Annual report [Section 13 and 15(d), not S-K Item 405]

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)

12 Months Ended

Apr. 30, 2026

SCHEDULE OF KEY INPUTS FOR THE WARRANT LIABILITY

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

SCHEDULE OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITY

The following table sets forth a summary of the changes in the fair value of the Level 3 warrant liability for the years ended April 30, 2026 and 2025:

	Warrant Liability
Fair value as of April 30, 2024	$	3,916,900
Change in fair value of warrant liability		7,714,200
Fair value as of April 30, 2025		11,631,100
Reclassification into equity upon warrant exercise		(10,136,100	)
Change in fair value of warrant liability		(1,495,000	)
Fair value as of April 30, 2026	$	-