WARRANT LIABILITY (Tables)

6 Months Ended

Oct. 31, 2025

The key inputs for the warrant liability were as follows as of May 2, 2025 (the valuation date before the date of exercise):

Key Valuation Inputs
Expected term (years)		3.44
Annualized volatility		64.2	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.84	%
Stock price	$	9.99
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.44 years

The key inputs for the warrant liability were as follows as of April 30, 2025:

Key Valuation Inputs
Expected term (years)		3.45
Annualized volatility		64.0	%
Volatility if fundamental transaction occurs		100.00	%
Risk-free interest rate		3.61	%
Stock price	$	10.97
Dividend yield		0.00	%
Exercise price	$	6.16
Probability of fundamental transaction		95	%
Date of fundamental transaction		0.25 years to 3.45 years

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the six months ended October 31, 2025:

	Warrant Liability
Fair value as of April 30, 2025	$	11,631,100
Change in fair value		(1,495,000	)
Reclassification into equity upon warrant exercise		(10,136,100	)
Fair value as of October 31, 2025	$	-