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Going Concern | 4 Months Ended
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Apr. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Going Concern | Note 3 – Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated financial statements are available to be issued. The Company has experienced recurring losses since its inception. As a result, in order to continue as a going concern, the Company has historically been reliant on the ability to obtain additional sources of financing to fund operations. On February 15, 2022, the Company received approximately $21,711,000 in net proceeds from completion of an equity offering (“the Offering”). Based on management’s evaluation, the proceeds from the Offering were more than sufficient to fund any deficiencies in working capital or cash flow from operations, and consequently since the completion of Offering the Company has been confident that it would be able to meet its obligations as they come due, and fund operations for at least 12 months after the issuance of its consolidated financial statements. Accordingly, the conditions around liquidity and limited working capital necessary to fund operations were addressed in previous filings. As discussed in Note 1 – Organization and Description of Business above, effective June 6, 2025, the Company completed the acquisition of Fat Panda with an initial payment of CAD $12.1 million in cash to the sellers. As part of the funding for the acquisition of Fat Panda, effective June 4, 2025, the Company entered into an interim loan facility of USD $4,000,000 which is repayable in full on or before December 3, 2025. It is the Company’s intention to replace the current interim loan facility with a long-term credit facility with a money center Canadian bank or other institutional lender, in the amount of $7,000,000 or more, as may be negotiated. However, there can be no guarantee at this time that the Company will be successful in securing a new credit facility to repay the interim loan facility before it is due for repayment on December 3, 2025, or that the Company may be able to successfully negotiate an extension to the term of the current interim loan facility. This raises substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date the financial statements are issued. These consolidated audited financial statements do not include any adjustment that might result from the outcome of this uncertainty.

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- Definition The entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-40/tableOfContent + Details
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