Red Cat (RCAT) 10-Q 7 Mar 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2023	Mar. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--04-30
Entity File Number	000-31587
Entity Registrant Name	Red Cat Holdings, Inc.
Entity Central Index Key	0000748268
Entity Tax Identification Number	86-0490034
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	15 Ave. Munoz Rivera
Entity Address, Address Line Two	Ste 2200
Entity Address, City or Town	San Juan
Entity Address, Country	PR
Entity Address, Postal Zip Code	00901
City Area Code	833
Local Phone Number	373-3228
Title of 12(b) Security	Common Stock
Trading Symbol	RCAT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,453,397

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Current assets
Cash	$ 3,893,162	$ 4,084,815
Marketable securities	20,730,033	44,790,369
Accounts receivable, net	2,063,872	495,506
Inventory	9,294,253	3,895,870
Other	4,546,553	2,354,884
Due from related party		31,853
Total current assets	40,527,873	55,653,297
Goodwill	19,839,750	25,138,750
Intangible assets, net	7,560,374	2,698,531
Property and equipment, net	2,077,824	511,690
Other	307,033	57,033
Operating lease right-of-use assets	779,734	1,019,324
Total long term assets	30,564,715	29,425,328
TOTAL ASSETS	71,092,588	85,078,625
Current liabilities
Accounts payable	2,444,962	1,018,747
Accrued expenses	392,457	1,084,494
Debt obligations - short term	908,746	956,897
Due to related party		40,057
Customer deposits	219,148	437,930
Operating lease liabilities	318,805	293,799
Warrant derivative liability	856,100	1,607,497
Total current liabilities	5,140,218	5,439,421
Operating lease liabilities	509,468	749,825
Debt obligations - long term	549,935	973,707
Total long term liabilities	1,059,403	1,723,532
Stockholders' equity
Series B preferred stock - shares authorized 4,300,000; outstanding 986,676 and 986,676	9,867	9,867
Common stock - shares authorized 500,000,000; outstanding 54,385,461 and 53,748,735	54,385	53,749
Additional paid-in capital	109,191,895	106,821,384
Accumulated deficit	(43,221,134)	(27,499,056)
Accumulated other comprehensive income	(1,142,046)	(1,470,272)
Total stockholders' equity	64,892,967	77,915,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 71,092,588	$ 85,078,625

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Jan. 31, 2023	Apr. 30, 2022
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Outstanding	54,385,461	53,748,735
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized		4,300,000
Preferred Stock, Shares Outstanding	986,676	986,676

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Revenues	$ 3,106,644	$ 1,856,751	$ 7,706,377	$ 5,116,741
Cost of goods sold	3,004,032	1,516,970	7,012,483	4,521,974
Gross Margin	102,612	339,781	693,894	594,767
Operating Expenses
Operations	815,170	334,278	3,616,129	794,390
Research and development	1,302,008	811,288	3,189,692	1,548,983
Sales and marketing	1,208,037	238,624	2,542,037	524,642
General and administrative	1,514,504	1,337,183	4,551,706	3,264,071
Stock based compensation	788,691	782,123	2,790,958	2,066,146
Total operating expenses	5,628,410	3,503,496	16,690,522	8,198,232
Operating loss	(5,525,798)	(3,163,715)	(15,996,628)	(7,603,465)
Other Expense (Income)
Change in fair value of derivative liability	(157,575)	(1,026,466)	(751,397)	(1,299,527)
Investment income, net	(23,131)	(151,165)	(257,244)	(251,708)
Interest expense	28,667	46,596	96,839	109,712
Other, net	292,243	532,137	637,252	701,248
Other Expense (Income)	140,204	(598,898)	(274,550)	(740,275)
Net loss	$ (5,666,002)	$ (2,564,817)	$ (15,722,078)	$ (6,863,190)
Loss per share - basic and diluted	$ (0.10)	$ (0.05)	$ (0.29)	$ (0.15)
Weighted average shares outstanding - basic and diluted	54,294,116	53,592,927	54,050,127	46,604,898

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Series A Preferred Stock 1 [Member]	Series B Preferred Stock 1 [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Apr. 30, 2021	$ 1,587	$ 19,687	$ 29,431	$ 21,025,518	$ (15,809,928)		$ 5,266,295
Shares, Outstanding, Beginning Balance at Apr. 30, 2021	158,704	1,968,676	29,431,264
Stock based compensation			$ 260	1,269,667			1,269,927
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)			(259,176)
Currency translation adjustments						2,158	2,158
Net loss					(6,863,190)		(6,863,190)
Vesting of restricted stock units				384,023			384,023
Acquisition of Skypersonic			$ 707	2,715,305			2,716,012
[custom:StockIssuedDuringPeriodSharesAcquisitions1]			707,293
Acquisition of Teal Drones			$ 3,588	10,007,691			10,011,279
[custom:StockIssuedDuringPeriodSharesAcquisitions2]			3,588,272
Public offerings, net of $5,959,800 of issuance costs			$ 17,333	70,022,871			70,040,204
Stock Issued During Period, Shares, New Issues			17,333,334
Exercise of warrants			$ 67	263,073			263,140
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised			66,666
Conversion of preferred stock	$ (1,587)	$ (9,820)	$ 2,140	9,267
Stock Issued During Period, Shares, Conversion of Convertible Securities	(158,704)	(982,000)	(2,140,299)
Stock Issued During Period, Shares, Conversion of Convertible Securities	158,704	982,000	2,140,299
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)			259,176
Shares issued for services			$ 112	250,288			250,400
Stock Issued During Period, Shares, Issued for Services			111,667
Ending balance, value at Jan. 31, 2022		$ 9,867	$ 53,638	105,947,703	(22,673,118)	2,158	83,340,248
Shares, Outstanding, Ending Balance at Jan. 31, 2022		986,676	53,637,971
Beginning balance, value at Apr. 30, 2021	$ 1,587	$ 19,687	$ 29,431	21,025,518	(15,809,928)		5,266,295
Shares, Outstanding, Beginning Balance at Apr. 30, 2021	158,704	1,968,676	29,431,264
[custom:StockIssuedDuringPeriodSharesAcquisitions1]			707,293
[custom:StockIssuedDuringPeriodSharesAcquisitions2]			3,588,272
Stock Issued During Period, Shares, New Issues			17,333,334
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised			66,666
Stock Issued During Period, Shares, Issued for Services			111,667
Ending balance, value at Apr. 30, 2022		$ 9,867	$ 53,749	106,821,384	(27,499,056)	(1,470,272)	77,915,672
Shares, Outstanding, Ending Balance at Apr. 30, 2022		986,676	53,748,735
Beginning balance, value at Oct. 31, 2021		$ 9,867	$ 53,685	105,577,729	(20,108,301)	1,591	85,534,571
Shares, Outstanding, Beginning Balance at Oct. 31, 2021		986,676	53,684,910
Stock based compensation			$ (47)	369,974			369,927
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)			(46,939)
Currency translation adjustments						567	567
Net loss					(2,564,817)		(2,564,817)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease)			46,939
Ending balance, value at Jan. 31, 2022		$ 9,867	$ 53,638	105,947,703	(22,673,118)	2,158	83,340,248
Shares, Outstanding, Ending Balance at Jan. 31, 2022		986,676	53,637,971
Beginning balance, value at Apr. 30, 2022		$ 9,867	$ 53,749	106,821,384	(27,499,056)	(1,470,272)	77,915,672
Shares, Outstanding, Beginning Balance at Apr. 30, 2022		986,676	53,748,735
Stock based compensation				2,790,958			2,790,958
Currency translation adjustments						220	220
Net loss					(15,722,078)		(15,722,078)
Vesting of restricted stock units			$ 636	(420,447)			(419,811)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares			636,726
Unrealized gain on marketable securities						328,006	328,006
Ending balance, value at Jan. 31, 2023		$ 9,867	$ 54,385	109,191,895	(43,221,134)	(1,142,046)	64,892,967
Shares, Outstanding, Ending Balance at Jan. 31, 2023		986,676	54,385,461
Beginning balance, value at Oct. 31, 2022		$ 9,867	$ 54,229	108,406,712	(37,555,132)	(1,688,405)	69,227,271
Shares, Outstanding, Beginning Balance at Oct. 31, 2022		986,676	54,229,539
Stock based compensation				788,691			788,691
Currency translation adjustments						1,124	1,124
Net loss					(5,666,002)		(5,666,002)
Vesting of restricted stock units			$ 156	(3,508)			(3,352)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares			155,922
Unrealized gain on marketable securities						545,235	545,235
Ending balance, value at Jan. 31, 2023		$ 9,867	$ 54,385	$ 109,191,895	$ (43,221,134)	$ (1,142,046)	$ 64,892,967
Shares, Outstanding, Ending Balance at Jan. 31, 2023		986,676	54,385,461

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Jul. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Payments of Stock Issuance Costs	$ 5,959,800

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Cash Flows from Operating Activities
Net loss	$ (15,722,078)	$ (6,863,190)
Stock based compensation - options	1,308,768	974,019
Stock based compensation - restricted units	1,482,190	1,092,127
Common stock issued for services		250,400
Amortization of intangible assets	437,157	48,978
Realized loss from sale of marketable securities	106,225
Depreciation	169,748	17,888
Change in fair value of derivative	(751,397)	(1,299,527)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(1,568,366)	(470,765)
Inventory	(5,398,383)	(673,297)
Other	(2,191,669)	(3,492,145)
Operating lease right-of-use assets and liabilities	24,239	10,696
Customer deposits	(218,782)	227,532
Accounts payable	1,426,215	(1,673,545)
Accrued expenses	(498,725)	(188,286)
Net cash used in operating activities	(21,394,858)	(12,039,115)
Cash Flows from Investing Activities
Cash acquired through acquisitions		24,866
Purchases of property and equipment	(1,735,882)	(92,581)
Proceeds from maturities of marketable securities	24,282,117	6,250,322
Purchases of marketable securities		(54,696,624)
Investment in SAFE agreement	(250,000)
Net cash provided by (used in) investing activities	22,296,235	(48,514,017)
Cash Flows from Financing Activities
Proceeds from exercise of warrants		99,999
Proceeds from related party obligations	13,404
Payments under related party obligations	(40,057)	(1,969,193)
Payments under debt obligations	(471,923)	(694,738)
Payments of taxes related to equity transactions	(594,454)	(113,959)
Proceeds from issuance of common stock, net		70,065,203
Net cash (used in) provided by financing activities	(1,093,030)	67,387,312
Net (decrease) increase in Cash	(191,653)	6,834,180
Cash, beginning of period	4,084,815	277,347
Cash, end of period	3,893,162	7,111,527
Cash paid for interest	97,005	27,563
Cash paid for income taxes
Non-cash transactions
Fair value of shares issued in acquisitions		12,727,292
Taxes related to net share settlement of equity awards	11,682	522,628
Unrealized gain on marketable securities	328,006
Elimination of derivative liability		163,141
Financed purchases of property and equipment		144,383
Indirect payment to related party		132,200
Shares withheld as payment of note receivable	18,449	5,100
Conversion of preferred stock into common stock		$ 11,407

Note 1 _ The Business

Note 1 – The Business	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Note 1 – The Business	Note 1 – The Business Red Cat Holdings (“Red Cat” or the “Company”) was originally incorporated in February 1984. Since April 2016, the Company’s primary business has been to provide products, services and solutions to the drone industry which it presently does through its four wholly owned subsidiaries. Teal Drones is a leader in commercial and government Unmanned Aerial Vehicles (UAV) technology. Fat Shark is a provider of First Person View (FPV) video goggles to the drone industry. Rotor Riot sells FPV drones and equipment to the consumer marketplace through its digital storefront located at www.rotorriot.com. Skypersonic provides software and hardware solutions that enable drones to complete inspection services in locations where GPS (global positioning systems) is not available, yet still record and transmit data even while being operated from thousands of miles away. Corporate developments since May 1, 2021 include: A. Fat Shark Acquisition On September 30, 2020, the Company entered into a share purchase agreement (“Share Purchase Agreement”) with Greg French (“French”), the founder and sole shareholder of Fat Shark Holdings (“Fat Shark”), to acquire all of the issued and outstanding shares of Fat Shark and its subsidiaries. The transaction closed on November 2, 2020 and was valued at $ 8,354,076 5,227,273 6,351,076 1,753,000 250,000 A summary of the purchase price and its related allocation was as follows: Shares issued $ 6,351,076 Promissory note issued 1,753,000 Cash 250,000 Total Purchase Price $ 8,354,076 Assets acquired Cash 201,632 Accounts receivable 249,159 Other assets 384,232 Inventory 223,380 Brand name 1,144,000 Proprietary technology 272,000 Non-compete agreement 16,000 Total assets acquired 2,490,403 Liabilities assumed Accounts payable and accrued expenses 279,393 Customer deposits 25,194 Total liabilities assumed 304,587 Total fair value of net assets acquired 2,185,816 Goodwill $ 6,168,260 Intangible assets included proprietary technology and a non-compete agreement which are being amortized over 5 and 3 years, respectively. The carrying value of brand name is not being amortized but is reviewed quarterly and formally evaluated at year end. The excess of the purchase price above the net assets acquired was recorded as goodwill which is reviewed quarterly and formally evaluated at year end. B. Skypersonic Acquisition In May 2021, the Company acquired all of the outstanding stock of Skypersonic, Inc. (“Skypersonic”) in exchange for $3,000,000 of our common stock. The number of shares issuable was based on the volume weighted average price ("VWAP") of our common stock for the 20 trading days ending May 7, 2021. Based on a VWAP of $4.0154, the Company issued 747,124 110,000 857,124 3,291,356 3.84 75,000 601,622 149,829 The final summary of the purchase price and its related allocation is as follows: Shares issued $ 2,716,012 Cash 75,000 Total Purchase Price $ 2,791,012 Assets acquired Cash 13,502 Accounts receivable 51,083 Other assets 12,950 Inventory 50,556 Proprietary technology 826,000 Non-compete agreement 65,000 Total assets acquired 1,019,091 Liabilities assumed Accounts payable and accrued expenses 1,054,997 Total liabilities assumed 1,054,997 Total fair value of net assets acquired (35,906 ) Goodwill $ 2,826,918 Intangible assets included proprietary technology and a non-compete agreement which are being amortized over 5 and 3 years, respectively. The excess of the purchase price above the net assets acquired was recorded as goodwill which is reviewed quarterly and formally evaluated at year end. C. Teal Drones Acquisition On August 31, 2021, the Company closed the acquisition of Teal Drones Inc., (“Teal”). Under the terms of the agreement, the base purchase price of $ 14,000,000 1,670,294 1,456,953 10,872,753 3,738,911 10,431,562 2.79 438,058 150,639 The final summary of the purchase price and its related allocation is as follows: Total Purchase Price – shares issued $ 10,011,279 Assets acquired Cash 11,364 Accounts receivable 47,964 Other current assets 15,085 Other assets 48,595 Inventory 1,253,755 Brand name 1,430,000 Proprietary technology 3,869,000 Total assets acquired 6,675,763 Liabilities assumed Accounts payable and accrued expenses 1,143,899 Customer deposits 1,766,993 Notes payable 2,749,091 Total liabilities assumed 5,659,983 Total fair value of net assets acquired 1,015,780 Goodwill $ 8,995,499 Intangible assets included proprietary technology which is being amortized over 6 years. The carrying value of brand name is not being amortized but is reviewed quarterly and formally evaluated at year end. The excess of the purchase price above the net assets acquired was recorded as goodwill which is reviewed quarterly and formally evaluated at year end. Supplemental Unaudited Pro Forma Financial and Other Information There is no pro forma financial information for the nine months ended January 31, 2023 because all acquisitions had closed prior to the beginning of the reporting period. The following table presents pro forma results as if our acquisition of Teal had occurred on May 1, 2021: Nine months ended January 31, 2022 Red Cat Teal Consolidated Revenues $ 5,116,741 $ 416,063 $ 5,532,804 Net Loss (6,863,190 ) (1,467,770 ) (8,330,960 ) The acquisition of Skypersonic was completed on May 7, 2021 and its activities during the period from May 1, 2021 to May 7, 2021 were immaterial to the consolidated pro forma results. The unaudited pro forma financial information has been compiled in a manner consistent with the Company's accounting policies, and includes transaction costs, amortization of the acquired intangible assets, and other expenses directly related to each respective acquisition. The unaudited pro forma financial information is based on estimates and assumptions which the Company believes are reasonable and are not necessarily indicative of the results that would have been realized had the acquisitions closed on the dates indicated in the tables, nor are they indicative of results of operations that may occur in the future. Other information related to the Company’s acquisitions include: • The purchase price allocation has been finalized for each acquisition based on the report from the valuation services firm engaged to assist in the identification and valuation of intangible assets acquired. • The fair value of shares issued by the Company as part of the consideration paid is normally based on the volume weighted average price of the Company’s common stock for the twenty days prior to the closing of the transaction. For accounting purposes, the shares issued are valued based on the closing stock price on the date that the transaction closes. • Goodwill for Rotor Riot relates to its strong social media presence including more than 200,000 YouTube subscribers. Goodwill for Fat Shark is attributable to its relationship with manufacturing sources in China and the potential to integrate its goggle technologies with the Teal drone. Goodwill for Skypersonic relates to the future customers expected to leverage its “Fly Anywhere” technologies in a wide range of commercial environments. Goodwill for Teal is ascribed to its existing relationship with several U.S. government agencies including its classification as an approved vendor. • The Company expects that the Goodwill recognized in each transaction will be deductible for tax purposes. The Company has reported net losses since its inception and is presently unable to determine when and if the tax benefit of this deduction will be realized.

Note 2 _ Summary of Significant

Note 2 – Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Note 2 – Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting Principles of Consolidation Use of Estimates Cash and Cash Equivalents Marketable Securities We have elected to present accrued interest income separately from marketable securities on our consolidated balance sheets. Accrued interest income was $233,471 and $385,730 as of January 31, 2023 and April 30, 2022, respectively, and was included in other current assets. We did not write off any accrued interest income during the nine months ended January 31, 2023 and 2022. Accounts Receivable, net Inventories Goodwill We perform an impairment test at the end of each fiscal year, or more frequently if indications of impairment arise. We have two business segments and evaluate goodwill for impairment based on an evaluation of the fair value of each business segment individually. Property and equipment Leases The Company determines if a contract is a lease or contains a lease at inception. Operating lease liabilities are measured, on each reporting date, based on the present value of the future minimum lease payments over the remaining lease term. The Company's leases do not provide an implicit rate. Therefore, the Company uses an effective discount rate of 12% based on its last debt financing. Operating lease assets are measured by adjusting the lease liability for lease incentives, initial direct costs incurred and asset impairments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with the operating lease asset reduced by the amount of the expense. Lease terms may include options to extend or terminate a lease when they are reasonably certain to occur. Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities, and Related Disclosures The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The guidance establishes three levels of the fair value hierarchy as follows: Level 1 Level 2 Level 3 Disclosures for Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis The Company's financial instruments mainly consist of cash, receivables, current assets, accounts payable, accrued expenses and debt. The carrying amounts of cash, receivables, current assets, accounts payable, accrued expenses and current debt approximates fair value due to the short-term nature of these instruments. Convertible Securities and Derivatives When the Company issues convertible debt or equity instruments that contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds from the convertible host instruments are first allocated to the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the convertible instruments themselves, resulting in those instruments being recorded at a discount from their face value but no lower than zero. Any excess amount is recognized as a derivative expense. Derivative Liabilities The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting. Embedded derivatives are valued separately from the host instrument and are recognized as liabilities on the Company's balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. In October 2020 and January 2021, the Company entered into convertible note agreements which included provisions under which the conversion price was equal to the lesser of an initial stated amount or the conversion price of a future offering. This variable conversion feature was recognized as a derivative. Both financings included the issuance of warrants which contained similar variable conversion features. The Company values these convertible notes and warrants using the multinomial lattice method that values the derivative liability based on a probability weighted discounted cash flow model. The resulting liability is valued at each reporting date and the change in the liability is reflected as change in derivative liability in the statement of operations. Revenue Recognition Research and Development Income Taxes Recent Accounting Pronouncements Foreign Currency Comprehensive Loss Stock-Based Compensation Basic and Diluted Net Loss per Share Outstanding securities not included in the computation of diluted net loss per share because their effect would have been anti-dilutive included the following: January 31, 2023 April 30, 2022 Series B Preferred Stock, as converted 822,230 822,230 Stock options 4,165,142 3,694,142 Warrants 1,539,999 1,539,999 Restricted stock 984,841 1,083,675 Total 7,512,212 7,140,046 Related Parties Segment Reporting Since January 2020, we have acquired four separate businesses operating in various aspects of the drone industry. Following the most recent acquisition, the Company focused on integrating and organizing its acquired businesses. These efforts included refining the establishment of Enterprise and Consumer segments to sharpen the Company’s focus on the unique opportunities in each sector of the drone industry. The Enterprise segment, which includes Teal Drones and Skypersonic, is focused on opportunities in the commercial sector, including military. Enterprise is building the infrastructure to manage drone fleets, fly and provide services remotely, and navigate confined industrial interior spaces and dangerous military environments. The Consumer segment, which includes Rotor Riot and Fat Shark, is focused on enthusiasts and hobbyists which are expected to increase as drones become more visible in our daily lives. Effective May 1, 2022, we began to manage our business operations through these business segments. The reportable segments were identified based on how our chief operating decision maker (“CODM”), which is a committee comprised of our Chief Executive Officer (“CEO”), Chief Operating Officer (“COO”) and our Chief Financial Officer (“CFO”), manages our business, makes resource allocation and operating decisions, and evaluates operating performance. See “Note 21 - Segment Reporting”.

Note 3 _ Marketable Securities

Note 3 – Marketable Securities	9 Months Ended
	Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Note 3 – Marketable Securities	Note 3 – Marketable Securities The following tables set forth information related to our marketable securities as of January 31, 2023: I. Cost, unrealized gains or losses, and fair values Cost Unrealized Gains (Losses) Fair Value Asset-backed securities $ 924,509 $ (14,218 ) $ 910,291 Corporate bonds 20,951,812 (1,132,070 ) 19,819,742 Total $ 21,876,321 $ (1,146,288 ) $ 20,730,033 II. Contractual Maturities One Year or Less One to Three Years Three to Five Years Total Asset-backed securities $ — $ 910,291 $ — $ 910,291 Corporate bonds 6,494,035 12,744,060 581,647 19,819,742 Total $ 6,494,035 $ 13,654,351 $ 581,647 $ 20,730,033 III. Fair Value Hierarchy Level 1 Level 2 Level 3 Total Asset-backed securities $ — $ 910,291 $ — $ 910,291 Corporate bonds — 19,819,742 — 19,819,742 Total $ — $ 20,730,033 $ — $ 20,730,033

Note 4 _ Inventories

Note 4 – Inventories	9 Months Ended
	Jan. 31, 2023
Inventory Disclosure [Abstract]
Note 4 – Inventories	Note 4 – Inventories Inventories consisted of the following: January 31, 2023 April 30, 2022 Raw materials $ 5,608,584 $ 2,831,713 Work-in-process 192,166 173,112 Finished goods 3,493,503 891,045 Total $ 9,294,253 $ 3,895,870 Inventory purchase orders outstanding totaled approximately $26 million. The global supply chain for materials required to produce our drones continues to experience significant disruptions and delays. While we have increased our order lead times and quantities, we retain the right to cancel or modify these orders prior to their shipment.

Note 5 _ Other Current Assets

Note 5 – Other Current Assets	9 Months Ended
	Jan. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Note 5 – Other Current Assets	Note 5 – Other Current Assets Other current assets included: January 31, 2023 April 30, 2022 Prepaid inventory $ 3,308,315 $ 1,707,085 Accrued interest income 233,471 385,730 Prepaid expenses 1,004,767 262,069 Total $ 4,546,553 $ 2,354,884

Note 6 _ Due From Related Party

Note 6 – Due From Related Party	9 Months Ended
	Jan. 31, 2023
Note 6 Due From Related Party
Note 6 – Due From Related Party	Note 6 – Due From Related Party In January 2022, the Company determined that an employee had relocated in 2021 but their compensation had not been subject to the income tax withholding required by the new jurisdiction. The amount subject to taxation included $ 155,624 1,413,332 510,323 104,166 280,832 110,983 20,833 3,000 712,646 510,323 31,604 170,719

Note 7 _ Intangible Assets

Note 7 – Intangible Assets	9 Months Ended
	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Note 7 – Intangible Assets	Note 7 – Intangible Assets Intangible assets relate to acquisitions completed by the Company, including those described in Note 1. Intangible assets were as follows: January 31, 2023 April 30, 2022 Gross Value Accumulated Amortization Net Value Gross Value Accumulated Amortization Net Value Proprietary technology $ 4,967,000 $ (631,997 ) $ 4,335,003 $ 1,098,000 $ (219,267 ) $ 878,733 Non-compete agreements 81,000 (49,916 ) 31,084 81,000 (29,667 ) 51,333 Customer relationships 39,000 (16,713 ) 22,287 39,000 (12,535 ) 26,465 Total finite-lived assets 5,087,000 (698,626 ) 4,388,374 1,218,000 (261,469 ) 956,531 Brand name 3,152,000 — 3,152,000 1,722,000 — 1,722,000 Trademark 20,000 — 20,000 20,000 — 20,000 Total indefinite-lived assets 3,172,000 — 3,172,000 1,742,000 — 1,742,000 Total intangible assets, net $ 8,259,000 $ (698,626 ) $ 7,560,374 $ 2,960,000 $ (261,469 ) $ 2,698,531 Proprietary technology and non-compete agreements are being amortized over five to six years and three years, respectively. Customer relationships is being amortized over seven years. Goodwill and Brand name are not amortized but evaluated for impairment on a quarterly basis. As of January 31, 2023, expected amortization expense for finite-lived intangible assets for the next five years is as follows: Fiscal Year Ended: 2023 $ 217,371 2024 866,805 2025 842,471 2026 815,271 2027 786,679 Thereafter 859,777 Total $ 4,388,374 Goodwill is a separately stated intangible asset and represents the excess of the purchase price of acquisitions above the net assets acquired. The composition of, and changes in goodwill, consist of: Date Acquisition Goodwill January 2020 Rotor Riot $ 1,849,073 November 2020 Fat Shark 6,168,260 Balance at April 30, 2021 8,017,333 May 2021 Skypersonic 2,826,918 August 2021 Teal Drones 8,995,499 Balance at April 30, 2022 and January 31, 2023 $ 19,839,750

Note 8 _ Property and Equipment

Note 8 – Property and Equipment	9 Months Ended
	Jan. 31, 2023
Property, Plant and Equipment [Abstract]
Note 8 – Property and Equipment	Note 8 – Property and Equipment Property and equipment consist of assets with an estimated useful life greater than one year and are reported net of accumulated depreciation. The reported values are periodically assessed for impairment, and were as follows: January 31, 2023 April 30, 2022 Equipment and related $ 1,195,675 $ 509,376 Leasehold improvements 1,207,357 149,330 Furniture and fixtures 54,254 42,746 Accumulated depreciation (379,462 ) (189,762 ) Net carrying value $ 2,077,824 $ 511,690 Depreciation expense totaled $ 169,748 17,888

Note 9 _ Other Long Term Assets

Note 9 – Other Long Term Assets	9 Months Ended
	Jan. 31, 2023
Note 9 Other Long Term Assets
Note 9 – Other Long Term Assets	Note 9 – Other Long Term Assets Other long term assets included: January 31, 2023 April 30, 2022 SAFE agreement $ 250,000 $ — Security deposits 57,033 57,033 Total $ 307,033 $ 57,033 In November 2022, the Company entered into a SAFE (Simple Agreement for Future Equity) agreement with Firestorm Labs, Inc. (“Firestorm”) under which it made a payment of $ 250,000 250,000

Note 10 _ Operating Leases

Note 10 – Operating Leases	9 Months Ended
	Jan. 31, 2023
Leases [Abstract]
Note 10 – Operating Leases	Note 10 – Operating Leases As of January 31, 2023, the Company had operating type leases for real estate and no finance type leases. The Company’s leases have remaining lease terms of up to 4.33 years, some of which may include options to extend for up to 5 years. Operating lease expense totaled $ 296,436 21,375 Leases on which the Company made rent payments during the reporting period included: Location Monthly Rent Expiration South Salt Lake, Utah $ 22,000 December 2024 Orlando, Florida $ 4,692 January 2025 San Juan, Puerto Rico $ 5,775 June 2027 Troy, Michigan $ 2,667 May 2022 Orlando, Florida $ 1,690 September 2022 Supplemental information related to operating leases for the nine months ended January 31, 2023 was: Operating cash paid to settle lease liabilities $ 271,568 Weighted average remaining lease term (in years) 2.62 Weighted average discount rate 12% Future lease payments at January 31, 2023 were as follows: Fiscal Year Ended: 2023 $ 99,662 2024 403,878 2025 304,676 2026 76,619 2027 79,300 Thereafter 6,627 Total $ 970,762

Note 11 _ Debt Obligations

Note 11 – Debt Obligations	9 Months Ended
	Jan. 31, 2023
Debt Disclosure [Abstract]
Note 11 – Debt Obligations	Note 11 – Debt Obligations A. Decathlon Capital On August 31, 2021, Teal entered into an Amended and Restated Loan and Security Agreement with Decathlon Alpha IV, L.P. (“DA4”) (the “Loan Agreement”) in the amount of $ 1,670,294 10 49,275 1,019,409 B. Pelion Note In May 2021, Teal entered into a note agreement totaling $ 350,000 0.13 767 C. Vendor Agreement In connection with the acquisition of Teal on August 31, 2021, the Company assumed an obligation with a contract manufacturing firm. The assumed balance of $ 387,500 37,500 and D. SBA Loan In February 2021, Teal received a Small Business Administration Paycheck Protection Program (“SBA PPP”) loan in the amount of $ 300,910 300,910 3,001 E. Shopify Capital Shopify Capital is an affiliate of Shopify, Inc. which provides sales software and services to the Company. The Company processes customer transactions ordered on the e-commerce site for Rotor Riot through Shopify. Shopify Capital has entered into multiple agreements with the Company in which it has "purchased receivables" at a discount. Shopify retains a portion of the Company's daily receipts until the purchased receivables have been paid. The Company recognizes the discount as a transaction fee, in full, in the month in which the agreement is executed. Agreements with activity during the two years ended January 31, 2023 included: Date of Transaction Purchased Receivables Payment to Company Transaction Fees Withholding Rate Fully Repaid In September 2020 $209,050 $185,000 $24,050 17 % May 2021 April 2021 $236,500 $215,000 $21,500 17 % January 2022 F. Corporate Equity Beginning in October 2021, and amended in January 2022, Teal financed a total of $ 120,000 8.25 3,595 75,890 102,599 G. Revenue Financing Arrangement In April 2021, Teal entered into an agreement under which it sold future customer payments, at a discount, to Forward Financing. At August 31, 2021, the Company assumed the outstanding balance of $ 38,758 H. Ascentium Capital In September 2021, Teal entered into a financing agreement with Ascentium Capital to fund the purchase of a fixed asset totaling $ 24,383 656 13,382 I. PayPal PayPal is an electronic commerce company that facilitates payments between parties through online funds transfers. The Company processes certain customer payments ordered on its e-commerce site through PayPal. The Company has entered into multiple agreements under which PayPal provides an advance on customer payments, and then retains a portion of customer payments until the advance is repaid. PayPal charges a fee which the Company recognizes in full upon entering an agreement. A November 2019 agreement under which PayPal advanced $ 100,000 6,900 75,444 2,444 J. Summary Outstanding principal payments on debt obligations are due as follows: Fiscal 2023 $ 484,974 Fiscal 2024 572,139 Fiscal 2025 401,568 Total $ 1,458,681 Short term – through January 31, 2024 $ 908,746 Long term – thereafter $ 549,935

Note 12 _ Due to Related Party

Note 12 – Due to Related Party	9 Months Ended
	Jan. 31, 2023
Note 12 Due To Related Party
Note 12 – Due to Related Party	Note 12 – Due to Related Party A. Founder of Fat Shark In connection with the acquisition of Fat Shark in November 2020, the Company issued a secured promissory note for $ 1,753,000 3 132,200 1,620,800 45,129 B. BRIT, LLC In January 2020, in connection with the acquisition of Rotor Riot, the Company issued a promissory note for $ 175,000 4.75 85,172 12,942 The Company also assumed a line of credit obligation totaling $ 47,853 6.67 37,196 292 C. Aerocarve In 2020, the Company received advances totaling $ 79,000 5

Note 13 _ Convertible Notes

Note 13 – Convertible Notes	9 Months Ended
	Jan. 31, 2023
Note 13 Convertible Notes
Note 13 – Convertible Notes	Note 13 – Convertible Notes October 2020 Financing In October 2020, the Company closed a private offering of convertible promissory notes (the "2020 Notes") in the aggregate principal amount of $ 600,000 12 399,998 The Company determined that the provision associated with a potential reduction in the conversion price of the notes and the exercise price of the warrant represented an embedded derivative financial liability. The derivative liability was initially valued at $ 728,587 460,588 267,999 580,000 20,000 148,587 As of January 31, 2023, (a) the 2020 Notes were fully converted into common stock and the related derivative liability eliminated, and (b) 266,666 273,196 January 2021 Financing In January 2021, the Company closed a private offering of convertible promissory notes (the "2021 Notes") in the aggregate principal amount of $ 500,000 12 675,000 The Company determined that the provision associated with a potential reduction in the conversion price of the notes and the exercise price of the warrant represented an embedded derivative financial liability. The derivative liability was initially valued at $ 4,981,701 2,111,035 2,870,666 500,000 4,481,701 As of January 31, 2023, (a) the 2021 Notes were fully converted into common stock and the related derivative liability eliminated, and (b) 540,000 582,904

Note 14 _ Income Taxes

Note 14 – Income Taxes	9 Months Ended
	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Note 14 – Income Taxes	Note 14 – Income Taxes Our operating subsidiary, Red Cat Propware, Inc., is incorporated and based in Puerto Rico which is a commonwealth of the United States. We are not subject to taxation by the United States as Puerto Rico has its own taxing authority. Since inception, we have incurred net losses in each year of operations. Our current provision for the reporting periods presented in these financial statements consisted of a tax benefit against which we applied a full valuation allowance, resulting in no current provision for income taxes. In addition, there was no deferred provision for any of these reporting periods. At January 31, 2023 and April 30, 2022, we had accumulated deficits of approximately $ 43,000,000 27,500,000 7,955,000 5,087,500

Note 15 _ Common Stock

Note 15 – Common Stock	9 Months Ended
	Jan. 31, 2023
Equity [Abstract]
Note 15 – Common Stock	Note 15 – Common Stock Our common stock has a par value of $ 0.001 500,000,000 Description of Shares Shares Issued Shares outstanding as of April 30, 2021 29,431,264 Conversion of Series A preferred stock 1,321,996 Conversion of Series B preferred stock 818,333 Exercise of warrants 66,666 Acquisition of Skypersonic on May 7, 2021, see Note 1 707,293 Acquisition of Teal Drones on August 31, 2021, see Note 1 3,588,272 Public offerings which generated gross proceeds of $76 million and net proceeds of approximately $70.1 million 17,333,334 Exercise of stock options 89,107 Vesting of restricted stock units to employees, net of shares withheld of 225,869 to pay taxes and 92,812 to repay a Note 225,637 Vesting of restricted stock units to Board of Directors 48,124 Vesting of restricted stock units to consultants 7,042 Shares issued for services 111,667 Shares outstanding as of April 30, 2022 53,748,735 Vesting of restricted stock units to employees, net of shares withheld of 542,151 to pay taxes and 9,000 to repay a Note 534,318 Vesting of restricted stock units to Board of Directors 95,366 Vesting of restricted stock units to consultants 7,042 Shares outstanding as of January 31, 2023 54,385,461

Note 16 _ Preferred Stock

Note 16 – Preferred Stock	9 Months Ended
	Jan. 31, 2023
Equity [Abstract]
Note 16 – Preferred Stock	Note 16 – Preferred Stock Series A Preferred Stock outstanding totaled 158,704 1,321,996 Series B Preferred Stock (“Series B Stock”) is convertible into common stock at a ratio of 0.8334 shares of common stock for each share of Series B Stock held and votes together with the common stock on an as-if-converted basis. Shares outstanding at January 31, 2023 totaled 986,676 822,230

Note 17 _ Warrants

Note 17 – Warrants	9 Months Ended
	Jan. 31, 2023
Note 17 Warrants
Note 17 – Warrants	Note 17 – Warrants The company issued five-year warrants in connection with two convertible note financings. The warrants have an initial exercise price of $ 1.50 which may be reduced to a 25% discount of the price per share of Common Stock offered in a future qualified offering. The warrants were valued using the multinominal lattice model and are considered derivative liabilities under ASC 815-40. The value of the warrants was included in the determination of the initial accounting for each financing including the calculation of the derivative liability and related expense. A summary of the warrants issued and their fair values were: Upon Issuance Outstanding at January 31, 2022 Date of Transaction Number of Warrants Initial Fair Value Number of Warrants Fair Value October 2020 399,998 $ 267,999 266,666 $ 273,196 January 2021 675,000 $ 2,870,666 540,000 $ 582,904 In March and April 2021, we received $ 201,249 related to the exercise of 201,666 of the warrants. Since these exercises resulted in the elimination of the derivative liability in the warrants, the derivative liability was reduced by $ 694,305 with a corresponding increase in additional paid in capital. In June 2021, we received $ 99,999 66,666 163,141 In May 2021, the Company issued warrants to purchase 200,000 5.00. In July 2021, the Company issued warrants to purchase 533,333 shares of common stock to the placement agent of its common stock offering. The warrants have a five-year term and an exercise price of $ 5.625 . The following table presents the range of assumptions used to estimate the fair values of warrants granted during the nine months ended January 31: 2023 2022 Risk-free interest rate — 0.79 0.85 Expected dividend yield — — Expected term (in years) — 5.00 Expected volatility — 222.45 223.17 The following table summarizes the changes in warrants outstanding since April 30, 2021. Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2021 873,332 1.50 4.62 $ 2,218,263 Granted 733,333 $ 5.45 Exercised (66,666 ) 1.50 Outstanding as of April 30, 2022 1,539,999 3.38 3.89 $ 427,533 Granted — Exercised — Outstanding at January 31, 2022 1,539,999 $ 3.38 3.13 $ —

Note 18 _ Share Based Awards

Note 18 – Share Based Awards	9 Months Ended
	Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]
Note 18 – Share Based Awards	Note 18 – Share Based Awards The 2019 Equity Incentive Plan (the "Plan") allows us to incentivize key employees, consultants, and directors with long term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the "Awards"). The number of shares issuable in connection with Awards under the Plan may not exceed 8,750,000 A. Options The range of assumptions used to calculate the fair value of options granted during the nine months ended January 31 was: 2023 2022 Exercise Price $ 1.06 2.38 $ 1.69 2.82 Stock price on date of grant 1.06 2.38 1.69 2.82 Risk-free interest rate 3.34 7.52 0.47 1.57 Dividend yield — — Expected term (years) 8.25 3.75 10.00 Volatility 253.52 513.58 210.68 270.18 A summary of options activity under the Plan since April 30, 2021 was: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of April 30, 2021 2,197,475 $ 1.79 8.68 4,943,870 Granted 1,681,000 2.58 Exercised (150,000 ) 2.49 Forfeited or expired (34,333 ) 2.11 Outstanding as of April 30, 2022 3,694,142 2.17 8.56 1,407,545 Granted 598,000 1.94 Exercised — — Forfeited or expired (127,000 ) 2.45 Outstanding as of January 31, 2023 4,165,142 2.13 8.11 477,665 Exercisable as of January 31, 2023 2,797,226 $ 2.04 7.30 $ 447,515 The aggregate intrinsic value of outstanding options represents the excess of the stock price at the indicated date over the exercise price of each option. As of January 31, 2023 and January 31, 2022, there was $ 3,052,603 3,762,636 B. Restricted Stock A summary of restricted stock activity under the Plan since April 30, 2021 was: Shares Weighted Average Grant-Date Fair Value Per Share Unvested and outstanding as of April 30, 2021 687,500 $ 2.69 Granted 995,659 2.55 Vested (599,484 ) 2.64 Forfeited — — Unvested and outstanding as of April 30, 2022 1,083,675 2.59 Granted 746,000 2.20 Vested (823,707 ) 2.45 Forfeited (21,127 ) 2.13 Unvested and outstanding as of January 31, 2023 984,841 $ 2.20 C. Stock Compensation Stock compensation expense by functional category was: Three months ended January 31, Nine months ended January 31, 2023 2022 2023 2022 Operations $ 181,908 $ 182,320 $ 566,218 $ 556,928 Research and development 170,579 143,279 524,874 284,511 Sales and marketing 120,733 112,975 390,076 271,808 General and administrative 315,471 343,549 1,309,790 952,899 Total $ 788,691 $ 782,123 $ 2,790,958 $ 2,066,146 Stock compensation expense pertaining to options totaled $ 1,308,768 974,019 1,482,190 1,092,127

Note 19 _ Derivatives

Note 19 – Derivatives	9 Months Ended
	Jan. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Note 19 – Derivatives	Note 19 – Derivatives The Company completed financings in October 2020 and January 2021 which included notes and warrants containing embedded features subject to derivative accounting. See Note 13 for a full description of these financings. Both the notes and the warrants included provisions which provided for a reduction in the conversion and exercise prices, respectively, if the Company completed a future qualified offering at a lower price. These provisions represent embedded derivatives which are valued separately from the host instrument (meaning the notes and warrants) and recognized as derivative liabilities on the Company's balance sheet. The Company initially measures these financial instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. The Company also measures these financial instruments on the date of settlement (meaning when the note is converted, or the warrant is exercised) at their estimated fair value and recognizes changes in their estimated fair value in results of operations. Any discount in the carrying value of the note is fully amortized on the date of settlement and recognized as interest expense. The Company estimated the fair value of these embedded derivatives using a multinomial lattice model. The range of underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability upon settlement of the derivative liability and as of January 31, 2023 and April 30, 2022 are set forth below. In addition, the Company's stock price on each measurement date was used in the model. January 31, 2023 April 30, 2022 Risk-free interest rate 2.83 – 4.51 0.52 2.87 Expected dividend yield — — Expected term (in years) 2.67 3.50 3.42 4.50 Expected volatility 161.40 235.23 211.02 292.28 As of January 31, 2023 all of the notes had been converted into common stock and 806,666 of the warrants were outstanding. Changes in the derivative liability during the nine months ended January 31, 2023 and the year ended April 30, 2022 were as follows: January 31, 2023 April 30, 2022 Balance, beginning of period $ 1,607,497 $ 2,812,767 Additions — — Eliminated upon conversion of notes/exercise of warrants — (163,141 ) Changes in fair value (751,397 ) (1,042,129 ) Balance, end of period $ 856,100 $ 1,607,497 Changes in fair value primarily relate to changes in the Company’s stock price during the period, with increases in the stock price increasing the liability and decreases in the stock price reducing the liability.

Note 20 - Related-Party Transac

Note 20 - Related-Party Transactions	9 Months Ended
	Jan. 31, 2023
Related Party Transactions [Abstract]
Note 20 - Related-Party Transactions	Note 20 - Related-Party Transactions In July 2021, the Company entered into a consulting agreement with a director resulting in monthly payments of $ 6,000 150,000 2.51 10,000 In January 2022, the Company entered into a note agreement with an employee in the principal amount of $510,323, as further described in Note 6. Additional related party transactions are disclosed in Note 12.

Note 21 - Segment Reporting

Note 21 - Segment Reporting	9 Months Ended
	Jan. 31, 2023
Note 21 - Segment Reporting
Note 21 - Segment Reporting	Note 21 - Segment Reporting We define our segments as those operations whose results are regularly reviewed by our CODM to analyze performance and allocate resources. Therefore, segment information is prepared on the same basis that management reviews financial information for operational decision-making purposes. Our CODM is a committee comprised of our CEO, COO, and CFO. The Enterprise segment is focused on opportunities in the commercial sector, including military. Enterprise is building the infrastructure to manage drone fleets, fly and provide services remotely, and navigate confined industrial interior spaces and dangerous military environments. The Consumer segment is focused on enthusiasts and hobbyists which are expected to increase as drones become more visible in our daily lives. Our CODM allocates resources to and assesses the performance of our two operating segments based on the operating segments’ net sales and gross profit. The following table sets forth information by reportable segment for the three and nine months ended January 31, 2023, respectively. For the three months ended January 31, 2023 Enterprise Consumer Corporate Total Revenues $ 1,667,683 $ 1,438,961 $ — $ 3,106,644 Cost of goods sold 1,764,612 1,239,420 — 3,004,032 Gross margin (96,929 ) 199,541 — 102,612 Operating expenses 2,981,826 541,234 2,105,350 5,628,410 Operating loss (3,078,755 ) (341,693 ) (2,105,350 ) (5,525,798 ) Other expenses, net 106,611 (11,614 ) 45,207 140,204 Net loss $ (3,185,366 ) $ (330,079 ) $ (2,150,557 ) $ (5,666,002 ) For the nine months ended January 31, 2023 Enterprise Consumer Corporate Total Revenues $ 3,541,846 $ 4,164,531 $ — $ 7,706,377 Cost of goods sold 3,432,804 3,579,679 — 7,012,483 Gross margin 109,042 584,852 — 693,894 Operating expenses 8,041,686 1,567,611 7,081,225 16,690,522 Operating loss (7,932,644 ) (982,759 ) (7,081,225 ) (15,996,628 ) Other expenses, net 265,855 (19,788 ) (520,617 ) (274,550 ) Net loss $ (8,198,499 ) $ (962,971 ) $ (6,560,608 ) $ (15,722,078 ) The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments: As of January 31, 2023 Enterprise Consumer Corporate Total Accounts receivable, net $ 2,054,022 $ 9,850 $ — $ 2,063,872 Inventory, net 6,456,158 2,838,095 — 9,294,253 Inventory deposits $ 712,104 $ 2,596,211 $ — $ 3,308,315

Note 22 _ Subsequent Events

Note 22 – Subsequent Events	9 Months Ended
	Jan. 31, 2023
Subsequent Events [Abstract]
Note 22 – Subsequent Events	Note 22 – Subsequent Events Subsequent events have been evaluated through the date of this filing and there are no subsequent events which require disclosure except as set forth below: Sale of Consumer Segment On November 21, 2022, the Company entered into a Stock Purchase Agreement (the "SPA") with Unusual Machines, Inc. (“UM”) and Jeffrey Thompson, the founder and Chief Executive Officer of the Company (the “Principal Stockholder”), related to the sale of the Company’s consumer business consisting of Rotor Riot, (“RR”), and Fat Shark Holdings (“FS”), for $18 million in cash and securities of UM. The purchase price consists of (i) $5 million in cash (as increased for positive working capital and decreased for negative working capital at closing) plus (ii) $2.5 million in a convertible senior note of UM (the “Senior Note”) plus (iii) $10.5 million in Series A convertible preferred stock of UM (the “Series A Stock”). The Senior Note and Series A Stock will be convertible into Common Stock at the lesser of $4.00 per share or the IPO price of UM. The Senior Note and Series A Stock shall contain beneficial ownership blockers under which conversion shall be limited to 4.99% and/or 9.99% of the total voting power of UM, and may be further subject to limitations on voting and conversion required in order to conform with requirements of NASDAQ related to the issuance of more than 19.99% of the outstanding Common Stock in accordance with NASDAQ Rule 5635(d). The Senior Note and Series A Stock will include anti-dilution protection in the case of issuances by UM at a price lower than the then applicable conversion price for so long as the Senior Note or Series A Stock remains outstanding under which the conversion price will be reduced to such lower price. Under the terms of the SPA the Principal Stockholder and UM have agreed to indemnification obligations which shall survive for a period of 9 months, subject to certain limitations, which includes a basket of $250,000 before any claim can be asserted and a cap equal to the value of the escrow shares, other than in cases involving fraud. The Principal Stockholder agreed to deposit 450,000 shares of UM common stock owned to secure any indemnification obligations. The closing of the SPA, is subject to customary conditions including shareholder approval by a majority of the disinterested shareholders of the Company. The Principal Stockholder, who holds approximately 24% of the voting power of the Company, shall abstain from the vote on approval of the SPA. On November 21, 2022, the Board of Directors of the Company approved the SPA and its submission to shareholders for approval. In addition, closing of the SPA is subject to successful completion of an initial public offering (the “IPO”) by UM in the minimum amount of $15 million, and the listing of UM’s common stock on NASDAQ. The SPA requires the Company to cooperate with UM in connection with the IPO and to deliver audited financial statements of RR and FS. UM has agreed to register all of the common stock for which the Senior Note is convertible in the IPO for resale by the Company, or to pay the note in full with proceeds of the offering at closing, at UM’s election. In addition, UM has agreed to enter into a registration rights agreement for 100% of the common stock for which the Series A Stock may be converted and to use its best efforts to file and have declared effective such registration statement, on demand and on a piggy-back basis in connection with any other registration statements filed by UM.

Note 2 _ Summary of Significa_2

Note 2 – Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Marketable Securities	Marketable Securities We have elected to present accrued interest income separately from marketable securities on our consolidated balance sheets. Accrued interest income was $233,471 and $385,730 as of January 31, 2023 and April 30, 2022, respectively, and was included in other current assets. We did not write off any accrued interest income during the nine months ended January 31, 2023 and 2022.
Accounts Receivable, net	Accounts Receivable, net
Inventories	Inventories
Goodwill	Goodwill We perform an impairment test at the end of each fiscal year, or more frequently if indications of impairment arise. We have two business segments and evaluate goodwill for impairment based on an evaluation of the fair value of each business segment individually.
Property and equipment	Property and equipment
Leases	Leases The Company determines if a contract is a lease or contains a lease at inception. Operating lease liabilities are measured, on each reporting date, based on the present value of the future minimum lease payments over the remaining lease term. The Company's leases do not provide an implicit rate. Therefore, the Company uses an effective discount rate of 12% based on its last debt financing. Operating lease assets are measured by adjusting the lease liability for lease incentives, initial direct costs incurred and asset impairments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term with the operating lease asset reduced by the amount of the expense. Lease terms may include options to extend or terminate a lease when they are reasonably certain to occur.
Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities, and Related Disclosures	Fair Values, Inputs and Valuation Techniques for Financial Assets and Liabilities, and Related Disclosures The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The guidance establishes three levels of the fair value hierarchy as follows: Level 1 Level 2 Level 3 Disclosures for Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis The Company's financial instruments mainly consist of cash, receivables, current assets, accounts payable, accrued expenses and debt. The carrying amounts of cash, receivables, current assets, accounts payable, accrued expenses and current debt approximates fair value due to the short-term nature of these instruments. Convertible Securities and Derivatives When the Company issues convertible debt or equity instruments that contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds from the convertible host instruments are first allocated to the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the convertible instruments themselves, resulting in those instruments being recorded at a discount from their face value but no lower than zero. Any excess amount is recognized as a derivative expense. Derivative Liabilities The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting. Embedded derivatives are valued separately from the host instrument and are recognized as liabilities on the Company's balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. In October 2020 and January 2021, the Company entered into convertible note agreements which included provisions under which the conversion price was equal to the lesser of an initial stated amount or the conversion price of a future offering. This variable conversion feature was recognized as a derivative. Both financings included the issuance of warrants which contained similar variable conversion features. The Company values these convertible notes and warrants using the multinomial lattice method that values the derivative liability based on a probability weighted discounted cash flow model. The resulting liability is valued at each reporting date and the change in the liability is reflected as change in derivative liability in the statement of operations.
Revenue Recognition	Revenue Recognition
Research and Development	Research and Development
Income Taxes	Income Taxes
Recent Accounting Pronouncements	Recent Accounting Pronouncements
Foreign Currency	Foreign Currency
Comprehensive Loss	Comprehensive Loss
Stock-Based Compensation	Stock-Based Compensation
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share Outstanding securities not included in the computation of diluted net loss per share because their effect would have been anti-dilutive included the following: January 31, 2023 April 30, 2022 Series B Preferred Stock, as converted 822,230 822,230 Stock options 4,165,142 3,694,142 Warrants 1,539,999 1,539,999 Restricted stock 984,841 1,083,675 Total 7,512,212 7,140,046
Related Parties	Related Parties
Segment Reporting	Segment Reporting Since January 2020, we have acquired four separate businesses operating in various aspects of the drone industry. Following the most recent acquisition, the Company focused on integrating and organizing its acquired businesses. These efforts included refining the establishment of Enterprise and Consumer segments to sharpen the Company’s focus on the unique opportunities in each sector of the drone industry. The Enterprise segment, which includes Teal Drones and Skypersonic, is focused on opportunities in the commercial sector, including military. Enterprise is building the infrastructure to manage drone fleets, fly and provide services remotely, and navigate confined industrial interior spaces and dangerous military environments. The Consumer segment, which includes Rotor Riot and Fat Shark, is focused on enthusiasts and hobbyists which are expected to increase as drones become more visible in our daily lives. Effective May 1, 2022, we began to manage our business operations through these business segments. The reportable segments were identified based on how our chief operating decision maker (“CODM”), which is a committee comprised of our Chief Executive Officer (“CEO”), Chief Operating Officer (“COO”) and our Chief Financial Officer (“CFO”), manages our business, makes resource allocation and operating decisions, and evaluates operating performance. See “Note 21 - Segment Reporting”.

Note 1 _ The Business (Tables)

Note 1 – The Business (Tables)	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
[custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed3TableTextBlock]	Shares issued $ 6,351,076 Promissory note issued 1,753,000 Cash 250,000 Total Purchase Price $ 8,354,076 Assets acquired Cash 201,632 Accounts receivable 249,159 Other assets 384,232 Inventory 223,380 Brand name 1,144,000 Proprietary technology 272,000 Non-compete agreement 16,000 Total assets acquired 2,490,403 Liabilities assumed Accounts payable and accrued expenses 279,393 Customer deposits 25,194 Total liabilities assumed 304,587 Total fair value of net assets acquired 2,185,816 Goodwill $ 6,168,260
[custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed4TableTextBlock]	Shares issued $ 2,716,012 Cash 75,000 Total Purchase Price $ 2,791,012 Assets acquired Cash 13,502 Accounts receivable 51,083 Other assets 12,950 Inventory 50,556 Proprietary technology 826,000 Non-compete agreement 65,000 Total assets acquired 1,019,091 Liabilities assumed Accounts payable and accrued expenses 1,054,997 Total liabilities assumed 1,054,997 Total fair value of net assets acquired (35,906 ) Goodwill $ 2,826,918
[custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed5TableTextBlock]	Total Purchase Price – shares issued $ 10,011,279 Assets acquired Cash 11,364 Accounts receivable 47,964 Other current assets 15,085 Other assets 48,595 Inventory 1,253,755 Brand name 1,430,000 Proprietary technology 3,869,000 Total assets acquired 6,675,763 Liabilities assumed Accounts payable and accrued expenses 1,143,899 Customer deposits 1,766,993 Notes payable 2,749,091 Total liabilities assumed 5,659,983 Total fair value of net assets acquired 1,015,780 Goodwill $ 8,995,499
Business Acquisition, Pro Forma Information [Table Text Block]	Nine months ended January 31, 2022 Red Cat Teal Consolidated Revenues $ 5,116,741 $ 416,063 $ 5,532,804 Net Loss (6,863,190 ) (1,467,770 ) (8,330,960 )

Note 2 _ Summary of Significa_3

Note 2 – Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2023
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	January 31, 2023 April 30, 2022 Series B Preferred Stock, as converted 822,230 822,230 Stock options 4,165,142 3,694,142 Warrants 1,539,999 1,539,999 Restricted stock 984,841 1,083,675 Total 7,512,212 7,140,046

Note 3 _ Marketable Securities

Note 3 – Marketable Securities (Tables)	9 Months Ended
	Jan. 31, 2023
Investments, Debt and Equity Securities [Abstract]
[custom:ScheduleOfAmortizedCostNetUnrealizedGainLossFairValues]	Cost Unrealized Gains (Losses) Fair Value Asset-backed securities $ 924,509 $ (14,218 ) $ 910,291 Corporate bonds 20,951,812 (1,132,070 ) 19,819,742 Total $ 21,876,321 $ (1,146,288 ) $ 20,730,033
[custom:ScheduleOfContractualMaturitiesFairValueMeasurements]	One Year or Less One to Three Years Three to Five Years Total Asset-backed securities $ — $ 910,291 $ — $ 910,291 Corporate bonds 6,494,035 12,744,060 581,647 19,819,742 Total $ 6,494,035 $ 13,654,351 $ 581,647 $ 20,730,033
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Asset-backed securities $ — $ 910,291 $ — $ 910,291 Corporate bonds — 19,819,742 — 19,819,742 Total $ — $ 20,730,033 $ — $ 20,730,033

Note 4 _ Inventories (Tables)

Note 4 – Inventories (Tables)	9 Months Ended
	Jan. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	January 31, 2023 April 30, 2022 Raw materials $ 5,608,584 $ 2,831,713 Work-in-process 192,166 173,112 Finished goods 3,493,503 891,045 Total $ 9,294,253 $ 3,895,870

Note 5 _ Other Current Assets (

Note 5 – Other Current Assets (Tables)	9 Months Ended
	Jan. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets [Table Text Block]	January 31, 2023 April 30, 2022 Prepaid inventory $ 3,308,315 $ 1,707,085 Accrued interest income 233,471 385,730 Prepaid expenses 1,004,767 262,069 Total $ 4,546,553 $ 2,354,884

Note 7 _ Intangible Assets (Tab

Note 7 – Intangible Assets (Tables)	9 Months Ended
	Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	January 31, 2023 April 30, 2022 Gross Value Accumulated Amortization Net Value Gross Value Accumulated Amortization Net Value Proprietary technology $ 4,967,000 $ (631,997 ) $ 4,335,003 $ 1,098,000 $ (219,267 ) $ 878,733 Non-compete agreements 81,000 (49,916 ) 31,084 81,000 (29,667 ) 51,333 Customer relationships 39,000 (16,713 ) 22,287 39,000 (12,535 ) 26,465 Total finite-lived assets 5,087,000 (698,626 ) 4,388,374 1,218,000 (261,469 ) 956,531 Brand name 3,152,000 — 3,152,000 1,722,000 — 1,722,000 Trademark 20,000 — 20,000 20,000 — 20,000 Total indefinite-lived assets 3,172,000 — 3,172,000 1,742,000 — 1,742,000 Total intangible assets, net $ 8,259,000 $ (698,626 ) $ 7,560,374 $ 2,960,000 $ (261,469 ) $ 2,698,531
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal Year Ended: 2023 $ 217,371 2024 866,805 2025 842,471 2026 815,271 2027 786,679 Thereafter 859,777 Total $ 4,388,374
Schedule of Goodwill [Table Text Block]	Date Acquisition Goodwill January 2020 Rotor Riot $ 1,849,073 November 2020 Fat Shark 6,168,260 Balance at April 30, 2021 8,017,333 May 2021 Skypersonic 2,826,918 August 2021 Teal Drones 8,995,499 Balance at April 30, 2022 and January 31, 2023 $ 19,839,750

Note 8 _ Property and Equipme_2

Note 8 – Property and Equipment (Tables)	9 Months Ended
	Jan. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	January 31, 2023 April 30, 2022 Equipment and related $ 1,195,675 $ 509,376 Leasehold improvements 1,207,357 149,330 Furniture and fixtures 54,254 42,746 Accumulated depreciation (379,462 ) (189,762 ) Net carrying value $ 2,077,824 $ 511,690

Note 9 _ Other Long Term Asse_2

Note 9 – Other Long Term Assets (Tables)	9 Months Ended
	Jan. 31, 2023
Note 9 Other Long Term Assets
[custom:ScheduleOfOtherLongTermAssetsTableTextBlock]	January 31, 2023 April 30, 2022 SAFE agreement $ 250,000 $ — Security deposits 57,033 57,033 Total $ 307,033 $ 57,033

Note 10 _ Operating Leases (Tab

Note 10 – Operating Leases (Tables)	9 Months Ended
	Jan. 31, 2023
Leases [Abstract]
Schedule of Rent Expense [Table Text Block]	Location Monthly Rent Expiration South Salt Lake, Utah $ 22,000 December 2024 Orlando, Florida $ 4,692 January 2025 San Juan, Puerto Rico $ 5,775 June 2027 Troy, Michigan $ 2,667 May 2022 Orlando, Florida $ 1,690 September 2022
Lessee, Operating Lease, Disclosure [Table Text Block]	Operating cash paid to settle lease liabilities $ 271,568 Weighted average remaining lease term (in years) 2.62 Weighted average discount rate 12%
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal Year Ended: 2023 $ 99,662 2024 403,878 2025 304,676 2026 76,619 2027 79,300 Thereafter 6,627 Total $ 970,762

Note 11 _ Debt Obligations (Tab

Note 11 – Debt Obligations (Tables)	9 Months Ended
	Jan. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Date of Transaction Purchased Receivables Payment to Company Transaction Fees Withholding Rate Fully Repaid In September 2020 $209,050 $185,000 $24,050 17 % May 2021 April 2021 $236,500 $215,000 $21,500 17 % January 2022
[custom:ScheduleOfDebtPaymentsDueTableTextBlock]	Fiscal 2023 $ 484,974 Fiscal 2024 572,139 Fiscal 2025 401,568 Total $ 1,458,681 Short term – through January 31, 2024 $ 908,746 Long term – thereafter $ 549,935

Note 15 _ Common Stock (Tables)

Note 15 – Common Stock (Tables)	9 Months Ended
	Jan. 31, 2023
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Description of Shares Shares Issued Shares outstanding as of April 30, 2021 29,431,264 Conversion of Series A preferred stock 1,321,996 Conversion of Series B preferred stock 818,333 Exercise of warrants 66,666 Acquisition of Skypersonic on May 7, 2021, see Note 1 707,293 Acquisition of Teal Drones on August 31, 2021, see Note 1 3,588,272 Public offerings which generated gross proceeds of $76 million and net proceeds of approximately $70.1 million 17,333,334 Exercise of stock options 89,107 Vesting of restricted stock units to employees, net of shares withheld of 225,869 to pay taxes and 92,812 to repay a Note 225,637 Vesting of restricted stock units to Board of Directors 48,124 Vesting of restricted stock units to consultants 7,042 Shares issued for services 111,667 Shares outstanding as of April 30, 2022 53,748,735 Vesting of restricted stock units to employees, net of shares withheld of 542,151 to pay taxes and 9,000 to repay a Note 534,318 Vesting of restricted stock units to Board of Directors 95,366 Vesting of restricted stock units to consultants 7,042 Shares outstanding as of January 31, 2023 54,385,461

Note 17 _ Warrants (Tables)

Note 17 – Warrants (Tables)	9 Months Ended
	Jan. 31, 2023
Note 17 Warrants
[custom:ScheduleOfStockholdersEquityNoteWarrantsOrRights1TextBlock]	Upon Issuance Outstanding at January 31, 2022 Date of Transaction Number of Warrants Initial Fair Value Number of Warrants Fair Value October 2020 399,998 $ 267,999 266,666 $ 273,196 January 2021 675,000 $ 2,870,666 540,000 $ 582,904
Defined Benefit Plan, Assumptions [Table Text Block]	2023 2022 Risk-free interest rate — 0.79 0.85 Expected dividend yield — — Expected term (in years) — 5.00 Expected volatility — 222.45 223.17
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2021 873,332 1.50 4.62 $ 2,218,263 Granted 733,333 $ 5.45 Exercised (66,666 ) 1.50 Outstanding as of April 30, 2022 1,539,999 3.38 3.89 $ 427,533 Granted — Exercised — Outstanding at January 31, 2022 1,539,999 $ 3.38 3.13 $ —

Note 18 _ Share Based Awards (T

Note 18 – Share Based Awards (Tables)	9 Months Ended
	Jan. 31, 2023
Share-Based Payment Arrangement [Abstract]
[custom:ScheduleOfAssumptionsUsed1TableTextBlock]	2023 2022 Exercise Price $ 1.06 2.38 $ 1.69 2.82 Stock price on date of grant 1.06 2.38 1.69 2.82 Risk-free interest rate 3.34 7.52 0.47 1.57 Dividend yield — — Expected term (years) 8.25 3.75 10.00 Volatility 253.52 513.58 210.68 270.18
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of April 30, 2021 2,197,475 $ 1.79 8.68 4,943,870 Granted 1,681,000 2.58 Exercised (150,000 ) 2.49 Forfeited or expired (34,333 ) 2.11 Outstanding as of April 30, 2022 3,694,142 2.17 8.56 1,407,545 Granted 598,000 1.94 Exercised — — Forfeited or expired (127,000 ) 2.45 Outstanding as of January 31, 2023 4,165,142 2.13 8.11 477,665 Exercisable as of January 31, 2023 2,797,226 $ 2.04 7.30 $ 447,515
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	Shares Weighted Average Grant-Date Fair Value Per Share Unvested and outstanding as of April 30, 2021 687,500 $ 2.69 Granted 995,659 2.55 Vested (599,484 ) 2.64 Forfeited — — Unvested and outstanding as of April 30, 2022 1,083,675 2.59 Granted 746,000 2.20 Vested (823,707 ) 2.45 Forfeited (21,127 ) 2.13 Unvested and outstanding as of January 31, 2023 984,841 $ 2.20
Schedule of Deferred Compensation Arrangement with Individual, Share-Based Payments [Table Text Block]	Three months ended January 31, Nine months ended January 31, 2023 2022 2023 2022 Operations $ 181,908 $ 182,320 $ 566,218 $ 556,928 Research and development 170,579 143,279 524,874 284,511 Sales and marketing 120,733 112,975 390,076 271,808 General and administrative 315,471 343,549 1,309,790 952,899 Total $ 788,691 $ 782,123 $ 2,790,958 $ 2,066,146

Note 19 _ Derivatives (Tables)

Note 19 – Derivatives (Tables)	9 Months Ended
	Jan. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
[custom:ScheduleOfAssumptionsUsed2TableTextBlock]	January 31, 2023 April 30, 2022 Risk-free interest rate 2.83 – 4.51 0.52 2.87 Expected dividend yield — — Expected term (in years) 2.67 3.50 3.42 4.50 Expected volatility 161.40 235.23 211.02 292.28
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	January 31, 2023 April 30, 2022 Balance, beginning of period $ 1,607,497 $ 2,812,767 Additions — — Eliminated upon conversion of notes/exercise of warrants — (163,141 ) Changes in fair value (751,397 ) (1,042,129 ) Balance, end of period $ 856,100 $ 1,607,497

Note 21 - Segment Reporting (Ta

Note 21 - Segment Reporting (Tables)	9 Months Ended
	Jan. 31, 2023
Note 21 - Segment Reporting
Schedule of Segment Reporting Information, by Segment [Table Text Block]	For the three months ended January 31, 2023 Enterprise Consumer Corporate Total Revenues $ 1,667,683 $ 1,438,961 $ — $ 3,106,644 Cost of goods sold 1,764,612 1,239,420 — 3,004,032 Gross margin (96,929 ) 199,541 — 102,612 Operating expenses 2,981,826 541,234 2,105,350 5,628,410 Operating loss (3,078,755 ) (341,693 ) (2,105,350 ) (5,525,798 ) Other expenses, net 106,611 (11,614 ) 45,207 140,204 Net loss $ (3,185,366 ) $ (330,079 ) $ (2,150,557 ) $ (5,666,002 ) For the nine months ended January 31, 2023 Enterprise Consumer Corporate Total Revenues $ 3,541,846 $ 4,164,531 $ — $ 7,706,377 Cost of goods sold 3,432,804 3,579,679 — 7,012,483 Gross margin 109,042 584,852 — 693,894 Operating expenses 8,041,686 1,567,611 7,081,225 16,690,522 Operating loss (7,932,644 ) (982,759 ) (7,081,225 ) (15,996,628 ) Other expenses, net 265,855 (19,788 ) (520,617 ) (274,550 ) Net loss $ (8,198,499 ) $ (962,971 ) $ (6,560,608 ) $ (15,722,078 ) The following table sets forth specific asset categories which are reviewed by our CODM in the evaluation of operating segments: As of January 31, 2023 Enterprise Consumer Corporate Total Accounts receivable, net $ 2,054,022 $ 9,850 $ — $ 2,063,872 Inventory, net 6,456,158 2,838,095 — 9,294,253 Inventory deposits $ 712,104 $ 2,596,211 $ — $ 3,308,315

Fat Shark Acquisition - Summary

Fat Shark Acquisition - Summary of the purchase price and its related allocation (Details) - Fat Shark Acquisition	3 Months Ended
	Jan. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Promissory note issued	$ 1,753,000
Cash	250,000
Total Purchase Price	8,354,076
Assets acquired
Cash	201,632
Accounts receivable	249,159
Other assets	384,232
Inventory	223,380
Brand name	1,144,000
Proprietary technology	272,000
Non-compete agreement	16,000
Total assets acquired	2,490,403
Liabilities assumed
Accounts payable and accrued expenses	279,393
Customer deposits	25,194
Total liabilities assumed	304,587
Total fair value of net assets acquired	2,185,816
Goodwill	$ 6,168,260

Skypersonic Acquisition - Summa

Skypersonic Acquisition - Summary of the purchase price and its related allocation (Details) - Skypersonic Acquisition	9 Months Ended
	Jan. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Cash	$ 75,000
Total Purchase Price	2,791,012
Assets acquired
Cash	13,502
Accounts receivable	51,083
Other assets	12,950
Inventory	50,556
Proprietary technology	826,000
Non-compete agreement	65,000
Total assets acquired	1,019,091
Liabilities assumed
Accounts payable and accrued expenses	1,054,997
Total liabilities assumed	1,054,997
Total fair value of net assets acquired	(35,906)
Goodwill	$ 2,826,918

Teal Drones Acquisition - Revis

Teal Drones Acquisition - Revised summary of the purchase price and its related allocation (Details) - Teal Drones Acquisition	Jan. 31, 2022 USD ($)
Assets acquired
Cash	$ 11,364
Accounts receivable	47,964
Other current assets	15,085
Other assets	48,595
Inventory	1,253,755
Brand name	1,430,000
Proprietary technology	3,869,000
Total assets acquired	6,675,763
Liabilities assumed
Accounts payable and accrued expenses	1,143,899
Customer deposits	1,766,993
Notes payable	2,749,091
Total liabilities assumed	5,659,983
Total fair value of net assets acquired	1,015,780
Goodwill	$ 8,995,499

Pro forma results of acquisitio

Pro forma results of acquisitions (Details)	9 Months Ended
	Jan. 31, 2022 USD ($)
Series Of Individually Immaterial Business Acquisitions 1 [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	$ 5,116,741
Net Loss	(6,863,190)
Series Of Individually Immaterial Business Acquisitions 4 [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	416,063
Net Loss	(1,467,770)
Series of Individually Immaterial Business Acquisitions [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	5,532,804
Net Loss	$ (8,330,960)

Antidilutive securities exclude

Antidilutive securities excluded from computation of diluted net loss per share (Details) - shares	9 Months Ended	12 Months Ended
	Jan. 31, 2023	Apr. 30, 2022
Accounting Policies [Abstract]
Series B Preferred Stock, as converted	822,230	822,230
Stock options	4,165,142	3,694,142
Warrants	1,539,999	1,539,999
Restricted stock	984,841	1,083,675
Total	7,512,212	7,140,046

Note 1 _ The Business (Details

Note 1 – The Business (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Aug. 31, 2021	May 07, 2021
Fat Shark Acquisition
Restructuring Cost and Reserve [Line Items]
[custom:AcquisitionTransactionValue]		$ 8,354,076
[custom:AcquisitionStockIssuedShares]		5,227,273
[custom:AcquisitionStockIssuedValue]		$ 6,351,076
[custom:AcquisitionSecuredPromissoryNoteIssuedPrincipalAmount]		1,753,000
[custom:AcquisitionCashPaymentMade]		$ 250,000
Skypersonic Acquisition
Restructuring Cost and Reserve [Line Items]
[custom:AcquisitionStockIssuedShares]			747,124
[custom:AcquisitionStockIssuedValue]			$ 3,291,356
[custom:AcquisitionStockIssuedShares1]			110,000
[custom:AcquisitionStockIssuedSharesTotal]			857,124
[custom:CommonStockClosingPrice-0]					$ 3.84
[custom:OperatingCostsOfAcquireePaidForByCompanyPriorToAcquisitionClosing]			$ 75,000
[custom:ReductionInPurchasePriceFromWorkingCapitalDeficitOfAquiree]	$ 601,622
[custom:CancellationOfSharesHeldInEscrowAsResultOfReductionInAcquisitionPurchasePrice]	149,829
Teal Drones Acquisition
Restructuring Cost and Reserve [Line Items]
[custom:AcquisitionStockIssuedShares]	3,738,911
[custom:AcquisitionStockIssuedValue]	$ 10,431,562
[custom:CommonStockClosingPrice-0]				$ 2.79
[custom:ReductionInPurchasePriceFromWorkingCapitalDeficitOfAquiree]	$ 438,058
[custom:CancellationOfSharesHeldInEscrowAsResultOfReductionInAcquisitionPurchasePrice]	150,639
[custom:AcquisitionBasePurchasePrice]	$ 14,000,000
[custom:AcquisitionBasePurchasePriceReductionOfDebtAssumed]	1,670,294
[custom:AcquisitionBasePurchasePriceReductionOfWorkingCapitalDeficitAdjustment]	1,456,953
[custom:AcquisitionShareConsiderationAcquiredValue]	$ 10,872,753

Amortized cost, net unrealized

Amortized cost, net unrealized gains or losses, and fair values (Details)	Jan. 31, 2023 USD ($)
Available For Sale Securities Amortized Cost [Member]
Asset-backed securities	$ 924,509
Corporate bonds	20,951,812
Total	21,876,321
Available For Sale Securities Fair Value [Member]
Asset-backed securities	910,291
Corporate bonds	19,819,742
Total	$ 20,730,033

Contractual Maturities (Details

Contractual Maturities (Details)	Jan. 31, 2023 USD ($)
Contractual Maturities Period 1 [Member]
Asset-backed securities
Corporate bonds	6,494,035
Total	6,494,035
Contractual Maturities Period 2 [Member]
Asset-backed securities	910,291
Corporate bonds	12,744,060
Total	13,654,351
Contractual Maturities Period 3 [Member]
Asset-backed securities
Corporate bonds	581,647
Total	581,647
Contractual Maturities Total [Member]
Asset-backed securities	910,291
Corporate bonds	19,819,742
Total	$ 20,730,033

Fair Value Hierarchy (Details)

Fair Value Hierarchy (Details)	Jan. 31, 2023 USD ($)
Available For Sale Securities Level 1 [Member]
Asset-backed securities
Corporate bonds
Total
Available For Sale Securities Level 2 [Member]
Asset-backed securities	910,291
Corporate bonds	19,819,742
Total	20,730,033
Available For Sale Securities Level 3 [Member]
Asset-backed securities
Corporate bonds
Total
Available For Sale Securities Total [Member]
Asset-backed securities	910,291
Corporate bonds	19,819,742
Total	$ 20,730,033

Inventories (Details)

Inventories (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 5,608,584	$ 2,831,713
Work-in-process	192,166	173,112
Finished goods	3,493,503	891,045
Total	$ 9,294,253	$ 3,895,870

Other current assets (Details)

Other current assets (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid inventory	$ 3,308,315	$ 1,707,085
Accrued interest income	233,471	385,730
Prepaid expenses	1,004,767	262,069
Total	$ 4,546,553	$ 2,354,884

Note 6 _ Due From Related Par_2

Note 6 – Due From Related Party (Details Narrative) - USD ($)	2 Months Ended	4 Months Ended
	Apr. 30, 2022	Apr. 30, 2022
Note 6 Due From Related Party
[custom:CashCompensationSubjectToTaxation]		$ 155,624
[custom:IncomeAssociatedWithStockCompensationSubjectToTaxation]		$ 1,413,332
[custom:NoteReceivableWithEmployeeRepresentingEstimatedTaxesOwedRelatedToStockCompensation]	$ 510,323
[custom:CommonStockWithheldByCompanyAppliedAgainstNoteShares]	104,166
[custom:CommonStockWithheldByCompanyAppliedAgainstNoteAmount]	$ 280,832
[custom:SharesHeldAtTransferAgentUntilNoteReceivableRepayment]	110,983
[custom:RestrictedStockScheduledToVestShares]	20,833
[custom:RestrictedStockScheduledToVestSharesWithheldToBeAppliedAgainstNoteReceivable]	3,000
[custom:PaymentsForTaxLiability]	$ 712,646
[custom:EstimatedTaxesOwedRelatedToStockCompensation]	31,604
Income Tax Examination, Penalties and Interest Expense	$ 170,719

Intangible assets (Details)

Intangible assets (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Intangible Assets Gross Carrying Amount [Member]
Proprietary technology	$ 4,967,000	$ 1,098,000
Non-compete agreements	81,000	81,000
Customer relationships	39,000	39,000
Total finite-lived assets	5,087,000	1,218,000
Brand name	3,152,000	1,722,000
Trademark	20,000	20,000
Total indefinite-lived assets	3,172,000	1,742,000
Total intangible assets, net	8,259,000	2,960,000
Intangible Assets Accumulated Amortization [Member]
Proprietary technology	(631,997)	(219,267)
Non-compete agreements	(49,916)	(29,667)
Customer relationships	(16,713)	(12,535)
Total finite-lived assets	(698,626)	(261,469)
Brand name
Trademark
Total indefinite-lived assets
Total intangible assets, net	(698,626)	(261,469)
Intangible Assets Net Carrying Value [Member]
Proprietary technology	4,335,003	878,733
Non-compete agreements	31,084	51,333
Customer relationships	22,287	26,465
Total finite-lived assets	4,388,374	956,531
Brand name	3,152,000	1,722,000
Trademark	20,000	20,000
Total indefinite-lived assets	3,172,000	1,742,000
Total intangible assets, net	$ 7,560,374	$ 2,698,531

Expected amortization expense f

Expected amortization expense for the unamortized finite-lived intangible assets (Details)	Jan. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
	$ 217,371
	866,805
	842,471
	815,271
	786,679
	859,777
	$ 4,388,374

Composition of, and changes in

Composition of, and changes in goodwill (Details) - USD ($)	6 Months Ended	12 Months Ended	16 Months Ended	21 Months Ended
	Apr. 30, 2021	Jan. 31, 2023	Apr. 30, 2021	Jan. 31, 2023	Apr. 30, 2022
Indefinite-Lived Intangible Assets [Line Items]
		$ 19,839,750		$ 19,839,750	$ 25,138,750
Goodwill [Member]
Indefinite-Lived Intangible Assets [Line Items]
	$ 6,168,260	8,995,499	$ 1,849,073	2,826,918
	$ 8,017,333	$ 19,839,750	$ 8,017,333	$ 19,839,750

Property and equipment (Details

Property and equipment (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Property, Plant and Equipment [Abstract]
Equipment and related	$ 1,195,675	$ 509,376
Leasehold improvements	1,207,357	149,330
Furniture and fixtures	54,254	42,746
Accumulated depreciation	(379,462)	(189,762)
Net carrying value	$ 2,077,824	$ 511,690

Note 8 _ Property and Equipme_3

Note 8 – Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 169,748	$ 17,888

Other long term assets (Details

Other long term assets (Details) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Note 9 Other Long Term Assets
SAFE agreement	$ 250,000
Security deposits	57,033	57,033
Total	$ 307,033	$ 57,033

Note 9 _ Other Long Term Asse_3

Note 9 – Other Long Term Assets (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2022	Jan. 31, 2023
Note 9 Other Long Term Assets
[custom:PaymentForSAFEAgreement]	$ 250,000	$ 250,000

Operating leases (Details)

Operating leases (Details)	9 Months Ended
	Jan. 31, 2023 USD ($)
Operating Lease, Expense	$ 296,436
Operating Lease Location 1 [Member]
Operating Lease, Expense	22,000
Operating Lease Location 2 [Member]
Operating Lease, Expense	4,692
Operating Lease Location 3 [Member]
Operating Lease, Expense	5,775
Operating Lease Location 4 [Member]
Operating Lease, Expense	2,667
Operating Lease Location 5 [Member]
Operating Lease, Expense	$ 1,690

Supplemental information relate

Supplemental information related to operating leases (Details)	9 Months Ended
	Jan. 31, 2023 USD ($)
Leases [Abstract]
Operating cash paid to settle lease liabilities	$ 271,568
Operating Lease, Weighted Average Remaining Lease Term	2 years 7 months 13 days
Weighted average discount rate	12%

Future lease payment obligation

Future lease payment obligations (Details)	Jan. 31, 2023 USD ($)
Leases [Abstract]
	$ 99,662
	403,878
	304,676
	76,619
	79,300
	6,627
	$ 970,762

Note 10 _ Operating Leases (Det

Note 10 – Operating Leases (Details Narrative)	9 Months Ended
	Jan. 31, 2023 USD ($)
Leases [Abstract]
Operating Lease, Expense	$ 296,436
Short-Term Lease, Cost	$ 21,375

Agreements with Shopify (Detail

Agreements with Shopify (Details) - USD ($)	10 Months Ended	17 Months Ended
	Apr. 30, 2022	Apr. 30, 2022
September 2020
Short-Term Debt [Line Items]
[custom:PurchasedReceivables]		$ 209,050
Proceeds from Sale of Productive Assets		185,000
[custom:TransactionFees]		$ 24,050
[custom:WithholdingRate]		17%
April 2021
Short-Term Debt [Line Items]
[custom:PurchasedReceivables]	$ 236,500
Proceeds from Sale of Productive Assets	215,000
[custom:TransactionFees]	$ 21,500
[custom:WithholdingRate]	17%

Outstanding principal payments

Outstanding principal payments (Details)	Jan. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Fiscal 2024	$ 572,139
Fiscal 2025	401,568
Total	1,458,681
Short term – through January 31, 2024	908,746
Long term – thereafter	$ 549,935

Note 11 _ Debt Obligations (Det

Note 11 – Debt Obligations (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	7 Months Ended	8 Months Ended		9 Months Ended		10 Months Ended	15 Months Ended
	Sep. 30, 2021	Apr. 30, 2022	Apr. 30, 2022	Apr. 30, 2022	Aug. 31, 2021	Jan. 31, 2023	Apr. 30, 2022	Jan. 31, 2023	Apr. 30, 2022	Jan. 31, 2021
Short-Term Debt [Line Items]
Long-Term Debt, Gross						$ 1,019,409		$ 1,019,409
Accrued Liabilities, Current		$ 1,084,494	$ 1,084,494	$ 1,084,494		$ 392,457	$ 1,084,494	392,457	$ 1,084,494
Debt Obligation 1 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount					$ 1,670,294
Debt Instrument, Interest Rate During Period				10%
Debt Instrument, Periodic Payment							49,275
Debt Obligation 2 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate During Period						0.13%
[custom:ConvertibleNoteAgreementAmount]						$ 350,000
Accrued Liabilities, Current						767		767
Debt Obligation 3 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount					387,500
Debt Instrument, Periodic Payment							37,500
Debt Obligation 4 [Member]
Short-Term Debt [Line Items]
[custom:SBAPPPLoanAmountsReceived]									300,910
[custom:SBAPPPLoanPrincipalBalanceForgiven]		300,910
[custom:SBAPPPLoanAccruedInterestForgiven]		3,001
Debt Obligation 6 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate During Period			8.25%
Debt Instrument, Periodic Payment			$ 3,595
Long-Term Debt, Gross		$ 102,599	$ 102,599	$ 102,599		75,890	$ 102,599	75,890	$ 102,599
[custom:LeaseholdImprovementAgreementFundsReceived]								120,000
Debt Obligation 7 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount					38,758
Debt Obligation 8 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Periodic Payment				$ 656
Long-Term Debt, Gross						$ 13,382		$ 13,382
[custom:FinancingAgreementFundingOfPurchaseOfFixedAsset]	$ 24,383
Debt Obligation 9 [Member]
Short-Term Debt [Line Items]
[custom:FundsAdvancedPursuantToAgreement]					75,444					$ 100,000
[custom:TransactionFees]					$ 2,444					$ 6,900

Note 12 _ Due to Related Party

Note 12 – Due to Related Party (Details Narrative) - USD ($)	1 Months Ended				3 Months Ended	16 Months Ended	22 Months Ended	28 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Sep. 30, 2021	Jan. 31, 2020	Jan. 31, 2021	Apr. 30, 2021	Jan. 31, 2022	Apr. 30, 2022
Due To Related Party 1 [Member]
Short-Term Debt [Line Items]
[custom:PromissoryNoteOriginalPrincipalAmount]					$ 1,753,000
Debt Instrument, Interest Rate During Period					3%
[custom:RefundRelatedToPrepaidInventoryIssuedByCompany]					$ 132,200
[custom:DebtInstrumentOutstandingBalancePayment]			$ 1,620,800
[custom:DebtInstrumentOutstandingAccruedInterestPayment]			$ 45,129
Due To Related Party 2 [Member]
Short-Term Debt [Line Items]
[custom:PromissoryNoteOriginalPrincipalAmount]				$ 175,000
Debt Instrument, Interest Rate During Period							4.75%
[custom:DebtInstrumentOutstandingBalancePayment]		$ 85,172
[custom:DebtInstrumentOutstandingAccruedInterestPayment]	$ 292	$ 12,942
[custom:LineOfCreditObligationAssumedInConnectionWithAcquisition]								$ 47,853
[custom:DebtInstrumentInterestRateDuringPeriod1]								6.67%
Due to Other Related Parties, Current	$ 37,196
Due To Related Party 3 [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate During Period						5%
[custom:AdvancesReceivedFromRelatedParty]						$ 79,000

Note 13 _ Convertible Notes (De

Note 13 – Convertible Notes (Details Narrative) - USD ($)	4 Months Ended	7 Months Ended	9 Months Ended
	Apr. 30, 2021	Apr. 30, 2021	Jan. 31, 2022	Jan. 31, 2023
Convertible Debenture 2020 Notes [Member]
Short-Term Debt [Line Items]
[custom:ConvertiblePromissoryNotePrincipalAmount]		$ 600,000
Debt Instrument, Interest Rate During Period		12%
[custom:WarrantsToPurchaseCommonStock]		3,999.98
[custom:DerivativeLiabilityInitialValue]		$ 728,587
[custom:DerivativeLiabilityInitialValueRelatedToDerivativeFeaturesOfNotes]		460,588
[custom:DerivativeLiabilityInitialValueRelatedToDerivativeFeaturesOfWarrants]		267,999
[custom:DebtDiscountToReduceInitialCarryingValueOfNotes]		580,000
[custom:DebtDiscountAppliedAgainstTransactionFees]		$ 20,000
[custom:ExcessLiabilityOverNetProceedsRecognizedAsDerivativeExpense]			$ 148,587
[custom:WarrantsOutstanding-0]				266,666
Derivative Liability				$ 273,196
Convertible Debenture 2021 Notes [Member]
Short-Term Debt [Line Items]
[custom:ConvertiblePromissoryNotePrincipalAmount]	$ 500,000
Debt Instrument, Interest Rate During Period	12%
[custom:WarrantsToPurchaseCommonStock]	675,000
[custom:DerivativeLiabilityInitialValue]	$ 4,981,701
[custom:DerivativeLiabilityInitialValueRelatedToDerivativeFeaturesOfNotes]	2,111,035
[custom:DerivativeLiabilityInitialValueRelatedToDerivativeFeaturesOfWarrants]	2,870,666
[custom:DebtDiscountToReduceInitialCarryingValueOfNotes]	$ 500,000
[custom:ExcessLiabilityOverNetProceedsRecognizedAsDerivativeExpense]			$ 4,481,701
[custom:WarrantsOutstanding-0]				540,000
Derivative Liability				$ 582,904

Note 14 _ Income Taxes (Details

Note 14 – Income Taxes (Details Narrative) - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Retained Earnings (Accumulated Deficit)	$ (43,221,134)	$ (27,499,056)
Deferred Tax Assets, Operating Loss Carryforwards	$ 7,955,000	$ 5,087,500

Summary of shares of common sto

Summary of shares of common stock issued (Details) - Common Stock [Member] - shares	9 Months Ended		12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares, Outstanding, Beginning Balance	53,748,735	29,431,264	29,431,264
Conversion of Series A preferred stock			1,321,996
Conversion of Series B preferred stock			818,333
Exercise of warrants		66,666	66,666
Acquisition of Skypersonic on May 7, 2021, see Note 1		707,293	707,293
Acquisition of Teal Drones on August 31, 2021, see Note 1		3,588,272	3,588,272
Public offerings which generated gross proceeds of $76 million and net proceeds of approximately $70.1 million		17,333,334	17,333,334
Exercise of stock options			89,107
Vesting of restricted stock units to employees, net of shares withheld of 542,151 to pay taxes and 9,000 to repay a Note	534,318		225,637
Vesting of restricted stock units to Board of Directors	95,366		48,124
Vesting of restricted stock units to consultants	7,042		7,042
Shares issued for services		111,667	111,667
Shares, Outstanding, Ending Balance	54,385,461	53,637,971	53,748,735

Note 15 _ Common Stock (Details

Note 15 – Common Stock (Details Narrative) - $ / shares	Jan. 31, 2023	Apr. 30, 2022
Equity [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000

Note 16 _ Preferred Stock (Deta

Note 16 – Preferred Stock (Details Narrative) - shares	9 Months Ended
	Jan. 31, 2023	Apr. 30, 2022
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding		158,704
Series A Preferred Stock 2 [Member]
Class of Stock [Line Items]
[custom:StockIssuedDuringPeriodSharesCommonStockIssuedUponConversionOfPreferredStock]	1,321,996
[custom:StockIssuedDuringPeriodSharesCommonStockIssuableUponConversionOfPreferredStock]	822,230
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding	986,676	986,676

Summary of warrants issued and

Summary of warrants issued and fair values (Details) - USD ($)	Jan. 31, 2023	Jan. 31, 2021
Warrants Issued 1 [Member]
Class of Warrant or Right [Line Items]
Temporary Equity, Shares Issued	266,666	399,998
Warrants and Rights Outstanding	$ 273,196	$ 267,999
Warrants Issued 2 [Member]
Class of Warrant or Right [Line Items]
Temporary Equity, Shares Issued	540,000	675,000
Warrants and Rights Outstanding	$ 582,904	$ 2,870,666

Assumptions used to estimate fa

Assumptions used to estimate fair value of stock warrants granted (Details) - Warrant Assumptions Used [Member]	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Class of Warrant or Right [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum		0.85%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum		0.79%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum		223.17%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum		222.45%

Changes in warrants outstanding

Changes in warrants outstanding (Details) - Warrants Outstanding 1 [Member] - USD ($)	9 Months Ended		12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2021	Apr. 30, 2022
Class of Warrant or Right [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	1,539,999		873,332	1,539,999
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 3.38		$ 1.50	$ 3.38
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 1 month 17 days	3 years 10 months 20 days	4 years 7 months 13 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value			$ 2,218,263	$ 427,533
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross		733,333
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 5.45
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		(66,666)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 1.50

Note 17 _ Warrants (Details Nar

Note 17 – Warrants (Details Narrative) - USD ($)	1 Months Ended				2 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	May 31, 2021	Jan. 31, 2021	Apr. 30, 2021
Note 17 Warrants
[custom:WarrantsIssuedExercisePrice]	$ 5.625		$ 5	$ 1.50
[custom:ProceedsReceivedFromExerciseOfWarrants]		$ 99,999			$ 201,249
[custom:ExerciseOfWarrantsShares]		66,666			201,666
[custom:ReductionInDerivativeLiabilityResultingFromExerciseOfWarrants]		$ 163,141			$ 694,305
[custom:WarrantsToPurchaseSharesIssued]	533,333		200,000

Assumptions used to calculate f

Assumptions used to calculate fair value of options granted (Details) - Options Assumptions Used [Member] - $ / shares	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 1.06	$ 1.69
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice1-0]	2.38	2.82
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsStockPriceOnGrantDate-0]	1.06	1.69
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsStockPriceOnGrantDate1-0]	$ 2.38	$ 2.82
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	3.34%	0.47%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	7.52%	1.57%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	8 years 3 months	3 years 9 months
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm2]		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	253.52%	210.68%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	513.58%	270.18%

Summary of activity under the P

Summary of activity under the Plan (Details) - Options 1 [Member] - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2023	Apr. 30, 2022	Apr. 30, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	4,165,142	3,694,142	2,197,475
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price	$ 2.13	$ 2.17	$ 1.79
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 1 month 9 days	8 years 6 months 21 days	8 years 8 months 4 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 477,665	$ 1,407,545	$ 4,943,870
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	598,000	1,681,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 1.94	$ 2.58
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period		(150,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 2.49
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(127,000)	(34,333)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 2.45	$ 2.11
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	2,797,226
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price	$ 2.04
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 3 months 18 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 447,515

Summary of restricted stock act

Summary of restricted stock activity under the Plan (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022	Apr. 30, 2020
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockUnvestedAndOutstandingNumber-0]	984,841		1,083,675	687,500
[custom:SharebasedCompensationSharesRestrictedStockUnvestedAndOutstandingWeightedAverageExercisePrice-0]	$ 2.20		$ 2.59	$ 2.69
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantsInPeriodGross]	746,000	995,659
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantsInPeriodWeightedAverageGrantDateFairValue]	$ 2.20	$ 2.55
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardRestrictedStockNumberVestedInPeriod]	(823,707)	(599,484)
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockNumberVestedInPeriodWeightedAverageGrantDateFairValue]	$ 2.45	$ 2.64
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardRestrictedStockNonvestedOptionsForfeitedNumberOfShares]	21,127
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice]	$ 2.13
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardRestrictedStockNonvestedOptionsForfeitedNumberOfShares]	(21,127)

Stock compensation expense by f

Stock compensation expense by functional category (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Share-Based Payment Arrangement [Abstract]
Operations	$ 181,908	$ 182,320	$ 566,218	$ 556,928
Research and development	170,579	143,279	524,874	284,511
Sales and marketing	120,733	112,975	390,076	271,808
General and administrative	315,471	343,549	1,309,790	952,899
Total	$ 788,691	$ 782,123	$ 2,790,958	$ 2,066,146

Note 18 _ Share Based Awards (D

Note 18 – Share Based Awards (Details Narrative) - USD ($)	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Share-Based Payment Arrangement [Abstract]
[custom:NumberOfSharesIssuableInConnectionWithAwardsUnderPlanMaximum]	8,750,000
[custom:UnrecognizedStockBasedCompensationExpenseRelatedToUnvestedStockOptions]	$ 3,052,603	$ 3,762,636
[custom:StockCompensationExpensePertainingToOptions]	1,308,768	974,019
[custom:StockCompensationExpensePertainingToRestrictedStockUnits]	$ 1,482,190	$ 1,092,127

Assumptions used to determine f

Assumptions used to determine fair value of derivative warrant liability upon settlement of derivative liability (Details) - Derivatives Assumptions Used [Member]	9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	2.83%	0.52%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	4.51%	2.87%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	2 years 8 months 1 day	3 years 5 months 1 day
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm2]	3 years 6 months	4 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	161.40%	211.02%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	235.23%	292.28%

Changes in the derivative liabi

Changes in the derivative liability (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jan. 31, 2023	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Balance, beginning of period	$ 1,607,497	$ 2,812,767
Additions
Eliminated upon conversion of notes/exercise of warrants		(163,141)
Changes in fair value	(751,397)	(1,042,129)
Balance, end of period	$ 856,100	$ 1,607,497

Note 20 - Related-Party Trans_2

Note 20 - Related-Party Transactions (Details Narrative) - Director 1 [Member] - USD ($)	1 Months Ended	6 Months Ended	7 Months Ended
	Apr. 30, 2022	Dec. 31, 2021	Apr. 30, 2022
Related Party Transaction [Line Items]
[custom:ConsultingAgreementMonthlyPayments]	$ 10,000	$ 6,000
[custom:OptionsToPurchaseCommonStockIssuedPursuantToConsultingAgreement]			150,000
[custom:OptionsToPurchaseCommonStockIssuedPursuantToConsutlingAgreementPurchasePrice]			$ 2.51

Information by reportable segme

Information by reportable segment and specific asset categories reviewed by CODM in evaluation of operating segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Apr. 30, 2022
Revenues	$ 3,106,644	$ 1,856,751	$ 7,706,377	$ 5,116,741
Gross margin	102,612	339,781	693,894	594,767
Operating expenses	5,628,410	3,503,496	16,690,522	8,198,232
Other expenses, net	(140,204)	598,898	274,550	740,275
Net loss	(5,666,002)	$ (2,564,817)	(15,722,078)	$ (6,863,190)
Inventory, net	9,294,253		9,294,253		$ 3,895,870
Other Segments [Member]
Revenues	1,667,683		3,541,846
Cost of goods sold	1,764,612		3,432,804
Gross margin	(96,929)		109,042
Operating expenses	2,981,826		8,041,686
Operating loss	(3,078,755)		(7,932,644)
Other expenses, net	106,611		265,855
Net loss	(3,185,366)		(8,198,499)
Accounts receivable, net	2,054,022		2,054,022
Inventory, net	6,456,158		6,456,158
Inventory deposits	712,104		712,104
Consumer [Member]
Revenues	1,438,961		4,164,531
Cost of goods sold	1,239,420		3,579,679
Gross margin	199,541		584,852
Operating expenses	541,234		1,567,611
Operating loss	(341,693)		(982,759)
Other expenses, net	(11,614)		(19,788)
Net loss	(330,079)		(962,971)
Accounts receivable, net	9,850		9,850
Inventory, net	2,838,095		2,838,095
Inventory deposits	2,596,211		2,596,211
Corporate Segment [Member]
Revenues
Cost of goods sold
Gross margin
Operating expenses	2,105,350		7,081,225
Operating loss	(2,105,350)		(7,081,225)
Other expenses, net	45,207		(520,617)
Net loss	(2,150,557)		(6,560,608)
Accounts receivable, net
Inventory, net
Inventory deposits
Corporate and Other [Member]
Revenues	3,106,644		7,706,377
Cost of goods sold	3,004,032		7,012,483
Gross margin	102,612		693,894
Operating expenses	5,628,410		16,690,522
Operating loss	(5,525,798)		(15,996,628)
Other expenses, net	140,204		(274,550)
Net loss	(5,666,002)		(15,722,078)
Accounts receivable, net	2,063,872		2,063,872
Inventory, net	9,294,253		9,294,253
Inventory deposits	$ 3,308,315		$ 3,308,315