Subsequent Event |
3 Months Ended |
|---|---|
Jul. 31, 2022 | |
| Subsequent Events [Abstract] | 听 |
| Subsequent Event | Subsequent Event On August 18, 2022, 探花视频app, Inc. entered into an Equity Distribution Agreement (the 鈥淎greement鈥) with Northland Securities, Inc. (鈥淣orthland鈥), pursuant to which the Company may issue and sell from time to time, through Northland, shares of the Company鈥檚 common stock (the 鈥淪hares鈥), with offering proceeds of up to $3,000,000.
Sales of the Shares, if any, may be made by any method permitted by law deemed to be an 鈥渁t-the-market鈥 offering as defined in Rule 415 of the Securities Act of 1933 (the 鈥淪ecurities Act鈥), including without limitation sales made directly on or through The Nasdaq Global Market, the trading market for the Company鈥檚 common stock, on any other existing trading market in the United States for the Company鈥檚 common stock, or to or through a market maker. Northland will use commercially reasonable efforts to sell on the Company鈥檚 behalf all of the Shares requested to be sold by the Company, consistent with its normal trading and sales practices, subject to the terms of the Agreement. Under the Agreement, Northland will be entitled to compensation of 3% of the gross proceeds from the sales of the Shares sold under the Agreement. The Company also agreed to reimburse Northland for certain specified expenses, including the fees and disbursements of its legal counsel, in an amount not to exceed $50,000. The Company estimates that the total expenses for the offering, excluding compensation and reimbursement payable to Northland under the terms of the Agreement, will be approximately $100,000. Through the date of this filing, the Company has sold an insignificant number of shares.
The Shares are being offered and sold pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the 鈥淐ommission鈥) on August 18, 2022 and the accompanying base prospectus which is part of the Company鈥檚 effective Registration Statement on Form S-3 (File No. 333-251459) (the 鈥淩egistration Statement鈥).
The Agreement contains representations, warranties and covenants customary for the transactions of this kind.
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