$MSS

Maison Solutions Inc.

CIK:0001892292|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Jan. 31, 2026

Jan. 31, 2025

Jan. 31, 2026

Jan. 31, 2025

Income Statement [Abstract]

Revenue

$ 29,544,900

$ 32,319,930

$ 84,334,537

$ 89,849,752

Cost of goods sold

22,002,534

25,273,639

63,781,198

66,780,159

Gross profit

7,542,366

7,046,291

20,553,339

23,069,593

Operating expenses

Selling expenses

4,360,369

4,409,767

13,925,364

13,837,583

General and administrative expenses

6,000,170

1,450,315

10,618,952

5,049,106

Total operating expenses

10,360,539

5,860,082

24,544,316

18,886,689

Income (loss) from operations

(2,818,173)

1,186,209

(3,990,977)

4,182,904

Non-operating income (expenses)

Interest expense, net

(718,833)

(264,778)

(1,991,562)

(681,908)

Investment loss

(75,000)

(71,023)

(923,493)

(504,100)

Change in fair value of derivative liability

(992,094)

(3,413,055)

Unrealized loss on digital assets investment

(982,337)

(1,864,741)

Other income, net

424,985

228,619

1,210,168

275,069

Non-operating expenses, net

(2,343,279)

(107,182)

(6,982,683)

(910,939)

Income (loss) before income taxes

(5,161,452)

1,079,027

(10,973,660)

3,271,965

Income tax provision

50,393

(16,919)

282,260

1,172,846

Net income (loss) from continuing operation

(5,211,845)

1,095,946

(11,255,920)

2,099,119

Net loss from discontinued operations

(199)

(100,781)

(584,661)

(802,223)

Net income (loss)

(5,212,044)

995,165

(11,840,581)

1,296,896

Net income (loss) attributable to noncontrolling interests from continuing operation

2,648

(8,203)

(67,928)

(92,941)

Net loss attributable to noncontrolling interests from discontinued operation

(16)

(8,395)

(48,702)

(66,825)

Net income (loss) attributable to noncontrolling interest

2,632

(16,598)

(116,630)

(159,766)

Net income (loss) attributable to the Company from continuing operation

(5,214,493)

1,104,149

(11,187,992)

2,192,060

Net loss attributable to the Company from discontinued operation

(183)

(92,386)

(535,959)

(735,398)

Net income (loss) attributable to Maison Solutions, Inc.

$ (5,214,676)

$ 1,011,763

$ (11,723,951)

$ 1,456,662

Net income (loss) per share attributable to Maison Solutions, Inc.

Basic (in Dollars per share)

$ (0.21)

$ 0.06

$ (0.53)

$ 0.08

Diluted (in Dollars per share)

$ (0.21)

^[1]

$ 0.06

$ (0.53)

^[1]

$ 0.08

Weighted average number of common stock outstanding - basic (in Shares)

25,305,281

17,450,476

22,098,869

17,450,476

Weighted average number of common stock outstanding - diluted (in Shares)

36,466,845

17,450,476

26,426,308

17,450,476

[1]	Earnings per share for basic and diluted weighted average shares outstanding are the same due to anti-dilutive effect resulting from the net loss for the three and nine months ended January 31, 2026.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Cash flows from operating activities
Net income (loss)	$ (11,840,581)	$ 1,296,896
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	661,001	779,593
Inventory impairment	190,564	342,472
Investment loss	923,493	504,100
Unrealized loss on digital assets investment	1,864,741
Bad debt expense	1,900,000	29,493
Finance charge for note conversion into shares	25,266
Gain on disposal of fixed assets	(11,543)
Loss from disposal of assets due to store closure	489,380
Stock compensation expense	1,922,055
Amortization of debt discount and debt issuance cost of convertible note	1,292,949
Change in fair value of derivative liability	3,413,055
Changes in deferred taxes	(24,175)	(58,288)
Changes in operating assets and liabilities:
Accounts receivable	423,942	24,918
Accounts receivable - related parties	148,520	5,971
Inventories	(103,846)	(4,197,132)
Prepayments	(1,085,637)	268,713
Other receivables and other current assets	(456,078)	642,097
Security deposits		(12,000)
Accounts payable	(699,901)	5,107,110
Accounts payable - related parties	1,737	136,494
Accrued expenses and other payables	1,400,454	88,366
Income tax payable	269,645	1,220,635
Contract liabilities	(110,475)	(195,957)
Operating lease liabilities	321,940	396,548
Other long-term payables	(4,716)	6,114
Net cash provided by operating activities	911,790	6,386,143
Cash flows from investing activities
Payment for equipment purchase	(14,613)	(154,427)
Purchase of digital assets	(2,919,500)
Cash received from disposal of fixed assets	15,000
Investment into HKGF Market of Arcadia, LLC		(62,000)
Net cash used in investing activities	(2,919,113)	(216,427)
Cash flows from financing activities
Bank overdraft	(352,499)	1,200,983
Borrowing from related parties	19,096	21,238
Borrowing from bank loan	5,250,000
Repayment of bank loan	(914,382)
Proceeds from convertible note	4,844,000
Loan to related party	(411,657)	(65,000)
Repayment of SBA Loan	(41,577)	(48,624)
Repayment of notes payable arising from acquisition of Lee Lee	(5,642,060)	(6,834,057)
Net cash provided by (used in) financing activities	2,750,921	(5,725,460)
Net changes in cash	743,598	444,256
Cash at the beginning of the period	775,360	1,101
Cash at the end of the period	1,518,958	445,357
Supplemental disclosure of cash flow information
Cash paid for interest	532,157	694,826
Cash paid for income taxes	36,791	116,369
Supplemental disclosure of non-cash investing and financing activities
Conversion of notes into common shares	$ 3,250,000

Consolidated Balance Sheets - USD ($)	Jan. 31, 2026	Apr. 30, 2025
CURRENT ASSETS
Cash	$ 1,518,958	$ 775,360
Accounts receivable	334,582	2,658,524
Inventories, net	5,625,140	5,324,268
Prepayments	3,509,321	2,423,684
Other receivables and other current assets	1,151,021	694,943
Total current assets	12,573,308	12,478,681
NON-CURRENT ASSETS
Property and equipment, net	1,415,536	1,646,056
Intangible assets, net	7,000,488	7,419,812
Digital assets	1,054,759
Security deposits	856,008	856,008
Investment under cost method		75,000
Investment under cost method - related parties	162,665	162,665
Investment under equity method		848,493
Operating lease right-of-use assets, net	34,143,129	35,693,340
Goodwill	14,882,849	14,882,849
Total non-current assets	59,515,434	61,584,223
Assets from discontinued operations		3,299,985
TOTAL ASSETS	72,088,742	77,362,889
CURRENT LIABILITIES
Bank overdraft	1,094,148	1,446,647
Accounts payable	7,286,356	7,986,255
Accrued expenses and other payables	3,019,769	1,708,304
Other payables - related parties	101,167	512,824
Income tax payable	931,053	661,408
Contract liabilities	591,454	701,929
Operating lease liabilities, current	3,467,314	3,403,852
SBA loans payable, current	66,094	62,212
Note payable, current		4,887,094
Bank loan payable, current	1,692,477
Total current liabilities	18,787,943	21,906,898
NON-CURRENT LIABILITIES
SBA loans payable	2,508,379	2,553,838
Bank loan payable	2,643,141
Security deposit from sub-tenants	126,512	131,228
Operating lease liabilities, non-current	33,888,841	35,180,573
Notes payable, non-current		754,966
Convertible notes payable	2,135,984	584,199
Derivative liability	3,278,000	1,004,230
Deferred tax liability, net	1,159,739	1,183,914
Total non-current liabilities	45,740,596	41,392,948
Liabilities from discontinued operations		2,423,014
TOTAL LIABILITIES	64,528,539	65,722,860
Commitment and contingencies (Note 17)
STOCKHOLDER’S EQUITY
Additional paid in capital	21,073,631	13,313,523
Accumulated deficit	(13,372,174)	(1,648,223)
Total Maison Solutions, Inc. stockholders’ equity	7,704,073	11,667,269
Noncontrolling interest	(143,870)	(27,240)
Total stockholders’ equity	7,560,203	11,640,029
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	72,088,742	77,362,889
Class A Common Stock
STOCKHOLDER’S EQUITY
Common stock, value	2,316	1,745
Class B Common Stock
STOCKHOLDER’S EQUITY
Common stock, value	300	224
Related Parties
CURRENT ASSETS
Accounts receivable - related parties	324,387	472,907
Other receivables - related parties	109,899	128,995
CURRENT LIABILITIES
Accounts payable - related parties	$ 538,111	$ 536,373