Note 8 - Warrants and Options

12 Months Ended

Apr. 30, 2023

Notes

Note 8 - Warrants and Options

NOTE 8 – WARRANTS AND OPTIONS

During the year ended April 30, 2019 the Company issued 1,200 warrants with a conversion price of $350 to $1,250 to four individuals and 500 options with a conversion price of $500 to one individual. The warrants have a three year term and are convertible into the common shares of the Company.

Of the 1,200 warrants issued; the Company issued 800 warrants to Ionic Ventures as part of the convertible notes. The warrants contained an antidilution and reset provision to adjust to futures shares issued at a conversion price lower than the initial conversion price of $350. Along with the reset provision the length of maturity of the warrants was extended. Based on the reset provisions the number of warrants increased to 66,667 with a reset conversion price of $4.20 resulting in a down round amount of $903,270 during the year ended April 30, 2020.

During the year ended April 30, 2022 the issuance of shares at a strike price lower than the previous period triggered a recalculation of the number of warrants to be issued. The issuance of warrants increased by 133,213. The down round calculation on the warrants did not trigger an amount greater than the down round calculated in earlier quarters. As part of the changes, the warrants expiration dates were extended to October 30, 2023 and February 27, 2024.

On April 29, 2022 the Company issued 600 series D preferred shares with a value of $600,000 to Ionic Ventures in exchange for the convertible debt interest and the cancellation of all warrants outstanding. As of April 30, 2022 and 2023 there were zero warrants outstanding.

A summary of the Company’s stock options and warrants as of April 30, 2023, and changes during the two years then ended is as follows:

	Options and Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contract Term (Years)	Aggregate Intrinsic Value
Outstanding and exercisable at April 30, 2021	38,367		14.30	2.48	$ 239,861
Granted by adjustment	133,213		1.40	2.31	--
Exercised	--		--	--	--
Forfeited, expired or cancelled	(1,580)		--	--	--
Exchanged for preferred shares	(200,000)		--	--	--
Outstanding and excisable at April 30, 2022	--		--	--	--
Exercised	--		--	--	--
Forfeited, expired or cancelled	--		--	--	--
Outstanding and exercisable at April 30, 2023	--		--	--	--