Consolidated Statement of Cash Flows - USD ($)
|
12 Months Ended |
Apr. 30, 2020 |
Apr. 30, 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net earnings |
$ 2,788,605
|
$ 21,423,337
|
| Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
| Depreciation and amortization, including amortization of right-of-use assets of $585,490 in 2020 |
714,350
|
83,035
|
| Share-based compensation expense |
6,949,178
|
3,554,451
|
| Estimated settlement liability |
2,620,931
|
|
| Deferred income tax benefit |
(1,649,018)
|
|
| Litigation expenses recovered |
(1,562,500)
|
|
| Amortization of debt discount |
393,927
|
1,154,510
|
| Loss on impairment of note receivable |
360,197
|
655,789
|
| Loss (gain) on prepayment (modification) of convertible notes |
(13,972)
|
123,435
|
| Loss on impairment of investment and other |
288,637
|
4,532,408
|
| Change in fair value of derivative liabilities |
|
(29,893,654)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
329,853
|
(2,850,232)
|
| Inventory |
(1,919,033)
|
(2,704,423)
|
| Other current assets |
(107,039)
|
(226,675)
|
| Security deposits |
7,600
|
(21,615)
|
| Accounts payable |
(336,736)
|
582,710
|
| Income taxes payable |
920,305
|
|
| Lease liability |
(564,973)
|
|
| Accrued and other liabilities |
2,156,612
|
9,625,943
|
| Net Cash Provided by Operating Activities |
11,316,924
|
6,039,019
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Payments for property and equipment |
(160,857)
|
(296,353)
|
| Cash paid for from acquisitions |
|
(20,000)
|
| Due to related parties |
(10,242)
|
(3,746,314)
|
| Issuance of notes receivable |
(58,047)
|
(805,986)
|
| Net Cash Used in Investing Activities |
(229,146)
|
(4,868,653)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from issuance of convertible notes payable |
|
325,000
|
| Repayment of convertible notes payable |
(755,000)
|
(604,435)
|
| Proceeds from promissory notes payable |
|
4,574,000
|
| Repayment of promissory notes payable |
(2,502,985)
|
(2,526,911)
|
| Repurchase of stock |
(500)
|
|
| Proceeds from issuance of stock |
1,300
|
205,847
|
| Net Cash Provided by (Used in) Financing Activities |
(3,257,185)
|
1,973,501
|
| Increase in cash and cash equivalents |
7,830,593
|
3,143,867
|
| Cash and cash equivalents, beginning of period |
3,912,135
|
768,268
|
| Cash and cash equivalents, end of period |
11,742,728
|
3,912,135
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
477,318
|
497,904
|
| Cash paid for taxes |
1,237,843
|
|
| Supplemented disclosure of non-cash investing and financing activities: |
|
|
| Convertible preferred stock issued for acquisitions |
|
1,875,000
|
| Derivative liability recognized as debt discount |
|
325,000
|
| Settlement of related party note with common stock |
3,446,114
|
|
| Common stock repurchased in exchange for promissory note |
|
300,000
|
| Right-of-use assets recognized as lease liability |
$ 1,385,871
|
|