v3.26.1
Subsequent Events
6 Months Ended
Apr. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

12. Subsequent Events

On May 12, 2026, the Company issued a total of 4,342,648 common shares and equivalent number of new warrants under the warrant Incentive Program for total proceeds of $1,968,360.

On May 14, 2026, the Company issued 11,175 shares at a fair value of $4.00 per share to settle liabilities with a director of the Company.  This liability of $44,700 had been reported as a liability to settle with shares on the unaudited condensed balance sheet as of April 30, 2026

On May 21, 2026, the Company began trading on the Nasdaq under symbol "CNXU".

On May 21, 2026, the achievement of the Nasdaq listing, constituted the fulfilment of Milestone 2 under the terms of the Milestone Performance Warrants.

On May 27, 2026, the Company mutually agreed to terminate, without penalty, a consulting agreement with a vendor for whom both shares and warrants had been issued as part of the service agreement.  The Company had recorded as prepaid expenses the fair value of these equity issuances. The early termination of this agreement will accelerate the prepaid expense of $137,377 in non-cash stock-based compensation to be fully expensed as on the date of the termination.

On May 22, 2026, a Director of the Company, exercised 500,000 milestone warrants for a total amount of proceeds of $500.  The Company issued 500,000 common shares in connection with the warrant exercise.

On May 22, 2026, the Company issued 70,000 common shares to a vendor as part of their service agreement.  The fair value of these shares was determined based on the Nasdaq closing price on May 21, 2026, of $13.50 per share.

On May 28, 2026, a former director of the Company, exercised 400,000 milestone warrants for a total amount of proceeds of $400.  The Company issued 400,000 common shares in connection with the warrant exercise.

On May 28, 2026, the Company issued 1,667 common shares to a vendor as part of their service agreement.  The fair value of these shares was determined based on the Nasdaq closing price on May 27, 2026, of $13.74 per share.

On June 4, 2026, the Company issued a total of 416,667 common shares and equivalent number of new warrants under the warrant Incentive Program for total proceeds of $167,083.

On June 8, 2026, a shareholder to whom milestone warrants had been transferred, exercised 100,000 milestone warrants for a total amount of proceeds of $100.  The Company issued the 100,000 common shares in connection with the warrant exercise on June 8, 2026.

On June 11, 2026, the board of directors, upon the recommendation of the nominating and corporate governance committee, approved an increase in the size of the board of directors from six (6) to nine (9) members.

On June 11, 2026, the board of directors, upon the recommendation of the nominating and corporate governance committee, approved the appointment of three new board members effective June 15, 2026.

On June 11, 2026, the board of directors, upon the recommendation of the compensation committee, agreed that effective June 15, 2026, the following changes to the compensation for board members will take effect.  All board members will be eligible for an annual cash compensation of $50,000, the chair of the board will receive an annual compensation of $100,000.  Additionally, on an annual basis, each board member will be granted the equivalent of $100,000 worth of Restricted Stock Units, the number of shares will be determined based on the closing price on the grant date.  Twenty five percent (25%) of the shares will vest every 3 months for the following twelve months.  The chairman of the board will receive the equivalent of $150,000 under the same terms as the other board members.  Eligibility will be determined on the “continuous service” conditions as defined in the board member’s agreement.

On June 11, 2026, the board of directors, upon the recommendation of the compensation committee, agreed that effective June 15, 2026, the following changes to the compensation for committee members will take effect. This compensation is in addition to the board member’s fees as previously disclosed. Nominating and Corporate Governance committee members will receive $5,000 per year, with the chair of the committee receiving $7,500. Compensation committee members will receive $6,000 per year, with the chair of the committee receiving $12,000. Audit committee members will receive $7,500 per year, with the chair of the committee receiving $15,000.

On June 11, 2026, the board of directors, upon the recommendation of both the nominating and corporate governance and compensation committees, approved the appointment of a new Chief Commercial Officer (“CCO”) effective June 15, 2026, along with his associated compensation package.  This individual was previously an independent non-executive board member.  He will continue to serve on the board as a non-independent executive board member.  As part of his role as CCO, he will become a full-time employee, his annual salary is $270,000, additional incentives include, an annual discretionary bonus, a milestone equity award up to a maximum of 0.75% of the Company’s common shares on an issued and outstanding basis at the time of the equity grant, plus $37,500 upon the date of the completion of a financing of $20 million at a minimum of $150 million pre-money market capitalization. If the financing completed is a minimum of $15 million at a minimum of $150 million pre-money market capitalization, then then two-thirds of the $37,500 or $24,750 will be earned and paid out.