v3.26.1
Fair value measurements
 9 Months Ended 12 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Exascale Labs Inc. [Member]    
Fair value measurements

4. Fair value measurements

 

As of June 30, 2025 and March 31, 2026, information about inputs into the fair value measurement of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

 

                               
    Fair value measurement at reporting date using  
Description   Fair value
as of
June 30,
2025		     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		     Significant Other
Observable Inputs
(Level 2)		     Significant
Unobservable Inputs
(Level 3)		  
Liabilities:                                
Simple agreements for future equity(1)   $ 18,243,885     $ -     $ -     $ 18,243,885  
Other payable related to the equity option(2)     53,333       -       -       53,333  

 

    Fair value measurement at reporting date using  
Description   Fair value
as of
March 31,
2026		     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		     Significant Other
Observable Inputs
(Level 2)		     Significant
Unobservable Inputs
(Level 3)		  
Liabilities:                                
Simple agreements for future equity(1)   $ 26,842,205     $ -     $ -     $ 26,842,205  
Other payable related to the equity option(2)     53,333       -       -       53,333  

 

 
(1)

The Company classifies its SAFEs as financial liabilities measured at fair value. The value of these agreements depends significantly on future financing activities, liquidity events, or other material milestones, and their valuation relies on significant inputs that are not observable in the public market. Accordingly, they are classified within Level 3 of the fair value hierarchy.

 

The fair value measurement is based on an integrated framework combining scenario analysis and financial instrument decomposition (i.e. Bond Plus Call Method). The proceeds of the SAFEs on the date of issuance were $14,092,500, Refer to Note 8-Simple Agreements for Future Equity for further details.
   
(2) Equity options. On May 9, 2023, the Company entered into an agreement with a third-party service provider (the “Service Provider”). The Service Provider received a freestanding equity-linked right exercisable, at the Service Provider’s option, upon the closing of the Company’s next qualified equity financing. The right provides the ability to subscribe for up to the value of $200,000 at a 25% discount price per share on the grant date. The equity option is remeasured at fair value at each reporting date, with changes in fair value recognized in earnings. As of June 30, 2025 and March 31, 2026, the fair value of the equity option was $53,333, and no gain or loss from changes in fair value was recognized for the periods presented. The fair value measurement of the equity option is categorized within Level 3 of the fair value hierarchy and was determined using a scenario-based analysis, which incorporates significant unobservable inputs and management judgment regarding the probability and timing of potential future financing outcomes.

 

4. Fair value measurements

 

As of June 30, 2024 and 2025, information about inputs into the fair value measurement of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

 

                               
    Fair value measurement at reporting date using  
Description   Fair value
as of
June 30,
2024		     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		     Significant Other
Observable Inputs
(Level 2)		     Significant
Unobservable Inputs
(Level 3)		  
Liabilities:                                
Simple agreements for future equity(1)   $ 9,321,564     $ -     $ -     $ 9,321,564  
Other payable related to the equity option(2)     53,333       -       -       53,333  

 

    Fair value measurement at reporting date using  
Description  

Fair value
as of
June 30,

2025

     Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		     Significant Other
Observable Inputs
(Level 2)		     Significant
Unobservable Inputs
(Level 3)		  
Liabilities:                                
Simple agreements for future equity(1)   $ 18,243,885     $ -     $ -     $ 18,243,885  
Other payable related to the equity option(2)     53,333       -       -       53,333  

 

 
(1)

The Company classifies its SAFEs as financial liabilities measured at fair value. The value of the agreements depends significantly on future financing activities, liquidity events, or other material milestones, and their valuation relies on significant inputs that are not observable in the public market. Accordingly, they are classified within Level 3 of the fair value hierarchy.

 

The fair value measurement is based on an integrated framework combining scenario analysis and financial instrument decomposition (i.e. Bond Plus Call Method). The proceeds from the SAFEs on the date of issuance was $10,592,500, Refer to Note 9-Simple Agreements for Future Equity for further details.
   
(2) Equity option. On May 9, 2023, the Company entered into an agreement with a third-party service provider (the “Service Provider”). The Service Provider received a freestanding equity-linked right exercisable, at the Service Provider’s option, upon the closing of the Company’s next qualified equity financing. The right provides the ability to subscribe for up to the value of $200,000 at a 25% discount price per share on the grant date. The equity option is remeasured at fair value at each reporting date, with changes in fair value recognized in earnings. As of June 30, 2024 and June 30, 2025, the fair value of the equity option was $53,333, and no gain or loss from changes in fair value was recognized for the periods presented. The fair value measurement of the equity option is categorized within Level 3 of the fair value hierarchy and was determined using a scenario-based analysis, which incorporates significant unobservable inputs and management judgment regarding the probability and timing of potential future financing outcomes.