v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Jun. 06, 2025
Apr. 30, 2026
Apr. 30, 2025
Cash flows from operating activities      
Net income $ 19 $ 115,245  
Adjustments to reconcile net income to net cash used in operating activities      
Depreciation and amortization   870  
Equity-based compensation   77  
Non-cash income from airdrops   (7,863)  
Deferred tax liabilities   (798)  
PIPE transaction costs   14,551  
Realized loss on digital asset   1,293  
Unrealized loss on digital assets   130,315  
Change in fair value of warrant liabilities   (282,920)  
Other, net   229  
Changes in operating assets and liabilities:      
Accounts receivable   189  
Income taxes payable   952  
Inventory   (431)  
Prepaid expenses   851  
Accounts payable and accrued liabilities   1,191  
Lease liabilities   0  
Deferred revenue   (373)  
Royalty   0  
Related parties   0  
Net cash provided by (used in) operating activities   (26,622)  
Cash flows from investing activities      
Cash paid for acquisition of Fat Panda   (10,571)  
Purchase of digital assets   (380,857)  
Sale of digital assets   3,743  
Purchases of property and equipment   (9)  
Net cash used in investing activities   (387,694)  
Cash flows from financing activities      
Proceeds from notes payable   3,910  
Proceeds from issuance of common stock and warrants in PIPE offering   433,755  
Issuance cost of common stock and warrants in PIPE offering   (23,860)  
Proceeds from issuance of common stock   12,928  
Repurchase of shares   (16,954)  
Repayments from notes payable   (4,000)  
Net cash provided by financing activities   405,779  
Net increase (decrease) in cash and cash equivalents   (8,537)  
Effect of exchange rate changes on cash and cash equivalents   129  
Cash and cash equivalents, beginning of period 2,149 11,469  
Cash and cash equivalents, end of period 11,469 3,061 $ 2,149
Supplemental cash flow information      
Cash paid for interest   647  
Cash paid for income taxes   0  
Non-cash Investing and Financing Activities:      
Issuance of common stock to acquire Fat Panda   (314)  
Accrued share repurchase liability   (480)  
CRA indemnity note   365  
Issuance of related party notes for Fat Panda acquisition   1,394  
In-kind digital assets contribution received against issuance of equity and warrants in PIPE offerings   66,281  
In-kind digital assets acquired from PIPE offerings proceeds   (66,281)  
Predecessor      
Cash flows from operating activities      
Net income 19   570
Adjustments to reconcile net income to net cash used in operating activities      
Depreciation and amortization 13   777
Equity-based compensation 0   0
Non-cash income from airdrops 0   0
Deferred tax liabilities 0   (134)
PIPE transaction costs 0   0
Realized loss on digital asset 0   0
Unrealized loss on digital assets 0   0
Change in fair value of warrant liabilities 0   0
Other, net 0   0
Changes in operating assets and liabilities:      
Accounts receivable 53   (113)
Income taxes payable 2   (13)
Inventory (363)   113
Prepaid expenses 7   (44)
Accounts payable and accrued liabilities 35   (759)
Lease liabilities 0   (639)
Deferred revenue 0   0
Royalty (5)   (21)
Related parties 0   434
Net cash provided by (used in) operating activities (239)   171
Cash flows from investing activities      
Cash paid for acquisition of Fat Panda 0   0
Purchase of digital assets 0   0
Sale of digital assets 0   0
Purchases of property and equipment (2)   (97)
Net cash used in investing activities (2)   (97)
Cash flows from financing activities      
Proceeds from notes payable 0   0
Proceeds from issuance of common stock and warrants in PIPE offering 0   0
Issuance cost of common stock and warrants in PIPE offering 0   0
Proceeds from issuance of common stock 0   0
Repurchase of shares 0   0
Repayments from notes payable 0   0
Net cash provided by financing activities 0   0
Net increase (decrease) in cash and cash equivalents (241)   74
Effect of exchange rate changes on cash and cash equivalents 14   (2)
Cash and cash equivalents, beginning of period 2,149 $ 1,922 2,077
Cash and cash equivalents, end of period 1,922   2,149
Supplemental cash flow information      
Cash paid for interest 0   0
Cash paid for income taxes 0   285
Non-cash Investing and Financing Activities:      
Issuance of common stock to acquire Fat Panda 0   0
Accrued share repurchase liability 0   0
CRA indemnity note 0   0
Issuance of related party notes for Fat Panda acquisition 0   0
In-kind digital assets contribution received against issuance of equity and warrants in PIPE offerings 0   0
In-kind digital assets acquired from PIPE offerings proceeds $ 0   $ 0