Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2026

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The carrying values and fair values of the Company's assets or liabilities recorded at fair value on a recurring or non-recurring basis, as well as other financial instruments for which fair value is disclosed, at April 30, 2026 and April 30, 2025 were as follows:



			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
April 30, 2026 (Successor)
Assets:
Cash and cash equivalents	$	3,061	$	3,061	$	—	$	—	$	3,061
Digital assets	319,622		319,622		—		—		319,622
Liabilities:
Related party note payable	1,083		—		—		1,083		1,083
Other current related party liabilities, at fair value	558		—		—		558		558
Warrants	22,031		—		—		22,031		22,031
Related party note payable	753		—		—		753		753
	$	347,108	$	322,683	$	—	$	24,425	$	347,108
April 30, 2025 (Predecessor)
Assets:
Cash and cash equivalents	$	2,149	$	2,149	$	—	$	—	$	2,149






	$	2,149	$	2,149	$	—	$	—	$	2,149

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The Company's liabilities measured at fair value on a recurring basis using Level 3 inputs changed as follows:


	Liabilities
		Warrants		Cash Incentive Award(A)

June 7, 2025		$	—	$	—
Transfers(B)
Transfers to Level 3		—		—
Transfers from Level 3		—		—
Gains (losses) included in net income(C)
Gain on change in fair value of warrant liability		(282,920)		—
Other affiliate operating expenses		—		558
Issuance		304,951		—



April 30, 2026		$	22,031	$	558

A.See Note 10 for information regarding this affiliate agreement.

B.Transfers are assumed to occur at the beginning of the respective period.

C.Increases in the fair value of liabilities represent losses included in net income.

Schedule of Key Assumption Inputs


Level						Measurement
1						Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
2						Inputs are other than quoted prices that are observable for the asset or liability as level 1 inputs, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.
3						Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The following summarizes the Company's asset and liability fair value hierarchy at April 30, 2026:

Level

Asset or Liability

Measurement

Cash and cash equivalents

Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs. For USDC, fair value estimated at parity with USD.

Digital Assets

Estimates of fair value are measured using observable, quoted market prices on principal exchanges, or Level 1 inputs, on Binance exchange for BNB, Bitcoin ("BTC"), and Tether ("USDT").

Warrant Liabilities

Estimates of fair value are measured using observable, quoted market prices on Nasdaq Capital Markets traded under BNCWZ that started trading on April 15, 2026, but are not actively traded at April 30, 2026, as well as unobservable inputs, including adjusted historical volatility of shares of the Company's common stock.

Cash Incentive Award

Estimates of fair value are measured using observable, quoted market prices of shares of the Company's common stock as well as unobservable inputs, including adjusted historical volatility of shares of the Company's common stock.

Intangible Assets & Goodwill

Estimates of fair value of Fat Panda's trade name and goodwill recorded from the Fat Panda Acquisition are based upon discounted future cash flows of Fat Panda. Carrying value represents the lower of carrying value or impaired fair value if undiscounted cash flows are less than the carrying value at the date of the impairment assessment.

The Company equally weights observed market pricing data of publicly-traded Stapled Warrants with a Monte-Carlo option pricing model to estimate their fair value, using the following inputs:


	April 30, 2026
Stock price	$	3.11
Expected volatility	95.0		%
Risk-free interest rate	3.9		%
Dividend yield	—		%
Holding period (years)	2.3

The Company values the Cash Incentive Award with a Monte-Carlo option pricing model to estimate their fair value, using the following inputs:


	April 30, 2026
Stock price	$	3.11
Expected volatility	85.0		%
Risk-free interest rate	3.7		%
Dividend yield	—		%
Holding period (years)	0.3

The following table summarizes the assumptions used to estimate the grant‑date fair value of options issued during the period from June 7, 2025 through April 30, 2026:




Stock price	$	7.74
Expected volatility	132.4		%
Risk-free interest rate	4.4		%
Dividend yield	—		%
Holding period (years)	1.0

While the Company valued the Strategic Advisor Warrants based on the fair value of the underlying shares of its common stock given a nominal exercise price, it valued the Asset Manager Warrants with a Black-Scholes option-pricing model using the following inputs:



Stock price	$	17.77
Exercise price	$	10.23
Expected term (in years)(A)	5.0
Risk-free interest rate	3.8		%
Expected volatility(B)	110.0		%
Expected dividend yield	—		%

A.Expected term equals the contractual term since the warrant holders are nonemployees and expected to hold the warrants to expiration to maximize their value.

B.The Company estimates volatility based on the historical volatility of the guideline public companies over a period approximately equal to the expected term.