v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Oct. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

 Schedule of Segment Reporting Information

             
   Three Months Ended October 31, 2025 
  

Retail and

Industry Segment

(Successor)		   BNB Treasury Management Segment   Corporate   Total Consolidated 
Total Revenue, net  $7,143,485   $-   $-   $7,143,485 
Cost of revenue   (5,050,228)   -    -    (5,050,228)
Unrealized gain on digital asset   -    114,033,718    -    114,033,718 
Other income from airdrop   -    5,827,578    -    5,827,578 
Advertising and marketing expenses   (93,900)   -    (4,561,163)   (4,655,063)
Compensation expenses   (1,600,475)   (70,000)   (61,187)   (1,731,662)
Asset management fees   -    (1,798,357)   -    (1,798,357)
Professional and contractor fees   (966,609)   (207,855)   (602,302)   (1,776,766)
Stock-based compensation   (3,799)   -    (26,648)   (30,447)
Other segment expenses (1)   (928,040)   (1,280)   (15,400,013)   (16,329,333)
Change in fair value of warrant liabilities   -    -    206,818,087    206,818,087 
Interest expense and other income, net   (646,742)   -    -    (646,742)
Income (loss) from operations before provision for income tax  $(2,146,308)  $117,783,804   $186,166,774   $301,804,270 
Total Assets   16,931,635    567,987,094    31,545,992    616,464,721 

 

             
   Three Months Ended October 31, 2024 
  

Retail and

Industry Segment

(Predecessor)

   BNB Treasury Management Segment   Corporate   Total Consolidated 
Total Revenue, net  $7,436,751   $        -   $     -   $7,436,751 
Cost of revenue   (4,591,637)   -    -    (4,591,637)
Advertising and marketing expenses   (184,013)   -    -    (184,013)
Compensation expenses   (1,466,776)   -    -    (1,466,776)
Professional and contractor fees   (140,925)   -    -    (140,925)
Other segment expenses (1)   (676,732)   -    -    (676,732)
Income (loss) from operations before provision for income tax  $376,668   $-   $-   $376,668 

 

 

                
   Period from June 7, 2025 to October 31, 2025  

Period from

May 1, 2025 to

June 6, 2025

 
   Retail and Industry Segment (Successor)   BNB Treasury Management Segment   Corporate   Total Consolidated   CEA Industry Segment (Predecessor) 
Total Revenue, net  $11,720,973   $-   $-   $11,720,973   $2,927,689 
Cost of revenue   (8,256,041)   -    -    (8,256,041)   (2,001,537)
Unrealized gain on digital asset   -    114,033,718    -    114,033,718    - 
Other income from airdrop   -    5,827,578    -    5,827,578    - 
Advertising and marketing expenses   (165,524)   -    (4,561,163)   (4,726,687)   (63,202)
Compensation expenses   (2,090,567)   (70,000)   (88,904)   (2,249,471)   (431,340)
Asset management fees   -    (1,798,357)   -    (1,798,357)   - 
Professional and contractor fees   (2,236,391)   (207,855)   (602,301)   (3,046,547)   (135,359)
Stock-based compensation   (2,342,870)   -    (2,356,327)   (4,700,457)   - 
Other segment expenses (1)   (1,407,897)   (1,280)   (15,400,013)   (16,809,190)   (275,650)
Change in fair value of warrant liabilities   -    -    206,818,087    206,818,087    - 
Interest expense and other income, net   (918,769)   -    -    (918,769)   - 
Income (loss) from operations before provision for income tax  $(5,698,346)  $117,783,804   $183,809,379  $295,894,837   $20,602 

 

             
   Six Months Ended October 31, 2024 
   Retail and Industry Segment (Predecessor)   BNB Treasury Management Segment   Corporate   Total Consolidated 
Total Revenue, net  $14,405,418   $-   $    -   $14,405,418 
Cost of revenue   (8,652,017)           -    -    (8,652,017)
Advertising and marketing expenses   (297,205)   -    -    (297,205)
Compensation expenses   (2,588,208)   -    -    (2,588,208)
Professional and contractor fees   (278,573)   -    -    (278,573)
Other segment expenses (1)   (1,348,671)   -    -    (1,348,671)
Income (loss) from operations before provision for income tax  $1,240,744   $-   $-   $1,240,744 

 

(1)Includes other selling, general, and administrative expenses such as occupancy expenses, maintenance expense, utilities, depreciation and amortization expenses. Starting in the second quarter of 2026, other segment items also include warrant issuance costs, insurance fees and advisory fees.
(2)As noted in Note 1, Nature of Operations, On June 6, 2025 (the “Closing Date”), CEA industries Inc. completed the acquisition of the Fat Panda Group of Companies (“Fat Panda”) (the “Fat Panda Acquisition”). CEA Industries Inc. has been designated as the accounting acquirer (“Successor”), and Fat Panda as the accounting predecessor (“Predecessor”). Successor refers to CEA operations post-acquisition while predecessor refers to CEA operations pre-acquisition date consistent with the Consolidated Statements of Operations.