XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.26.1

INVESTMENT IN DEBT AND EQUITY SECURITIES | 9 Months Ended
--- | ---
Jan. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT IN DEBT AND EQUITY SECURITIES | NOTE 4 – INVESTMENT IN DEBT AND EQUITY SECURITIES INVESTMENT IN FEMASYS SECURITIES On November 14, 2023, the Company entered into a Securities Purchase Agreement (the “Femasys Purchase Agreement”) with Femasys Inc. (“Femasys”), pursuant to which it agreed to purchase from Femasys for a sum of $5,000,000, (i) senior unsecured convertible note (the “Femasys Note”) in an aggregate principal amount of $5,000,000, convertible into shares of Femasys common stock, par value $0.001 per share (the “Femasys Shares”) at a conversion price of $1.18 per share, (ii) Series A Warrants (the “Series A Warrants”) to purchase up to an aggregate of 4,237,288 Femasys Shares at an exercise price of $1.18 per share, and (iii) Series B Warrants (the “Series B Warrants”, together with the Series A Warrants, the “Femasys Warrants,” and, together with the Notes, the “Femasys Securities”) to purchase up to an aggregate of 4,237,288 Femasys Shares at an exercise price of $1.475 per share (collectively, the “Investment”). The Femasys Note accrues interest at 6.0% per annum, payable annually, and mature two years after the date of issuance. The Series A Warrants expire five years from the date of issuance. The Series B Warrants expired in November 2024. Pursuant to the terms of the Femasys Purchase Agreement, the Company’s Chief Executive Officer was appointed to the Femasys board of directors. The convertible note receivable is not traded in active markets and the fair value was historically determined using a Monte Carlo simulation. The convertible note receivable is accounted for as available-for-sale debt securities based on “Level 3” inputs, which consist of unobservable inputs and reflect management’s estimates of assumptions that market participants would use in pricing the asset. The Company elected the fair value option for the Femasys Note, therefore, holding gains and losses are included within change in fair value of the note in the unaudited condensed consolidated statement of operations. The Femasys Warrants are accounted for as an equity security and are valued using a Monte Carlo simulation based on “Level 3” inputs, which consist of unobservable inputs and reflect management’s estimates of assumptions that market participants would use in pricing the asset, recorded at fair value with subsequent changes included within change in fair value of the warrants in the unaudited condensed consolidated statement of operations. As of January 31, 2026, the Company received $5 million in full settlement of the Femasys Note. Additionally, the Company received 379,747 shares of Femasys common stock in full settlement of the accrued interest of $300,000. The Company holds 695,537 shares of Femasys common stock. During the three months ended January 31, 2026 and 2025, the Company recognized interest income of $12,500 and $75,000, respectively, and during the nine months ended January 31, 2026 and 2025 the Company recognized interest income of $162,500 and $225,000, respectively, from the Femasys Note. As of January 31, 2026 and April 30, 2025, the Company has accrued interest receivable of $0 and $137,500, respectively. As of January 31, 2026, the fair value of the Femasys Series A Warrants was approximately $906,000 and was determined utilizing the following assumptions: Femasys stock price of $0.54, exercise price of $1.18, risk free rate of 3.58%, equity volatility of 102.0% and remaining term of 2.79 years. The Company recognized the Femasys Note and Femasys Warrants based on their respective fair values as of April 30, 2025 of $3,696,000 and $3,061,000, respectively. Subsequent changes in the fair value of the Femasys Note and Femasys Warrants are recognized in earnings, at each reporting date. During the three and nine months ended January 31, 2026, the Company recognized gains for change in fair value of the convertible note receivable of $0 and $1,304,000, respectively, and losses for change in fair value of the warrant asset of $214,000 and $2,155,000, respectively. See Note 12 – Fair value Measurements for further information. Below is a summary of activity for the Femasys Note and Femasys Warrants as of January 31, 2026:
Schedule of activity for the notes and warrants |  |
Balance of Femasys Note as of April 30, 2025 |  | $ | 3,696,000 |
Change in fair value |  |  | 1,304,000 |
Settlement of Femasys Note |  |  | (5,000,000 | )
Balance of Femasys Note as of January 31, 2026 |  | $ | – |
Balance of Femasys Warrant Asset as of April 30, 2025 |  | $ | 3,061,000 |
Change in fair value |  |  | (2,155,000 | )
Balance of Femasys Warrant Asset as of January 31, 2026 |  | $ | 906,000 |
MARKETABLE SECURITIES On November 21, 2025 and 2024, the Company received from the Femasys Notes payments in Femasys common stock for interest income in the amount of $300,000 and $300,000, respectively. The interest income payments were based on the Femasys average stock price on those dates of $0.79 and $0.95, respectively, therefore, the Company received 379,747 and 315,790 common stock shares, respectively. The Company elected the fair value option on this investment. The related unrealized loss pertaining to this investment is recorded in other income and expense. The value of the initial interest payment was $366,316 on April 30, 2025. The Company holds a total of 695,537 common stock shares. As of January 31, 2026, the current market value of the Femasys common stock shares was $0.54 that generated an unrealized loss of $294,065. Cost and fair value of marketable equity securities at January 31, 2026 are as follows:
Schedule of marketable equity securities |  |  |  |  |  |
|  | Carrying Value |  |  |  |
|  | At Fair Market |  | Adjusted |  | Unrealized
Marketable securities |  |  | Value |  |  |  | Cost Basis |  |  |  | Loss |
Equity – stock |  | $ | 372,251 |  |  | $ | 666,316 |  |  | $ | 294,065 |
The fair value of equity securities has been measured on a recurring basis using Level 1 inputs, which are based on unadjusted quoted market prices within active markets. There have been no changes in valuation approaches or techniques and related inputs. INVESTMENT IN Q/C TECHNOLOGIES, INC. Series G Preferred Shares and Warrants On May 20, 2024, the Company entered into a Securities Purchase Agreement (the “Series G SPA”) with a public company operating in the medical industry, MyMD Pharmaceuticals, Inc. which subsequently changed its name to TNF Pharmaceuticals, Inc. and then to Q/C Technologies, Inc., (“QCLS”). Pursuant to the Series G SPA, the Company purchased (i) 7,000 shares of QCLS’s Series G Convertible Preferred Stock (the “Series G Preferred Shares” or “Series G Preferred Stock”) with an original conversion price of $1.816 per Series G Preferred Share, which were initially convertible into 3,854,626 shares of common stock of QCLS (“QCLS Common Stock”); (ii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a five-year term (“QCLS Series G Long-Term Warrant”); and (iii) warrants to purchase up to 3,854,626 shares of QCLS Common Stock with a 18-month term (“QCLS Series G Short-Term Warrant”) (collectively, the “QCLS Series G Warrants”), for an aggregate purchase price of $7,000,000. In April 2025, QCLS issued securities that caused changes to the original terms of the Series G Preferred Stock. The conversion and exercises prices were adjusted to $0.1832 per Series G Preferred Share, the number of QCLS Series G Long-Term Warrants were adjusted to purchase 38,209,611 shares of QCLS Common Stock and the number of QCLS Series G Short-Term Warrants were adjusted to purchase 38,209,611 shares of QCLS Common Stock. In September 2025, in connection with the QCLS’ 1-for-100 reverse stock split and pursuant to the stock combination event adjustment provisions of the Series G Preferred Shares and QCLS Series G Warrants, the conversion price and the exercise price was adjusted to $3.37 per share, the 7,000 Series G Preferred Shares were adjusted to be convertible into 2,076,351 shares of QCLS Common Stock, and the number of QCLS Series G Long-Term Warrants were adjusted to purchase 2,076,351 shares of QCLS Common Stock and the number of QCLS Series G Short-Term Warrants were adjusted to purchase 2,076,351 shares of QCLS Common Stock. On November 23, 2025, the QCLS Series G Short-Term Warrants expired. Pursuant to the Series G SPA, the Company has the right to participate in future sales of QCLS’s equity and equity-linked securities until the second anniversary of the Closing or the date on which no Series G Preferred Shares remain outstanding, whichever is earlier. Additionally, the Company has the right to nominate one individual to serve on QCLS’s board of directors until PharmaCyte no longer beneficially owns at least 20% of QCLS Common Stock on an as-converted basis. The Company’s Chief Executive Officer serves on the board of directors of QCLS. The Company determined that QCLS is a VIE, since QCLS does not have sufficient equity at risk to finance its own operations without additional subordinated financial support. However, the Company has determined that it is not the primary beneficiary of QCLS. Furthermore, Series G Preferred Stock is not considered in substance common stock, and as such, the equity method of accounting does not apply. The Company recorded its investment in Series G Preferred Stock at its fair value as the Company did not elect the measurement alternative to account for the investment at cost less impairment. Subsequent changes in fair value of the Series G Preferred Stock are recognized in earnings at each reporting period. The fair value of the Series G Preferred Stock was estimated utilizing a Monte Carlo simulation. The QCLS Series G Warrants were determined to meet the definition of a derivative and were required to be recorded at fair value in accordance with ASC 815. Subsequent changes in the fair value of the QCLS Series G Warrants are recognized in earnings, at each reporting date. The issuance date fair value of the QCLS Series G Warrants was determined utilizing the Black Scholes Merton Method. The Series G Preferred Stock shares include a 10% dividend, which are payable in cash or shares of QCLS Series G Preferred Stock at the Company’s option, and the Company has elected to receive shares of the QCLS Preferred Stock as Payment in Kind (“PIK”). As of January 31, 2026, and April 30, 2025 the Company owned 8,577 shares including accrued dividend of 1,577 shares, and 7,831 Series G Preferred Stock shares, respectively. During the three and nine months ended January 31, 2026, the Company recognized a gain for the change in fair value of the Series G Preferred Stock of $1,433,000 and a loss of $5,127,000, respectively. The $17,347,000 fair value of the Series G Preferred Stock was estimated utilizing a Monte Carlo simulation with the following assumptions on January 31, 2026: QCLS stock price of $4.19, expected time to settlement of 5.00 years, dividend rate of 10%, discount market interest rate of 10%, risk free rate of 3.79%, equity volatility of 135.0% and probability of default of 24.7%. During the three and nine months ended January 31, 2026, the Company recognized a loss of $1,461,000 and $1,652,000, respectively, related to the change in the QCLS Series G Warrants fair value. The $6,966,000 fair value of the QCLS Series G Warrants was determined utilizing a Black Scholes Merton model with the following assumptions on January 31, 2026: QCLS stock price of $4.19, exercise price of $3.37, risk free rate of 3.57%, equity volatility of 130.0% and remaining term of 3.31 years. Below is a summary of activity for the Series G Preferred Stock as of January 31, 2026:
Schedule of activity preferred stock |  |
Balance of Series G Preferred Stock as of April 30, 2025 |  | $ | 22,474,000 |
Change in fair value |  |  | (5,127,000 | )
Balance of Series G Preferred Stock as of January 31, 2026 |  | $ | 17,347,000 |
Below is a summary of activity for the QCLS Warrants as of January 31, 2026:
Balance of QCLS Series G Warrant assets as of April 30, 2025 |  | $ | 8,618,000 |
Change in fair value |  |  | (1,652,000 | )
Balance of QCLS Series G Warrant assets as of January 31, 2026 |  | $ | 6,966,000 |
Series H Preferred Shares and Warrants On September 2, 2025, the Company entered into a Securities Purchase Agreement (the “Series H SPA”) with QCLS. Pursuant to the Series H SPA, the Company purchased (i) 3,000 shares of QCLS’s Series H Convertible Preferred Stock (the “Series H Preferred Shares” or “Series H Preferred Stock”), at a stated value of $1,000 per Series G Preferred Share, with an initial conversion price of $5.00 which were initially convertible into 600,000 shares of QCLS Common Stock ; (ii) warrants to purchase up to 600,000 shares of QCLS’s Common Stock with a five-year term (“QCLS Series H Warrant”), for a total purchase price of $3,000,000. In September 2025, in connection with the QCLS’ 1-for-100 reverse stock split and pursuant to the stock combination event adjustment provisions of the Series H Preferred Shares and QCLS Series H Warrants, the conversion price and the exercise price was adjusted to $3.37 per share, the 3,000 Series H Preferred Shares were adjusted to be convertible into 889,864 shares of QCLS Common Stock and the number of QCLS Series H Warrants was adjusted to purchase 889,864 shares of QCLS Common Stock. The Series H Preferred Stock is not considered in substance common stock, and as such, the equity method of accounting does not apply. The Company recorded its investment in Series H Preferred Stock at its fair value as the Company did not elect the measurement alternative to account for the investment at cost less impairment. Subsequent changes in fair value of the Series H Preferred Stock are recognized in earnings at each reporting period. The initial fair value of the Series H Preferred Stock of $3,483,000 was estimated utilizing a probability-weighted scenario model, with the following inputs: the fair value of QCLS Common Stock of $3.61, estimated equity volatility of 100.0%, the time to maturity of 1.49 years, the redemption premium of 106%, the liquidation premium of 125%, the conversion price of $5.00 per share, a market interest rate of 19.51%, a risk-free rate of 3.61%, and dividend rate of 7.00%. The QCLS Series H Warrants were determined to meet the definition of a derivative and were required to be recorded at fair value in accordance with ASC 815. Subsequent changes in the fair value of the QCLS Series H Warrants are recognized in earnings, at each reporting date. The issuance date fair value of the QCLS Series H Warrants of $1,606,000 was determined utilizing the Black Scholes Merton Method using the following inputs: the fair value of QCLS’ s common stock of $3.61, exercise price of $5.00; dividend yield of 0%; remaining term of 5.00 years; equity volatility of 105.0%; and a risk-free interest rate of 3.59%. The total aggregated fair value of the QCLS Series H Preferred Stock and the QCLS Series H Warrants of $5,089,000 exceeded the total purchase price of $3,000,000 by $2,089,000, which was recognized as a gain on investment in QCLS on the condensed consolidated statement of operations for the nine months ended January 31, 2026. During the three and nine months ended January 31, 2026, the Company recognized a gain on the change in fair value of the Series H Preferred Stock of $292,000 and $1,642,000, respectively. The $5,125,000 fair value of the Series H Preferred Stock was estimated utilizing a probability-weighted scenario model, with the following inputs: the fair value of QCLS Common Stock of $4.19, estimated equity volatility of 150.0%, the time to maturity of 1.08 years, the redemption premium of 106%, the liquidation premium of 125%, the conversion price of $3.37 per share, a market interest rate of 16.37%, a risk-free rate of 3.42%, and dividend rate of 7.00%. During the three and nine months ended January 31, 2026, the Company recognized a gain of $261,000 and $1,670,000, respectively, related to the change in the QCLS Series H Warrants fair value. The $3,276,000 fair value of the QCLS Series H Warrants was determined utilizing a Black Scholes Merton model with the following assumptions on January 31, 2026: the fair value of QCLS’s common stock of $4.19, exercise price of $3.37, risk free rate of 3.68%, equity volatility of 135.0%, and remaining term of 4.59 years. The Company has determined that QCLS is a VIE, as QCLS does not have sufficient equity at risk to finance its own operations without additional subordinated financial support. However, the Company has determined that it is not the primary beneficiary of QCLS. Below is a summary of activity for the Series H Preferred Stock as of January 31, 2026:
Schedule of activity preferred stock |  |
Balance of Series H Preferred Stock as of April 30, 2025 |  | $ | – |
Initial fair value of investment Series H Preferred Shares |  |  | 3,483,000 |
Change in fair value |  |  | 1,642,000 |
Balance of Series H Preferred Stock as of January 31, 2026 |  | $ | 5,125,000 |
Below is a summary of activity for the QCLS Series H Warrants as of January 31, 2026:
Balance of QCLS Series H Warrant assets as of April 30, 2025 |  | $ | – |
Initial fair value of investment in of QCLS Series H Warrants |  |  | 1,606,000 |
Change in fair value |  |  | 1,670,000 |
Balance of QCLS Series H Warrant assets as of January 31, 2026 |  | $ | 3,276,000 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration