Quarterly report pursuant to Section 13 or 15(d)

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 to Firestorm in exchange for the right to certain shares of Firestorm stock. The SAFE permits the Company to participate in a future equity financing of Firestorm by converting the $250,000 into shares of Preferred Stock of Firestorm. If there is a change in control of Firestorm or a public offering of shares of its stock, then the Company shall have the right to receive cash payments, or shares of stock, whichever has greater value. The Company’s investment in the SAFE agreement has been recorded on the cost method of accounting. The Company plans to evaluate the investment for any indications of impairment in value on a quarterly basis. No factors indicative of impairment were identified during the three months ended January 31, 2023.