| 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 July 31, 2026 and April 30, 2026 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | | | Carrying Value | | Level 1 | | Level 2 | | Level 3 | | Total | 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 | |
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| 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) | 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.
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| 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. |
| | | | | | | | | | | | | | | | Level | | Asset or Liability | | Measurement | 1 | | Cash and cash equivalents | | Estimates of fair value are measured using observable, quoted market prices, or Level 1 inputs. The Company estimates the fair value of USD Coin ("USDC") 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"). | 3 | | 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 July 31, 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: | | | | | | | | | | | July 31,
2026 | Stock price | | | $ | 2.66 | | Expected volatility | | | 105.0 | % | Risk-free interest rate | | | 4.2 | % | Dividend yield | | | — | % | Holding period (years) | | | 2.0 | | | | |
| | | | | | | | | | | | | | | | | | | | | | Stock price | | | | | $ | 7.74 | | Expected volatility | | | | | 132.4 | % | Risk-free interest rate | | | | | 4.4 | % | Dividend yield | | | | | — | % | Holding period (years) | | | | | 1.0 |
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