v3.25.2
Fair Value Measurements (Tables)
12 Months Ended
May 31, 2025
Fair Value Measurements [Abstract]  
Schedule of Fair Value Hierarchy of the Valuation Inputs the Company Utilized to Determine such Fair Value

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of May 31, 2025, and May 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description  Amount at
Fair Value
   Level 1   Level 2   Level 3 
May 31, 2025                
Liabilities                
Derivative Liability - Warrants  $4,488   $1,264   $
       —
   $3,224 
Total  $4,488   $1,264   $
   $3,224 

 

Description  Amount at
Fair Value
   Level 1   Level 2   Level 3 
May 31, 2024                
Liabilities                
Derivative Liability - Forward Purchase Agreement  $20,938   $
   $
      —
   $20,938 
Derivative Liability - Warrants  $576   $549   $
   $27 
Total  $21,514   $549   $
   $20,965 
Schedule of Level 3 Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs related to the Forward Purchase Agreement at their measurement dates:

 

   November 1,
2024
   May 31,
2024
 
Redemption Price (USD)  $10.61   $10.61 
Stock Price (USD)  $0.28   $0.80 
Volatility   76%   53%
Term (years)   1.76    2.18 
Risk-free rate   4.40%   4.51%
The following table provides quantitative information regarding Level 3 fair value measurements inputs related to these Warrant liabilities at their measurement dates:
   May 31,
2025
   August 21,
2024
 
Redemption Price (USD)  $0.75   $0.75 
Stock Price (USD)  $1.06   $0.96 
Volatility   76%   76%
Term (years)   4.2    5.0 
Risk-free rate   4.42%   3.61%
Schedule of Change in the Fair Value of the Assets and Liabilities

The change in the fair value of the assets and liabilities, measured with Level 3 inputs, for the year ended May 31, 2025, and May 31, 2024, are summarized as follows:

 

   May 31,
2025
   May 31,
2024
 
Fair value Derivative Liability - Opening  $20,965   $16,641 
Change in fair value of Forward Purchase Agreement   740    4,342 
Termination of Forward Purchase Agreement   (21,678)   
-
 
Additional Warrant Liabilities incurred   5,157    
-
 
Warrant Exercises   (3,223)   
-
 
Change in fair value of Warrant Liabilities   1,263    (18)
Fair value Derivative Liability - Closing  $3,224   $20,965