SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Apr. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS
Effective May 1, the Company reached agreement with the holder of the Series 2025 Senior Secured Convertible Note whereby the note holder would convert their note to the Company’s Series A-1 Preferred Stock when the Company raised a total of $8.5 million in proceeds from sale of the Series A-1 Preferred Stock.
On May 15, 2026, a group of investors invested a total of $7.3 million in the Company’s Series A-1 Preferred Stock in its ongoing private placement, bringing the total raised to $9.2 million. This triggered the conversion of the 2025 Senior Secured Convertible Note noted above, resulting in the issuance of shares of the Company’s Series A-1 Preferred Stock. In addition, this investment triggered the conversion of the 2022 Series Notes and related accrued interest into shares of the Company’s Series A-1 Preferred Stock and conversion of the 2023 Series Notes into shares of the Company’s Series A-1 Preferred Stock. The total number of shares of Series A-1 Preferred Stock issued, based on these conversions, was .
As part of the conversion of notes and the investment of the $7.3 million, the Company added certain redemption features for the benefit of all holders of the Series A-1 Preferred Stock. |