strategy, management and operations and in its sole discretion to make recommendations to the Board. The Business Review Committee is reviewing many of the risks relative to the Company’s business. In addition, the Board is reviewing the Company’s development programs and its relationship with SG Austria, including that all licensed patents have expired, that know-how relating to the Company’s Cell-in-a-Box® technology solely resides with SG Austria, and that the incentives of SG Austria and its management may not be currently aligned with those of the Company. During this time, the Board has curtailed spending on the Company’s programs, including pre-clinical and clinical activities, until the review by the Business Review Committee and the Board is complete, and the Board has determined the actions and plans to be implemented. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2022 | |
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; (ii) PharmaCyte Biotech Europe Limited; (iii) PharmaCyte Biotech Australia Pty. Ltd.; and (iv) Viridis Biotech, Inc. and are prepared in accordance with U.S. GAAP and the Rules and Regulations of the Commission. Upon consolidation, intercompany balances and transactions are eliminated. The Company’s 14.3 |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The Condensed Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). 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. 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 consolidated financial position and results of operations. The severity, magnitude and duration, as well as the economic consequences of COVID-19, are uncertain, rapidly changing and difficult to predict. Therefore, the Company’s accounting estimates and assumptions may change over time in response to COVID-19 and may change materially in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks and short-term liquid investments purchased with maturities of three months or less. |
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 ® 1,549,427 2,000,000 3,549,427 These intangible assets have an indefinite life; therefore, they are not amortizable. The Company concluded that there was no |
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 three months ended July 31, 2022, and 2021. |
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 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, which 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. A valuation allowance is provided for deferred income tax assets when, in management’s judgment, based upon currently available information and other factors, it is more likely than not that all or a portion of such deferred income tax assets will not be realized. 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 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 authorities 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 the Coronavirus Disease 2019 outbreak. 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, which 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. On March 11, 2021, Congress enacted the American Rescue Plan Act of 2021, the Company does not expect the provisions of this 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, which are utilized in research and development 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 costs for the three months ended July 31, 2022, and 2021 were $ 159,273 143,613 |
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 financial institutions located throughout the United States. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $ 1,760,000 679,000 |
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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) and also issued subsequent amendments to the initial guidance (collectively, “Topic 848”). Topic 848 is effective for all entities as of March 12, 2020, through December 31, 2022, and provides optional guidance for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. The Company will adopt Topic 848 when relevant contracts are modified upon transition to alternative reference rates. The Company does not expect the adoption of Topic 848 to have a material impact on the Company’s Condensed Consolidated Financial Statements. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Schedule of accrued expenses July 31, 2022 April 30, 2022 Payroll related costs $ 148,581 $ 118,062 R&D costs 377,155 377,155 Other 4,595 3,792 Total $ 530,331 $ 499,009 |
COMMON STOCK TRANSACTIONS (Tabl
COMMON STOCK TRANSACTIONS (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
Schedule of non-vested restricted stock activity | Schedule of non-vested restricted stock activity Shares Weighted Unvested, at April 30, 2022 2,933 2.50 Granted 1,002 2.46 Vested (2,102 ) 2.06 Expired – – Unvested, at July 31, 2022 1,833 $ 2.50 |
STOCK OPTIONS AND WARRANTS (Tab
STOCK OPTIONS AND WARRANTS (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Assumptions for options | Assumptions for options Three Months Ended July 31, 2022 2021 Risk-free interest rate 2.9 0.87 Expected volatility 139 113 Expected lives (years) 2.5 2.5 Expected dividend yield 0.00 0.00 |
Schedule of stock option activity | Schedule of stock option activity Options Weighted Average Exercise Price per Share Weighted Average Grant Date Fair Value per Share Outstanding, April 30, 2022 40,900 $ 53.05 Issued 1,002 2.27 Forfeited (3,633 ) 104.62 Outstanding, July 31, 2022 38,269 $ 46.83 Exercisable, July 31, 2022 35,769 $ 49.92 Vested and expected to vest 38,269 $ 46.83 |
Unvested stock option activity | Unvested stock option activity Options Weighted Unvested, April 30, 2022 4,000 $ – Issued 1,002 2.27 Vested (2,502 ) – Forfeited – – Unvested, July 31, 2022 2,500 $ 2.50 |
Schedule of options by exercise price | Schedule of options by exercise price Exercise Price Number of Weighted Weighted Number of Weighted Average $ 82.95 333 0.10 $ 82.95 333 $ 82.95 $ 83.70 6,000 0.25 $ 83.70 6,000 $ 83.70 $ 80.10 800 1.10 $ 80.10 800 $ 80.10 $ 80.85 667 0.38 $ 80.85 667 $ 80.85 $ 102.45 333 0.46 $ 102.45 333 $ 102.45 $ 97.35 333 0.60 $ 97.35 333 $ 97.35 $ 74.25 6,000 0.98 $ 74.25 6,000 $ 74.25 $ 57.00 800 2.15 $ 57.00 800 $ 57.00 $ 60.60 667 0.88 $ 60.60 667 $ 60.60 $ 55.50 333 0.95 $ 55.50 333 $ 55.50 $ 51.00 333 1.10 $ 51.00 333 $ 51.00 $ 61.20 6,000 1.46 $ 61.20 6,000 $ 61.20 $ 36.00 667 1.38 $ 36.00 667 $ 36.00 $ 37.05 333 1.46 $ 37.05 333 $ 37.05 $ 15.75 333 1.60 $ 15.70 333 $ 15.70 $ 10.05 6,000 2.05 $ 10.05 6,000 $ 10.05 $ 26.55 667 1.88 $ 26.55 667 $ 26.55 $ 16.20 334 1.96 $ 16.20 334 $ 16.20 $ 3.19 334 2.10 $ 3.19 334 $ 3.19 $ 2.50 6,000 2.65 $ 2.50 3,500 $ 2.50 $ 2.29 668 2.38 $ 2.29 668 $ 2.29 $ 2.24 334 2.46 $ 2.24 334 $ 2.24 Total 38,269 1.19 $ 46.83 35,769 $ 46.83 |
Schedule of warrant activity | Schedule of warrant activity Warrants Weighted Per Share Outstanding, April 30, 2022 10,772,736 $ 4.59 Issued - – Exercised (880,000 ) – Expired (1,889 ) – Outstanding, July 31, 2022 9,890,847 – Exercisable, July 31, 2022 9,890,847 $ 4.99 |
Schedule of warrants outstanding and exercisable | Schedule of warrants outstanding and exercisable Exercise Prices Number of Weighted Weighted $ 4.25 1,506,141 4.03 $ 5.3125 264,706 4.03 $ 5.00 7,000,000 4.07 $ 6.25 1,050,000 4.05 $ 0.001 70,000 – 9,890,847 4.06 $ 4.99 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments | Schedule of future minimum lease payments Year Ending April 30, Amount 2023 $ 3,342 $ 3,342 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share calculations | Earnings per share calculations Three Months Ended July 31, 2022 2021 Net loss $ (1,545,012 ) $ (1,025,418 ) Basic weighted average number of shares outstanding 20,829,315 1,591,306 Diluted weighted average number of shares outstanding 20,829,315 1,591,306 Basic loss per share $ (0.07 ) $ (0.64 ) Diluted loss per share $ (0.07 ) $ (0.64 ) |
Schedule of potentially dilutive securities | Schedule of potentially dilutive securities Three Months Ended July 31, 2022 2021 Excluded options 38,269 42,333 Excluded warrants 9,890,847 2,981 Total excluded options and warrants 9,929,116 45,314 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | Jul. 12, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stockholders' equity, reverse stock split | 1:1500 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | |
Intangible assets | $ 3,549,427 | $ 3,549,427 | |
Goodwill and Intangible Asset Impairment | 0 | $ 0 | |
Research and Development Expense | 159,273 | 143,613 | |
Uninsured cash balances | 1,760,000 | $ 679,000 | |
Cell In A Box [Member] | |||
Intangible assets | 1,549,427 | ||
Diabetes License [Member] | |||
Intangible assets | $ 2,000,000 | ||
SG Austria [Member] | |||
Percentage investment in SG Austria | 14.30% |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 |
Payables and Accruals [Abstract] | ||
Payroll related costs | $ 148,581 | $ 118,062 |
R&D costs | 377,155 | 377,155 |
Other | 4,595 | 3,792 |
Total | $ 530,331 | $ 499,009 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - D And O Insurance [Member] - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Offsetting Assets [Line Items] | ||
Financed interest rate | 4.85% | |
Payment period | eight monthly payments | |
Periodic payment amount | $ 12,829 | |
Director and Officer insurance financing | $ 0 | $ 12,786 |
COMMON STOCK TRANSACTIONS (Deta
COMMON STOCK TRANSACTIONS (Details - Nonvested Option activity) - Restricted Stock [Member] | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Beginning balance | shares | 2,933 |
Beginning balance | $ / shares | $ 2.50 |
Granted | shares | 1,002 |
Granted | $ / shares | $ 2.46 |
Vested | shares | (2,102) |
Vested | $ / shares | $ 2.06 |
Expired | shares | 0 |
Expired | $ / shares | $ 0 |
Ending balance | shares | 1,833 |
Ending balance | $ / shares | $ 2.50 |
COMMON STOCK TRANSACTIONS (De_2
COMMON STOCK TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||||||
Apr. 09, 2021 | Jan. 31, 2022 | Aug. 31, 2021 | Jan. 31, 2021 | Sep. 30, 2020 | Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2020 | Aug. 09, 2021 | |
Class of Stock [Line Items] | |||||||||
Exercise shares | 2,500,000 | ||||||||
Offering cost | $ 15,000,000 | ||||||||
Stock consideration received | $ 10,720,000 | ||||||||
Shares Issued | 2,522,387 | ||||||||
Common Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrant Exercised | 2,522,387 | ||||||||
Third S 3 Shelf Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued new, shares | 19,100,000 | ||||||||
Proceeds from sale of equity | $ 87,400,000 | ||||||||
Non Employee Board Member 1 [Member] | Director Letter Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued for compensation, shares | 1,000 | ||||||||
Non Employee Board Member 2 [Member] | Director Letter Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued for compensation, shares | 1,000 | ||||||||
Non Employee Board Member 3 [Member] | Director Letter Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued for compensation, shares | 1,000 | ||||||||
Three Nonemployee Board Members [Member] | Director Letter Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | $ 0 | $ 3,371 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | 0 | ||||||||
A Consultant [Member] | Medical And Scientific Advisory Board [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | $ 0 | 2,125 | |||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 333 | ||||||||
Officers [Member] | Compensation Agrmt 2021 [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | 0 | $ 11,055 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | 1,833 | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 4,400 | ||||||||
Officers [Member] | Compensation Agrmt 2022 [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | $ 2,750 | $ 0 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | 1,833 | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 4,400 | ||||||||
Three Nonemployee Members 1 [Member] | Director Letter Agreement [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | $ 0 | $ 4,885 | |||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 1,002 | ||||||||
Two Consultants [Member] | Consulting Agreements [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | 0 | $ 1,620 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | 251 | ||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 334 | ||||||||
Three Nonemployee 2 Members [Member] | Director Letter Agreement [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation expense | $ 2,278 | $ 0 | |||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 1,002 |
STOCK OPTIONS AND WARRANTS (Det
STOCK OPTIONS AND WARRANTS (Details - Option Assumptions) - Employee Options [Member] | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.90% | 0.87% |
Expected volatility | 139% | 113% |
Expected lives (years) | 2 years 6 months | 2 years 6 months |
Expected dividend yield | 0% | 0% |
STOCK OPTIONS AND WARRANTS (D_2
STOCK OPTIONS AND WARRANTS (Details - Option activity) | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares outstanding, ending | 38,269 |
Options exercisable | 35,769 |
Equity Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares outstanding, beginning | 40,900 |
Weighted average grant date fair value, beginning | $ / shares | $ 53.05 |
Options issued | 1,002 |
Options issued, grant date per share | $ / shares | $ 2.27 |
Options forfeited | (3,633) |
Options forfeited, grant date per share | $ / shares | $ 104.62 |
Number of shares outstanding, ending | 38,269 |
Weighted averagegrant date fair value, ending | $ / shares | $ 46.83 |
Options exercisable | 35,769 |
Weighted average grant date fair value, exercisable | $ / shares | $ 49.92 |
Options vested and expected to vest | 38,269 |
Weighted average grant date fair value, vested and expected to vest | $ / shares | $ 46.83 |
STOCK OPTIONS AND WARRANTS (D_3
STOCK OPTIONS AND WARRANTS (Details - Unvested Option activity) | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average exercise price oustanding, ending | $ 46.83 |
Unvested Stock Options [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares unvested outsatnding.beginning | shares | 4,000 |
Weighted average exercise price outstading, beginning | $ 0 |
Options granted | shares | 1,002 |
Granted | $ 2.27 |
Options vested | shares | (2,502) |
Vested | $ 0 |
Options forfeited | shares | 0 |
Forfeited | $ 0 |
Number of shares unvested outsatnding, ending | shares | 2,500 |
Weighted average exercise price oustanding, ending | $ 2.50 |
STOCK OPTIONS AND WARRANTS (D_4
STOCK OPTIONS AND WARRANTS (Details - Options by exercise price) | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 38,269 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 2 months 8 days |
Weighted Average Exercisable Price | $ / shares | $ 46.83 |
Numer of Options Exercisable | shares | 35,769 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 46.83 |
$82.95 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 1 month 6 days |
Weighted Average Exercisable Price | $ / shares | $ 82.95 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 82.95 |
$83.70 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 6,000 |
Weighted Average Remaining Contractual LIfe (years) | 3 months |
Weighted Average Exercisable Price | $ / shares | $ 83.70 |
Numer of Options Exercisable | shares | 6,000 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 83.70 |
$80.10 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 800 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 1 month 6 days |
Weighted Average Exercisable Price | $ / shares | $ 80.10 |
Numer of Options Exercisable | shares | 800 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 80.10 |
$80.85 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 667 |
Weighted Average Remaining Contractual LIfe (years) | 4 months 17 days |
Weighted Average Exercisable Price | $ / shares | $ 80.85 |
Numer of Options Exercisable | shares | 667 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 80.85 |
$102.45 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 5 months 15 days |
Weighted Average Exercisable Price | $ / shares | $ 102.45 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 102.45 |
$97.35 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 7 months 6 days |
Weighted Average Exercisable Price | $ / shares | $ 97.35 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 97.35 |
$74.25 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 6,000 |
Weighted Average Remaining Contractual LIfe (years) | 11 months 23 days |
Weighted Average Exercisable Price | $ / shares | $ 74.25 |
Numer of Options Exercisable | shares | 6,000 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 74.25 |
$57.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 800 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 1 month 24 days |
Weighted Average Exercisable Price | $ / shares | $ 57 |
Numer of Options Exercisable | shares | 800 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 57 |
$60.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 667 |
Weighted Average Remaining Contractual LIfe (years) | 10 months 17 days |
Weighted Average Exercisable Price | $ / shares | $ 60.60 |
Numer of Options Exercisable | shares | 667 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 60.60 |
$55.50 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 11 months 12 days |
Weighted Average Exercisable Price | $ / shares | $ 55.50 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 55.50 |
$51.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 1 month 6 days |
Weighted Average Exercisable Price | $ / shares | $ 51 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 51 |
$61.20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 6,000 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 5 months 15 days |
Weighted Average Exercisable Price | $ / shares | $ 61.20 |
Numer of Options Exercisable | shares | 6,000 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 61.20 |
$36.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 667 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 4 months 17 days |
Weighted Average Exercisable Price | $ / shares | $ 36 |
Numer of Options Exercisable | shares | 667 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 36 |
$37.05 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 5 months 15 days |
Weighted Average Exercisable Price | $ / shares | $ 37.05 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 37.05 |
$15.75 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 333 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 7 months 6 days |
Weighted Average Exercisable Price | $ / shares | $ 15.70 |
Numer of Options Exercisable | shares | 333 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 15.70 |
$10.05 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 6,000 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 18 days |
Weighted Average Exercisable Price | $ / shares | $ 10.05 |
Numer of Options Exercisable | shares | 6,000 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 10.05 |
$26.55 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 667 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 10 months 17 days |
Weighted Average Exercisable Price | $ / shares | $ 26.55 |
Numer of Options Exercisable | shares | 667 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 26.55 |
$16.20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 334 |
Weighted Average Remaining Contractual LIfe (years) | 1 year 11 months 15 days |
Weighted Average Exercisable Price | $ / shares | $ 16.20 |
Numer of Options Exercisable | shares | 334 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 16.20 |
$3.19 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 334 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 1 month 6 days |
Weighted Average Exercisable Price | $ / shares | $ 3.19 |
Numer of Options Exercisable | shares | 334 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 3.19 |
$2.50 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 6,000 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 7 months 24 days |
Weighted Average Exercisable Price | $ / shares | $ 2.50 |
Numer of Options Exercisable | shares | 3,500 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 2.50 |
$2.29 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 668 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 4 months 17 days |
Weighted Average Exercisable Price | $ / shares | $ 2.29 |
Numer of Options Exercisable | shares | 668 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 2.29 |
$2.24 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 334 |
Weighted Average Remaining Contractual LIfe (years) | 2 years 5 months 15 days |
Weighted Average Exercisable Price | $ / shares | $ 2.24 |
Numer of Options Exercisable | shares | 334 |
Weighted Average Exercise Price of Exercisable Options | $ / shares | $ 2.24 |
STOCK OPTIONS AND WARRANTS (D_5
STOCK OPTIONS AND WARRANTS (Details - Warrant activity) - Warrant [Member] | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Warrants outstanding, beginning balance | shares | 10,772,736 |
Weighted average exercise price warrants outstanding, beginning balance | $ / shares | $ 4.59 |
Warrants issued | shares | 0 |
Weighted average exercise price warrants issued | $ / shares | $ 0 |
Warrants exercised | shares | (880,000) |
Weighted average exercise price warrants Exercised | $ / shares | $ 0 |
Warrants expired | shares | (1,889) |
Weighted average exercise price warrants Expired | $ / shares | $ 0 |
Warrants outstanding, ending balance | shares | 9,890,847 |
Weighted average exercise price warrants outstanding, ending balance | $ / shares | $ 0 |
Warrants exercisable | shares | 9,890,847 |
Weighted average exercise price warrants exercisable | $ / shares | $ 4.99 |
STOCK OPTIONS AND WARRANTS (D_6
STOCK OPTIONS AND WARRANTS (Details - Warrants by exercise price) | 3 Months Ended |
Jul. 31, 2022 $ / shares shares | |
$4.25 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 4.25 |
Number of Warrants exercisable | shares | 1,506,141 |
Weighted Average Remaining Contractual Life (Years) | 4 years 10 days |
$5.3125 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5.3125 |
Number of Warrants exercisable | shares | 264,706 |
Weighted Average Remaining Contractual Life (Years) | 4 years 10 days |
$5.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5 |
Number of Warrants exercisable | shares | 7,000,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 25 days |
$6.25 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 6.25 |
Number of Warrants exercisable | shares | 1,050,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 18 days |
$0.001 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.001 |
Number of Warrants exercisable | shares | 70,000 |
Warrant [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Warrants exercisable | shares | 9,890,847 |
Weighted Average Remaining Contractual Life (Years) | 4 years 21 days |
Weighted average exercise price exercisable | $ / shares | $ 4.99 |
STOCK OPTIONS AND WARRANTS (D_7
STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 12, 2021 | Aug. 31, 2021 | Aug. 23, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 38,269 | ||||||
Share-Based Payment Arrangement, Noncash Expense | $ 2,750 | $ 11,055 | |||||
Stock price per share | $ 2.39 | ||||||
Stock consideration received | $ 10,720,000 | ||||||
Shares Issued | 2,522,387 | ||||||
Pre Funded Warrants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Class of Warrant or Right, Outstanding | 70,000 | ||||||
Pre Funded Warrants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 899,027 | ||||||
Proceeds from Issuance of Warrants | $ 3,820,000 | ||||||
Warrant Exercised | 899,027 | ||||||
Proceeds from Warrant Exercises | $ 899 | ||||||
Series A Warrants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 7,000,000 | ||||||
Exercise price | $ 5 | ||||||
Fair value of warrants | $ 21,340,000 | ||||||
Equity Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 38,269 | 40,900 | |||||
Options granted in period | 1,002 | ||||||
Aggregate intrinsic value | $ 117 | ||||||
Common Warrants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrant Exercised | 2,522,387 | ||||||
Common Warrants [Member] | H C Wainwright Co L L C [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 4,028,528 | ||||||
Exercise price | $ 4.25 | ||||||
Fair value of warrants | $ 9,385,000 | ||||||
Underwriter Warrants [Member] | Wainwright [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 264,706 | ||||||
Exercise price | $ 5.3125 | ||||||
Fair value of warrants | $ 601,000 | ||||||
Placement Agent Warrants [Member] | Wainwright [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 1,050,000 | ||||||
Exercise price | $ 6.25 | ||||||
Fair value of warrants | $ 3,151,000 | ||||||
Pre Funded Warrants [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Warrants Issued | 5,570,000 | ||||||
Exercise price | $ 0.001 | ||||||
Proceeds from Issuance of Warrants | $ 27,844,000 | ||||||
Proceeds from Warrant Exercises | $ 5,500 | ||||||
Number of warrants exercised | 5,500,000 | ||||||
Employees [Member] | Equity Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options granted in period | 1,002 | 1,000 | |||||
Share-Based Payment Arrangement, Noncash Expense | $ 4,595 | $ 24,144 | |||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 4,859 | ||||||
Non-Employees [Member] | Equity Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options granted in period | 0 | 0 | |||||
2021 Equity Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 166,667 |
OTHER RELATED PARTY TRANSACTI_2
OTHER RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 38,269 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 46.83 | |
SG Austria [Member] | ||
Related Party Transaction [Line Items] | ||
Purchases from related parties | $ 60,000 | $ 58,000 |
Vin De Bona [Member] | ||
Related Party Transaction [Line Items] | ||
Professional and Contract Services Expense | $ 45,000 | $ 32,000 |
Independent Director [Member] | ||
Related Party Transaction [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 795,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.50 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date | Oct. 21, 2022 | |
SG Austria [Member] | ||
Related Party Transaction [Line Items] | ||
Equity interest owned | 14.30% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) | Jul. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum operating lease expense 2023 | $ 3,342 |
Minimum operating lease expense | $ 3,342 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent and lease expense | $ 1,100 | $ 3,738 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Jul. 31, 2022 | Aug. 31, 2021 | Jul. 31, 2021 |
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 53,885,000 | $ 40,838,000 | |
State net operating loss carryforwards | 50,122,000 | ||
Accrued interest | 0 | $ 0 | |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 16,802,000 | $ 37,083,000 |
EARNINGS PER SHARE (Details - p
EARNINGS PER SHARE (Details - per share calculation) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (1,545,012) | $ (1,025,418) |
Basic weighted average number of shares outstanding | 20,829,315 | 1,591,306 |
Diluted weighted average number of shares outstanding | 20,829,315 | 1,591,306 |
Basic loss per share | $ (0.07) | $ (0.64) |
Diluted loss per share | $ (0.07) | $ (0.64) |
EARNINGS PER SHARE (Details - d
EARNINGS PER SHARE (Details - diluted shares) - shares | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 9,929,116 | 45,314 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 38,269 | 42,333 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 9,890,847 | 2,981 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) | Jul. 31, 2022 $ / shares shares |
Equity [Abstract] | |
Preferred Stock, Shares Authorized | 10,000,000 |
Preferred Stock, Par Value | $ / shares | $ 0.0001 |
Preferred Stock, Shares Issued | 0 |
Preferred Stock, Shares Outstanding | 0 |
TREASURY STOCK (Details Narrati
TREASURY STOCK (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | May 22, 2022 | |
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | |
Number of shares repurchased, value | $ 2,090,847 | |
Treasury stock, shares | 851,981 | |
Stock repurchase program, remaining amount | $ 7,909,153 | |
Treasury Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of shares repurchased | 851,981 | |
Number of shares repurchased, value | $ 2,090,847 |