Financial Analysis

"9. Commitments and Contingencies Lease Commitment During the three months ended April 30, 2026, the Company entered into a 24-month licence agreement commencing May 1, 2026, with monthly base lease fees of approximately $5,016 (comprised of $769 for office space and $4,246 for lab space), plus applicable operating costs and taxes, payable monthly in advance, with a one-month rent-free early access period prior to commencement and two additional base rent ""holiday"" months (one in each lease year) during which no base rent is payable. As the lease had not commenced as of April 30, 2026, no right-of-use asset or lease liability has been recognized in the accompanying unaudited condensed financial statements. The Company will recognize the lease upon commencement in accordance with ASC 842. In connection with the execution of the lease agreement, the Company paid a security deposit of $18,475. A portion of the deposit will be applied toward rental payments of $6,158 within the first twelve months following lease commencement, with the remaining balance of $12,317, which includes the last month lease payment and a refundable security deposit upon expiration of the lease term, subject to the terms of the agreement. As of April 30, 2026, the Company has classified the portion expected to be applied to rent within prepaid expenses, with the remaining balance included in other non-current assets in the accompanying unaudited condensed balance sheet."

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"8. Debt Loan Agreement with University of British Columbia (""UBC"") In connection with the purchase of the patent, on November 20, 2023, the Company entered into a loan agreement with UBC. The loan was for $136,539 CAD, bearing interest at 15%, and had a maturity date of November 20, 2026. There are no required payments under the loan, as the full amount was due upon maturity. As of October 31, 2024, the outstanding principal was $98,117 ($136,539 CAD). On March 4, 2025, the Company paid UBC a total of $148,037 ($213,795 CAD) in settlement of the PAA. The settlement included interest of $27,256 CAD and an accounts payable of $50,000 CAD. Interest expense was $0 and $1,383 during the three months ended April 30, 2026, and 2025, respectively. For the six months ended April 30, 2026, and 2025, interest expense totaled $0 and $4,993, respectively."

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"5. Taxes Receivable The Company has filed with the Canada Revenue Agency (""CRA"") a Goods and Services Tax (""GST"") return to claim the GST paid on Canadian expenses paid between September 21, 2024 (date of registration) and up to April 10, 2025, when the Company continued from the jurisdiction of British Columbia, Canada to a newly incorporated Nevada corporation and no longer qualified for claiming any GST paid. The outstanding amount due at April 30, 2026, and October 31, 2025, was $0 and $3,037, respectively."

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"10. Related Party Transactions Founder and Former CEO The Founder and then Chief Executive Officer (""CEO"") made non-interest bearing advances to the Company with no specific terms of repayment that are due on demand. The outstanding amounts as of April 30, 2026, and October 31, 2025, were $3,722 and $3,722, respectively. These are disclosed as due to shareholder on the unaudited condensed balance sheets. Director 1 (Former) The Company entered into a consulting agreement with a company of which Director 1 controls in October 2023. In accordance with the agreement, it was agreed to provide consulting services, including but not limited to, provide the Company with corporate management services, (ii) provide the Company with introductions to certain entities which could form strategic alliances or partnerships with the Company, including assisting with negotiations with respect to any such alliance or partnership, and (iii) assist the Company with strategic planning and, Director 1 received a monthly fee of $7,500 and could earn discretionary performance-based bonuses. This agreement was in effect through March 2025. Effective April 2025, the Company entered into a new consulting agreement with Director 1, which had an indefinite term, and increased the monthly fee of $10,000. Director 1 earned certain discretionary bonuses in the form of shares and warrants during the six months ended April 30, 2025. During the six months ended April 30, 2025, Director 1 was granted 82,500 …

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"3. Summary of Significant Accounting Policies The significant accounting policies applied in the preparation of these unaudited condensed interim financial statements are consistent with the accounting policies disclosed in the Company's audited financial statements for the year ended October 31, 2025. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held with banks, funds in transit and when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of no more than three months. Cash equivalents were $5,498,339 and $0 as of April 30, 2026, and October 31, 2025. At times, the Company's cash balance exceeds the federally insured limits. The total uninsured cash and cash equivalents balance as of April 30, 2026, and October 31, 2025, were $2,874,048 and $4,554,887, respectively. Investment The Company has an investment of 19,327 shares of Series Seed Preferred Stock in a non-public company. This investment is less than 20% ownership in the non-public company. There is no observable market for the shares, and thus no readily determinable fair value. Due to these circumstances, the Company accounts for the investment at cost less impairment. Restricted Cash Restricted Cash equaling $453,974 represents the following: $25,464 held in a guaranteed investment certificate as collateral for the credit cards issued to the Company and $428,510 that were received from certain warrant holders who were exercising 5 …

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"11. Share capital Private Placements - Non-brokered The Company closed several non-brokered private placements in December 2024 and January 2025. The private placements consisted of units which were comprised of 1 share of common stock and 1 warrant. The warrants vested immediately, have a two-year life, and an exercise price equal to the price of the unit in the private placement. The price of the units of the private placements was $0.80. The Company issued a total of 687,500 shares for total proceeds of $550,000. The Company closed a non-brokered private placement in May 2025. The private placement consisted of units which were comprised of 1 share of common stock and 1 warrant. The warrants vested immediately, have a two-year life, and an exercise price equal to the price of the unit in the private placement. The price of the units of the private placements was $0.40. The Company issued a total of 3,750,000 shares for total proceeds of $1,500,000. During the year ended October 31, 2025, in connection with the private placements the Company incurred costs of $31,587. On October 23, 2025, the Company received board approval, to open a non-brokered private placement of up to $10,000,000, offering shares at a price of $2.30 per share. On October 28, 2025, the Company closed the first tranche and issued 891,306 shares for total proceeds of $2,050,004. During this private placement, the Company issued 869,566 shares for total proceeds of $2,000,002, to a company to which a mem …

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"12. Subsequent Events On May 12, 2026, the Company issued a total of 4,342,648 common shares and equivalent number of new warrants under the warrant Incentive Program for total proceeds of $1,968,360. On May 14, 2026, the Company issued 11,175 shares at a fair value of $4.00 per share to settle liabilities with a director of the Company. This liability of $44,700 had been reported as a liability to settle with shares on the unaudited condensed balance sheet as of April 30, 2026 On May 21, 2026, the Company began trading on the Nasdaq under symbol ""CNXU"". On May 21, 2026, the achievement of the Nasdaq listing, constituted the fulfilment of Milestone 2 under the terms of the Milestone Performance Warrants. On May 27, 2026, the Company mutually agreed to terminate, without penalty, a consulting agreement with a vendor for whom both shares and warrants had been issued as part of the service agreement. The Company had recorded as prepaid expenses the fair value of these equity issuances. The early termination of this agreement will accelerate the prepaid expense of $137,377 in non-cash stock-based compensation to be fully expensed as on the date of the termination. On May 22, 2026, a Director of the Company, exercised 500,000 milestone warrants for a total amount of proceeds of $500. The Company issued 500,000 common shares in connection with the warrant exercise. On May 22, 2026, the Company issued 70,000 common shares to a vendor as part of their service agreement. The fair v …

SubsequentEventsTextBlock · excerpt; the full note is in the filing