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Fair Value Measurements

9 Months Ended

Feb. 28, 2026

NOTE 6. Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of February 28, 2026, and May 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Amount at Fair Value		Level 1		Level 2		Level 3
February 28, 2026
Liabilities
Derivative Liability - Warrants	$	6,357	$	6,040	$	—	$	317
Total	$	6,357	$	6,040	$	—	$	317

Description	Amount at Fair Value		Level 1		Level 2		Level 3
May 31, 2025
Liabilities
Derivative Liability - Warrants	$	4,488	$	1,264	$	—	$	3,224
Total	$	4,488	$	1,264	$	—	$	3,224

As of February 28, 2026, there were 10,000 warrants outstanding at an exercise price of $0.75 USD to purchase an equivalent number of Class A ordinary shares. The following table provides quantitative information regarding Level 3 fair value measurements inputs related to these Warrant liabilities at their measurement dates:

	February 28, 2026			May 31, 2025
Redemption Price (USD)	$	0.75		$	0.75
Stock Price (USD)	$	1.94		$	1.06
Volatility		76	%		76	%
Term (years)		3.5			4.2
Risk-free rate		3.96	%		4.42	%

The change in the fair value of the assets and liabilities measured with Level 3 inputs, for the nine months ended February 28, 2026, is summarized as follows:

	May 31, 2025
Fair value Derivative Liability – May 31, 2025	$	3,224
Warrant Exercises		(5,492	)
Change in fair value of Warrant Liabilities		2,998
Fair value Derivative Liability – August 31, 2025		730
Warrant Exercises		(772	)
Change in fair value of Warrant Liabilities		403
Fair Value Derivative Liability – November 30, 2025	$	361
Warrant Exercises		—
Change in fair value of Warrant Liabilities		(44	)
Fair Value Derivative Liability – February 28, 2026	$	317