Related Party Transactions |
9 Months Ended | |||||||||
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Jan. 31, 2026 | ||||||||||
| Related Party Transactions [Abstract] | ||||||||||
| Related Party Transactions | Note 18 – Related Party Transactions
Agreements and Transaction with a Company Director
Mr. Nicholas J. Etten, a member of the Company’s Board of Directors, was previously party to two consulting agreements, one dated July 28, 2025 (the “2025 Agreement”) and a prior agreement dated June 19, 2024 which was replaced by the 2025 Agreement. These agreements contemplated that Mr. Etten would provide advisory services related to acquisition sourcing, strategic consulting, and investor coordination, and would be compensated at a rate of $ thousand per week, subject to downward adjustment based on hours worked.
The Company paid Mr. Etten $20.0 thousand during the three months ended January 31, 2026, and $72.8 thousand during the period from June 7, 2025 through January 1, 2026 for consulting services under these agreements. In January 2026, the Company identified that payments made to Mr. Etten through June 3, 2025 exceeded the amounts expected by $6.3 thousand. On March 15, 2026, Mr. Etten reimbursed the Company $6.3 thousand.
Mr. Etten terminated the 2025 Agreement on February 2, 2026 with effect from January 1, 2026. As of January 31, 2026, there were no amounts payable to Mr. Etten under the 2025 Agreement.
Promissory notes to former owner/current employee
In connection with the Company’s acquisition of Fat Panda Ltd. on June 6, 2025, the Company issued the following promissory notes to related parties:
See Note 11, Related Party Note Payable and Related Party Convertible Note Payable, for additional details.
Asset Management Agreement & Accrued Fee with a Company Director
The Asset Manager is an entity that is majority-owned and controlled by Hans Thomas, a current member of the Company’s Board of Directors. In connection with the PIPE Transaction, the Company entered into the Asset Management Agreement with the Asset Manager, pursuant to which the Company engaged the Asset Manager to provide asset management and related services with respect to the Company’s digital assets strategy in exchange for the applicable management fees. The Company recorded management fees of $2.0 million and $3.8 million for the three months and for the period from June 7, 2025 through January 31, 2026, respective, and accrued but not paid asset management fees payable of $0.6 million as of January 31, 2026.
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