v3.26.1
Fair Value Measurement
 3 Months Ended
Jul. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurement
Note 8 — Fair Value Measurement
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 July 31, 2026 and April 30, 2026 were as follows:
Fair Value
Carrying ValueLevel 1Level 2Level 3Total
July 31, 2026 (Unaudited)
Assets:
Cash and cash equivalents
$
7,084 
$
7,084 
$
— 
$
— 
$
7,084 
Digital assets
304,507 
304,507 
— 
— 
304,507 
Liabilities:
Related party note payable, current
1,798 
— 
— 
1,798 
1,798 
Warrants
12,049 
— 
— 
12,049 
12,049 
$
325,438 
$
311,591 
$
— 
$
13,847 
$
325,438 
April 30, 2026 (Audited)
Assets:
Cash and cash equivalents
$
3,061 
$
3,061 
$
— 
$
— 
$
3,061 
Digital assets
319,622 
319,622 
— 
— 
319,622 
Liabilities:
Related party note payable, current
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, non-current
753 
— 
— 
753 
753 
$
347,108 
$
322,683 
$
— 
$
24,425 
$
347,108 
Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value.
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)
April 30, 2026
$
22,031 
$
558 
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
(9,982)
— 
Other affiliate operating expenses
— 
(20)
Payments, net
— 
(538)
July 31, 2026
$
12,049 
$
— 
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.
Liabilities Carried at Fair Value on a Recurring Basis
Stapled Warrants
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:
July 31,
2026
Stock price
$
2.66 
Expected volatility
105.0 
%
Risk-free interest rate
4.2 
%
Dividend yield
— 
%
Holding period (years)
2.0
Assets and Liabilities Carried at Fair Value on a Non-Recurring Basis
Identified Intangibles
In connection with the Company's tradename impairment assessment (Note 2), the Company estimates the cash flows that it does not need to pay to use a tradename to generate revenues using an estimated, market-based percentage of expected revenues. If the carrying amount of the intangible asset is higher than those aggregate, undiscounted cash flows, the Company impairs the intangible asset to its estimated fair value equal to those discounted cash flows.
The Company initially records identified intangibles at fair value at initial measurement and on the date of impairment, if any, else the Company reports finite-lived identified intangibles at their amortized cost basis, which may be different from their estimated fair value at a reporting date.
Goodwill
In connection with the Company's goodwill impairment assessment (Note 2), the Company valued its Fat Panda reporting unit using a weighted valuation methodology, which incorporated (a) an income approach using a discounted cash flow analysis, and (b) a market approach using publicly-traded companies similar to the Company. The Company records goodwill at its fair value at initial measurement and on the date of impairment, if any, else the Company reports goodwill at its lowest, last known fair value, which may be different from its estimated fair value at a reporting date.
Assets and Liabilities for which Fair Value Only Disclosed
Debt Obligations
The Company determined the carrying value of current debt and notes payable approximates fair value given the short-term nature of the borrowings.
Equity-based Compensation
Options
The fair value of each option grant is estimated at the grant date using the Black-Scholes option-pricing model. 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 July 31, 2025:
Stock price
$
7.74 
Expected volatility
132.4 
%
Risk-free interest rate
4.4 
%
Dividend yield
— 
%
Holding period (years)
1.0
RSUs
The Company values RSU awards at the fair value of the underlying shares of the Company's common stock as such awards are entitled to dividends and are only subject to time-based vesting.