$BNCWZ

BNB Standard Corp

CIK:0001482541|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended
	Jun. 06, 2025	Jul. 31, 2025	Jul. 31, 2026
Revenue	$ 2,928,000	$ 4,580,000	$ 7,165,000
Cost of revenue	2,002,000	3,207,000	5,201,000
Gross profit		1,373,000	1,964,000
Operating expenses
Management fees to affiliate		0	1,103,000
Selling, general and administrative expenses		1,630,000	5,427,000
Shareholder advisory expenses		0	1,391,000
Unrealized loss on digital assets		0	15,294,000
Other affiliate operating expenses		0	(20,000)
Total operating expenses		1,630,000	23,195,000
Operating income (loss)		(257,000)	(21,231,000)
Other income (loss), net
Airdrop income		0	284,000
Gain on change in fair value of warrant liability		0	9,982,000
Business combination expenses		(721,000)	0
Total other income (loss), net		(989,000)	9,926,000
Income (loss) before income tax expense (benefit)	21,000	(1,246,000)	(11,305,000)
Income tax expense (benefit)	2,000	(60,000)	95,000
Net income (loss)	$ 19,000	(1,186,000)	(11,400,000)
Other comprehensive income (loss)
Foreign currency translation adjustment		(47,000)	(215,000)
Total comprehensive income (loss)		$ (1,233,000)	$ (11,615,000)
Net income (loss) per share of common stock attributable to common shareholders
Basic (in usd per share)	$ 13.48	$ (1.41)	$ (0.22)
Diluted (in usd per share)	$ 13.48	$ (1.41)	$ (0.22)
Weighted average number of common shares outstanding
Basic (in shares)	1,410	842,852	52,914,444
Diluted (in shares)	1,410	842,852	52,914,444
Predecessor
Revenue	$ 2,928,000
Cost of revenue	2,002,000
Gross profit	926,000
Operating expenses
Management fees to affiliate	0
Selling, general and administrative expenses	905,000
Shareholder advisory expenses	0
Unrealized loss on digital assets	0
Other affiliate operating expenses	0
Total operating expenses	905,000
Operating income (loss)	21,000
Other income (loss), net
Airdrop income	0
Gain on change in fair value of warrant liability	0
Business combination expenses	0
Total other income (loss), net	0
Income (loss) before income tax expense (benefit)	21,000
Income tax expense (benefit)	2,000
Net income (loss)	19,000
Other comprehensive income (loss)
Foreign currency translation adjustment	35,000
Total comprehensive income (loss)	$ 54,000
Net income (loss) per share of common stock attributable to common shareholders
Basic (in usd per share)	$ 13.48
Diluted (in usd per share)	$ 13.48
Weighted average number of common shares outstanding
Basic (in shares)	1,410
Diluted (in shares)	1,410
Nonrelated Party
Other income (loss), net
Interest expense		$ (252,000)	$ (314,000)
Nonrelated Party \| Predecessor
Other income (loss), net
Interest expense	$ 0
Related Party
Other income (loss), net
Interest expense		$ (15,516)	$ (25,813)
Related Party \| Predecessor
Other income (loss), net
Interest expense	$ 0

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	2 Months Ended		3 Months Ended	11 Months Ended
	Jun. 06, 2025	Jul. 31, 2025	Jun. 30, 2025	Jul. 31, 2026	Apr. 30, 2026
Cash flows from operating activities
Net income (loss)	$ 19	$ (1,186)		$ (11,400)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization		124		158
Equity-based compensation		7		67
Non-cash income from airdrops		0		(284)
Unrealized loss on digital assets		0		15,294
Change in fair value of warrant liabilities		0		(9,982)
Other, net		(74)		240
Changes in operating assets and liabilities:
Accounts receivable		(8)		(96)
Income taxes payable		(60)		153
Inventory		286		96
Prepaid expenses		1,118		(1,057)
Accounts payable and accrued liabilities		(1,972)		(275)
Lease liabilities		0		(31)
Deferred revenue		(33)		76
Royalty		0		0
Related party liabilities		0		1,104
Cash Incentive Award				(538)	$ 0
Net cash used in operating activities		(1,798)		(6,475)
Cash flows from investing activities
Cash paid for acquisition of Fat Panda		(10,571)		0
Purchases of property and equipment		0		(123)
Net cash used in investing activities		(10,571)		(123)
Cash flows from financing activities
Proceeds from notes payable		3,910		14,963
Repurchase of shares		0		(4,279)
Net cash provided by financing activities		3,910		10,684
Net increase (decrease) in cash and cash equivalents		(8,459)		4,086
Effect of exchange rate changes on cash and cash equivalents		32		(63)
Cash and cash equivalents, beginning of period		11,447		3,061	11,447
Cash and cash equivalents, end of period	11,447	3,020		7,084	3,061
Supplemental cash flow information
Cash paid for interest		0		211
Cash paid for income taxes		0		0
Non-cash Investing and Financing Activities:
Issuance of common stock to acquire Fat Panda		(314)		0
CRA indemnity note		365		0
Issuance of related party notes for Fat Panda acquisition		1,394		$ 0
Predecessor
Cash flows from operating activities
Net income (loss)	19
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization	13
Equity-based compensation	0
Non-cash income from airdrops	0
Unrealized loss on digital assets	0
Change in fair value of warrant liabilities	0
Other, net	0
Changes in operating assets and liabilities:
Accounts receivable	53
Income taxes payable	2
Inventory	(363)
Prepaid expenses	7
Accounts payable and accrued liabilities	35
Lease liabilities	0
Deferred revenue	0
Royalty	(5)
Related party liabilities	0
Cash Incentive Award			$ 0
Net cash used in operating activities	(239)
Cash flows from investing activities
Cash paid for acquisition of Fat Panda	0
Purchases of property and equipment	0
Net cash used in investing activities	0
Cash flows from financing activities
Proceeds from notes payable	0
Repurchase of shares	0
Net cash provided by financing activities	0
Net increase (decrease) in cash and cash equivalents	(239)
Effect of exchange rate changes on cash and cash equivalents	14
Cash and cash equivalents, beginning of period	2,149	$ 1,924	$ 2,149		$ 1,924
Cash and cash equivalents, end of period	1,924
Supplemental cash flow information
Cash paid for interest	0
Cash paid for income taxes	0
Non-cash Investing and Financing Activities:
Issuance of common stock to acquire Fat Panda	0
CRA indemnity note	0
Issuance of related party notes for Fat Panda acquisition	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2026	Apr. 30, 2026
Current assets
Cash and cash equivalents	$ 7,084	$ 3,061
Inventory, net	3,816	4,040
Other current assets	3,931	3,127
Total current assets	14,831	10,228
Non-current assets
Digital assets, net of current portion	302,297	317,256
Intangible assets, net	4,520	4,800
Goodwill	3,427	3,538
Other non-current assets	2,077	2,024
Total non-current assets	312,321	327,618
Total Assets	327,152	337,846
Current liabilities
Accounts payable and accrued expenses	4,437	5,290
Current portion of operating lease liability	621	670
Debt	15,000	0
Related party note payable	1,798	1,083
Other current related party liabilities	1,468	365
Total current liabilities	24,084	8,644
Non-current liabilities
Warrants	12,049	22,031
Related party note payable	0	753
Other non-current liabilities	1,590	1,642
Total non-current liabilities	13,639	24,426
Total liabilities	37,723	33,070
Commitments and contingencies (Note 11)
SHAREHOLDERS’ EQUITY
Preferred stock	0	0
Common stock	0	0
Additional paid-in capital	227,542	231,274
Retained earnings	62,043	73,443
Accumulated other comprehensive income (loss)	(156)	59
Total shareholders’ equity	289,429	304,776
Total Liabilities and Shareholders' Equity	327,152	337,846
Related Party
Current liabilities
Other current liabilities	0	558
Nonrelated Party
Current liabilities
Other current liabilities	$ 760	$ 678