Equity and Earnings Per Share (Tables)

12 Months Ended

Apr. 30, 2026

Share-Based Payment Arrangement, Activity

The Company also issued warrants in connection with the PIPE Transaction ("PIPE Warrants"), including certain warrants ("Stapled Warrants") traded on Nasdaq using the ticker symbol "BNCWZ" beginning April 15, 2026. The Company's equity at April 30, 2026 included:


	Successor
	Shares		Potential Shares(A)
	Authorized	Issued and Outstanding	Warrants(B)	Stock Rights(C)	RSUs(D)	Options(E)	Total
Common stock(F)	200,000,000	42,607,962	62,305,007	—	364,966	22,109	105,300,044
Preferred stock(G)(H)	25,000,000	—	—	200,000	—	—	200,000
Total	225,000,000	42,607,962	62,305,007	200,000	364,966	22,109	105,500,044

A.Excludes shares issuable upon conversion of the Convertible Promissory Note (Note 5).

B.Includes unexercised Public Warrants and PIPE Warrants.

C.Represents Series C Junior Participating Preferred Stock Rights, subject to the terms of the Stockholder Rights Agreement described below.

D.Restricted stock units ("RSUs") represent the right to receive, upon vesting and lapse of restrictions, one share of the Company's common stock for each unit granted.

E.Stock options provide optionholders the opportunity to purchase shares of the Company's common stock in the future at the exercise price of the option

F.Par value of $0.00001 per share. Each shareholder of common stock is entitled to one vote per share held, and shareholders of Series C Junior Participating Preferred Stock is entitled to voting, dividend, and other rights equivalent to 1,000 shares of common stock for each share of Series C Junior Participating Preferred Stock held. Shareholders of common stock are entitled to ratable dividends, when declared by the Board, and liquidation preferences subordinate to preferred stock.

G.Represents up to 200,000 shares of Series C Junior Participating Preferred Stock with a par value of $0.00001 per share. After the first issuance of a share, or fraction of a share, of Series C Junior Participating Preferred Stock, shareholders of Series C Junior Participating Preferred Stock are entitled to quarterly dividends in an amount per share equal to the greater of (i) $1,000 and (ii) 1,000 times the aggregate per share amount of all cash dividends, plus 1,000 times the aggregate per share amount of all non-cash dividends or other distributions other than a dividend payable in shares of common stock, paid in-kind. At April 30, 2026, no Series C Junior Participating Preferred Stock Rights were exercised and the Company had not issued any shares of Series C Junior Participating Preferred Stock.

H.The Board is authorized, subject to the laws of the state of Nevada or other applicable law and without further stockholder action, to designate one or more series of preferred stock and to fix the number of shares, designations, rights, qualifications, preferences, limitations and terms of the shares of any series of preferred stock, including, but not limited to, dividend, conversion, and voting rights as well as redemption terms and liquidation preferences. In the event of the Company's liquidation, holders of preferred stock are entitled to a distribution per share in the amount of the liquidation preference, if any, fixed or determined in accordance with the terms of such preferred stock plus, if applicable, an amount per share equal to accumulated and unpaid dividends in respect of such preferred stock, whether or not earned or declared, to the date of such distribution before any payment or distribution on the common stock or any other class of stock junior to the preferred stock upon liquidation. Neither the sale, lease or exchange of all or substantially all of the property and assets of the Company, nor any consolidation or merger of the Company, is deemed to be a liquidation for the purposes of preferred stock liquidation preferences.

The following tables summarize the change in equity-based compensation awards to employees and members of the Company's Board.

Employees


	RSUs			Options
		Grant Date Fair Value Per Unit			Weighted Average Per Share
	Units			Underlying Shares	Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value







Outstanding at June 7, 2025	—	$	—	18,296	$	83.19
Granted	363,636	2.75		2,700	7.74


Forfeited and cancelled	—	—		(2,536)	20.46

Outstanding at April 30, 2026	363,636	2.75		18,460	79.45		5.4	$	—

Exercisable at April 30, 2026				16,211	89.41		4.9	$	—

Board Members


	RSUs			Options
		Grant Date Fair Value Per Unit			Weighted Average Per Share
	Units			Underlying Shares	Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value







Outstanding at June 7, 2025	1,529	$	8.18	4,760	$	113.34
Granted	5,320	9.40		—	—
Vested(A)	(4,189)	8.95		—	—

Forfeited and cancelled	(1,330)	9.40		—	—
Expired	—	—		(1,111)	52.20
Outstanding at April 30, 2026	1,330	9.40		3,649	131.95		3.7	$	—

Exercisable at April 30, 2026				3,649	131.95		3.7	$	—

A.Includes accelerated vesting of 1,529 RSUs in July 2025.

Schedule of Warrant Outstanding

The Company has issued the following outstanding warrants at April 30, 2026:

Nasdaq Symbol

Issue Date

Expiry Date

Warrants Outstanding(A)

Exercise Price

Stapled Warrants(B)

BNCWZ

August 2025

August 2028

49,504,988

15.15

Pre-funded Warrants(C)

n.a.

August 2025

n.a.

7,750,510

—

Strategic Advisor Warrants(D)

n.a.

August 2025

August 2030

3,564,362

—

Asset Manager Warrants

n.a.

August 2025

August 2030

990,099

10.23

Public Warrants

BNCWW

February 2022

February 2027

4,909,408

60.00

2022 Underwriter Warrants(E)

n.a.

February 2022

February 2027

1,031,162

60.51

A.Each warrantholder may exercise their warrant for one share of the Company's common stock, except for the Public Warrants and 2022 Underwriter Warrants that are exercisable for 1/12th and 1/12th common shares per warrant, respectively.

B.The Company holds a mandatory exercise right to force exercise of the Stapled Warrants if the volume-weighted average price of its common stock exceeds $20.20 for 20 out of 30 consecutive trading days.

C.Pre-funded Warrants have an exercise price of $0.00001 per share and do not have an expiration date.

D.The Strategic Advisor Warrants have an exercise price of $0.00001 per share.

E.Includes 761,670 and 269,492 warrants with exercise prices of $60.00 and $61.95 held by underwriters and their employees, respectively.


	Number of Warrants	Weighted-Average Exercise Price(A)		Fair Value at Date of Grant





Outstanding at June 7, 2025	7,396,053	$	60.08	$	219,219
Issued(B)	64,186,195	11.84		503,799
Exercised(C)	(3,831,719)	2.92		(85,366)

Outstanding at April 30, 2026	67,750,529	$	12.68	$	637,652
Exercisable at April 30, 2026	67,750,529	$	12.68	$	637,652

A.Weighted by the common share equivalents.

B.Includes issuances or grants of the following warrants:


	Number of Warrants	Exercise Price		Fair Value at Date of Grant
Stapled Warrants	49,504,988	$	15.15	$	304,951
Pre-funded Warrants	7,750,510	—		78,280
Strategic Advisor Warrants	5,940,598	—		105,564
Asset Manager Warrants	990,099	10.23		15,004



Total/ Weighted Average	64,186,195	$	11.84	$	503,799

C.Includes the cashless exercise of the following warrants:


	Common Shares Issued	Number of Warrants	Exercise Price		Fair Value at Date of Grant


Strategic Advisor Warrants	2,376,236	(2,376,236)	—		42,226

Public Warrants	17,582	(1,434,418)	60.00		42,516
2022 Underwriter Warrants	66	(21,065)	61.95		624

Total/ Weighted Average	2,393,884	(3,831,719)	$	2.92	$	85,366

At April 30, 2026, outstanding and exercisable warrants had the following characteristics:




Intrinsic value	$	35,189
Weighted-average exercise period (in years)	2.1

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The Compensation Committee of the Board, which must approve all grants and is composed entirely of independent members of the Board, has granted stock options and RSUs to its employees, consultants, officers, and members of the Company's Board under the following equity incentive plans at April 30, 2026:


	Common Shares Equivalents			Outstanding
Plan(A)	Authorized	Issued	Remaining Available	RSUs	Options(B)	Total
2026 Inducement Plan(C)	1,000,000	363,636	636,364	363,636	—	363,636
2021 Equity Incentive Plan(D)	55,556	35,927	6,573	1,330	11,726	13,056
2017 Equity Incentive Plan(E)	27,778	13,641	3,754	—	10,383	10,383

Total	1,083,334	413,204	646,691	364,966	22,109	387,075

A.Excludes the 2025 Equity Incentive Plan adopted by the Board, but not approved by shareholders at April 30, 2026. The Predecessor did not adopt any equity incentive plans or otherwise issue equity-based compensation.

B.The Company issued options with a 10-year contractual term and a vesting period ranging from one month to thirty-two months. Options outstanding include:


	NQSO	ISO	Total

2021 Equity Incentive Plan	8,325	3,401	11,726
2017 Equity Incentive Plan	10,383	—	10,383

Total	18,708	3,401	22,109

C.In April 2026, the Board approved the 2026 Inducement Plan, which permits the Compensation Committee to grant equity-based awards, including stock options, stock appreciation rights ("SARs"), restricted stock awards ("RSAs"), and RSUs.

D.The 2021 Equity Incentive Plan permits the Board to grant incentive stock options ("ISOs"), non-qualified stock options ("NQSOs"), SARs, RSAs, RSUs, and other equity linked awards. If an equity award expires, or otherwise terminates without having been exercised in full, or settled in cash instead of the issuance of shares, then shares subject to such awards are again available for grant under the 2021 Equity Incentive Plan.

E.The Company may modify or amend the 2017 Equity Incentive Plan without shareholder approval, which permits the Compensation Committee to grant equity-based awards, including stock options, SARs, RSAs, RSUs, shares granted as a bonus or in lieu of another award, and other stock-based performance awards. Any shares subject to forfeited, expired, or otherwise terminated awards without issuance are again available for grant under the 2017 Equity Incentive Plan.

The Company presents equity-based compensation within the following line items in the Consolidated Statements of Operations and Comprehensive Income:


	Successor



	Period from June 7, 2025 through April 30, 2026
Selling, general and administrative expenses	$	77

Schedule of Unrecognized Compensation Expense

At April 30, 2026, the Company has not yet recognized compensation expense for the following awards:


	Weighted-Average Recognition Period (Years)		Shares			Unrecognized Compensation Expense
Vesting Condition	Options	RSUs	Options	RSUs	Total	Options		RSUs		Total
Time-based	0.1	3.9	2,250	364,966	367,216	$	2	$	988	$	990



Total			2,250	364,966	367,216	$	2	$	988	$	990

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Successor		Predecessor



	Period from June 7, 2025 through April 30, 2026		Period from May 1, 2025 through June 6, 2025		Year Ended April 30, 2025
Net income available to common shareholders
Net income (loss)	$	115,245	$	19	$	570

Net income available to common shareholders, basic	115,245		19		570
Add: Interest and discount amortization on convertible notes	52		—		—

Net income available to common shareholders, diluted	$	115,297	$	19	$	570

Weighted average shares outstanding
Common shares outstanding	36,406,819		1,410		1,410
Common share equivalents(A)	9,279,575		—		—

Weighted average shares outstanding, basic	45,686,394		1,410		1,410
Add: dilutive securities
Warrants	68,371		—		—
Stock options	755		—		—
RSUs	294		—		—
Convertible note	42,157		—		—

Weighted average shares outstanding, diluted	45,797,971		1,410		1,410

Earnings per share
Basic	$	2.52	$	13.48	$	404.20
Diluted	$	2.52	$	13.48	$	404.20

A.Includes fully-vested, pre-funded warrants issued for nominal exercise prices.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the outstanding securities that were not included in the computation of diluted income per common share as they are anti-dilutive:


	Successor	Predecessor



	Period from June 7, 2025 through April 30, 2026	Period from May 1, 2025 through June 6, 2025	Year Ended April 30, 2025
Warrants
Stapled Warrants	49,504,988	—	—


Asset Manager Warrants	990,099	—	—
Public Warrants	427,703	—	—
2022 Underwriter Warrants	86,204	—	—
Unvested RSUs	364,966	—	—
Stock Options	22,109	—	—


Total	51,396,069	—	—

Schedule of Computation Diluted Income Per Common Share

The following table summarizes the Company's weighted-average shares of all the potential equity (both dilutive and antidilutive) on a fully diluted basis:


	Successor	Predecessor



	Period from June 7, 2025 through April 30, 2026	Period from May 1, 2025 through June 6, 2025	Year Ended April 30, 2025
Common shares	36,406,819	1,410	1,410
Common share equivalents
Pre-funded Warrants	6,356,363	—	—
Strategic Advisor Warrants	2,923,212	—	—

	45,686,394	1,410	1,410
Dilutive Shares
Warrants(A)
Stapled Warrants	40,600,127	—	—


Asset Manager Warrants	812,002	—	—
Public Warrants	427,703	—	—
2022 Underwriter Warrants	86,204	—	—

Total warrants	41,926,036	—	—
Unvested RSUs	103,475	—	—
Stock Options	22,109	—	—
Convertible Promissory Note(B)	42,157	—	—

Total dilutive shares	42,093,777	—	—
Total	87,780,171	1,410	1,410

A.Includes warrants that are out-of-the-money. Amounts shown represent common stock equivalents assuming warrant exercise on a cash basis.

B.Assumes note conversion at the [weighted average] foreign exchange rate for each period.

The following table summarizes the Company's common shares outstanding as well as potential shares at each period-end:


	Successor	Predecessor
	April 30, 2026	April 30, 2025

Common shares	42,607,962	1,410
Common share equivalents
Pre-funded Warrants	7,750,510	—
Strategic Advisor Warrants	3,564,362	—

	53,922,834	1,410
Dilutive Shares
Warrants(A)
Stapled Warrants	49,504,988	—


Asset Manager Warrants	990,099	—
Public Warrants	409,117	—
2022 Underwriter Warrants	85,931	—

Total warrants	50,990,135	—
Unvested RSUs	364,966	—
Stock Options	22,109	—
Convertible Promissory Note(B)	38,500	—

Total dilutive shares	51,415,710	—
Total	105,338,544	1,410

A.Includes warrants that are out-of-the-money. Amounts shown represent common stock equivalents assuming warrant exercise on a cash basis.

B.Assumes note conversion based upon foreign exchange in effect at April 30, 2026.