Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jan. 31, 2023 | |
Document Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Heart Test Laboratories, Inc. |
Entity Central Index Key | 0001468492 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | TX |
Entity Primary SIC Number | 3345 |
Entity Tax Identification Number | 26-1344466 |
Entity Address, Address Line One | 550 Reserve St |
Entity Address, Address Line Two | Suite 360 |
Entity Address, City or Town | Southlake |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76092 |
City Area Code | 682 |
Local Phone Number | 237-7781 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 550 Reserve St |
Entity Address, Address Line Two | Suite 360 |
Entity Address, City or Town | Southlake |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76092 |
City Area Code | 682 |
Local Phone Number | 237-7781 |
Contact Personnel Name | Danielle Watson |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 1,930,952 | $ 918,260 | $ 723,481 |
Accounts receivable | 0 | 2,321 | |
Inventory | 676,909 | 674,139 | 750,774 |
Prepaid expenses | 222,200 | 49,383 | 94,750 |
Other current assets | 40,374 | 40,374 | 69,037 |
Deferred offering costs | 0 | 246,400 | |
Total current assets | 2,870,435 | 1,930,877 | 1,638,042 |
Property and equipment, net | 60,661 | 70,035 | 94,669 |
Right-of-use assets, net | 549,227 | 88,535 | 194,660 |
TOTAL ASSETS | 3,480,323 | 2,089,447 | 1,927,371 |
CURRENT LIABILITIES | |||
Accounts payable | 1,040,687 | 694,745 | 335,781 |
Accrued expenses | 644,610 | 1,053,636 | 288,927 |
Operating lease liabilities | 0 | 90,968 | 107,632 |
Current portion of notes payable | 130,000 | 1,630,000 | 130,000 |
PPP loans payable | 250,200 | ||
Other current liabilities | 170,133 | 1,220 | 1,220 |
Total current liabilities | 1,985,430 | 3,470,569 | 1,113,760 |
LONG-TERM LIABILITIES | |||
Notes payable | 1,000,000 | 4,441,807 | 2,500,000 |
Accrued expenses | 203,578 | 232,868 | 132,234 |
Operating lease liabilities, long-term portion | 549,227 | 0 | 90,967 |
Total long-term liabilities | 1,752,805 | 4,674,675 | 2,723,201 |
TOTAL LIABILITIES | 3,738,235 | 8,145,244 | 3,836,961 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS EQUITY (DEFICIT) | |||
Common Stock | 8,349 | 3,323 | 3,313 |
Additional paid-in capital | 58,858,173 | 48,343,305 | 47,661,262 |
Accumulated deficit | (59,124,837) | (54,402,908) | (49,574,648) |
TOTAL STOCKHOLDERS EQUITY (DEFICIT) | (257,912) | (6,055,797) | (1,909,590) |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | 3,480,323 | 2,089,447 | 1,927,371 |
Series A, B and C Convertible Preferred Stock | |||
STOCKHOLDERS EQUITY (DEFICIT) | |||
Preferred stock | $ 403 | $ 483 | $ 483 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Preferred stock par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 8,349,859 | 3,323,942 | 3,313,841 |
Common stock, shares outstanding | 8,349,859 | 3,323,942 | 3,313,841 |
Series A, B and C Convertible Preferred Stock | |||
Preferred stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares designated | 620,000 | 620,000 | 620,000 |
Preferred stock, shares issued | 403,228 | 483,265 | 483,265 |
Preferred stock, shares outstanding | 403,228 | 483,265 | 483,265 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | |
Income Statement [Abstract] | ||||||
Revenue | $ 1,950 | $ 2,740 | $ 5,150 | $ 10,224 | $ 14,373 | $ 25,604 |
Cost of sales | 760 | 854 | 2,796 | 6,610 | 7,890 | 10,665 |
Gross margin | 1,190 | 1,886 | 2,354 | 3,614 | 6,483 | 14,939 |
Operating expenses: | ||||||
Research and development | 643,258 | 699,015 | 1,926,432 | 1,645,902 | 3,001,532 | 1,708,447 |
Selling, general and administrative | 667,235 | 403,158 | 2,590,227 | 1,089,301 | 1,714,350 | 874,620 |
Gain on disposal of property and equipment | (1,663) | |||||
Total operating expenses | 1,310,493 | 1,102,173 | 4,516,659 | 2,735,203 | 4,715,882 | 2,581,404 |
Loss from operations | (1,309,303) | (1,100,287) | (4,514,305) | (2,731,589) | (4,709,399) | (2,566,465) |
Other income (expense) | ||||||
Interest expense | (32,805) | (139,067) | (209,217) | (294,586) | (371,619) | (132,454) |
Gain on extinguishment of debt | 250,200 | 250,200 | 250,200 | |||
Other income | 851 | 1,593 | 851 | 2,558 | ||
Other expense | (7) | (3,451) | ||||
Total other (expense) income | (32,812) | (138,216) | (207,624) | (43,535) | (118,861) | 114,295 |
Net loss | $ (1,342,115) | $ (1,238,503) | $ (4,721,929) | $ (2,775,124) | $ (4,828,260) | $ (2,452,170) |
Net loss per share, basic | $ (0.16) | $ (0.37) | $ (0.64) | $ (0.84) | $ (1.45) | $ (0.74) |
Net loss per share, diluted | $ (0.16) | $ (0.37) | $ (0.64) | $ (0.84) | $ (1.45) | $ (0.74) |
Weighted average common shares outstanding, basic | 8,240,798 | 3,323,503 | 7,371,764 | 3,317,208 | 3,318,892 | 3,313,841 |
Weighted average common shares outstanding, diluted | 8,240,798 | 3,323,503 | 7,371,764 | 3,317,208 | 3,318,892 | 3,313,841 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Total | IPO | Series C Convertible Preferred Stock | Convertible Preferred Stock | Preferred Stock Series A Convertible Preferred Stock | Preferred Stock Series B Convertible Preferred Stock | Preferred Stock Series C Convertible Preferred Stock | Preferred Stock Series A and B Convertible Preferred Stock | Preferred Stock Convertible Preferred Stock | Common Stock | Common Stock IPO | Common Stock Series A Convertible Preferred Stock | Common Stock Series C Convertible Preferred Stock | Common Stock Series A and B Convertible Preferred Stock | Additional Paid-in Capital | Additional Paid-in Capital IPO | Additional Paid-in Capital Series C Convertible Preferred Stock | Additional Paid-in Capital Series A and B Convertible Preferred Stock | Accumulated Deficit | $1.5M Notes | $1.5M Notes Common Stock | $1.5M Notes Additional Paid-in Capital | Bridge Notes and Accrued Interest | Bridge Notes and Accrued Interest Common Stock | Bridge Notes and Accrued Interest Additional Paid-in Capital |
Beginning Balance, Shares at Apr. 30, 2020 | 10,000 | 10,000 | 455,265 | 3,313,841 | |||||||||||||||||||||
Beginning Balance at Apr. 30, 2020 | $ 315,551 | $ 10 | $ 10 | $ 455 | $ 475 | $ 3,313 | $ 47,434,241 | $ (47,122,478) | |||||||||||||||||
Sale of Common Stock and warrants, net of fees, Shares | 8,000 | 0 | |||||||||||||||||||||||
Sale of Common Stock and warrants, net of fees | $ 200,000 | ||||||||||||||||||||||||
Stock based compensation – management & other employees | 16,929 | 16,929 | |||||||||||||||||||||||
Warrants issued to non-employees | 2,354 | 2,354 | |||||||||||||||||||||||
Net loss | (2,452,170) | (2,452,170) | |||||||||||||||||||||||
Ending Balance, Shares at Apr. 30, 2021 | 10,000 | 10,000 | 463,265 | 3,313,841 | |||||||||||||||||||||
Ending Balance at Apr. 30, 2021 | (1,909,590) | $ 10 | $ 10 | $ 463 | $ 483 | $ 3,313 | 47,661,262 | (49,574,648) | |||||||||||||||||
Stock based compensation—non-employee advisers | 7,746 | 7,746 | |||||||||||||||||||||||
Series C convertible preferred stock issued to investors | 200,000 | $ 8 | 199,992 | ||||||||||||||||||||||
Series C convertible preferred stock issued to investors ,shares | 8,000 | 8 | |||||||||||||||||||||||
Common Stock issued to non-employees,shares | 10,101 | ||||||||||||||||||||||||
Common Stock issued to non-employees | 35,000 | $ 10 | 34,990 | ||||||||||||||||||||||
Stock based compensation – management & other employees | 83,250 | 83,250 | |||||||||||||||||||||||
Warrants issued to non-employees | 464,667 | 464,667 | |||||||||||||||||||||||
Net loss | (2,775,124) | (2,775,124) | |||||||||||||||||||||||
Ending Balance, Shares at Jan. 31, 2022 | 10,000 | 10,000 | 463,265 | 3,323,942 | |||||||||||||||||||||
Ending Balance at Jan. 31, 2022 | (4,101,797) | $ 10 | $ 10 | $ 463 | $ 483 | $ 3,323 | 48,244,169 | (52,349,772) | |||||||||||||||||
Beginning Balance, Shares at Apr. 30, 2021 | 10,000 | 10,000 | 463,265 | 3,313,841 | |||||||||||||||||||||
Beginning Balance at Apr. 30, 2021 | (1,909,590) | $ 10 | $ 10 | $ 463 | 483 | $ 3,313 | 47,661,262 | (49,574,648) | |||||||||||||||||
Sale of Common Stock and warrants, net of fees, Shares | 0 | ||||||||||||||||||||||||
Common Stock issued upon conversion, Shares | 703,290 | ||||||||||||||||||||||||
Common Stock issued to non-employees,shares | 10,101 | ||||||||||||||||||||||||
Common Stock issued to non-employees | 35,000 | $ 10 | 34,990 | ||||||||||||||||||||||
Stock based compensation – management & other employees | 68,396 | 68,396 | |||||||||||||||||||||||
Warrants issued to non-employees | 578,657 | 578,657 | |||||||||||||||||||||||
Net loss | (4,828,260) | (4,828,260) | |||||||||||||||||||||||
Ending Balance, Shares at Apr. 30, 2022 | 10,000 | 10,000 | 463,265 | 3,323,942 | |||||||||||||||||||||
Ending Balance at Apr. 30, 2022 | (6,055,797) | $ 10 | $ 10 | $ 463 | 483 | $ 3,323 | 48,343,305 | (54,402,908) | |||||||||||||||||
Beginning Balance, Shares at Oct. 31, 2021 | 10,000 | 10,000 | 463,265 | 3,313,841 | |||||||||||||||||||||
Beginning Balance at Oct. 31, 2021 | (3,442,185) | $ 10 | $ 10 | $ 463 | 483 | $ 3,313 | 47,665,288 | (51,111,269) | |||||||||||||||||
Common Stock issued to non-employees,shares | 10,101 | ||||||||||||||||||||||||
Common Stock issued to non-employees | 35,000 | $ 10 | 34,990 | ||||||||||||||||||||||
Stock based compensation – management & other employees | 80,833 | 80,833 | |||||||||||||||||||||||
Warrants issued to non-employees | 463,058 | 463,058 | |||||||||||||||||||||||
Net loss | (1,238,503) | (1,238,503) | |||||||||||||||||||||||
Ending Balance, Shares at Jan. 31, 2022 | 10,000 | 10,000 | 463,265 | 3,323,942 | |||||||||||||||||||||
Ending Balance at Jan. 31, 2022 | (4,101,797) | $ 10 | $ 10 | $ 463 | 483 | $ 3,323 | 48,244,169 | (52,349,772) | |||||||||||||||||
Beginning Balance, Shares at Apr. 30, 2022 | 10,000 | 10,000 | 463,265 | 3,323,942 | |||||||||||||||||||||
Beginning Balance at Apr. 30, 2022 | $ (6,055,797) | $ 10 | $ 10 | $ 463 | 483 | $ 3,323 | 48,343,305 | (54,402,908) | |||||||||||||||||
Sale of Common Stock and warrants, net of fees, Shares | 5,025,917 | 5,025,917 | 1,500,000 | ||||||||||||||||||||||
Sale of Common Stock and warrants, net of fees | $ 5,194,740 | $ 1,500 | $ 5,193,240 | ||||||||||||||||||||||
Common Stock issued upon conversion, Shares | 60,037 | (10,000) | (10,000) | (60,037) | 230,086 | 703,290 | 230,086 | 703,290 | 909,071 | 1,544,114 | |||||||||||||||
Common Stock issued upon conversion of convertible preferred stock | $ (10) | $ (10) | $ (60) | $ (20) | $ 231 | $ 703 | $ (171) | $ (683) | $ 1,500,000 | $ 909 | $ 1,499,091 | $ 3,618,704 | $ 1,544 | $ 3,617,160 | |||||||||||
Common Stock issued upon exercise of pre-funded warrants,share | 139,356 | ||||||||||||||||||||||||
Common Stock issued upon exercise of pre-funded warrants | $ 14 | $ 139 | (125) | ||||||||||||||||||||||
Stock based compensation – management & other employees | 149,153 | 149,153 | |||||||||||||||||||||||
Warrants issued to non-employees | 57,203 | 57,203 | |||||||||||||||||||||||
Net loss | (4,721,929) | (4,721,929) | |||||||||||||||||||||||
Ending Balance, Shares at Jan. 31, 2023 | 0 | 0 | 403,228 | 8,349,859 | |||||||||||||||||||||
Ending Balance at Jan. 31, 2023 | (257,912) | $ 0 | $ 0 | $ 403 | 403 | $ 8,349 | 58,858,173 | (59,124,837) | |||||||||||||||||
Beginning Balance, Shares at Oct. 31, 2022 | 403,228 | 8,210,503 | |||||||||||||||||||||||
Beginning Balance at Oct. 31, 2022 | 1,082,676 | $ 403 | 403 | $ 8,210 | 58,856,785 | (57,782,722) | |||||||||||||||||||
Common Stock issued upon exercise of pre-funded warrants,share | 139,356 | ||||||||||||||||||||||||
Common Stock issued upon exercise of pre-funded warrants | 14 | $ 139 | (125) | ||||||||||||||||||||||
Stock based compensation – management & other employees | 1,513 | 1,513 | |||||||||||||||||||||||
Net loss | (1,342,115) | (1,342,115) | |||||||||||||||||||||||
Ending Balance, Shares at Jan. 31, 2023 | 0 | 0 | 403,228 | 8,349,859 | |||||||||||||||||||||
Ending Balance at Jan. 31, 2023 | $ (257,912) | $ 0 | $ 0 | $ 403 | $ 403 | $ 8,349 | $ 58,858,173 | $ (59,124,837) |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) - USD ($) | Jan. 31, 2023 | Dec. 31, 2020 |
$1.5M Notes | ||
Debt instrument, face amount | $ 1,500,000 | $ 1,500,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flows from operating activities: | ||||
Net loss | $ (4,721,929) | $ (2,775,124) | $ (4,828,260) | $ (2,452,170) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation | 20,090 | 20,070 | 26,566 | 32,967 |
Amortization | 644 | |||
Amortization of debt discounts and deferred financing costs | 61,381 | 33,954 | 156,719 | |
Stock-based compensation | 149,153 | 118,249 | 68,396 | 24,675 |
Stock issued for note facility fee | 35,000 | |||
Warrants issued for note extensions | 22,890 | |||
Gain on settled accounts payable | (81,200) | |||
Gain on extinguishment of debt | (250,200) | (250,200) | (250,200) | |
Loss on disposal of property and equipment | 1,663 | |||
Changes in current assets and liabilities: | ||||
Accounts receivable | 2,321 | (2,321) | ||
Inventory | (2,770) | 76,808 | 76,635 | 106,234 |
Prepaid and other current assets | 270,387 | (996) | 72,524 | 20,972 |
Deferred offering costs | 236,353 | (230,760) | (246,400) | |
Accounts payable | 427,142 | 62,318 | 358,964 | (20,651) |
Accrued liabilities | (272,800) | 493,859 | 865,343 | 83,572 |
Net cash used in operating activities | (3,911,872) | (2,451,822) | (3,644,144) | (2,452,294) |
Cash flows from investing activities: | ||||
Purchase of property and equipment | (10,716) | (1,932) | (1,932) | (712) |
Net cash used in investing activities | (10,716) | (1,932) | (1,932) | (712) |
Cash flows from financing activities: | ||||
Proceeds from issuance of Series C preferred convertible stock, net of issuance costs | 200,000 | |||
Issuance of Common Stock in IPO, net of fees | 5,194,740 | |||
Issuance of warrants in IPO | 17,250 | |||
Issuance of Common Stock for exercise of pre-funded warrants | 14 | |||
Proceeds from shareholder note | 500,000 | 500,000 | 700,000 | |
Proceeds from convertible promissory note | 1,529,434 | |||
Proceeds from PPP loan | 250,200 | |||
Proceeds from issuance of bridge convertible notes, net of discount | 3,436,001 | 4,226,000 | ||
Deferred financing costs | (377,520) | (385,145) | ||
Repayment of shareholder note | (500,000) | (500,000) | ||
Principal repayments of finance lease obligations | (276,724) | |||
Net cash provided by investing activities | 4,935,280 | 3,058,481 | 3,840,855 | 2,679,634 |
Net change in cash and cash equivalents during the period | 1,012,692 | 604,727 | 194,779 | 226,628 |
Cash and cash equivalents, beginning of period | 918,260 | 723,481 | 723,481 | 496,853 |
Cash and cash equivalents, end of period | 1,930,952 | 1,328,208 | 918,260 | $ 723,481 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH TRANSACTIONS: | ||||
Issuance of Common Stock for $1.5M Note conversions | 1,500,000 | |||
Issuance of Common Stock for Bridge Note and accrued interest conversions | 3,618,704 | |||
Issuance of Common Stock for Series A and B Preferred Stock conversions | 703 | |||
Issuance Of Common Stock for Series C Preferred Stock conversions | 231 | |||
Issuance of Common Stock warrants in connection with payable settlements | 1,609 | |||
Issuance of Common Stock warrants in connection with Bridge financing | $ 463,058 | $ 555,767 | ||
Warrants issued as underwriter compensation | 39,953 | |||
Financed insurance premiums | 445,637 | |||
Operating lease assets obtained in exchange for lease obligations | $ 549,227 |
Basis of Presentation
Basis of Presentation | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Accounting Policies [Abstract] | ||
Organization and Operations | Note 1. Basis of Presentation Heart Test Laboratories, Inc. d/b/a HeartSciences (“HeartSciences” or the “Company”) is a medical technology company specializing in cardiovascular diagnostic technology. The Company is a Texas corporation and is headquartered in Southlake, Texas. HeartSciences’ initial focus is on applying novel technology to extend the clinical indications for use of an electrocardiograph (“ECG”) device. Its first device, the MyoVista is an ECG that can be used in a wide range of clinical settings and provides diagnostic information to a qualified healthcare professional on cardiac dysfunction which has traditionally only been provided using cardiac imaging. In addition, the MyoVista provides conventional ECG information. The Company plans to market its device both domestically and internationally to various hospitals, clinics, and medical centers and manufacture the devices using outsourced production facilities. To date the Company has had small amounts of revenue from key opinion leader engagement and establishment of distributor relationships outside the United States during the development and product improvement phase of the MyoVista. The Company is preparing to seek U.S. Food and Drug Administration (“FDA”) clearance of the MyoVista during 2023. On June 3, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of Texas to effect a 1-for-33 reverse stock split of its outstanding shares of Common Stock, with an effective date of June 10, 2022. As a result of the reverse stock split, every 33 shares of the Company’s issued and outstanding pre-reverse one-half. | Note 1—Organization and Operations Heart Test Laboratories, Inc. d/b/a HeartSciences (“HeartSciences” or the “Company”) is a medical technology company specializing in cardiovascular diagnostic technology. The Company is a Texas C-Corporation HeartSciences’ initial focus is on applying novel technology to extend the clinical indications for use of an electrocardiograph (“ECG”) device. Its first device, the MyoVista is an ECG which can be used in a wide range of clinical settings and provides diagnostic information to a qualified healthcare professional on cardiac dysfunction which has traditionally only been provided using cardiac imaging. In addition, the MyoVista provides conventional ECG information. The Company plans to market its device both domestically and internationally to various hospitals, clinics, and medical centers and manufacture the devices using outsourced production facilities. To date the Company has had small amounts of revenue from key opinion leader engagement and establishment of distributor relationships outside the United States during the development and product improvement phase of the MyoVista. There have been a number of published clinical studies that have validated the MyoVista technology and the Company is preparing to seek U.S. Food and Drug Administration (“FDA”) clearance of the MyoVista during the fiscal year ending April 30, 2023. On June 3, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of Texas to effect a 1-for-33 reverse stock split of its outstanding shares of common stock, with an effective date of June 10, 2022. As a result of the reverse stock split, every 33 shares of the Company’s issued and outstanding pre-reverse split common stock were combined into one share of common stock, except to the extent that the reverse stock split resulted in any of the Company’s shareholders owning a fractional share, which was rounded up to the next highest whole share if such fraction was equal to or greater than one-half. In connection with the reverse stock split, there was no change in the par value per share of $0.001. All share and per share numbers have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless otherwise indicated. |
Liquidity, Going Concern and Ot
Liquidity, Going Concern and Other Uncertainties | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Liquidity, Going Concern and Other Uncertainties [Abstract] | ||
Liquidity, Going Concern and Other Uncertainties | Note 2. Liquidity, Going Concern and Other Uncertainties The Company is subject to a number of risks similar to those of early-stage companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other technologies. The Company has incurred losses each year since inception and has experienced negative cash flows from operations in each year since inception. As of January 31, 2023 and April 30, 2022, the Company had an accumulated deficit of $59.1 and $54.4 million, respectively. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. In June 2022, the Company raised approximately $5.2 million in net proceeds from the completion of the initial public offering (the “IPO”) (see Note 5). In February 2023, the Company raised approximately $1.3 million from the exercise of Bridge Warrants (see Note 4 for definition of “Bridge Warrants” and Note 5 for more information regarding the Bridge Warrants). The Company’s forecasts and cashflow projections indicate that current resources would be insufficient to support operations significantly beyond the third calendar quarter of 2023. Additionally, the FDA can delay, limit or deny clearance of a medical device for many reasons outside the Company’s control which may involve substantial unforeseen costs. Management’s plans include raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships. Management can provide no assurance that such financing or strategic relationships will be available on acceptable terms, or at all, which would likely have a material adverse effect on the Company and its financial statements. Subsequent to the quarter ended January 31, 2023, in March 2023, the Company entered into a purchase agreement and a registration rights agreement with an institutional investor, providing for the sale, from time to time at the discretion of the Company, of up to $15.0 million of the Company’s Common Stock, over the thirty-six The condensed unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period. In March 2020, the World Health Organization declared a pandemic related to the coronavirus (COVID-19) COVID-19 | Note 2—Liquidity, Going Concern, and Other Uncertainties The Company is subject to a number of risks similar to those of early-stage companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the need to obtain additional capital, competition from larger companies, and other technologies. At April 30, 2022, the Company had an accumulated deficit of $54.4 million and stockholder’s deficit of $6.1 million. In addition, the Company has generated recurring losses and negative cash flows from operations since its inception and has a working capital deficiency. Based on these factors there is a substantial doubt regarding the Company’s ability to continue as a going concern. In June 2022, the Company raised approximately $5.2 million in net proceeds from the completion of the initial public offering (the “IPO”) (see Note 6). The Company’s forecasts and cashflow projections indicate that current resources would be insufficient to support operations significantly beyond the second calendar quarter of 2023 and repay the $1M Notes as they fall due in September 2023 (see Note 4). Additionally, the FDA can delay, limit or deny clearance of a medical device for many reasons outside the Company’s control which may involve substantial unforeseen costs. A negative variance in the forecasts and cashflow projections would make the Company’s ability to continue as a going concern dependent on an additional capital fund raise. The Company’s plans include raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships. Management can provide no assurance that such financing or strategic relationships will be available on acceptable terms, or at all, which would likely have a material adverse effect on the Company and its financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern for a reasonable period. COVID-19 In March, 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and in conformity with the instructions on Form 10-Q 8-03 S-X 10-K. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). Inventory All inventories are stated at lower of cost or net realizable value, with cost determined substantially on a “first-in, first-out” expense when incurred. The following is a summary of the Company’s inventories at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Raw materials $ 359,965 $ 359,965 Sub-assemblies 347,986 345,217 Work in progress 21,741 21,741 Finished goods 28,663 28,662 Reserve for obsolescence (81,446 ) (81,446 ) Total Inventory $ 676,909 $ 674,139 Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA De Novo submission, which is expected to take place during 2023. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products for sales both internationally and in the U.S. following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. The Company periodically evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved. Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). The following is a summary of the Company’s property and equipment at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Equipment $ 390,328 $ 379,612 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 525,703 514,987 Less: Accumulated depreciation (465,042 ) (444,952 ) Property and equipment, net $ 60,661 $ 70,035 Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, underwriting fees and other costs, incurred through the balance sheet date that are directly related to the Company’s IPO, were charged to stockholder’s equity upon completion of the IPO in June 2022. Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates. Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use right-of-use right-of-use The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Stock-Based Compensation The Company accounts for employee and non-employee Compensation – Stock Compensation The estimated fair value of Common Stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of Common Stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a public market for the Company’s Common Stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. Management has estimated the expected term of its Common Stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The expected volatility is derived from the historical volatilities of comparable publicly traded companies over a period approximately equal to the expected term for the options. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of Common Stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, Common Stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Common Stock Warrants The Company grants warrants to purchase Common Stock in connection with financing transactions. Warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital. Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year The Company did not recognize material revenues during the three and nine-month periods ended January 31, 2023 or 2022. The Company’s revenues do not require significant estimates or judgements. The Company is not party to contracts that include multiple performance obligations or material variable consideration. As of January 31, 2023 and April 30, 2022, th Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, management has determined that it has not incurred any liability for unrecognized tax benefits as of January 31, 2023 and April 30, 2022. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018. | Note 3—Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). Inventory Inventory consists of the following: April 30, 2022 2021 Raw materials $ 359,965 $ 381,930 Sub-assemblies 345,217 414,741 Work in progress 21,741 28,250 Finished goods 28,662 296,365 Reserve for obsolescence (81,446 ) (370,512 ) Total Inventory $ 674,139 $ 750,774 Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA De Novo submission, which is expected to take place during the fiscal year ending April 30, 2023. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products for sales both internationally and in the U.S. following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. On a quarterly basis, management evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved. Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). Property and equipment consist of the following: April 30, 2022 2021 Equipment $ 379,612 $ 377,680 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 514,987 513,055 Less: Accumulated depreciation (444,952 ) (418,386 ) Property and equipment, net $ 70,035 $ 94,669 Depreciation expense for the years ended April 30, 2022 and 2021, was $26,566 and $32,967, respectively. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs related to the Company’s IPO, are capitalized and recorded on the balance sheet. The deferred offering costs will be offset against the proceeds received from the IPO. As of April 30, 2022, the Company had recorded $246,400 of deferred offering costs on the balance sheet. The Company had no deferred offering costs recorded as of April 30, 2021. Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates. Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use right-of-use right-of-use The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Stock-Based Compensation The Company accounts for employee and non-employee Compensation – Stock Compensation The estimated fair value of common stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of common stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a public market for the Company’s common stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. The Company has estimated the expected term of its common stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The expected volatility is derived from the historical volatilities of comparable publicly traded companies over a period approximately equal to the expected term for the options. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. On June 3, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of Texas to effect a 1-for-33 reverse stock split of its outstanding shares of common stock, with an effective date of June 10, 2022. As a result of the reverse stock split, every 33 shares of the Company’s issued and outstanding pre-reverse one-half. Common Stock Warrants The Company grants warrants to purchase common stock in connection with financing transactions. Warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital. Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year As of April 30, 2022 and April 30, 2021, the Company did not have any contract assets or liabilities from contracts with customers and there were no remaining performance obligations that the Company had not satisfied. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of April 30, 2022 and April 30, 2021. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018. Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options 470-20) Derivatives and Hedging— Contracts in Entity’s Own Equity 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in The FASB observed that the application of the derivatives scope exception guidance results in accounting for some contracts as derivatives while accounting for economically similar contracts as equity. The FASB also decided to improve and amend the related EPS guidance. The amendments in this ASU are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2020-06 In October 2020, the FASB issued ASU 2020-10, Codification Improvements, 2020-10 Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company maintains its cash with high-credit quality financial institutions. At April 30, 2022 and April 30, 2021, the Company had cash balances in excess of federally insured limits of $668,260 and $473,481, respectively. The Company does not anticipate non-performance |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Debt Disclosure [Abstract] | ||
Debt | Note 4. Debt Debt consists of the following: January 31, April 30, 2023 2022 $130,000 unsecured drawdown convertible promissory note (“$130K Note”) $ 130,000 $ 130,000 $1.5 million secured convertible promissory notes (“$1.5M Notes”) — 1,500,000 $1M Notes 1,000,000 1,000,000 January 31, April 30, 2023 2022 Bridge convertible notes, net of discounts and deferred financing costs — 3,441,807 1,130,000 6,071,807 Less: current maturities (130,000 ) (1,630,000 ) Notes payable, long-term $ 1,000,000 $ 4,441,807 $130K Unsecured Drawdown Convertible Promissory Note On August 12, 2019, the Company entered into an unsecured drawdown convertible promissory note with Front Range Ventures, LLC (“FRV”) for an aggregate amount not to exceed $130,000 (“$130K Note”). FRV is a shareholder of the Company and the Company entered into an agreement with FRV pursuant to which FRV is entitled to appoint a member of the Board of Directors and a board observer so long as it holds at least 71,000 shares of Series C Convertible Preferred Stock (“Series C Preferred Stock”). The $130K Note may be repaid at any time upon 20 non-interest The $130K Note does not contain any covenants that restrict the Company’s ability to conduct business and does not contain specific events of defaults. Any breach of its terms by the Company would entitle FRV to all available rights and remedies, at law or in equity, available. $1M Notes and Loan and Security Agreement In April 2020, the Company entered into a loan and security agreement (the “$1M Loan and Security Agreement”) pursuant to which a secured promissory note in the original principal amount of $500,000 was issued to each of FRV (the “FRV Note”) and John Q. Adams (the “JQA Note”), who are both shareholders of the Company. John Q. Adams was also a Director of the Company at the time of entering into the $1M Loan and Security Agreement. Each party committed to lend a principal amount of $500,000, totaling $1,000,000, and the loan was drawn in three installments of $300,000 upon execution of the loan agreement, $350,000 on or about July 2, 2020 and $350,000 on or about September 4, 2020. The loan had an original maturity date of September 30, 2021, which was amended on September 30, 2021 making the note repayable on demand. The $1M Loan and Security Agreement was amended again on November 3, 2021, extending the maturity to September 30, 2022. The loan was further amended on May 24, 2022, extending maturity to September 30, 2023. In connection with the amendment in May 2022, the Company agreed to pay Mr. Adams all accrued but unpaid interest on his note prior to September 30, 2022. In June 2022, the Company paid approximately $126,000 in accrued interest to Mr. Adams. The $1M Loan and Security Agreement was further amended on January 24, 2023 to (i) extend the maturity date of the FRV Note to September 30, 2024, on which date the principal amount and all accrued interest thereon will be due and payable, and (ii) amend the dates on which principal and accrued interest is due under the JQA Note, such that interest accrued since June 28, 2022 will be due and payable on September 30, 2023, and the principal amount together with all accrued interest after September 30, 2023 will be due and payable on March 31, 2024. The $1M Loan and Security Agreement accrues interest at a rate of 12% per annum, compounded annually, which is payable as described above. The Company is also required to pay default interest at a rate of 18% per annum, compounded annually, on any unpaid amounts after the applicable due date until the loan amounts are fully re-paid. As of January 31, 2023 and April 30, 2022, accrued interest was approximately $204,000 and $229,000, respectively, and is included in accrued expenses in the accompanying condensed balance sheets. $1.5M Secured Convertible Promissory Notes In December 2020, the Board of Directors approved the offering of a series of secured convertible promissory notes in the amount of $1,500,000 (“$1.5M Notes”). The $1.5M Notes were sold as a series to a number of different investors with $1,490,000 of the notes being sold to shareholders of the Company of which members of the Board of Directors of the Company subscribed for $30,000. The notes had an original maturity of July 31, 2022 and were subsequently amended on November 2, 2021, extending maturity to October 31, 2022. The entire amount of the $1.5M Notes converted upon the IPO into 909,071 shares of Common Stock at a conversion price of $1.65 (see Note 5). In accordance with their terms, no interest was payable as the notes converted prior to maturity. 2021 Bridge Securities In December 2021 the Board approved the sale of Senior Subordinated Convertible Loan Notes (the “Bridge Notes”) and associated warrants (the “Bridge Warrants” and, together with the Bridge Notes, the “2021 Bridge Securities”). The Company sold $4,695,555 principal value of the Bridge Notes which were issued with a 10% original issue discount (OID), and accrued interest at 8% per annum and had a maturity date of December 22, 2024. In accordance with their terms, the entire amount of the Bridge Notes, including $165,516 of accrued interest, converted upon the IPO into 1,606,027 shares of Common Stock at a conversion price of $2.89 and pre-funded 5-year 18-months Subsequent to the IPO, pursuant to provisions in the Bridge Notes limiting the number of shares of Common Stock into which the Bridge Notes were convertible, 61,913 shares of Common Stock into which the Bridge Notes converted were cancelled and deemed null and void, ab initio Pre-Funded pre-funded Paycheck Protection Program Loans On January 25, 2021, the Company received loan proceeds in the amount of $250,200 under the Paycheck Protection Program (“PPP”), which was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), to provide loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business. Following the PPP guidelines, the Company filed for loan forgiveness in May 2021, and in June 2021, the Small Business Administration approved the filing and forgave the loan. The forgiveness of the PPP loan is recorded in gain on extinguishment of debt in the statement of operations as of the period ended January 31, 2022. | Note 4 – Debt Debt consists of the following: April 30, 2022 2021 $130K Unsecured drawdown convertible promissory note $ 130,000 $ 130,000 $1.5M Secured convertible promissory notes 1,500,000 1,500,000 $1M Notes 1,000,000 1,000,000 Bridge convertible notes, net of discounts and deferred financing costs 3,441,807 — Payment Protection Program loans — 250,200 6,071,807 2,880,200 Less: current maturities (1,630,000 ) (380,200 ) Notes payable, long-term $ 4,441,807 $ 2,500,000 $130K Unsecured Drawdown Convertible Promissory Note On August 12, 2019, the Company entered into an unsecured drawdown convertible promissory note with Front Range Ventures, LLC (“FRV”) for an aggregate amount not to exceed $130,000 (“$130K Note”). FRV is a shareholder of the Company and the Company entered into an agreement with FRV where FRV is entitled to appoint a member of the Board of Directors and a board observer so long as it holds at least 71,000 shares of Series C convertible preferred stock. The $130K Note may be repaid at any time upon 20 days’ notice to the holder. The $130K Note is convertible into Series C convertible preferred stock at any time, upon written notice by either the holder or the Company or at maturity, at the lowest price paid for the Series C convertible preferred C stock prior to conversion, which is currently $25.00 per share. The $130K Note matures 20 days following FDA clearance of the Company’s MyoVista medical device. Under the terms of the agreement, the note is non-interest The $130K Note does not contain any covenants that restrict the Company’s ability to conduct business and does not contain specific events of defaults. Any breach of its terms by the Company would entitle FRV to all available rights and remedies, at law or in equity, available. $1.5M Secured Convertible Promissory Notes In December 2020, the Board of Directors approved the offering of a series of secured convertible promissory notes in the amount of $1,500,000 (“$1.5M Notes”). The $1.5M Notes were sold as a series to a number of different investors with $1,490,000 of the notes being sold to shareholders of the Company of which members of the Board of Directors of the Company subscribed for $30,000. The notes had an original maturity of July 31, 2022 and were subsequently amended on November 2, 2021, extending maturity to October 31, 2022. As part of the extension agreements, in November 2021, the Company issued warrants to purchase 4,545 shares of common stock of the Company which, in accordance with their terms, have an exercise price of $2.89 following the IPO. The entire amount of the $1.5M Notes converted upon the IPO into 909,071 shares of common stock at a conversion price of $1.65 as discussed in Note 6. In accordance with their terms no interest was payable as they converted prior to maturity. As of April 30, 2021 the Company had accrued $34,000 of interest in respect of the $1.5M Notes which has been credited to interest expense in the year ended April 30, 2022. $1M Notes and Loan and Security Agreement In April 2020, the Company entered into a loan and security agreement with FRV and John Q. Adams who are both shareholders of the Company. John Q. Adams was also a Director of the Company at the time of entering into the loan and security agreement. Each party committed to lend a principal amount of $500,000, totaling $1,000,000 and the loan was drawn in three installments of $300,000 upon execution of the loan agreement, $350,000 on or about July 2, 2020 and $350,000 on or about September 4, 2020. The loan had an original maturity date of September 30, 2021 which was amended on September 30, 2021 making the note repayable on demand. The loan was amended again on November 3, 2021, extending the maturity to September 30, 2022. As part of the extension agreement, in November 2021, the Company issued 15,152 warrants to purchase common stock of the Company at an exercise price of $2.89 following the IPO. The loan was further amended on May 24, 2022, extending maturity to September 30, 2023 The loan accrues interest at a rate of 12% per annum, compounded annually, which is payable at maturity. The Company is also required to pay default interest at a rate of 18% per annum, compounded annually, on any unpaid amounts due at maturity until the loan amounts are fully re-paid. As of April 30, 2022 and April 30, 2021, accrued interest was approximately $229,000 and $98,000, respectively, of which approximately $115,000 was due to Mr. Adams. In June 2022, the Company paid approximately $126,000 in accrued interest to Mr. Adams. Unsecured promissory draw down note In August 2021, the Company issued an Unsecured Promissory Draw Down Note with Matthews Holdings Southwest, Inc. for a maximum amount of $500,000 as a short-term loan repayable upon closing a subsequent offering. Per the terms of the note, $250,000 was drawn by the Company in August 2021 and an additional $250,000 was drawn in September 2021. The Company issued 10,101 shares of common stock as a facility fee for the note. No interest was payable on the note other than upon the occurrence of an event of default, as defined in the agreement, at which time the borrower would be required to pay interest to the holder, payable on demand, on the outstanding principal balance of the note from the date of the event of default until payment in full at the rate of 12% per annum. The note originally matured on October 11, 2021 and was amended on October 11, 2021 and again on November 29, 2021, extending maturity to November 30, 2021 and December 31, 2021, respectively. The note was fully repaid on December 27, 2021. 2021 Bridge Securities In December 2021 the Board approved the sale of Senior Subordinated Convertible Loan Notes (the “Bridge Notes”) and associated warrants (the “Bridge Warrants”), together the “2021 Bridge Securities”. The Company sold $4,695,555 principal value of the Bridge Notes which were issued with a 10% original issue discount (OID), and accrued interest at 8% per annum and had a maturity date of December 22, 2024. In accordance with their terms, the entire amount of the Bridge Notes, including $165,516 of accrued interest, converted upon the IPO into 1,683,470 shares of common stock to at a conversion price of $2.89 and Pre-Funded 5-year 18-months The Company recorded a $469,555 debt discount relating to the original issue discount and incurred deferred financing costs of $385,145. The Company recorded a $555,767 debt discount relating to the warrants issued to investors based on the relative fair value of the equity instruments on the dates of issuance. The debt discounts and deferred financing costs are being amortized over the life of the notes as non-cash Paycheck Protection Program Loans On April 20, 2020, the Company received loan proceeds in the amount of $250,200 under the Paycheck Protection Program (“PPP”) which was established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provided for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business. Following the PPP guidelines, the Company filed for loan forgiveness in October 2020 and in November 2020, the Small Business Administration approved the filing and forgave the loan. The forgiveness of the PPP loan is recorded in gain on extinguishment of debt in the statement of operations. On January 25, 2021, the Company received a second PPP loan in the amount of $250,200. Following the PPP guidelines, the Company filed for loan forgiveness in May 2021 and in June 2021, the Small Business Administration approved the filing and forgave the loan. With these events, the Company has presented the PPP loans as current liabilities on the balance sheet as of April 30, 2021. |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Apr. 30, 2023 | |
ConvertiblePreferredStock [Abstract] | |
Convertible Preferred Stock | Note 5 – Convertible Preferred Stock The Company has authorized 20,000,000 shares of preferred stock with a par value of $0.001 per share of which 20,000 have been designated as Series A and B convertible preferred stock and 600,000 have been designated as Series C convertible preferred stock. In the year ended April 30, 2022, there were no convertible preferred stock issuances by the Company. In the year ended April 30, 2021, the Company issued 8,000 shares of Series C convertible preferred stock at a price per share of $25.00 for approximately $200,000. Convertible preferred stock as of April 30, 2022 and April 30, 2021 was as follows: i. Series A convertible preferred stock (“Series A”) was issued to employees and directors in 2014 and was subordinate to the common stock. As of April 30, 2022 and April 30, 2021, the common stock had a liquidation preference of $4,500,000 to the Series A. The Series A convertible preferred stock was issued subject to certain repurchase rights in favor of the Company. Series A Original Shares Shares Net Liquidation April 30, 2022 $ 0.001 10,000 10,000 $ 10 $ 4,500,000 April 30, 2021 $ 0.001 10,000 10,000 $ 10 $ 4,500,000 On June 2, 2022, the Company filed an amendment to the Amended and Restated Certification of Designations of Series A Convertible Preferred Stock which amended certain provisions in the agreement including that on completion of an IPO by the Company, each share of Series A Preferred Stock would automatically be converted into shares of common stock and at that time all shares of Series A Preferred Stock would be deemed converted an canceled. Upon consummation of the June 2022 IPO, all of the outstanding shares of Series A convertible preferred stock were converted into 703,290 shares of common stock at a conversion ratio of 70.33 shares of common stock for each share of Series A convertible preferred stock. ii. Series B convertible preferred stock (“Series B”) was issued to employees and directors in 2015 and was subordinate to the common stock. As of April 30, 2022 and April 30, 2021, the common stock had a liquidation preference of $35,000,000 to the Series B. The Series B convertible preferred stock was issued subject to certain repurchase rights in favor of the Company. Series B Original Shares Shares Net Liquidation April 30, 2022 $ 0.001 10,000 10,000 $ 10.00 $ 35,000,000 April 30, 2021 $ 0.001 10,000 10,000 $ 10.00 $ 35,000,000 On June 2, 2022, the Company filed an amendment to the Amended and Restated Certification of Designations of Series B Convertible Preferred Stock which amended certain provisions in the agreement including that on completion of an IPO by the Company, each share of Series B Preferred Stock would automatically be converted into shares of Common Stock and at that time all shares of Series B Preferred Stock would be deemed converted and canceled. Upon consummation of the June 2022 IPO, all of the outstanding shares of Series B convertible preferred stock were canceled. iii. Series C convertible preferred stock (“Series C”) which was issued to investors and has a liquidation preference to the common stock. Series C Original Shares Shares Net Liquidation to Common April 30, 2022 $ 25 600,000 463,265 $ 463 $ 11,581,625 April 30, 2021 $ 25 600,000 463,265 $ 463 $ 11,581,625 An amendment to, or waiver of rights in the Series C certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C convertible preferred stock and Front Range Ventures LLC (“FRV”) (so long as FRV owns any at least 71,000 shares of Series C convertible preferred stock) (the “Requisite Holders”). In July 2022, 50,676 shares of Series C convertible preferred stock were converted into 193,958 shares of common stock at a conversion ratio of 3.8274 shares of common stock for each share of Series C convertible preferred stock. The holders of the Series C convertible preferred stock have the following rights, privileges, and preferences: Voting and Dividends The holders of the shares of Series C convertible preferred stock have voting rights equal to an equivalent number of shares of common stock into which it is convertible and vote together as one class with the common stock. The holders of Series C convertible preferred stock are entitled to receive dividends at an annual rate of $1.50 per share of Series C (adjusted to reflect recapitalizations). Such dividends shall accrue and are payable out of funds legally available, are payable only when and if declared by the Board, and are noncumulative. The Company is not permitted to declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Company (other than dividends on shares of common stock payable in shares of common stock) unless the holders of Series C then outstanding first receive, or simultaneously receive, a dividend on each outstanding share of Series C in an amount at least equal to the greater of (i) the amount of the aggregate dividends then accrued on such share of Series C and not previously paid and (ii) in the case of a dividend on common stock or any class or series that is convertible into common stock, that dividend per share of Series C convertible preferred stock as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into common stock and (2) the number of shares of common stock issuable upon conversion of a share of Series C convertible preferred stock. No dividends have been declared to date. Liquidation In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of the Series C convertible preferred stock are entitled to receive, prior and in preference to the holders of the Common Stock, a per share amount equal to 1.0 times the original issue price ($25.00 per share) plus any accrued but unpaid dividends thereon. If upon the liquidation, dissolution or winding up of the Company, the assets of the Company that are legally available for distribution to the holders of the Series C preferred convertible stock are insufficient to permit the payment to such holders of the full amounts above, then the entire assets of the Company that are legally available for distribution shall be distributed with equal priority and pro rata among the holders of the Series C convertible preferred Stock in proportion to what they would otherwise be entitled to receive. After the payment of the full Series C convertible preferred stock liquidation preference and unpaid accrued dividends, the holders of the Series C Preferred Stock shall participate in the distribution of the entire remaining assets of the Company legally available for distributions pro rata to holders of the Common Stock on an as converted basis. The sale of a majority of the capital stock of the Company or the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole shall be a deemed liquidation for the purpose of the Series C Preferred Stock. Conversion Each share of Series C preferred stock is convertible, at the option of the holder at any time after the date of issuance of such share, into such number of fully paid and non-assessable Each share of Series C convertible preferred stock is automatically converted into shares of common stock at the conversion price at the time in effect immediately upon the Company’s sale of its common stock in a public offering provided that the offering price is not less than $16.50 per share (as adjusted for recapitalizations, stock combinations, stock dividends, stock splits and the like) and which results in aggregate cash proceeds of not less than $20.0 million before underwriting discounts, commissions, and fees. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Equity [Abstract] | ||
Stockholders' Equity (Deficit) | Note 5. Stockholders’ Equity (Deficit) Preferred Stock The Company authorized 20,000,000 shares of preferred stock, par value $0.001 per share (“Preferred Stock”), of which 10,000 shares have been designated as Series A Convertible Preferred Stock (“Series A Preferred Stock”), 10,000 shares have been designated as Series B Convertible Preferred Stock (“Series B Preferred Stock”), and 600,000 shares have been designated as Series C Preferred Stock with a liquidation preference to Common Stock. During the year ended April 30, 2022, there were no issuances of Preferred Stock by the Company. On June 2, 2022, the Company filed amendments to the Amended and Restated Certification of Designations of Series A Convertible Preferred Stock and the Amended and Restated Certification of Designations of Series B Convertible Preferred Stock, which amended certain provisions in the agreements including to provide that on completion of an IPO by the Company, each share of Series A and Series B Preferred Stock would automatically be converted into shares of Common Stock and all shares of Series A and Series B Preferred Stock would be deemed converted and canceled. Upon consummation of the IPO in June 2022, all the outstanding shares of Series A Preferred Stock were converted into 703,290 shares of Common Stock at a conversion ratio of 70.33 shares of Common Stock for each share of Series A Preferred Stock and all outstanding shares of Series B Preferred Stock were canceled. Series C Preferred Stock The Series C Preferred Stock was originally issued at $25.00 per share. An amendment to, or waiver of rights in, the Series C Preferred Stock certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C Preferred Stock and FRV (so long as FRV owns at least 71,000 shares of Series C Preferred Stock). At January 31, 2023 and April 30, 2022, there were 403,228 and 463,265 shares of Series C Preferred Stock outstanding, respectively. Holders of the Series C Preferred Stock are entitled to receive dividends at an annual rate of $1.50 per share of Series C Preferred Stock, shall accrue and are payable out of funds legally available, are payable only when and if declared by the board of directors, and are noncumulative. No dividends have been declared to date. The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock. Each share of Series C Preferred Stock is convertible, at the option of the holder at any time, into such number of fully paid and non-assessable For the nine-month period ended January 31, 2023, 60,037 shares of Series C Preferred Stock converted into 230,086 shares of Common Stock at a conversion ratio of 3.8274 shares of Common Stock for each share of Series C Preferred Stock. At January 31, 2023, the Series C Preferred Stock were convertible into 1,603,338 shares of Common Stock at a conversion price of $6.29 per share. In February 2023, 27,557 shares of Series C Preferred Stock were converted into 117,768 shares of Common Stock at a conversion ratio of 4.2736 shares of Common Stock for each share of Series C Preferred Stock. In March 2023, the Series C Preferred Stock conversion price was adjusted to $5.82, and the remaining shares of Series C Preferred Stock were convertible into 1,614,342 shares of Common Stock. Common Stock The Company’s Certificate of Formation, as amended, authorizes 500,000,000 shares of Common Stock with a par value of $0.001 per share. As of January 31, 2023 and April 30, 2022, the Company had issued 8,349,859 and 3,323,942 shares of Common Stock, respectively. During the nine months ended January 31, 2023, the Company issued 5,025,917 shares of Common Stock, as set forth in the below table: Number of Shares Issuance of Common Stock in IPO 1,500,000 Conversion of $1.5M notes to Common Stock (see Note 4) 909,071 Conversion of Bridge Notes and accrued interest to Common Stock (see Note 4) 1,544,114 Conversion of Series A Preferred Stock to Common Stock 703,290 Conversion of Series C Preferred Stock to Common Stock 230,086 Exercise of pre-funded 139,356 Common Stock issued during the nine months ended January 31, 2023 5,025,917 Summary table of Common Stock share transactions: Balance at April 30, 2022 3,323,942 Issued in Fiscal 2023 5,025,917 Balance at January 31, 2023 8,349,859 On June 17, 2022, the Company closed on the sale of 1,500,000 units in the IPO (the “Units”), with each Unit consisting of one share of Common Stock, par value $0.001 per share, and one warrant to purchase one share of Common Stock at a combined public offering price of $4.25 per Unit. Additionally, in the IPO, the underwriter exercised the over-allotment option, for 225,000 warrants at a public offering price of $0.01 per warrant. The Common Stock and warrants were immediately separable following the IPO. The warrants have an exercise price per share of $4.25 and are exercisable at any time up to expiration which is five years from the date of issuance. The Company received approximately $5.2 million in net proceeds from the IPO after deducting the underwriting discount and commission and other IPO expenses payable by the Company of approximately $1.2 million. The holders of Common Stock are entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors, subject to the rights of holders of Preferred Stock outstanding. No dividends were declared as of or through the nine months ended January 31, 2023 and the year ended April 30, 2022. Common Stock Warrants The Company has issued warrants to investors in connection with funding or for services rendered and these warrants are convertible into a number of shares of the Company’s Common Stock for a period of 5 years from the date of issuance. The following is a summary of warrant activity during the nine months ended January 31, 2023: Warrants Exercise Price Weighted Balance, April 30, 2022 1,442,401 $ $ 3.47- 15.18 $ 9.00 Issued 3,652,826 $ 0.0001- $ 4.09 Exercised (139,356 ) $ 0.0001 $ 0.0001 Cancelled (1,365,960 ) $ 5.16 $ 5.16 Balance, January 31, 2023 3,589,911 $ 0.0001- $ 4.32 Bridge Warrants and Pre-Funded In connection with the Bridge Securities, as discussed in Note 4, the Company issued Bridge Warrants to note holders. The Bridge Warrants were subject to antidilution provisions and price adjustments. Upon consummation of the IPO, the Company issued 1,606,027 shares of Common Stock and pre-funded ab initio Pre-Funded pre-funded Upon consummation of the IPO, pursuant to the terms of the Bridge Warrants, the holders of the Bridge Warrants became entitled to purchase a total of 1,365,960 shares of Common Stock at an exercise price of $5.16 per share, subject to antidilution provisions with respect to the number of shares issuable upon exercise and full ratchet price protection on the exercise price whenever the Company issues shares of Common Stock for consideration per share less than the exercise price then in effect. On September 8, 2022, the Company entered into a written amendment to the Bridge Warrants with the lead investor in the private placement of the 2021 Bridge Securities. The amendment simplified the Bridge Warrants and made their terms more consistent with the IPO Warrants. As a result of the amendment: • The number of shares of Common Stock for which the Bridge Warrants are exercisable increased to a total 1,683,470 shares and such number is no longer subject to antidilution adjustments if the Company issues shares of Common Stock for consideration per share less than the exercise price then in effect. The 1,683,470 shares represent the total number of shares of Common Stock and pre-funded Pre-Funded • The exercise price of the Bridge Warrants was reduced to $4.25 per share and the price protection provisions applicable to the exercise price of the Bridge Warrants whenever the Company issues shares of Common Stock were amended such that the exercise price will only be adjusted if such issuances are for consideration per share less than 80% of the exercise price then in effect, subject to certain exceptions; and • The period for which the exercise price protection provisions apply was shortened from ending on December 15, 2023 to ending on June 15, 2023 (i.e. 12 months following the IPO). Following the Bridge Warrant Amendment, the Company cancelled 1,365,960 warrants that were issued previously to purchase Common Stock and re-issued In January 2023, 139,356 pre-funded Subsequently, on February 3, 2023, the Company entered into a second written amendment to the Bridge Warrants with the lead investor in the private placement of the 2021 Bridge Securities. As a result of the amendment: • the current Bridge Warrant exercise price (the “Exercise Price”) of $4.25 was lowered for a period of ten business days beginning February 3, 2023 and ending February 16, 2023 (the “Limited Period”), during which period the exercise price was set at $1.00, subject to adjustments set forth in the Bridge Warrant, and subject to the conditions that (i) no more than 1,669,971 shares of Common Stock could be issued under all Bridge Warrants during the Limited Period and (ii) once 1,663,220 shares of Common Stock had been issued under all Bridge Warrants during the Limited Period, the Company could restrict all further exercises of the Bridge Warrants during the Limited Period to cashless exercises (as described below). • during the Limited Period, the holder, in its sole discretion, could elect a cashless exercise of the Bridge Warrant in whole or in part, pursuant to which the holder would receive a net number of shares of Common Stock equal to one-third • the Exercise Price adjustment provisions of the Bridge Warrants were removed with limited exceptions for transactions such as stock dividends, stock splits, stock combinations and reverse stock splits. • in the event that the aggregate number of shares of Common Stock to be received by a holder upon an exercise of its Bridge Warrant during the Limited Period would result in such holder’s receiving shares of Common Stock in excess of is applicable Maximum Percentage (as defined in the Bridge Warrant), in lieu of delivery of shares of Common Stock in excess of the Maximum Percentage, the holder shall receive such excess shares as pre-funded During the Limited Period, the Company issued 1,172,304 shares of Common Stock and a pre-funded IPO Warrants and Underwriter’s Warrants In the IPO, the Company issued warrants to purchase 1,500,000 shares of Common Stock (“IPO Warrants”) with a per share exercise price of $4.25 and exercisable immediately. The IPO Warrants expire five years from the date of issuance. Pursuant to the Underwriting Agreement dated June 15, 2022 between the Company and The Benchmark Company, LLC (the “Underwriter”), the Company granted the Underwriter a 30-day 180-day lock-up | Note 6 – Stockholders’ Deficit Common Stock The Company’s Certificate of Formation, as amended, authorizes 500,000,000 shares of common stock with a par value of $0.001 per share. As of April 30, 2022 and April 30, 2021 the Company had issued 3,323,942 and 3,313,841 shares of common stock, respectively. In the year ended April 30, 2022, the Company issued 10,101 shares of common stock as a facility fee in connection with the Unsecured Promissory Draw Down Note with Matthews Holdings Southwest for non-cash There were no common stock issuances during the year ended April 30, 2021. On June 17, 2022, the Company closed on the sale of 1,500,000 units in the IPO (the “Units”), with each Unit consisting of one share of common stock, par value $0.001 per share, and one warrant to purchase one share of common stock at a combined public offering price of $4.25 per Unit. Additionally, in the IPO, the underwriter exercised the over-allotment option, for 225,000 warrants at a public offering price of $0.01 per warrant. The common stock and warrants were immediately separable following the IPO. The warrants have an exercise price per share of $4.25 and are exercisable at any time up to expiration which is five The Company received approximately $5.2 million in net proceeds from the IPO after deducting the underwriting discount and commission and other IPO expenses payable by the Company of approximately $1.2 million. Upon the IPO, the entire amount of the $1.5M Notes converted into 909,071 shares of common stock at the conversion price of $1.65 per share as discussed in Note 4. Upon the IPO, the entire amount of the Bridge Notes, including accrued interest, converted into 1,606,026 shares of common stock and Pre-Funded Upon the IPO, all of the outstanding shares of Series A convertible preferred stock were converted into 703,290 shares of common stock at a conversion ratio of 70.33 shares of common stock for each share of Series A convertible preferred stock as discussed in Note 5. In July 2022, 50,676 shares of Series C convertible preferred stock were converted into 193,958 shares of common stock at a conversion ratio of 3.8274 shares of common stock for each share of Series C convertible preferred stock as discussed in Note 5. The holders of common stock are entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors, subject to the rights of holders of series of convertible preferred stock outstanding. No dividends were declared as of or through April 30, 2022 or April 30, 2021. Common Stock Warrants The Company has issued warrants to investors in connection with funding or for services rendered and these warrants are convertible into a fixed number of shares of the Company’s common stock for a period of 5 years from the date of issuance. During the year ended April 30, 2021, there were warrants to purchase 13,992 shares of common stock issued in exchange for consulting services at an exercise price of $8.25. The warrants had a grant date fair value of $2,354, using the Black-Scholes option-pricing. In June and July 2021, the Company issued warrants to purchase 11,084 shares of common stock issued in exchange for consulting services at an exercise price of $8.25. The warrants had a grant date fair value of $1,609, using the Black-Scholes option-pricing and is recorded in stock compensation expense. In November 2021, the Company issued warrants to purchase 19,697 shares of common stock to note holders as consideration for note extensions, as discussed in Note 4, at an exercise price of $6.05. The warrants had a grant date fair value of $22,890, using the Black-Scholes option-pricing model. In connection with the Bridge Securities, as discussed in Note 4, the Company issued Bridge Warrants to originally purchase 775,420 shares of common stock, at an original exercise price of $9.08. The Bridge Warrants had a grant date fair value of $520,051, using the Black-Scholes option-pricing model. The Bridge Warrants were subject to antidilution provisions and price adjustments and upon consummation of the IPO, the number of shares of common stock to be purchased by the Bridge Warrants increased to 1,365,960 and the exercise price was reduced to $5.16 per share. Upon conversion of the Bridge Notes in June 2022, the Company also issued 77,443 Pre-Funded In the IPO, the Company issued warrants to purchase 1,500,000 shares of common stock (“IPO Warrants”) with a per share exercise price of $4.25 and exercisable immediately. The IPO Warrants expire five years from the date of issuance. Pursuant to the Underwriting Agreement dated June 15, 2022 between the Company and The Benchmark Company, LLC (the “Underwriter”), the Company granted the Underwriter a 30-day The Company also issued warrants to purchase an aggregate of 105,000 shares of common stock (the “Underwriter’s Warrants”), representing 7% of the aggregate number of shares of common stock underlying the Units sold in the IPO to the Underwriter, as a part of the underwriting compensation payable in connection with the IPO. These Underwriter’s Warrants are exercisable at a per share price equal to $4.25 per share, expire five years from the date of issuance, and are subject to a 180-day lock-up A summary of the outstanding warrants as of April 30, 2022 and 2021 and underlying assumptions used in the Black Scholes option-pricing model is as follows: Warrants Exercise Price Per Share Weighted Balance, May 1, 2020 662,361 $ 3.47-$49.50 $ 18.39 Issued 13,992 $ 8.25 $ 8.25 Expired (8,613 ) $ 12.21 $ 12.21 Balance, April 30, 2021 667,740 $ 3.47-$49.50 $ 18.26 Issued 806,201 $ 7.45 $ 9.00 Forfeited (909 ) $ 8.25 $ 8.25 Expired (621,172 ) $ 9.90-$49.50 $ 18.96 Balance April 30, 2022 851,860 $ 3.47-$15.18 $ 9.00 April 30, April 30, Risk free interest rate 1.6 % 2.0 % Expected volatility 55.0 % 66.2 % Expected life in years 5 5 The risk-free interest rate is based on U.S. Treasury yields in effect at the time of grant. Expected volatilities are derived from third party valuations. The expected life in years is based on the contract term of the warrant. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Stock-based Compensation | Note 6. Stock-based Compensation The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Company’s stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company. Where option awards are granted based on service periods, they generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have ten-year The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years. At January 31, 2023, the Company did not have an ERISA stock awards plan. So, all stock options issued to date were Non-ERISA The following is a summary of service-based stock option activity during the nine months ended January 31, 2023: Number of Weighted Average Outstanding—April 30, 2022 254,215 $ 11.79 4.6 Options forfeited (2,273 ) 1.16 — Outstanding— January 31, 2023 251,942 $ 11.89 3.9 Non-vested 3,851 $ 3.31 8.9 Vested at January 31, 2023 248,091 $ 12.02 3.8 The following is a summary of performance-based stock option activity during the nine months ended January 31, 2023: Number of Weighted Average Outstanding—April 30, 2022 581,768 $ 5.16 7.8 Options forfeited (1,515 ) 3.47 — Outstanding— January 31, 2023 580,253 $ 5.16 7.1 Non-vested 432,665 $ 5.57 7.1 Vested at January 31, 2023 147,588 $ 3.97 7.1 As of January 31, 2023, there was approximately $3,600 of unrecognized compensation costs related to non-vested non-vested | Note 7 – Stock-based Compensation The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Company’s stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company. Where option awards are granted based on service periods, they generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have 10-year The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years. During the years ended April 30, 2022 and 2021, the Company granted 159,621 and 145,758 performance-based stock option awards, respectively. The Company does not have an ERISA stock awards plan. So, all stock options issued are Non-ERISA The following table summarizes the Company’s service-based stock options: Number of Weighted Average Outstanding - April 30, 2020 248,837 $ 12.44 6.5 Options granted 3,030 $ 1.16 9.5 Outstanding - April 30, 2021 251,867 $ 12.30 5.5 Options granted 9,848 $ 2.93 9.8 Options forfeited (7,500 ) $ 15.18 — Outstanding - April 30, 2022 254,215 $ 11.79 4.6 Non-vested 10,126 $ 2.89 9.5 Vested at April 30, 2022 244,089 $ 12.16 4.4 The Company estimates fair values of service-based stock options using the Black-Scholes option-pricing model on grant date. The principal assumptions used in applying this model were as follows: April 30, April 30, Risk free interest rate 1.72 % 1.08 % Volatility 55.0 % 53.0 % -66.2% Dividend yield — — Weighted average expected term (in years) 4.6 9.5 The following summarizes the Company’s performance-based stock options: Number of Weighted Average Outstanding - April 30, 2020 285,101 $ 8.20 8.2 Options granted 145,758 $ 1.16 9.5 Options forfeited (3,788 ) $ 6.25 — Outstanding - April 30, 2021 427,071 $ 5.81 8.1 Options granted 159,621 $ 3.47 — Options forfeited (4,924 ) $ 6.63 9.8 Outstanding - April 30, 2022 581,768 $ 5.16 7.8 Non-vested 497,626 $ 5.30 8.1 Vested at April 30, 2022 84,142 $ 4.34 6.6 The Company estimates fair values of performance-based stock options using the Black-Scholes option-pricing model on grant date. The principal assumptions used in applying this model were as follows April 30, April 30, Risk free interest rate 1.72 % 1.08 % Volatility 55.0 % 53.0 % -66.2% Dividend yield — — Weighted average expected term (in years) 7.8 8.1 As of April 30, 2022 and as of April 30, 2021, there was approximately $1,845,000 and $1,569,000 of unrecognized compensation costs related to non-vested non-vested The following is a summary of stock-based compensation expense: For the years ended April 30 2022 2021 Research and Development $ 4,232 $ 15,229 Selling, General and Administrative 64,163 9,446 $68,396 $24,675 |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Note 7. Income Taxes The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: January 31, April 30, 2023 2022 Deferred tax assets (liabilities): Net operating loss carryforwards $ 9,447,212 $ 8,387,881 Start-up 960,269 1,036,080 Stock option and warrant payments 441,977 423,624 Accumulated depreciation (2,839 ) (2,668 ) Research and development credits 255,600 255,600 Research and development warrants 21,488 21,488 Total deferred tax assets, net 11,123,707 10,122,005 Valuation Allowance (11,123,707 ) (10,122,005 ) Net Deferred Tax Assets $ — $ — For the nine months ended January 31, 2023 and the year ended April 30, 2022, the Company’s cumulative net operating loss for federal income tax purposes was approximately $45 million and $39 million, respectively. The net operating loss, subject to limitations, may be available in future tax years to offset taxable income. The net operating loss carry-forward will begin to expire in year 2028. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and therefore, a full valuation allowance has been recorded at January 31, 2023 and April 30, 2022. | Note 8 – Income Taxes The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: As of April 30, 2022 2021 Deferred tax assets (liabilities): Net operating loss carryforwards $ 8,387,881 $ 7,215,961 Start-up 1,036,080 1,137,161 Stock option and warrant payments 423,624 396,631 Accumulated depreciation (2,668 ) (2,440 ) Research and development credits 255,600 255,600 Research and development warrants 21,488 21,488 Total deferred tax assets, net 10,122,005 9,024,401 Valuation Allowance (10,122,005 ) (9,024,401 ) Net Deferred Tax Assets — — For the years ended April 30, 2022 and 2021, the Company’s cumulative net operating loss for federal income tax purposes was approximately $39 million and $34 million, respectively. The net operating loss, subject to limitations, may be available in future tax years to offset taxable income. The net operating loss carry-forward will begin to expire in year 2028. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based upon the projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and therefore, a full valuation allowance has been recorded at April 30, 2022 and 2021. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2022 | |
Lessee Disclosure [Abstract] | |
Leases | Note 9 – Leases The Company has a long-term operating lease for office, industrial, and laboratory space that expires in 2023. The lease has an option to extend for five years however given the future anticipated expansion of the Company, it is more likely than not that the option will not be exercised. Rent expense for operating leases for the years ended April 30, 2022 and 2021 was $179,364 and $173,405, respectively. The Company records right-of-use Information related to the Company’s right-of-use co st o 2022 2021 Right-of-use $ 88,535 $ 194,660 Lease liabilities, current 90,968 107,632 Lease liabilities, net of current portion — 90,967 Total lease liabilities $ 90,968 $ 198,599 Weighted average remaining term (in years) 0.8 1.8 Weighted average discount rate 12 % 12 % As of April 30, 2022, future maturities of lease liabilities due under lease agreements was as follows: 2023 95,576 Less imputed interest (4,608 ) Total operating lease liabilities $ 90,968 As of April 30, 2021, future maturities of lease liabilities due under lease agreement was as follows: 2022 125,697 2023 95,576 Total lease payments 221,273 Less imputed interest (22,674 ) Total operating lease liabilities $ 198,599 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 8. Commitments and Contingencies Operating Leases The Company has a long-term operating lease for office, industrial, and laboratory space which was entered into in May 2017. On September 27, 2022, the Company entered into the First Amendment to Lease (the “Lease Amendment”), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months, commencing February 1, 2023, and expiring on May 31, 2028 (the “Extension Term”). Pursuant to the amendment, the Company will pay initial monthly payments of $13,129, beginning February 2023, subject to 3% annual increases. The Company will receive a four-month rent concession at the start of the lease extension period on February 1, 2023. The lease also provides for allowances for tenant improvements which may be credited to rent within the first twelve-months of the Extension Term. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $549,227. The right-of-use asset and liability recognized equals the present value of the remaining payments due under the amended lease. Rent expense for the three and nine months ended January 31, 2023 was $45,099 and $130,663, respectively, compared to $49,422 and $139,151, respectively, for the comparable periods in 2022. The Company records right-of-use Information related to the Company’s right-of-use January 31, 2023 Right-of-use $ 549,227 Lease liabilities, current — Lease liabilities, net of current portion 549,227 Total lease liabilities $ 549,227 Weighted average remaining term (in years) 5.3 Weighted average discount rate 12 % As of January 31, 2023, future maturities of lease liabilities due under lease agreements for the fiscal year ended are as follows: April 30, 2024 $ 98,053 April 30, 2025 161,164 April 30, 2026 165,190 April 30, 2027 169,307 Thereafter 188,052 Less imputed interest (232,539 ) Total operating lease liabilities $ 549,227 Litigation From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of business. The Company does not believe that the outcome of those matters will have a material adverse effect to the financial position, operating results or cash flows. However, there can be no assurance such legal proceedings will not have a material impact. The Company is not aware of any material claims outstanding or pending against the Company as of January 31, 2023. Royalty Agreements In 2013, the Company entered into an agreement (“Technology Agreement”) with its founder, conveying ownership of all intellectual property and rights to the Company. As part of that agreement, the Company will make royalty payments, based upon paid MyoVista device unit sales, as follows: a) $500 on each of the first 2,400 MyoVista devices; and b) $200 on each MyoVista device thereafter until royalties total $3,500,000. The royalty obligation has a first priority security interest and pledge on the covered technology (as defined in the Technology Agreement, which essentially is comprised of the intellectual property of the MyoVista device) in priority to the debt holders of the $1.5M Notes and $1M Loan and Security Agreement as discussed further in Note 4. Upon (i) the aggregate payment of $3,000,000 of royalties; (ii) the Common Stock having a closing quoted share price of $68.75 per share or more; or (iii) receipt by the Company of a bona fide offer valuing the Common Stock at $68.75 or more, then the secured interest and pledge shall be released. In the event of a bankruptcy of the Company, any balance of the $3,500,000 royalty not paid at that point would accelerate and become an immediately due debt obligation of the Company with the benefit of the secured interest and pledge (if it remained at such time). In December 2015, the Company entered into an agreement with The University Court of The University of Glasgow (“Glasgow”) for the license of the Glasgow algorithm interpretive analysis for the conventional ECG trace. As part of that agreement, the Company was required to make royalty payments, based upon MyoVista device unit sales dependent on sale volumes per year, and subject to minimum annual fees. To date, such amounts have been expensed to research and development as the Glasgow algorithm is an essential part of the device development as part of the submission for FDA clearance of the MyoVista device. The Company is currently in discussion with Glasgow to amend the agreement as prior to FDA clearance, there is no expectation of significant sales volumes. Collaboration Agreements On November 29, 2022, the Company entered into a multi-year Collaboration Agreement with Rutgers, The State University of New Jersey, to develop AI-based | Note 10 – Commitments and Contingencies Litigation From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary cours e The Company is not aware of any material claims outstanding or pending against the Company as April 30, 2022 and April 30, 2021. Royalty Agreements In 2013, the Company entered into an agreement (“Technology Agreement”) with its founder, conveying ownership of all intellectual property and rights to the Company. As part of that agreement, the Company will make royalty payments, based upon paid MyoVista device unit sales, as follows: a) $500 on each of the first 2,400 MyoVista devices b) $200 on each MyoVista device thereafter until royalties total $3,500,000. The royalty obligation has a first secured interest and pledge on the covered technology (as defined in the Technology Agreement but essentially the intellectual property of the MyoVista device) in priority to the debt holders of the $1.5M Secured Convertible Promissory Notes and $1M Loan and Security Agreement as discussed further in Note 4. Upon either (i) the aggregate payment of $3,000,000 of royalties; (ii) if the common stock is publicly listed and the closing quoted share price is $68.75 per share or more; or (iii) a bona fide offer valuing the common stock at $68.75 is received, then the secured interest and pledge shall be released. In the event of a bankruptcy of the Company, any balance of the $3,500,000 royalty not paid at that point would accelerate and become an immediately due debt obligation of the Company with the benefit of the secured interest and pledge (if it remained at such time). For the years ended April 30, 2022 and 2021, the sales royalties expensed to selling, general, and administrative expenses were $500 and $1,500, respectively. The Company has an agreement with The University Court of The University of Glasgow for the license of the Glasgow algorithm interpretive analysis for the conventional ECG trace. As part of that agreement the Company is obliged to make royalty payments, based upon MyoVista device unit sales at the rate of $35 - $50 per unit depending on sale volumes per year. The agreement is subject to an annual minimum fee and should the sale volume royalties be below this level then the minimum will apply. To date, MyoVista device unit sales have such that the minimum payments have applied. Prior to FDA clearance, the Company does not expect to achieve device unit sales volumes which would exceed the minimum. The minimum fee has been expensed to research and development as the Glasgow algorithm is an essential part of the device development as part of the submission for FDA clearance of the MyoVista device. For the years ended April 30, 2022 and 2021, the minimum payments were $20,000, subject to a 3% annual increase. |
Related Parties
Related Parties | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Related Party Transactions [Abstract] | ||
Related Parties | Note 9. Related Parties Kyngstone Limited (“Kyngstone”), a company incorporated in the United Kingdom in which our Chairman and CEO is a director and controlling shareholder, previously provided advisory services to the Company in the normal course of business. For the three and nine-month period ended January 31, 2023, there were no expenses in respect of Kyngstone and for the three and nine-month period ended January 31, 2022, the Company recorded expenses of $25,000 and $75,000, respectively, in respect of Kyngstone. See Note 4 for details regarding related party debt held with shareholders and Company directors. | Note 11—Related Parties Kyngstone Limited (“Kyngstone”), a company incorporated in the United Kingdom in which our Chairman and CEO is a director and controlling shareholder, provided advisory services to the Company in the normal course of business. For the years ended April 30, 2022 and 2021, the Company recorded expenditures of $87,500 and $100,000, respectively with Kyngstone. As of April 30, 2022 and 2021, the Company had balances outstanding to Kyngstone in the amounts of $88,846 and $88,444, respectively. See Note 4 for details regarding related party debt held with shareholders, board members, and Company directors. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 10. Subsequent Events The Company has evaluated subsequent events after the balance sheet date of January 31, 2023, through the date of filing. Please refer to Notes 4, 5, and 6 regarding the second Bridge Warrant amendment, the adjustment to the conversion price of the Series C Preferred Stock, conversion of Series C Preferred Stock, and adoption, subject to shareholder approval, of the Equity Incentive Plan that occurred after January 31, 2023. On March 10, 2023, the Company entered into a purchase agreement and registration rights agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) providing for the purchase, from time to time at the Company’s discretion, of up to $15.0 million of the Company’s Common Stock, over the thirty-six | Note 12—Subsequent Events The Company has evaluated subsequent events after the balance sheet date of April 30, 2022, through the date of filing. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and in conformity with the instructions on Form 10-Q 8-03 S-X 10-K. | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (“FDIC”). |
Inventory | Inventory All inventories are stated at lower of cost or net realizable value, with cost determined substantially on a “first-in, first-out” expense when incurred. The following is a summary of the Company’s inventories at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Raw materials $ 359,965 $ 359,965 Sub-assemblies 347,986 345,217 Work in progress 21,741 21,741 Finished goods 28,663 28,662 Reserve for obsolescence (81,446 ) (81,446 ) Total Inventory $ 676,909 $ 674,139 Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA De Novo submission, which is expected to take place during 2023. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products for sales both internationally and in the U.S. following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. The Company periodically evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved. | Inventory Inventory consists of the following: April 30, 2022 2021 Raw materials $ 359,965 $ 381,930 Sub-assemblies 345,217 414,741 Work in progress 21,741 28,250 Finished goods 28,662 296,365 Reserve for obsolescence (81,446 ) (370,512 ) Total Inventory $ 674,139 $ 750,774 Inventory consists mainly of raw materials and components used in the current hardware build of the MyoVista. Devices and components are used for research and development purposes and device sales, which to date have been in international markets as sale of the MyoVista in the U.S. is subject to FDA clearance. The Company is partway through a new pivotal clinical validation study and device testing necessary for a revised FDA De Novo submission, which is expected to take place during the fiscal year ending April 30, 2023. The Company believes that its hardware platform is in final form, however, prior to FDA clearance and market acceptance of the MyoVista, further hardware changes could be necessary which could have an impact on net realizable values. The majority of the Company’s current inventory is intended for use to build finished products for sales both internationally and in the U.S. following regulatory clearance. Finished products do not contain materials that would degrade significantly over the useable life of the device and are considered to have a useable life of over seven years. Existing inventory related to finished devices are planned to be updated to the latest hardware revision and specifically allocated to a limited distribution for field reliability studies and are not slated for general purpose sales. On a quarterly basis, management evaluates inventory and makes specific write-offs and provides an allowance for inventory that is considered obsolete due to hardware and or software related changes. If the Company does not receive FDA clearance and/or obtain market acceptance of the MyoVista, the Company could have further material write-downs of inventory due to obsolescence in excess of the amount currently reserved. |
Research and Development Expenses | Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, | Research and Development Expenses In accordance with ASC Topic 730, Accounting for Research and Development Costs, |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). The following is a summary of the Company’s property and equipment at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Equipment $ 390,328 $ 379,612 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 525,703 514,987 Less: Accumulated depreciation (465,042 ) (444,952 ) Property and equipment, net $ 60,661 $ 70,035 | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The range of estimated useful lives used to calculate depreciation is generally 3 to 5 years. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized. When items are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in other income (expense). Property and equipment consist of the following: April 30, 2022 2021 Equipment $ 379,612 $ 377,680 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 514,987 513,055 Less: Accumulated depreciation (444,952 ) (418,386 ) Property and equipment, net $ 70,035 $ 94,669 Depreciation expense for the years ended April 30, 2022 and 2021, was $26,566 and $32,967, respectively. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, underwriting fees and other costs, incurred through the balance sheet date that are directly related to the Company’s IPO, were charged to stockholder’s equity upon completion of the IPO in June 2022. | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs related to the Company’s IPO, are capitalized and recorded on the balance sheet. The deferred offering costs will be offset against the proceeds received from the IPO. As of April 30, 2022, the Company had recorded $246,400 of deferred offering costs on the balance sheet. The Company had no deferred offering costs recorded as of April 30, 2021. |
Fair Value Measurements | Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates. | Fair Value Measurements The accounting guidance establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset transaction between market participants on the measurement date. Where available, fair value is based on observable market prices or is derived from such prices. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short-term nature. The carrying amounts of the Company’s existing notes payable approximate their fair values at the stated interest rates and are reflective of the prevailing market rates. |
Leases | Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use right-of-use right-of-use The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. | Leases The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Right-of-use right-of-use right-of-use The Company elected to not apply the recognition requirements to leases of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for employee and non-employee Compensation – Stock Compensation The estimated fair value of Common Stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of Common Stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a public market for the Company’s Common Stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. Management has estimated the expected term of its Common Stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The expected volatility is derived from the historical volatilities of comparable publicly traded companies over a period approximately equal to the expected term for the options. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, | Stock-Based Compensation The Company accounts for employee and non-employee Compensation – Stock Compensation The estimated fair value of common stock option awards is calculated using the Black-Scholes option pricing model, based on key assumptions such as fair value of common stock, expected volatility, and expected term. These estimates require the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free rate and (iv) expected dividend yields. As there has not been a public market for the Company’s common stock, management has determined the expected stock price volatility at the time of grant of the option by considering a number of objective and subjective factors, including stock price volatility of comparable companies that are publicly available and based on the industry, stage of life cycle, size and financial leverage of such other comparable companies. The Company has estimated the expected term of its common stock options using the “simplified” method, whereby, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data. The expected volatility is derived from the historical volatilities of comparable publicly traded companies over a period approximately equal to the expected term for the options. The risk-free interest rates for periods within the expected term of the option are based on the US Treasury securities with a maturity date that commensurate with the expected term of the associated award. There is no expected dividend yield since the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. For stock options issued to employees and non-employees, |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of Common Stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, Common Stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. | Net Loss Per Common Share Basic net loss per share excludes the effect of dilution and is computed by dividing the net loss attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, convertible stock warrants and convertible notes are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. On June 3, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Certificate of Formation with the Secretary of the State of Texas to effect a 1-for-33 reverse stock split of its outstanding shares of common stock, with an effective date of June 10, 2022. As a result of the reverse stock split, every 33 shares of the Company’s issued and outstanding pre-reverse one-half. |
Common Stock Warrants | Common Stock Warrants The Company grants warrants to purchase Common Stock in connection with financing transactions. Warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital. | Common Stock Warrants The Company grants warrants to purchase common stock in connection with financing transactions. Warrants are valued based on Black-Scholes models and the fair value is recorded to additional paid-in-capital. |
Revenue Recognition | Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year The Company did not recognize material revenues during the three and nine-month periods ended January 31, 2023 or 2022. The Company’s revenues do not require significant estimates or judgements. The Company is not party to contracts that include multiple performance obligations or material variable consideration. As of January 31, 2023 and April 30, 2022, th | Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers, • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer, through a purchase order, that defines each party’s rights regarding the products to be transferred and identifies the payment terms related to these products, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. The only performance obligation is to create and ship the product and each product has separate, distinct pricing. Performance obligations are met and revenue is recognized at a point in time when the order for its goods are shipped FOB manufacturer and control is transferred. The transaction price is determined based on the amount expected to be entitled to in exchange for transferring the product to the customer net of any transaction price adjustments. The Company’s payment terms to customers generally range from 30 to 60 days. Payment terms fall within the one-year As of April 30, 2022 and April 30, 2021, the Company did not have any contract assets or liabilities from contracts with customers and there were no remaining performance obligations that the Company had not satisfied. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, management has determined that it has not incurred any liability for unrecognized tax benefits as of January 31, 2023 and April 30, 2022. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018. | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires recognition of deferred tax assets, subject to valuation allowances, and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent cumulative experience by taxing jurisdiction, expectations of future taxable income or loss, the carry-forward periods available to the Company for tax reporting purposes, and other relevant factors. A valuation allowance is established if it is more likely than not that all or a portion of the net deferred tax assets will not be realized. Accruals for uncertain tax positions are provided for in accordance with applicable accounting standards. The Company may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Judgement is required in assessing the future tax consequences of events that have been recognized in the financial statements or tax returns. Based on its analysis, the Company has determined that it has not incurred any liability for unrecognized tax benefits as of April 30, 2022 and April 30, 2021. The Company may be subject to potential examination by U.S. federal, U.S. states or foreign jurisdiction authorities in the areas of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. The Company is subject to income taxes in the U.S. federal jurisdiction and franchise taxes in the State of Texas. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. Generally, the Company is no longer subject to income tax examinations by major taxing authorities for years before 2018. |
Recent Accounting Standards | Recent Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options 470-20) Derivatives and Hedging— Contracts in Entity’s Own Equity 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in The FASB observed that the application of the derivatives scope exception guidance results in accounting for some contracts as derivatives while accounting for economically similar contracts as equity. The FASB also decided to improve and amend the related EPS guidance. The amendments in this ASU are effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company adopted ASU 2020-06 In October 2020, the FASB issued ASU 2020-10, Codification Improvements, 2020-10 | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash. The Company maintains its cash with high-credit quality financial institutions. At April 30, 2022 and April 30, 2021, the Company had cash balances in excess of federally insured limits of $668,260 and $473,481, respectively. The Company does not anticipate non-performance |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | ||
Summary of Inventories | The following is a summary of the Company’s inventories at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Raw materials $ 359,965 $ 359,965 Sub-assemblies 347,986 345,217 Work in progress 21,741 21,741 Finished goods 28,663 28,662 Reserve for obsolescence (81,446 ) (81,446 ) Total Inventory $ 676,909 $ 674,139 | Inventory consists of the following: April 30, 2022 2021 Raw materials $ 359,965 $ 381,930 Sub-assemblies 345,217 414,741 Work in progress 21,741 28,250 Finished goods 28,662 296,365 Reserve for obsolescence (81,446 ) (370,512 ) Total Inventory $ 674,139 $ 750,774 |
Summary of Property and Equipment | The following is a summary of the Company’s property and equipment at January 31, 2023 and April 30, 2022: January 31, April 30, 2023 2022 Equipment $ 390,328 $ 379,612 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 525,703 514,987 Less: Accumulated depreciation (465,042 ) (444,952 ) Property and equipment, net $ 60,661 $ 70,035 | Property and equipment consist of the following: April 30, 2022 2021 Equipment $ 379,612 $ 377,680 Furniture & fixtures 102,563 102,563 Leasehold improvements 32,812 32,812 Total 514,987 513,055 Less: Accumulated depreciation (444,952 ) (418,386 ) Property and equipment, net $ 70,035 $ 94,669 |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Debt Disclosure [Abstract] | ||
Summary of Debt | Debt consists of the following: January 31, April 30, 2023 2022 $130,000 unsecured drawdown convertible promissory note (“$130K Note”) $ 130,000 $ 130,000 $1.5 million secured convertible promissory notes (“$1.5M Notes”) — 1,500,000 $1M Notes 1,000,000 1,000,000 January 31, April 30, 2023 2022 Bridge convertible notes, net of discounts and deferred financing costs — 3,441,807 1,130,000 6,071,807 Less: current maturities (130,000 ) (1,630,000 ) Notes payable, long-term $ 1,000,000 $ 4,441,807 | Debt consists of the following: April 30, 2022 2021 $130K Unsecured drawdown convertible promissory note $ 130,000 $ 130,000 $1.5M Secured convertible promissory notes 1,500,000 1,500,000 $1M Notes 1,000,000 1,000,000 Bridge convertible notes, net of discounts and deferred financing costs 3,441,807 — Payment Protection Program loans — 250,200 6,071,807 2,880,200 Less: current maturities (1,630,000 ) (380,200 ) Notes payable, long-term $ 4,441,807 $ 2,500,000 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Series A Convertible Preferred Stock | |
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |
Schedule Of Convertible Preferred Stock Issued Subject To Certain Repurchase Rights | liquidation preference of $4,500,000 to the Series A. The Series A convertible preferred stock was issued subject to certain repurchase rights in favor of the Company. Series A Original Shares Shares Net Liquidation April 30, 2022 $ 0.001 10,000 10,000 $ 10 $ 4,500,000 April 30, 2021 $ 0.001 10,000 10,000 $ 10 $ 4,500,000 |
Series B Convertible Preferred Stock | |
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |
Schedule Of Convertible Preferred Stock Issued Subject To Certain Repurchase Rights | ii. Series B convertible preferred stock (“Series B”) was issued to employees and directors in 2015 and was subordinate to the common stock. As of April 30, 2022 and April 30, 2021, the common stock had a liquidation preference of $35,000,000 to the Series B. The Series B convertible preferred stock was issued subject to certain repurchase rights in favor of the Company. Series B Original Shares Shares Net Liquidation April 30, 2022 $ 0.001 10,000 10,000 $ 10.00 $ 35,000,000 April 30, 2021 $ 0.001 10,000 10,000 $ 10.00 $ 35,000,000 |
Series C Convertible Preferred Stock | |
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |
Schedule Of Convertible Preferred Stock Issued Subject To Certain Repurchase Rights | iii. Series C convertible preferred stock (“Series C”) which was issued to investors and has a liquidation preference to the common stock. Series C Original Shares Shares Net Liquidation to Common April 30, 2022 $ 25 600,000 463,265 $ 463 $ 11,581,625 April 30, 2021 $ 25 600,000 463,265 $ 463 $ 11,581,625 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Class of Stock [Line Items] | ||
Summary of Common Stock | During the nine months ended January 31, 2023, the Company issued 5,025,917 shares of Common Stock, as set forth in the below table: Number of Shares Issuance of Common Stock in IPO 1,500,000 Conversion of $1.5M notes to Common Stock (see Note 4) 909,071 Conversion of Bridge Notes and accrued interest to Common Stock (see Note 4) 1,544,114 Conversion of Series A Preferred Stock to Common Stock 703,290 Conversion of Series C Preferred Stock to Common Stock 230,086 Exercise of pre-funded 139,356 Common Stock issued during the nine months ended January 31, 2023 5,025,917 Summary table of Common Stock share transactions: Balance at April 30, 2022 3,323,942 Issued in Fiscal 2023 5,025,917 Balance at January 31, 2023 8,349,859 | |
Summary of Warrant Activity | The following is a summary of warrant activity during the nine months ended January 31, 2023: Warrants Exercise Price Weighted Balance, April 30, 2022 1,442,401 $ $ 3.47- 15.18 $ 9.00 Issued 3,652,826 $ 0.0001- $ 4.09 Exercised (139,356 ) $ 0.0001 $ 0.0001 Cancelled (1,365,960 ) $ 5.16 $ 5.16 Balance, January 31, 2023 3,589,911 $ 0.0001- $ 4.32 | A summary of the outstanding warrants as of April 30, 2022 and 2021 and underlying assumptions used in the Black Scholes option-pricing model is as follows: Warrants Exercise Price Per Share Weighted Balance, May 1, 2020 662,361 $ 3.47-$49.50 $ 18.39 Issued 13,992 $ 8.25 $ 8.25 Expired (8,613 ) $ 12.21 $ 12.21 Balance, April 30, 2021 667,740 $ 3.47-$49.50 $ 18.26 Issued 806,201 $ 7.45 $ 9.00 Forfeited (909 ) $ 8.25 $ 8.25 Expired (621,172 ) $ 9.90-$49.50 $ 18.96 Balance April 30, 2022 851,860 $ 3.47-$15.18 $ 9.00 |
Warrants | ||
Class of Stock [Line Items] | ||
Summary of significant inputs to the Black-Scholes Option Pricing Model for the fair value of the Warrants | April 30, April 30, Risk free interest rate 1.6 % 2.0 % Expected volatility 55.0 % 66.2 % Expected life in years 5 5 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Summary of Stock-Based Compensation Expense | The following is a summary of stock-based compensation expense: For the years ended April 30 2022 2021 Research and Development $ 4,232 $ 15,229 Selling, General and Administrative 64,163 9,446 $68,396 $24,675 | |
Service-based Stock Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Summary of Stock Option Activity | The following is a summary of service-based stock option activity during the nine months ended January 31, 2023: Number of Weighted Average Outstanding—April 30, 2022 254,215 $ 11.79 4.6 Options forfeited (2,273 ) 1.16 — Outstanding— January 31, 2023 251,942 $ 11.89 3.9 Non-vested 3,851 $ 3.31 8.9 Vested at January 31, 2023 248,091 $ 12.02 3.8 | The following table summarizes the Company’s service-based stock options: Number of Weighted Average Outstanding - April 30, 2020 248,837 $ 12.44 6.5 Options granted 3,030 $ 1.16 9.5 Outstanding - April 30, 2021 251,867 $ 12.30 5.5 Options granted 9,848 $ 2.93 9.8 Options forfeited (7,500 ) $ 15.18 — Outstanding - April 30, 2022 254,215 $ 11.79 4.6 Non-vested 10,126 $ 2.89 9.5 Vested at April 30, 2022 244,089 $ 12.16 4.4 |
Summary of Stock Option Using The Black-Scholes Option-Pricing Model On Grant Date | The Company estimates fair values of service-based stock options using the Black-Scholes option-pricing model on grant date. The principal assumptions used in applying this model were as follows: April 30, April 30, Risk free interest rate 1.72 % 1.08 % Volatility 55.0 % 53.0 % -66.2% Dividend yield — — Weighted average expected term (in years) 4.6 9.5 | |
Performance-based Stock Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Summary of Stock Option Activity | The following is a summary of performance-based stock option activity during the nine months ended January 31, 2023: Number of Weighted Average Outstanding—April 30, 2022 581,768 $ 5.16 7.8 Options forfeited (1,515 ) 3.47 — Outstanding— January 31, 2023 580,253 $ 5.16 7.1 Non-vested 432,665 $ 5.57 7.1 Vested at January 31, 2023 147,588 $ 3.97 7.1 | The following summarizes the Company’s performance-based stock options: Number of Weighted Average Outstanding - April 30, 2020 285,101 $ 8.20 8.2 Options granted 145,758 $ 1.16 9.5 Options forfeited (3,788 ) $ 6.25 — Outstanding - April 30, 2021 427,071 $ 5.81 8.1 Options granted 159,621 $ 3.47 — Options forfeited (4,924 ) $ 6.63 9.8 Outstanding - April 30, 2022 581,768 $ 5.16 7.8 Non-vested 497,626 $ 5.30 8.1 Vested at April 30, 2022 84,142 $ 4.34 6.6 |
Summary of Stock Option Using The Black-Scholes Option-Pricing Model On Grant Date | The Company estimates fair values of performance-based stock options using the Black-Scholes option-pricing model on grant date. The principal assumptions used in applying this model were as follows April 30, April 30, Risk free interest rate 1.72 % 1.08 % Volatility 55.0 % 53.0 % -66.2% Dividend yield — — Weighted average expected term (in years) 7.8 8.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Summary of Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: January 31, April 30, 2023 2022 Deferred tax assets (liabilities): Net operating loss carryforwards $ 9,447,212 $ 8,387,881 Start-up 960,269 1,036,080 Stock option and warrant payments 441,977 423,624 Accumulated depreciation (2,839 ) (2,668 ) Research and development credits 255,600 255,600 Research and development warrants 21,488 21,488 Total deferred tax assets, net 11,123,707 10,122,005 Valuation Allowance (11,123,707 ) (10,122,005 ) Net Deferred Tax Assets $ — $ — | The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: As of April 30, 2022 2021 Deferred tax assets (liabilities): Net operating loss carryforwards $ 8,387,881 $ 7,215,961 Start-up 1,036,080 1,137,161 Stock option and warrant payments 423,624 396,631 Accumulated depreciation (2,668 ) (2,440 ) Research and development credits 255,600 255,600 Research and development warrants 21,488 21,488 Total deferred tax assets, net 10,122,005 9,024,401 Valuation Allowance (10,122,005 ) (9,024,401 ) Net Deferred Tax Assets — — |
Leases (Tables)
Leases (Tables) | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Lessee Disclosure [Abstract] | |||
Schedule of Information Related to Right-of-Use Assets and Lease Liabilities | Information related to the Company’s right-of-use January 31, 2023 Right-of-use $ 549,227 Lease liabilities, current — Lease liabilities, net of current portion 549,227 Total lease liabilities $ 549,227 Weighted average remaining term (in years) 5.3 Weighted average discount rate 12 % | Information related to the Company’s right-of-use co st o 2022 2021 Right-of-use $ 88,535 $ 194,660 Lease liabilities, current 90,968 107,632 Lease liabilities, net of current portion — 90,967 Total lease liabilities $ 90,968 $ 198,599 Weighted average remaining term (in years) 0.8 1.8 Weighted average discount rate 12 % 12 % | |
Schedule of Future Maturities of Lease Liabilities | As of January 31, 2023, future maturities of lease liabilities due under lease agreements for the fiscal year ended are as follows: April 30, 2024 $ 98,053 April 30, 2025 161,164 April 30, 2026 165,190 April 30, 2027 169,307 Thereafter 188,052 Less imputed interest (232,539 ) Total operating lease liabilities $ 549,227 | As of April 30, 2022, future maturities of lease liabilities due under lease agreements was as follows: 2023 95,576 Less imputed interest (4,608 ) Total operating lease liabilities $ 90,968 As of April 30, 2021, future maturities of lease liabilities due under lease agreement was as follows: 2022 125,697 2023 95,576 Total lease payments 221,273 Less imputed interest (22,674 ) Total operating lease liabilities $ 198,599 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Schedule of Information Related to Right-of-Use Assets and Lease Liabilities | Information related to the Company’s right-of-use January 31, 2023 Right-of-use $ 549,227 Lease liabilities, current — Lease liabilities, net of current portion 549,227 Total lease liabilities $ 549,227 Weighted average remaining term (in years) 5.3 Weighted average discount rate 12 % | Information related to the Company’s right-of-use co st o 2022 2021 Right-of-use $ 88,535 $ 194,660 Lease liabilities, current 90,968 107,632 Lease liabilities, net of current portion — 90,967 Total lease liabilities $ 90,968 $ 198,599 Weighted average remaining term (in years) 0.8 1.8 Weighted average discount rate 12 % 12 % | |
Schedule of Future Maturities of Lease Liabilities | As of January 31, 2023, future maturities of lease liabilities due under lease agreements for the fiscal year ended are as follows: April 30, 2024 $ 98,053 April 30, 2025 161,164 April 30, 2026 165,190 April 30, 2027 169,307 Thereafter 188,052 Less imputed interest (232,539 ) Total operating lease liabilities $ 549,227 | As of April 30, 2022, future maturities of lease liabilities due under lease agreements was as follows: 2023 95,576 Less imputed interest (4,608 ) Total operating lease liabilities $ 90,968 As of April 30, 2021, future maturities of lease liabilities due under lease agreement was as follows: 2022 125,697 2023 95,576 Total lease payments 221,273 Less imputed interest (22,674 ) Total operating lease liabilities $ 198,599 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 9 Months Ended | 12 Months Ended | |||
Jun. 10, 2022 shares | Jan. 31, 2023 $ / shares | Apr. 30, 2022 $ / shares | Jun. 03, 2022 $ / shares | Apr. 30, 2021 $ / shares | |
Accounting Policies [Abstract] | |||||
Reverse stock split, conversion ratio | 0.033 | 0.033 | |||
Reverse stock split, description | 1-for-33 reverse stock split | 1-for-33 reverse stock split | |||
Pre-reverse split common stock issued | 33 | ||||
Pre-reverse split common stock outstanding | 33 | ||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Liquidity, Going Concern and _2
Liquidity, Going Concern and Other Uncertainties - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 10, 2023 | Mar. 16, 2023 | Feb. 28, 2023 | Jun. 30, 2022 | Apr. 30, 2022 | Jan. 31, 2023 | Oct. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | |
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Accumulated deficit | $ (54,402,908) | $ (59,124,837) | $ (49,574,648) | ||||||||
Net proceeds from completion of initial public offering | $ 5,200,000 | ||||||||||
Promissory notes issued | 6,071,807 | 1,130,000 | 2,880,200 | ||||||||
Stockholders equity (deficit) | (6,055,797) | (257,912) | $ 1,082,676 | $ (4,101,797) | $ (3,442,185) | (1,909,590) | $ 315,551 | ||||
$1M Notes | |||||||||||
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Promissory notes issued | $ 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Maturity date month and year | 2023-09 | ||||||||||
Subsequent Event | Purchase Agreement And Registration Rights Agreement | |||||||||||
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Term of purchases agreement | 36 months | 36 months | |||||||||
Amount of equity line drawn | $ 0 | ||||||||||
Bridge Warrants | |||||||||||
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Stock issued exercise of warrants, value | $ 1,300,000 | ||||||||||
Common Stock | |||||||||||
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Stockholders equity (deficit) | $ 3,323 | $ 8,349 | $ 8,210 | $ 3,323 | $ 3,313 | $ 3,313 | $ 3,313 | ||||
Common Stock | Subsequent Event | Maximum | Purchase Agreement And Registration Rights Agreement | |||||||||||
Unusual Risk or Uncertainty [Line Items] | |||||||||||
Sale of common stock | $ 15,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Inventories (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Inventory, Net [Abstract] | |||
Raw materials | $ 359,965 | $ 359,965 | $ 381,930 |
Sub-assemblies | 347,986 | 345,217 | 414,741 |
Work in progress | 21,741 | 21,741 | 28,250 |
Finished goods | 28,663 | 28,662 | 296,365 |
Reserve for obsolescence | (81,446) | (81,446) | (370,512) |
Total Inventory | $ 676,909 | $ 674,139 | $ 750,774 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||||
Jun. 10, 2022 shares | Jan. 31, 2023 USD ($) $ / shares | Jan. 31, 2022 USD ($) | Apr. 30, 2022 USD ($) $ / shares | Apr. 30, 2021 USD ($) $ / shares | Jun. 03, 2022 $ / shares | |
Summary of Significant Accounting Policies [Line Items] | ||||||
Useable life of device over years | 7 years | 7 years | ||||
Contract assets from contracts with customers | $ 0 | $ 0 | $ 0 | |||
Contract liabilities from contracts with customers | 0 | 0 | 0 | |||
Remaining performance obligations | 0 | 0 | 0 | |||
Depreciation | 20,090 | $ 20,070 | 26,566 | $ 32,967 | ||
Deferred offering costs | $ 0 | $ 246,400 | ||||
Reverse stock split, description | 1-for-33 reverse stock split | 1-for-33 reverse stock split | ||||
Pre-reverse split common stock issued | shares | 33 | |||||
Pre-reverse split common stock outstanding | shares | 33 | |||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Cash in excess of federal insured amount | $ 668,260 | $ 473,481 | ||||
Percentage of debt instruments | 31% | 54% | ||||
Reverse stock split, conversion ratio | 0.033 | 0.033 | ||||
Minimum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives | 3 years | 3 years | ||||
Customers payment terms | 30 days | 30 days | ||||
Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Estimated useful lives | 5 years | 5 years | ||||
Lease term | 12 months | 12 months | ||||
Customers payment terms | 60 days | 60 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 525,703 | $ 514,987 | $ 513,055 |
Less: Accumulated depreciation | (465,042) | (444,952) | (418,386) |
Property and equipment, net | 60,661 | 70,035 | 94,669 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 390,328 | 379,612 | 377,680 |
Furniture & fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 102,563 | 102,563 | 102,563 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 32,812 | $ 32,812 | $ 32,812 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Debt Instrument [Line Items] | |||
Notes payable | $ 1,130,000 | $ 6,071,807 | $ 2,880,200 |
Less: current maturities | (130,000) | (1,630,000) | (380,200) |
Notes payable, long-term | 1,000,000 | 4,441,807 | 2,500,000 |
$130,000 Unsecured Drawdown Convertible Promissory Note | |||
Debt Instrument [Line Items] | |||
Notes payable | 130,000 | 130,000 | 130,000 |
$1.5M Secured Convertible Promissory Notes | |||
Debt Instrument [Line Items] | |||
Notes payable | 1,500,000 | 1,500,000 | |
$1M Notes | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 1,000,000 | 1,000,000 | 1,000,000 |
Bridge Convertible Notes | |||
Debt Instrument [Line Items] | |||
Notes payable | 3,441,807 | 0 | |
Payment Protection Program loans | |||
Debt Instrument [Line Items] | |||
Notes payable | $ 0 | $ 250,200 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 18, 2022 $ / shares shares | Jun. 17, 2022 $ / shares shares | May 24, 2022 | Apr. 30, 2022 USD ($) $ / shares shares | Nov. 03, 2021 | Nov. 02, 2021 | Sep. 30, 2021 USD ($) | Aug. 31, 2021 USD ($) shares | Jan. 25, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 04, 2020 USD ($) | Jul. 02, 2020 USD ($) | Apr. 20, 2020 USD ($) | Aug. 12, 2019 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Apr. 30, 2020 USD ($) $ / shares | Apr. 30, 2022 USD ($) $ / shares shares | Feb. 17, 2023 $ / shares | Jan. 31, 2023 USD ($) $ / shares shares | Oct. 31, 2022 | Sep. 08, 2022 $ / shares shares | Nov. 30, 2021 $ / shares shares | Oct. 31, 2021 | Jul. 31, 2021 $ / shares shares | Jun. 30, 2021 $ / shares shares | Apr. 30, 2021 USD ($) $ / shares shares | |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants outstanding term | 5 years | 5 years | 5 years | |||||||||||||||||||||||||
Number of times for loans to qualifying businesses average monthly payroll costs | 2.5 | |||||||||||||||||||||||||||
Pre-Funded Warrants | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants issued to purchase common stock | shares | 61,913 | 77,443 | 77,443 | 77,443 | 77,443 | 139,356 | 1,683,470 | |||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.0001 | $ 0.0033 | $ 0.0033 | $ 0.0001 | $ 0.0033 | $ 0.0001 | ||||||||||||||||||||||
Bridge Warrants | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants issued to purchase common stock | shares | 1,365,960 | 1,365,960 | 1,365,960 | 1,365,960 | 1,683,470 | 19,697 | 11,084 | 11,084 | 13,992 | |||||||||||||||||||
Warrants exercise price | $ / shares | $ 5.16 | $ 5.16 | $ 5.16 | $ 5.16 | $ 4.25 | $ 4.25 | $ 6.05 | $ 8.25 | $ 8.25 | $ 8.25 | ||||||||||||||||||
Warrants outstanding term | 5 years | |||||||||||||||||||||||||||
Series C Preferred Stock | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding | shares | 463,265 | 463,265 | 403,228 | 463,265 | ||||||||||||||||||||||||
'$130K Note | FRV | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Debt repayment notice period | 20 days | |||||||||||||||||||||||||||
'$130K Note | Series C Preferred Stock | FRV | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Share price | $ / shares | $ 25 | |||||||||||||||||||||||||||
$1M Notes | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 1,000,000 | |||||||||||||||||||||||||||
Proceeds from notes payable | $ 350,000 | $ 350,000 | $ 300,000 | |||||||||||||||||||||||||
Maturity date | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |||||||||||||||||||||||||
Accrued interest rate per annum | 12% | |||||||||||||||||||||||||||
Accrued interest | $ 229,000 | $ 229,000 | $ 204,000 | $ 98,000 | ||||||||||||||||||||||||
Default interest rate | 18% | |||||||||||||||||||||||||||
Warrants issued to purchase common stock | shares | 15,152 | |||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.89 | |||||||||||||||||||||||||||
$1M Notes | John Q. Adams | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 500,000 | |||||||||||||||||||||||||||
Accrued interest paid | $ 126,000 | |||||||||||||||||||||||||||
Accrued interest | $ 115,000 | $ 115,000 | ||||||||||||||||||||||||||
$1M Notes | FRV | John Q. Adams | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 500,000 | |||||||||||||||||||||||||||
$1.5M Notes | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||||||||||||||||||||||
Proceeds from notes payable | $ 1,490,000 | $ 1,490,000 | ||||||||||||||||||||||||||
Maturity date | Oct. 31, 2022 | Jul. 31, 2022 | Jul. 31, 2022 | |||||||||||||||||||||||||
Accrued interest | $ 34,000 | |||||||||||||||||||||||||||
Warrants issued to purchase common stock | shares | 4,545 | |||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.89 | |||||||||||||||||||||||||||
$1.5M Notes | Common Stock | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Shares issues upon conversion of notes | shares | 909,071 | 909,071 | ||||||||||||||||||||||||||
Conversion price | $ / shares | $ 1.65 | $ 1.65 | $ 1.65 | |||||||||||||||||||||||||
$1.5M Notes | Board of Directors | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Proceeds from notes payable | $ 30,000 | $ 30,000 | ||||||||||||||||||||||||||
Bridge Notes | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 4,695,555 | |||||||||||||||||||||||||||
Maturity date | Dec. 22, 2024 | |||||||||||||||||||||||||||
Accrued interest rate per annum | 8% | |||||||||||||||||||||||||||
Accrued interest | $ 165,516 | |||||||||||||||||||||||||||
Original issue discount rate | 10% | |||||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 469,555 | |||||||||||||||||||||||||||
deferred financing costs | $ 555,767 | $ 555,767 | ||||||||||||||||||||||||||
Bridge Notes | Common Stock | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Shares issues upon conversion of notes | shares | 1,606,027 | 1,683,470 | 1,606,027 | 1,606,026 | ||||||||||||||||||||||||
Conversion price | $ / shares | $ 2.89 | $ 2.89 | $ 2.89 | |||||||||||||||||||||||||
Shares cancelled upon conversion of notes | shares | 61,913 | |||||||||||||||||||||||||||
Bridge Notes | Bridge Warrants | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants exercise percentage of principal amount of notes purchased | 150% | 150% | ||||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 118,000 | |||||||||||||||||||||||||||
Paycheck Protection Program | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Proceeds from loan | $ 250,200 | $ 250,200 | ||||||||||||||||||||||||||
Number of times for loans to qualifying businesses average monthly payroll costs | 2.5 | |||||||||||||||||||||||||||
Unsecured Promissory Draw Down Note | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Proceeds from notes payable | $ 250,000 | $ 250,000 | ||||||||||||||||||||||||||
Accrued interest rate per annum | 12% | |||||||||||||||||||||||||||
Shares issues upon conversion of notes | shares | 10,101 | |||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The note originally matured on October 11, 2021 and was amended on October 11, 2021 and again on November 29, 2021, extending maturity to November 30, 2021 and December 31, 2021, respectively. | |||||||||||||||||||||||||||
Maximum | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 15.18 | $ 49.5 | 15.18 | $ 15.18 | $ 49.5 | |||||||||||||||||||||||
Maximum | '$130K Note | FRV | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 130,000 | |||||||||||||||||||||||||||
Maximum | Unsecured Promissory Draw Down Note | Matthews Holdings Southwest, Inc | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Principal amount | $ 500,000 | |||||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 3.47 | $ 3.47 | $ 3.47 | $ 0.0001 | $ 3.47 | |||||||||||||||||||||||
Minimum | Series C Preferred Stock | FRV | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding | shares | 71,000 | |||||||||||||||||||||||||||
Minimum | '$130K Note | Series C Preferred Stock | FRV | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, shares outstanding | shares | 71,000 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule Of Convertible Preferred Stock Issued Subject To Certain Repurchase Rights (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||
Shares Authorized | 20,000,000 | 20,000,000 | |
Series A Convertible Preferred Stock | |||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||
Original Issue Price | $ 0.001 | $ 0.001 | |
Shares Authorized | 10,000 | 10,000 | 10,000 |
Shares Issued | 10,000 | 10,000 | |
Shares Outstanding | 10,000 | 10,000 | |
Net Carrying Value | $ 10 | $ 10 | |
Liquidation Preference of the Common Stock | $ 4,500,000 | $ 4,500,000 | |
Series B Convertible Preferred Stock | |||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||
Original Issue Price | $ 0.001 | $ 0.001 | |
Shares Authorized | 10,000 | 10,000 | 10,000 |
Shares Issued | 10,000 | 10,000 | |
Shares Outstanding | 10,000 | 10,000 | |
Net Carrying Value | $ 10 | $ 10 | |
Liquidation Preference of the Common Stock | $ 35,000,000 | $ 35,000,000 | |
Series C Convertible Preferred Stock | |||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||
Original Issue Price | $ 25 | $ 25 | $ 25 |
Shares Authorized | 600,000 | 600,000 | 600,000 |
Shares Issued | 463,265 | 463,265 | |
Shares Outstanding | 403,228 | 463,265 | 463,265 |
Net Carrying Value | $ 463 | $ 463 | |
Liquidation Preference of the Common Stock | $ 11,581,625 | $ 11,581,625 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2023 $ / shares shares | Jun. 17, 2022 shares | Apr. 30, 2022 USD ($) $ / shares shares | Mar. 16, 2023 shares | Feb. 28, 2023 shares | Jul. 31, 2022 shares | Jun. 30, 2022 USD ($) | Jan. 31, 2023 USD ($) $ / shares shares | Apr. 30, 2022 USD ($) $ / shares shares | Apr. 30, 2021 USD ($) $ / shares shares | Aug. 12, 2019 shares | |
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | |||||||
Stock Issued During Period, Shares, New Issues | 5,025,917 | ||||||||||
Preferred stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Conversion ratio | 70.33 | 3.8274 | 70.33 | ||||||||
Preferred Stock Description Of Liquidation Preference | a per share amount equal to 1.0 times the original issue price ($25.00 per share) plus any accrued but unpaid dividends thereon. | ||||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 5,200,000 | ||||||||||
Common Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 5,025,917 | 0 | |||||||||
Number of preferred stock converted | 1,603,338 | 703,290 | 193,958 | 230,086 | 703,290 | ||||||
Common Stock | Subsequent Event | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Number of preferred stock converted | 1,614,342 | 117,768 | |||||||||
Series A Convertible Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||||||
Preferred Stock, Shares Outstanding | 10,000 | 10,000 | 10,000 | ||||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 4,500,000 | $ 4,500,000 | $ 4,500,000 | ||||||||
Series A Convertible Preferred Stock | Common Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Number of preferred stock converted | 703,290 | ||||||||||
Conversion ratio | 70.33 | ||||||||||
Series A Convertible Preferred Stock | Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Preferred Stock, Shares Authorized | 20,000 | 20,000 | |||||||||
Number of preferred stock converted | (10,000) | ||||||||||
Series B Convertible Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||||||
Preferred Stock, Shares Outstanding | 10,000 | 10,000 | 10,000 | ||||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | ||||||||
Series B Convertible Preferred Stock | Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Preferred Stock, Shares Authorized | 20,000 | 20,000 | |||||||||
Number of preferred stock converted | (10,000) | ||||||||||
Series C Convertible Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | $ 25 | ||||||
Preferred Stock, Shares Authorized | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | ||||||
Preferred Stock, Shares Outstanding | 403,228 | 463,265 | 403,228 | 463,265 | 463,265 | ||||||
Preferred Stock, Liquidation Preference, Value | $ | $ 11,581,625 | $ 11,581,625 | $ 11,581,625 | ||||||||
Stock Issued During Period, Shares, New Issues | 8,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 200,000 | ||||||||||
Number of preferred stock converted | 50,676 | 60,037 | |||||||||
Conversion ratio | 3.8274 | 3.8274 | |||||||||
Preferred stock dividends rate per share | $ / shares | $ 1.5 | $ 1.5 | |||||||||
Preferred stock, voting rights | The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock. | The holders of the shares of Series C convertible preferred stock have voting rights equal to an equivalent number of shares of common stock into which it is convertible and vote together as one class with the common stock. | |||||||||
Dividends declared | $ | $ 0 | $ 0 | |||||||||
Series C Convertible Preferred Stock | Share Price Equal Or Exceeds 16.5 Rupees Per Dollar | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Share price | $ / shares | $ 16.5 | $ 16.5 | |||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 20,000,000 | ||||||||||
Series C Convertible Preferred Stock | Subsequent Event | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Number of preferred stock converted | 27,557 | ||||||||||
Conversion ratio | 4.2736 | 3.8274 | |||||||||
Series C Convertible Preferred Stock | Minimum | FRV | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Preferred Stock, Shares Outstanding | 71,000 | ||||||||||
Series C Convertible Preferred Stock | Common Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Number of preferred stock converted | 230,086 | ||||||||||
Series C Convertible Preferred Stock | Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Preferred Stock, Shares Authorized | 600,000 | 600,000 | |||||||||
Number of preferred stock converted | (60,037) | ||||||||||
Convertible Preferred Stock | |||||||||||
Schedule Of Convertible Preferred Stock Subject To Repurchase Rights [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 0 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Feb. 03, 2023 USD ($) $ / shares shares | Jan. 31, 2023 USD ($) $ / shares shares | Sep. 08, 2022 $ / shares shares | Jun. 18, 2022 $ / shares shares | Jun. 17, 2022 USD ($) $ / shares shares | Jun. 15, 2022 $ / shares shares | Aug. 31, 2021 shares | Mar. 16, 2023 $ / shares shares | Feb. 28, 2023 shares | Jul. 31, 2022 shares | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jan. 31, 2023 USD ($) $ / shares shares | Apr. 30, 2022 USD ($) $ / shares shares | Apr. 30, 2021 USD ($) $ / shares shares | Feb. 17, 2023 USD ($) $ / shares | Feb. 16, 2023 $ / shares shares | Jun. 03, 2022 $ / shares | Nov. 30, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Apr. 30, 2020 $ / shares | Aug. 12, 2019 shares | |
Class of Stock [Line Items] | |||||||||||||||||||||||
Conversion ratio | 3.8274 | 70.33 | |||||||||||||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||||||
Preferred stock par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Common stock, shares, issued | 8,349,859 | 8,349,859 | 3,323,942 | 3,313,841 | |||||||||||||||||||
Stock issued during period | 5,025,917 | ||||||||||||||||||||||
Net proceeds from IPO after deducting underwriting discount and commission | $ | $ 5,200,000 | ||||||||||||||||||||||
Dividends declared | $ | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||
Stock Issued | $ | $ 1,500,000 | ||||||||||||||||||||||
$1.5M Secured Convertible Promissory Notes | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.89 | ||||||||||||||||||||||
Warrants issued to purchase common stock | 4,545 | ||||||||||||||||||||||
Unsecured Promissory Draw Down Note | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock issued during period | 10,101 | ||||||||||||||||||||||
Shares issues upon conversion of notes | 10,101 | ||||||||||||||||||||||
Stock Issued | $ | $ 35,000 | ||||||||||||||||||||||
Minimum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.0001 | $ 0.0001 | $ 3.47 | $ 3.47 | $ 3.47 | ||||||||||||||||||
Maximum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 15.18 | $ 15.18 | $ 15.18 | $ 49.5 | $ 49.5 | ||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 1,603,338 | 703,290 | 193,958 | 230,086 | 703,290 | ||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 6.29 | $ 6.29 | |||||||||||||||||||||
Stock issued during period | 5,025,917 | 0 | |||||||||||||||||||||
Common Stock | Subsequent Event | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 1,614,342 | 117,768 | |||||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 5.82 | ||||||||||||||||||||||
Common Stock | Bridge Notes | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 1,544,114 | ||||||||||||||||||||||
Shares issues upon conversion of notes | 1,606,027 | 1,683,470 | 1,606,027 | 1,606,026 | |||||||||||||||||||
Shares cancelled upon conversion of notes | 61,913 | ||||||||||||||||||||||
Conversion price | $ / shares | $ 2.89 | $ 2.89 | |||||||||||||||||||||
Common Stock | $1.5M Secured Convertible Promissory Notes | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 909,071 | ||||||||||||||||||||||
Shares issues upon conversion of notes | 909,071 | 909,071 | |||||||||||||||||||||
Conversion price | $ / shares | $ 1.65 | $ 1.65 | |||||||||||||||||||||
Common Stock Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants convertible into common stock from date of issuance | 5 years | ||||||||||||||||||||||
Bridge Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.25 | $ 5.16 | $ 5.16 | $ 5.16 | $ 8.25 | $ 4.25 | $ 6.05 | $ 8.25 | $ 8.25 | ||||||||||||||
Warrants issued to purchase common stock | 1,683,470 | 1,365,960 | 1,365,960 | 1,365,960 | 13,992 | 19,697 | 11,084 | 11,084 | |||||||||||||||
Warrants exercise price per share percentage | 80% | ||||||||||||||||||||||
Warrants exercise price protection provisions period | 12 months | ||||||||||||||||||||||
Warrants cancelled to purchase common stock | 1,365,960 | 1,365,960 | |||||||||||||||||||||
Warrants re-issued to purchase common stock | 1,683,470 | 1,683,470 | |||||||||||||||||||||
Derivative, Fair Value, Net | $ | $ 2,354 | $ 22,890 | $ 1,609 | $ 1,609 | |||||||||||||||||||
Bridge Warrants | Subsequent Event | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock issued during period | 1,172,304 | ||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.25 | $ 1 | |||||||||||||||||||||
Threshold shares of common stock issuable to effect cashless exercise during limited period | 1,663,220 | ||||||||||||||||||||||
Pre funded warrants were exercised | $ | $ 298,667 | ||||||||||||||||||||||
Proceeds from exercises | $ | $ 1,300,000 | ||||||||||||||||||||||
Bridge Warrants | Maximum | Subsequent Event | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants issued to purchase common stock | 1,669,971 | ||||||||||||||||||||||
Pre-Funded Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 139,356 | ||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0033 | $ 0.0001 | $ 0.0001 | $ 0.0033 | |||||||||||||||||
Warrants issued to purchase common stock | 139,356 | 1,683,470 | 61,913 | 77,443 | 77,443 | 139,356 | 77,443 | ||||||||||||||||
Pre funded warrants were exercised | $ | $ 139,356 | $ 139,356 | |||||||||||||||||||||
Cash Consideration | $ | $ 14 | $ 14 | |||||||||||||||||||||
Pre-Funded Warrants | Subsequent Event | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants issued to purchase common stock | 150,000 | ||||||||||||||||||||||
IPO Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock issued during period | 1,500,000 | ||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.25 | ||||||||||||||||||||||
Warrants expiration term | 5 years | 5 years | |||||||||||||||||||||
Underwriter's Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.25 | ||||||||||||||||||||||
Warrants expiration term | 5 years | ||||||||||||||||||||||
Warrants issued to purchase common stock | 105,000 | ||||||||||||||||||||||
Percentage of common stock underlying units sold in IPO | 7% | ||||||||||||||||||||||
Warrants lock-up period | 180 days | ||||||||||||||||||||||
Bridge Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 9.08 | ||||||||||||||||||||||
Warrants issued to purchase common stock | 775,420 | ||||||||||||||||||||||
Derivative, Fair Value, Net | $ | $ 520,051 | ||||||||||||||||||||||
IPO | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Warrants expiration term | 5 years | 5 years | |||||||||||||||||||||
IPO | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Offering price per unit | $ / shares | $ 4.25 | ||||||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.001 | ||||||||||||||||||||||
Stock issued during period | 1,500,000 | 1,500,000 | |||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.25 | ||||||||||||||||||||||
Net proceeds from IPO after deducting underwriting discount and commission | $ | $ 5,200,000 | ||||||||||||||||||||||
IPO expenses | $ | $ 1,200,000 | ||||||||||||||||||||||
Warrants issued to purchase common stock | 1 | ||||||||||||||||||||||
Over-Allotment Option | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Option to purchase additional common stock and (or) IPO warrants term | 30 days | ||||||||||||||||||||||
Over-Allotment Option | Maximum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Option to purchase additional common stock and (or) IPO warrants | 225,000 | ||||||||||||||||||||||
Over-Allotment Option | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Offering price per unit | $ / shares | $ 0.01 | ||||||||||||||||||||||
Stock issued during period | 225,000 | ||||||||||||||||||||||
Over-Allotment Option | IPO Warrants | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock issued during period | 225,000 | ||||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||
Offering price per unit | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Preferred stock, shares outstanding | 10,000 | 10,000 | |||||||||||||||||||||
Series A Preferred Stock | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 703,290 | ||||||||||||||||||||||
Conversion ratio | 70.33 | ||||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares authorized | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||
Offering price per unit | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||||
Preferred stock, shares outstanding | 10,000 | 10,000 | |||||||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 50,676 | 60,037 | |||||||||||||||||||||
Conversion ratio | 3.8274 | 3.8274 | |||||||||||||||||||||
Preferred stock, shares authorized | 600,000 | 600,000 | 600,000 | 600,000 | |||||||||||||||||||
Offering price per unit | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | |||||||||||||||||||
Preferred stock, shares outstanding | 403,228 | 403,228 | 463,265 | 463,265 | |||||||||||||||||||
Preferred stock dividends rate per share | $ / shares | $ 1.5 | $ 1.5 | |||||||||||||||||||||
Dividends declared | $ | $ 0 | $ 0 | |||||||||||||||||||||
Preferred stock, voting rights | The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock. | The holders of the shares of Series C convertible preferred stock have voting rights equal to an equivalent number of shares of common stock into which it is convertible and vote together as one class with the common stock. | |||||||||||||||||||||
Stock issued during period | 8,000 | ||||||||||||||||||||||
Series C Preferred Stock | Subsequent Event | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 27,557 | ||||||||||||||||||||||
Conversion ratio | 4.2736 | 3.8274 | |||||||||||||||||||||
Series C Preferred Stock | FRV | Minimum | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preferred stock, shares outstanding | 71,000 | ||||||||||||||||||||||
Series C Preferred Stock | Common Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Number of preferred stock converted | 230,086 | ||||||||||||||||||||||
Convertible Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Stock issued during period | 0 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Summary of Issued Shares of Common Stock (Details) - shares | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Jun. 17, 2022 | Jul. 31, 2022 | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Class of Stock [Line Items] | ||||||
Stock issued during period | 5,025,917 | |||||
Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 8,000 | |||||
Stock issued upon conversion | 50,676 | 60,037 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 5,025,917 | 0 | ||||
Stock issued upon conversion | 1,603,338 | 703,290 | 193,958 | 230,086 | 703,290 | |
Common Stock | $1.5M Secured Convertible Promissory Notes | ||||||
Class of Stock [Line Items] | ||||||
Stock issued upon conversion | 909,071 | |||||
Common Stock | Bridge Convertible Notes | ||||||
Class of Stock [Line Items] | ||||||
Stock issued upon conversion | 1,544,114 | |||||
Common Stock | Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Stock issued upon conversion | 703,290 | |||||
Common Stock | Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Stock issued upon conversion | 230,086 | |||||
Common Stock | IPO | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period | 1,500,000 | 1,500,000 | ||||
Pre-Funded Warrants | ||||||
Class of Stock [Line Items] | ||||||
Stock issued upon conversion | 139,356 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Summary of Common Stock Share Transactions (Details) - shares | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Equity [Abstract] | ||
Balance | 3,323,942 | 3,313,841 |
Issued in Fiscal 2023 | 5,025,917 | |
Balance | 8,349,859 | 3,323,942 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Summary of Warrant Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Class of Warrant or Right [Line Items] | |||
Warrants Outstanding and Exercisable, Beginning Balance | 851,860 | 667,740 | 662,361 |
Warrants Outstanding and Exercisable, Issued | 3,652,826 | 806,201 | 13,992 |
Warrants Outstanding and Exercisable, Exercised | (139,356) | ||
Warrants Outstanding and Exercisable, Cancelled | (1,365,960) | (909) | |
Warrants Outstanding And Exercisable, Expired | (621,172) | (8,613) | |
Warrants Outstanding and Exercisable, Ending Balance | 3,589,911 | 851,860 | 667,740 |
Exercise Price Per Share, Issued | $ 7.45 | $ 8.25 | |
Exercise Price Per Share, Exercised | $ 0.0001 | ||
Exercise Price Per Share, Cancelled | 5.16 | 8.25 | |
Exercise Price Per Share, Expired | 12.21 | ||
Weighted Average Strike Price Per Share, Beginning Balance | 9 | 18.26 | 18.39 |
Weighted Average Strike Price Per Share, Issued | 4.09 | 9 | 8.25 |
Weighted Average Strike Price Per Share, Exercised | 0.0001 | ||
Weighted Average Strike Price Per Share, Cancelled | 5.16 | 8.25 | |
Weighted Average Strike Price Per Share, Expired | 18.96 | 12.21 | |
Weighted Average Strike Price Per Share, Ending Balance | $ 4.32 | $ 9 | 18.26 |
Previously Reported | |||
Class of Warrant or Right [Line Items] | |||
Warrants Outstanding and Exercisable, Beginning Balance | 1,442,401 | ||
Warrants Outstanding and Exercisable, Ending Balance | 1,442,401 | ||
Weighted Average Strike Price Per Share, Beginning Balance | $ 9 | ||
Weighted Average Strike Price Per Share, Ending Balance | $ 9 | ||
Minimum | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price Per Share, Beginning Balance | 3.47 | 3.47 | 3.47 |
Exercise Price Per Share, Issued | 0.0001 | ||
Exercise Price Per Share, Expired | 9.9 | ||
Exercise Price Per Share, Ending Balance | 0.0001 | 3.47 | 3.47 |
Minimum | Previously Reported | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price Per Share, Beginning Balance | 3.47 | ||
Exercise Price Per Share, Ending Balance | 3.47 | ||
Maximum | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price Per Share, Beginning Balance | 15.18 | 49.5 | 49.5 |
Exercise Price Per Share, Issued | 4.25 | ||
Exercise Price Per Share, Expired | 49.5 | ||
Exercise Price Per Share, Ending Balance | 15.18 | 15.18 | $ 49.5 |
Maximum | Previously Reported | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price Per Share, Beginning Balance | $ 15.18 | ||
Exercise Price Per Share, Ending Balance | $ 15.18 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) - Summary of significant inputs to the Black-Scholes Option Pricing Model for the fair value of the Warrants (Details) | Apr. 30, 2022 | Apr. 30, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected life in years | 5 years | 5 years |
Risk free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 1.6 | 2 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 55 | 66.2 |
Stock-based Compensatin - Addit
Stock-based Compensatin - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 16, 2023 | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Contractual term | 10 years | 10 years | ||
Service-based Stock Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 3,600 | |||
Share-based compensation arrangement by share-based payment award, options, grants in period | 9,848 | 3,030 | ||
Non-vested stock options unrecognized compensation costs | $ 11,700 | $ 1,800 | ||
Performance-based Stock Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 1,699,000 | |||
Share-based compensation arrangement by share-based payment award, options, grants in period | 159,621 | 145,758 | ||
Non-vested stock options unrecognized compensation costs | $ 1,845,000 | $ 1,569,000 | ||
Service-based stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period | 9,848 | 3,030 | ||
Performance-based stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period | 159,621 | 145,758 | ||
Executive Directors and Employees | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period | 3 years | 3 years | ||
Directors | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Vesting period | 12 months | 12 months | ||
Directors | 2023 Equity Incentive Plan | Subsequent Event | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Aggregate number of shares issued | 2,500,000 | |||
Share-based payment award, number of shares issued | 0 | |||
Number of shares converted to common stock outstanding | 25% | |||
Number of shares common stock available for issuance | 832,195 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2020 | |
Service-based Stock Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning Balance, Number of options outstanding | 254,215 | 251,867 | 248,837 | |
Options granted, Number of options outstanding | 9,848 | 3,030 | ||
Options forfeited, Number of options outstanding | (2,273) | (7,500) | ||
Ending Balance, Number of options outstanding | 251,942 | 254,215 | 251,867 | 248,837 |
Non-vested, Number of options outstanding | 3,851 | 10,126 | ||
Vested, Number of options outstanding | 248,091 | 244,089 | ||
Weighted average exercise price | ||||
Beginning Balance, Weighted average exercise price | $ 11.79 | $ 12.3 | $ 12.44 | |
Options granted, Weighted average exercise price | 2.93 | 1.16 | ||
Options forfeited, Weighted average exercise price | 1.16 | 15.18 | ||
Ending Balance, Weighted average exercise price | 11.89 | 11.79 | $ 12.3 | $ 12.44 |
Nonvested, Weighted average exercise price | 3.31 | 2.89 | ||
Vested, Weighted average exercise price | $ 12.02 | $ 12.16 | ||
Average remaining contractual life (in years) | ||||
Outstanding, Average remaining contractual life (in years) | 3 years 10 months 24 days | 4 years 7 months 6 days | 5 years 6 months | 6 years 6 months |
Outstanding granted, Average remaining contractual life (in years) | 9 years 9 months 18 days | 9 years 6 months | ||
Non-vested, Average remaining contractual life (in years) | 8 years 10 months 24 days | 9 years 6 months | ||
Vested, Average remaining contractual life (in years) | 3 years 9 months 18 days | 4 years 4 months 24 days | ||
Performance-based Stock Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning Balance, Number of options outstanding | 581,768 | 427,071 | 285,101 | |
Options granted, Number of options outstanding | 159,621 | 145,758 | ||
Options forfeited, Number of options outstanding | (1,515) | (4,924) | (3,788) | |
Ending Balance, Number of options outstanding | 580,253 | 581,768 | 427,071 | 285,101 |
Non-vested, Number of options outstanding | 432,665 | 497,626 | ||
Vested, Number of options outstanding | 147,588 | 84,142 | ||
Weighted average exercise price | ||||
Beginning Balance, Weighted average exercise price | $ 5.16 | $ 5.81 | $ 8.2 | |
Options granted, Weighted average exercise price | 3.47 | 1.16 | ||
Options forfeited, Weighted average exercise price | 3.47 | 6.63 | 6.25 | |
Ending Balance, Weighted average exercise price | 5.16 | 5.16 | $ 5.81 | $ 8.2 |
Nonvested, Weighted average exercise price | 5.57 | 5.3 | ||
Vested, Weighted average exercise price | $ 3.97 | $ 4.34 | ||
Average remaining contractual life (in years) | ||||
Outstanding, Average remaining contractual life (in years) | 7 years 1 month 6 days | 7 years 9 months 18 days | 8 years 1 month 6 days | 8 years 2 months 12 days |
Outstanding granted, Average remaining contractual life (in years) | 9 years 6 months | |||
Outstanding forfeited, Average remaining contractual life (in years) | 9 years 9 months 18 days | |||
Non-vested, Average remaining contractual life (in years) | 7 years 1 month 6 days | 8 years 1 month 6 days | ||
Vested, Average remaining contractual life (in years) | 7 years 1 month 6 days | 6 years 7 months 6 days |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Option Using The Black-Scholes Option-Pricing Model On Grant Date (Details) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Service-based stock options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk free interest rate | 1.72% | 1.08% |
Volatility | 55% | |
Dividend yield | 0% | 0% |
Weighted average expected term (in years) | 4 years 7 months 6 days | 9 years 6 months |
Service-based stock options | Minimum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 53% | |
Service-based stock options | Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 66.20% | |
Performance-based stock options | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk free interest rate | 1.72% | 1.08% |
Volatility | 55% | |
Dividend yield | 0% | 0% |
Weighted average expected term (in years) | 7 years 9 months 18 days | 8 years 1 month 6 days |
Performance-based stock options | Minimum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 53% | |
Performance-based stock options | Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 66.20% |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 68,396 | $ 24,675 |
Research and Development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | 4,232 | 15,229 |
Selling, General and Administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation | $ 64,163 | $ 9,446 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Portions of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Deferred tax assets (liabilities): | |||
Net operating loss carryforwards | $ 9,447,212 | $ 8,387,881 | $ 7,215,961 |
Start-up costs | 960,269 | 1,036,080 | 1,137,161 |
Stock option and warrant payments | 441,977 | 423,624 | 396,631 |
Accumulated depreciation | (2,839) | (2,668) | (2,440) |
Research and development credits | 255,600 | 255,600 | 255,600 |
Research and development warrants | 21,488 | 21,488 | 21,488 |
Total deferred tax assets, net | 11,123,707 | 10,122,005 | 9,024,401 |
Valuation Allowance | (11,123,707) | (10,122,005) | (9,024,401) |
Net Deferred Tax Assets | $ 0 | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - Federal Income Tax - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Cumulative net operating loss | $ 45 | $ 39 | $ 34 |
Net operating loss carry-forward expiration year | 2028 | 2028 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | |
Lessee Disclosure [Abstract] | ||||||
Rent expense | $ 45,099 | $ 49,422 | $ 130,663 | $ 139,151 | $ 179,364 | $ 173,405 |
Operating lease incremental borrowing rate | 12% | 12% | 12% |
Leases - Schedule of Informatio
Leases - Schedule of Information Related to Right-of-Use Assets and Lease Liabilities (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Lessee, Lease, Description [Line Items] | |||
Right-of-use assets | $ 549,227 | $ 88,535 | $ 194,660 |
Lease liabilities, current | 0 | 90,968 | 107,632 |
Lease liabilities, net of current portion | 549,227 | 0 | 90,967 |
Total lease liabilities | $ 549,227 | $ 90,968 | $ 198,599 |
Weighted average remaining term (in years) | 5 years 3 months 18 days | 9 months 18 days | 1 year 9 months 18 days |
Weighted average discount rate | 12% | 12% | 12% |
Leases - Schedule of Future Mat
Leases - Schedule of Future Maturities of Lease Liabilities (Details) - USD ($) | Jan. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 |
Lessee Disclosure [Abstract] | ||||
2022 | $ 98,053 | $ 125,697 | ||
2023 | 161,164 | $ 95,576 | 95,576 | |
Total lease payments | 549,227 | 221,273 | ||
Less imputed interest | $ (232,539) | (4,608) | (22,674) | |
Total operating lease liabilities | $ 549,227 | $ 90,968 | $ 198,599 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Information Related to Right-of-Use Assets and Lease Liabilities (Details) - USD ($) | Jan. 31, 2023 | Apr. 30, 2022 | Apr. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
Right-of-use assets | $ 549,227 | $ 88,535 | $ 194,660 |
Lease liabilities, net of current portion | 549,227 | 0 | 90,967 |
Total lease liabilities | $ 549,227 | $ 90,968 | $ 198,599 |
Weighted average remaining term (in years) | 5 years 3 months 18 days | 9 months 18 days | 1 year 9 months 18 days |
Weighted average discount rate | 12% | 12% | 12% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Maturities of Lease Liabilities (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
April 30, 2024 | $ 98,053 | $ 125,697 | |
April 30, 2025 | 161,164 | $ 95,576 | 95,576 |
April 30, 2026 | 165,190 | ||
April 30, 2027 | 169,307 | ||
Thereafter | 188,052 | ||
Less imputed interest | (232,539) | $ (4,608) | (22,674) |
Total operating lease liabilities | $ 549,227 | $ 221,273 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jan. 31, 2023 USD ($) $ / shares | Jan. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) $ / shares | Jan. 31, 2022 USD ($) | Apr. 30, 2022 USD ($) $ / shares | Apr. 30, 2021 USD ($) $ / shares | Apr. 30, 2013 USD ($) $ / shares | Jun. 03, 2022 $ / shares | |
Loss Contingencies [Line Items] | ||||||||
Lessee, operating lease, option to extend | On September 27, 2022, the Company entered into the First Amendment to Lease (the “Lease Amendment”), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months, commencing February 1, 2023, and expiring on May 31, 2028 (the “Extension Term”). Pursuant to the amendment, the Company will pay initial monthly payments of $13,129, beginning February 2023, subject to 3% annual increases. The Company will receive a four-month rent concession at the start of the lease extension period on February 1, 2023. The lease also provides for allowances for tenant improvements which may be credited to rent within the first twelve-months of the Extension Term. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $549,227. The right-of-use asset and liability recognized equals the present value of the remaining payments due under the amended lease. | |||||||
Operating lease percentage of annual increase | 3% | |||||||
Operating lease commencing date | Feb. 01, 2023 | |||||||
Operating lease expiring date | May 31, 2028 | |||||||
Operating lease option to extend additional lease term | 64 months | |||||||
Initial monthly payments | $ 13,129 | |||||||
Additional operating lease liabilities | $ 549,227 | 549,227 | ||||||
Rent expense | $ 45,099 | $ 49,422 | $ 130,663 | $ 139,151 | $ 179,364 | $ 173,405 | ||
Operating lease incremental borrowing rate | 12% | 12% | 12% | |||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Notes payable | $ 1,130,000 | $ 1,130,000 | $ 6,071,807 | $ 2,880,200 | ||||
Selling, general, and administrative expenses | $ 667,235 | $ 403,158 | $ 2,590,227 | $ 1,089,301 | 1,714,350 | 874,620 | ||
Royalty Agreements | ||||||||
Loss Contingencies [Line Items] | ||||||||
Royalty not paid balance amount | $ 3,500,000 | |||||||
Royalties total amount | $ 3,500,000 | |||||||
Common stock, par value | $ / shares | $ 68.75 | |||||||
Receipt of bona fide offer valuing common stock | $ 68.75 | |||||||
Aggregate payment of royalties | 3,000,000 | |||||||
Minimum payments | $ 20,000 | $ 20,000 | ||||||
Percentage of annual increase in long term purchase commitment | 3% | 3% | ||||||
Selling, general, and administrative expenses | $ 500 | $ 1,500 | ||||||
Royalty Agreements | Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Sales rate of product | 50 | |||||||
Royalty Agreements | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Sales rate of product | 35 | |||||||
Royalty Agreements | Secured Convertible Promissory Notes | ||||||||
Loss Contingencies [Line Items] | ||||||||
Notes payable | 1,500,000 | |||||||
Royalty Agreements | Loan and Security Agreement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Notes payable | 1,000,000 | |||||||
Royalty Agreements | MyoVista Devices | ||||||||
Loss Contingencies [Line Items] | ||||||||
Royalty payment upon paid for each device amount | 200 | |||||||
Royalty Agreements | 2,400 MyoVista Devices | ||||||||
Loss Contingencies [Line Items] | ||||||||
Royalty payment upon paid for each device amount | $ 500 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - Kyngstone Limited - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | |
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses | $ 0 | $ 25,000 | $ 0 | $ 75,000 | $ 87,500 | $ 100,000 |
Due to related parties | $ 88,846 | $ 88,444 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 10, 2023 | Mar. 16, 2023 | Jan. 31, 2023 | Apr. 30, 2021 | |
Subsequent Events [Line Items] | ||||
Stock issued during period | 5,025,917 | |||
Proceeds from common stock | $ 5,194,740 | |||
Common Stock | ||||
Subsequent Events [Line Items] | ||||
Stock issued during period | 5,025,917 | 0 | ||
Subsequent Event | Purchase Agreement And Registration Rights Agreement | ||||
Subsequent Events [Line Items] | ||||
Term of purchases agreement | 36 months | 36 months | ||
Subsequent Event | Purchase Agreement And Registration Rights Agreement | Common Stock | ||||
Subsequent Events [Line Items] | ||||
Stock issued during period | 100,000 | |||
Additional shares issued | 62,500 | |||
Proceeds from common stock | $ 2,000,000 | |||
Subsequent Event | Maximum | Purchase Agreement And Registration Rights Agreement | Common Stock | ||||
Subsequent Events [Line Items] | ||||
Purchase price of common stock | $ 15,000,000 |