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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Jan. 31, 2026
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | NOTE 12 – FAIR VALUE MEASUREMENTS Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three and nine months ended January 31, 2026. The carrying amounts of cash equivalents, other current assets, accounts payable and accrued expenses approximate their face values at January 31, 2026 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a probability-weighted scenario model, which uses as inputs the fair value of the Company’s common stock and estimates for the equity volatility and of the Company’s common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period of time that approximates the time to maturity, the maturity redemption premium rate, the liquidation premium rate, the market discount rate, and the dividend rate. The fair value of the warrant liability was estimated using the Black Scholes Merton Model which uses as inputs the following weighted average assumptions, as noted above: dividend yield, expected terms in years, equity volatility and risk-free rate. Fair Value on a Recurring Basis The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liability and bifurcated embedded derivative represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at January 31, 2026 and April 30, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
Schedule of fair value of financial liabilities |  |  |  |  |  |
Description |  | Level |  | January 31, 2026 |  | April 30, 2025
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | 3 |  |  | $ | 13,657,000 |  |  | $ | 338,000 |
Derivative liabilities |  |  | 3 |  |  | $ | 1,136,000 |  |  | $ | – |
The following table sets forth a summary of the change in the fair value of the warrant liability that is measured at fair value on a recurring basis:
Schedule of change in the fair value warrant liability |  |
|  | Three Months Ended January 31, 2026
Balance on October 31, 2025 |  | $ | 16,152,000 |
Issuance of warrants |  |  | – |
Warrant exercises |  |  | (599,135 | )
Change in fair value of warrant liability |  |  | (1,895,865 | )
Balance on January 31, 2026 |  | $ | 13,657,000 |
|  |  | Nine Months Ended January 31, 2026 |
Balance on April 30, 2025 |  | $ | 338,000 |
Issuance of warrants |  |  | 5,583,000 |
Warrant exercises |  |  | (599,135 | )
Change in fair value of warrant liability |  |  | 8,335,135 |
Balance on January 31, 2026 |  | $ | 13,657,000 |
The following table sets forth a summary of the change in the fair value of the derivative liability that is measured at fair value on a recurring basis:
Schedule of change in the fair value derivative liability |  |  |
|  | Three Months Ended January 31, 2026 |
Balance on October 31, 2025 |  | $ | 1,693,000 |
Issuance of Series C convertible preferred stock |  |  | – |
Change in fair value of derivative liability |  |  | (557,000 | )
Balance on January 31, 2026 |  | $ | 1,136,000 |
|  | Nine Months Ended January 31, 2026 |
Balance on April 30, 2025 |  | $ | – |
Issuance of Series C convertible preferred stock |  |  | 1,995,000 |
Change in fair value of derivative liability |  |  | (859,000 | )
Balance on January 31, 2026 |  | $ | 1,136,000 |
The fair value of the convertible note receivable was historically estimated using the income approach, which uses as inputs the fair value of debtor’s common stock and estimates for the equity volatility and volume volatility of debtor’s common stock, the time to expiration of the convertible note, the discount rate, the stated interest rate compared to the current market rate, the risk-free interest rate for a period that approximates the time to expiration, and probability of default. Therefore, the estimate of expected future volatility is based on the actual volatility of debtor’s common stock and historical volatility of debtor’s common stock utilizing a lookback period consistent with the time to expiration. The time to expiration is based on the contractual maturity date. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the time to expiration. Probability of default is estimated using the S&P Global default rate for companies with a similar credit rating to debtor’s. At January 31, 2026, the fair value of the convertible note receivable was estimated to be equal to its principal value the note was near its maturity and was expected to be fully settled in cash. The fair values of financial instruments by class as of January 31, 2026 and April 30, 2025 are as follows:
Schedule of fair values of financial instruments by class |  |  |  |  |  |
|  | Level |  | January 31, 2026 |  | April 30, 2025
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  |  | 1 |  |  | $ | 372,251 |  |  | $ | 366,316 |
Money market account |  |  | 1 |  |  | $ | 2,081,636 |  |  | $ | 76,287 |
Convertible note receivable – investment in debt security - Femasys |  |  | 3 |  |  | $ | – |  |  | $ | 3,696,000 |
Warrant asset - Femasys |  |  | 3 |  |  | $ | 906,000 |  |  | $ | 3,061,000 |
Investment in preferred stock - QCLS |  |  | 3 |  |  | $ | 22,472,000 |  |  | $ | 22,474,000 |
Warrant assets - QCLS |  |  | 3 |  |  | $ | 10,242,000 |  |  | $ | 8,618,000 |
Assumptions used in the valuation of the Level 3 assets include time to expiration, discount rate, risk-free rate, volatility and probability of default.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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