Equity and Earnings Per Share (Tables)

3 Months Ended

Jul. 31, 2026

Share-Based Payment Arrangement, Activity

The Company also issued warrants in connection with the PIPE Transaction ("PIPE Warrants"), including certain warrants ("Stapled Warrants") which were listed on Nasdaq using the ticker symbol "BNCWZ" beginning April 15, 2026. No shares of preferred stock were issued or outstanding at July 31, 2026 or April 30, 2026. In December 2025, the Board designated 200,000 shares of preferred stock as Series C Junior Participating Preferred Stock in connection with the Stockholder Rights Agreement described below; no shares of that series have been issued. The Company's equity at July 31, 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	41,173,850	62,305,007	—	364,966	16,265	103,860,088
Preferred stock(G)(H)	25,000,000	—	—	200,000	—	—	200,000
Total	225,000,000	41,173,850	62,305,007	200,000	364,966	16,265	104,060,088

A.Excludes shares issuable upon conversion of the Convertible Promissory Note (Note 5), which is convertible only at the holder's election on or before June 1, 2027. The share count varies with the CAD/USD exchange rate.

B.Includes unexercised Public Warrants and PIPE Warrants.

C.Represents the 200,000 shares of Series C Junior Participating Preferred Stock reserved for issuance upon exercise of the Series C Junior Participating Preferred Stock Rights, subject to the terms of the Stockholder Rights Agreement described below. The Series C Junior Participating Preferred Stock Rights were not exercisable at July 31, 2026, and no shares of Series C Junior Participating Preferred Stock have been issued.

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, ratable dividends, when and as 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, reserved for issuance upon exercise of the associated preferred stock purchase rights. Each Series C Junior Participating Preferred Stock Rights entitles the holder to purchase 1/1000th of a share of Series C Junior Participating Preferred Stock, and each share of Series C Junior Participating Preferred Stock is designed to be economically equivalent to 1,000 shares of common stock. 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, subject to adjustment for stock splits, stock dividends, and combinations. Holders are similarly entitled to preferential amounts on liquidation and to equivalent consideration in a merger or consolidation At July 31, 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 table summarizes 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	—	—		2,700	7.74


Forfeited and cancelled	—	—		(600)	8.05

Outstanding at July 31, 2025	—	—		20,396	74.68		5.6	$	—

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



Forfeited and cancelled	—	—		(146)	7.74
Expired	—	—		(2,374)	126.54
Outstanding at July 31, 2026	363,636	2.75		15,940	73.16		2.5	$	—

Exercisable at July 31, 2026				15,940	73.16		2.5	$	—

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

Vested(A)	(1,529)	8.18		—	—


Expired	—	—		(1,111)	52.20
Outstanding at July 31, 2025	—	—		3,649	131.95		4.4	$	—

Outstanding at April 30, 2026	1,330	9.40		3,649	131.95



Forfeited and cancelled	—	—		(3,324)	138.08

Outstanding at July 31, 2026	1,330	9.40		325	69.48		4.0	$	—

Exercisable at July 31, 2026				325	69.48		4.0	$	—

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

Schedule of Warrant Outstanding

The Company has issued the following outstanding warrants at July 31, 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 of a common share 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.

At July 31, 2026, outstanding and exercisable warrants had the following characteristics:




Intrinsic value	$	30,097
Weighted-average exercise period (in years)	2.2

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 July 31, 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	7,130	1,330	11,169	12,499
2017 Equity Incentive Plan(E)	27,778	13,641	9,041	—	5,096	5,096

Total	1,083,334	413,204	652,535	364,966	16,265	381,231

A.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	7,768	3,401	11,169
2017 Equity Incentive Plan	5,096	—	5,096

Total	12,864	3,401	16,265

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 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


	Successor



	Three Months Ended July 31, 2026		Period from June 7, 2025 through July 31, 2025
Selling, general and administrative expenses	$	67	$	7

Schedule of Unrecognized Compensation Expense

At July 31, 2026, the Company has not yet recognized compensation expense for the following awards:


Vesting Condition	Weighted-Average Recognition Period (Years)	Shares	Unrecognized Compensation Expense

Time-based	1.9	364,966		$	923

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



	Three Months Ended July 31, 2026		Period from June 7, 2025 through July 31, 2025			Period from May 1, 2025 through June 6, 2025
Net income (loss) available to common shareholders
Net income (loss)	$	(11,400)	$	(1,186)		$	19

Net income (loss) available to common shareholders, basic	(11,400)		(1,186)			19


Net income (loss) available to common shareholders, basic and diluted	$	(11,400)	$	(1,186)		$	19

Weighted average shares outstanding
Common shares outstanding	41,599,572		842,852			1,410
Common share equivalents(A)	11,314,872		—			—








Weighted average shares outstanding, basic and diluted	52,914,444		842,852			1,410

Earnings (loss) per share
Basic	$	(0.22)	$	(1.41)		$	13.48
Diluted	$	(0.22)	$	(1.41)		$	13.48

A.Includes fully-vested, Pre-funded Warrants issued for nominal exercise prices and Strategic Advisor Warrants.

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 (loss) per common share as they were anti-dilutive:


	Successor		Predecessor



	Three Months Ended July 31, 2026	Period from June 7, 2025 through July 31, 2025		Period from May 1, 2025 through June 6, 2025
Warrants
Stapled Warrants	49,504,988	—		—


Asset Manager Warrants	990,099	—		—
Public Warrants	409,117	519,959		—
2022 Underwriter Warrants	85,931	87,558		—
Unvested RSUs(A)	13,212	1,175		—
Stock Options	16,574	22,109		—
Convertible Promissory Note(B)	42,426	39,850		—

Total	51,062,347	670,651		—

A.Incremental shares computed using the treasury stock method.

B.Denominator adjustment computed using the if-converted method.

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



	Three Months Ended July 31, 2026	Period from June 7, 2025 through July 31, 2025		Period from May 1, 2025 through June 6, 2025
Common shares	41,599,572	842,852		1,410
Common share equivalents
Pre-funded Warrants	7,750,510	—		—
Strategic Advisor Warrants	3,564,362	—		—

	52,914,444	842,852		1,410
Dilutive Shares
Warrants(A)
Stapled Warrants	49,504,988	—		—


Asset Manager Warrants	990,099	—		—
Public Warrants	409,117	519,959		—
2022 Underwriter Warrants	85,931	87,558		—

Total warrants	50,990,135	607,517		—
Unvested RSUs	364,966	1,175		—
Stock Options	16,574	22,109		—
Convertible Promissory Note(B)	42,426	39,850		—

Total dilutive shares	51,414,101	670,651		—
Total	104,328,545	1,513,503		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:



	July 31, 2026	April 30, 2026
	(Unaudited)	(Audited)
Common shares	41,173,850	42,607,962
Common share equivalents
Pre-funded Warrants	7,750,510	7,750,510
Strategic Advisor Warrants	3,564,362	3,564,362

	52,488,722	53,922,834
Dilutive Shares
Warrants(A)
Stapled Warrants	49,504,988	49,504,988


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

Total warrants	50,990,135	50,990,135
Unvested RSUs	364,966	364,966
Stock Options	16,265	22,109
Convertible Promissory Note(B)	41,771	38,500

Total dilutive shares	51,413,137	51,415,710
Total	103,901,859	105,338,544

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 July 31, 2026.