Financial Analysis

Note 8 Commitments and Contingencies Operating Leases The Company has a long-term operating lease for office, industrial, and laboratory space which was entered into in May 2017. On September 27, 2022, the Company entered into the First Amendment to Lease (the Lease Amendment), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months, commencing February 1, 2023, and expiring on May 31, 2028 ( the Extension Term). Pursuant to the amendment, the Company will pay initial monthly payments of $13,129, beginning February 2023, subject to 3% annual increases. Rent expense for the years ended April 30, 2026 and 2025 was approximately $0.2 million, respectively. The Company records right-of-use assets and liabilities at the present value of the fixed lease payments over the term at the commencement date. The Company uses its incremental borrowing rate of 12% to determine the present value of the lease as the rate implicit in the lease is typically not readily available. Information related to the Companys right-of-use assets and lease liabilities consist of the following: April 30, 2026 Right-of-use assets $ 268,067 Lease liabilities, current 139,026 Lease liabilities, net of current portion 175,501 Total lease liabilities $ 314,527 Weighted average remaining term (in years) 2.1 Weighted average discount rate 12 % As of April 30, 2026 , future maturities of lease liabilities due under lease agreements for fut …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 4 Debt Debt consists of the following: April 30, April 30, 2026 2025 FRV Note $ 500,000 $ 500,000 $3.6M Streeterville Note, net 3,122,120 $2.5M Streeterville Note, net 2,051,170 Less: current maturities (3,622,120 ) (2,551,170 ) Notes payable, long-term $ $ Loan and Security Agreement In April 2020, the Company entered into a loan and security agreement (the Loan and Security Agreement) pursuant to which a secured promissory note in the original principal amount of $500,000 (the FRV Note) was issued to each of Front Range Ventures LLC (FRV) and John Q. Adams (the JQA Note), who were both shareholders of the Company at the time of issuance. John Q. Adams was also a director of the Company at the time of entering into the Loan and Security Agreement. Each party committed to lend a principal amount of $500,000, totaling $1,000,000, and the loan was drawn in three installments of $300,000 upon execution of the loan agreement, $350,000 on or about July 2, 2020 and $350,000 on or about September 4, 2020. The loan accrued interest at a rate of 12% per annum, compounded annually, payable at maturity. The Company is also required to pay default interest at a rate of 18% per annum, compounded annually, on any unpaid amounts after the applicable due date until the loan amounts are fully re-paid. The loan is collateralized by substantially all of the Companys assets and intellectual property, except for the secured interest on the covered technology as discussed in Note 8. The loan …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note 6 Stock-based Compensation The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Companys stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company. Time-based grants generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have 10-year contractual terms. The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years. 2023 Equity Incentive Plan On March 15, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (as amended, the Equity Incentive Plan or 2023 Equity Incentive Plan). The Company's shareholders approved the Equity Incentive Plan at the Company's 2023 annual s …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 7 Income Taxes Income taxes consisted of the following for the years ended April 30, 2026 and April 30, 2025 : April 30, April 30, 2026 2025 Current: Federal $ $ State and local Total current $ $ Deferred: Federal $ $ State and local Total deferred $ $ Total $ $ The reconciliation between the Company's effective tax rate on income from continuing operations and the statutory tax rate for the years ended April 30, 2026 and April 30, 2025 is as follows: For the Year Ended April 30, 2026 Federal statutory tax rate (1,919,794 ) 21 % Permanent differences 5,488 (0.06 )% Other adjustments Other (564,490 ) 6.17 % Change in valuation allowance 2,478,796 (27.11 )% Effective income tax rate % For the Year Ended April 30, 2025 Federal statutory tax rate (439,809 ) 21 % Permanent differences 1,301 (0.06 )% Change in valuation allowance 438,508 (20.94 )% Effective income tax rate % The tax effects of temporary differences and carry-forwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: April 30, April 30, 2026 2025 Deferred tax assets (liabilities): Net operating loss carryforwards $ 13,721,785 $ 11,774,383 Start-up costs 631,755 942,837 Stock option and warrant payments 1,019,736 746,681 Accumulated depreciation 1,141,446 729,230 Research and development credits 816,075 816,075 Research and development warrants 21,488 21,488 Total deferred tax assets, net 17,352,285 15,030,694 Valuation Allowance (17,352,285 ) (15,030,694 ) Ne …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Standards In November 2024, the FASB issued ASU 2024 - 03 (updated ASU 2025 - 01 issued in January 2025), "" Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses "", which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024 - 03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024 - 03 or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting ASU 2024 - 03. In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023 - 09 "" Income Taxes (Topics 740 ): Improvements to Income Tax Disclosures "" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023 - 09 is effective for the Companys annual periods beginning January 1, 2025, with early adoption permitted. The Company adopted the guidance pro …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 9 - Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. The Company has determined that its CODM is its Chief Executive Officer. Management and the CODM view the Companys operations and manage its business in one operating segment, which is the business of identifying, developing and commercializing products and AI-ECG solutions in the cardiovascular diagnostic technology field. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The Company's CODM reviews and evaluates the total net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The following table summarizes the segment's financial information including the Company's significant segment expenses: April 30, April 30, 2026 2025 Gross Margin $ 2,551 $ 2,470 Segment operating expenses: Clinical and regulatory 644,157 756,189 Research and development 2,025,445 3,456,312 Sales and marketing 616,323 350,167 Operations 169,410 173,604 General and administrative 4,960,083 3,618,769 Loss from operations (8,412,867 ) (8,352,571 ) Interest expense 753,041 500,453 Other income (24,033 ) (87,795 ) Total other expense 729,008 412,658 Net loss $ (9,141,875 ) $ (8,765,229 ) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Note 3 - Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (""US GAAP"") and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of April 30, 2026 , the Company had $1.7 million held as cash equivalents and as of April 30, 2025 there were $1.1 million held as cash equivalents. The fair value of cash and cash equivalents approximates carrying value. At times, the Companys cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation (FDIC). Inventory All inventories are stated at lower of cost or net realizable value, with cost determi …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 5 Stockholders Equity Preferred Stock The Company authorized 20,000,000 shares of preferred stock, par value $0.001 per share (Preferred Stock), of which 10,000 shares have been designated as Series A Convertible Preferred Stock, 10,000 shares have been designated as Series B Convertible Preferred Stock, 600,000 shares have been designated as Series C Preferred Stock (the Series C Preferred Stock), and 4,285,714 shares have been designated as Series D Preferred Stock. Series C Preferred Stock The Series C Preferred Stock was originally issued at $25.00 per share. An amendment to, or waiver of rights in, the Series C Preferred Stock certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C Preferred Stock and FRV (so long as FRV holds at least 71,000 shares of Series C Preferred Stock). At April 30, 2026 and April 30, 2025 , there were 380,440 shares of Series C Preferred Stock outstanding. Holders of the Series C Preferred Stock are entitled to receive dividends at an annual rate of $1.50 per share of Series C Preferred Stock, shall accrue and are payable out of funds legally available, are payable only when and if declared by the board of directors, and are noncumulative. No dividends have been declared to date. The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as one class with Common Stock. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 10 - Subsequent Events Management has evaluated subsequent events after the balance sheet date of April 30, 2026 through the date of filing. Streeterville Exchange On June 23, 2026, the Company entered into an exchange agreement with Streeterville, pursuant to which Streeterville exchanged approximately $164,000 in accrued interest owed under the $2.5M Streeterville Note, for 78,103 shares of the Company's Common Stock. The issuance of the shares was made pursuant to the exemption from the registration requirements afforded by Section 3 (a)( 9 ) of the Securities Act. As a result, the $2.5M Streeterville Note was repaid in full. Series D Preferred Stock Conversion Subsequent to April 30, 2026, 106,758 shares of Series D Preferred Stock converted into 106,758 shares of the Company's Common Stock. Fortitude Merger Agreement On June 23, 2026, the Company and Cordis Acquisition, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of the Company (Merger Sub), entered into an Agreement and Plan of Merger (the Merger Agreement) with Fortitude Mining Holdings, Inc., a Delaware corporation (Seller), Fortitude Mining HoldCo, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Seller (Fortitude). The Merger Agreement provides that, subject to the satisfaction or waiver of certain closing conditions set forth in the Merger Agreement, at the effective time of the Merger (the Effective Time), Merger Sub will merge with and into …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Note 7. Commitments and Contingencies Operating Leases The Company has a long-term operating lease for office, industrial, and laboratory space which was entered into in May 2017. On September 27, 2022, the Company entered into the First Amendment to Lease (the Lease Amendment), which amended the Lease Agreement to document the exercise of its option to extend the term of the lease for an additional 64 months , commencing February 1, 2023 , and expiring on May 31, 2028 (the Extension Term). Pursuant to the amendment, the Company will pay initial monthly payments of $ 13,129 , beginning February 2023, subject to 3 % annual increases. Rent expense for the six months ended October 31, 2025 wa s approximately $ 70,000 . The Company records right-of-use assets and liabilities at the present value of the fixed lease payments over the term at the commencement date. The Company uses its incremental borrowing rate of 12 % to determine the present value of the lease as the rate implicit in the lease is typically not readily available. Information related to the Companys right-of-use assets and lease liabilities consist of the following: October 31, 2025 Right-of-use assets, net $ 321,633 Lease liabilities, current $ 128,977 Lease liabilities, net of current portion 247,263 Total lease liabilities $ 376,240 Weighted average remaining term (in years) 2.6 Weighted average discount rate 12 % As of October 31, 2025, future maturities of lease liabilities due under lease agreements for the p …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Note 4. Debt Debt consists of the following: October 31, April 30, 2025 2025 FRV Note $ 500,000 $ 500,000 Streeterville Note, net 2,051,170 Less: current maturities ( 500,000 ) ( 2,551,170 ) Notes payable, long-term $ $ Loan and Security Agreement In April 2020, the Company entered into a loan and security agreement (the Loan and Security Agreement) pursuant to which a secured promissory note in the original principal amount of $ 500,000 (the FRV Note) was issued to each of Front Range Ventures LLC (FRV) and John Q. Adams (the JQA Note), who were both shareholders of the Company at the time of issuance. John Q. Adams was also a director of the Company at the time of entering into the Loan and Security Agreement. Each party committed to lend a principal amount of $ 500,000 , totaling $ 1,000,000 , and the loan was drawn in three installments of $ 300,000 upon execution of the loan agreement, $ 350,000 on or about July 2, 2020 and $ 350,000 on or about September 4, 2020. The loan accrued interest at a rate of 12 % per annum, compounded annually, payable at maturity. The Company is also required to pay default interest at a rate of 18 % per annum, compounded annually, on any unpaid amounts after the applicable due date until the loan amounts are fully re-paid. The loan is collateralized by substantially all of the Companys assets and intellectual property, except for the secured interest on the covered technology as discussed in Note 7. The loan had an original maturity date of …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Note 6. Stock-based Compensation The Company grants certain employees and board members stock option awards where vesting is contingent upon a service period, as it believes that such awards better align the interests of its employees with those of its shareholders. Stock option awards are granted with an exercise price equal to or above the market price of the Companys stock at the date of grant. Certain stock option awards provide for accelerated vesting if there is a change in control, as defined in the Nonstatutory Stock Option Agreement. Unvested stock options forfeit when an employee leaves the Company. Time-based grants generally vest quarterly based on 3 years continuous service for executive directors and employees, or 12 months continuous service for directors and have 10-year contractual terms. The Company also grants stock option awards where vesting is contingent upon meeting various departmental and company-wide performance goals, including FDA and CE Mark regulatory approval and certain EBITDA and funding thresholds. Such performance-based stock options are expected to vest when the performance criteria and metrics have been met. These stock options have contractual lives of ten years . 2023 Equity Incentive Plan On March 15, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (as amended, the Equity Incentive Plan). The Company's shareholders approved the Equity Incentive Plan at the Company's 2023 annual shareholder meeting held on J …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Recent Accounting Standards In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09 "" Income Taxes (Topics 740): Improvements to Income Tax Disclosures "" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for the Companys annual periods beginning January 1, 2025, with early adoption permitted. The Company does not expect that the standard will have a significant impact on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03 (updated ASU 2025-01 issued in January 2025), "" Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses "", which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Compa …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 8 - Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the CODM in deciding how to allocate resources and in assessing performance. The Company has determined that its CODM is its Chief Executive Officer . Management and the CODM view the Companys operations and manage its business in one operating segment, which is the business of identifying, developing and commercializing products and AI-ECG solutions in the cardiovascular diagnostic technology field. The CODM uses operating expenses to measure performance against progress in its clinical trials and its product development. The Company's CODM reviews and evaluates the total net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The following table summarizes the segment's financial information including the Company's significant segment expenses: Three months ended October 31, Six months ended October 31, 2025 2024 2025 2024 Gross Margin $ 1,411 $ - $ 2,551 $ - Segment operating expenses: Clinical and regulatory 202,423 168,111 393,319 379,380 Research and development 477,838 980,125 1,242,641 1,953,836 Operations 46,765 50,729 88,272 90,680 Sales and marketing 192,772 97,081 279,714 196,172 General and administrative 1,155,016 688,987 1,946,127 1,440,632 Loss from operations ( 2,073,403 ) ( 1,985,033 ) ( 3,947,522 ) ( 4,060, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Note 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) and in conformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the U.S. Securities and Exchange Commissions (SEC) and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. The accompanying unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2025 Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Note 5. Stockholders Equity Preferred Stock The Company authorized 20,000,000 shares of preferred stock, par value $ 0.001 per share (Preferred Stock), of which 10,000 shares have been designated as Series A Convertible Preferred Stock (Series A Preferred Stock), 10,000 shares have been designated as Series B Convertible Preferred Stock (Series B Preferred Stock), 600,000 shares have been designated as Series C Preferred Stock, and 4,285,714 shares have been designated as Series D Preferred Stock. Series C Preferred Stock The Series C Preferred Stock was originally issued at $ 25.00 per share. An amendment to, or waiver of rights in, the Series C Preferred Stock certificate of designation requires the approval of holders of a majority of the outstanding shares of Series C Preferred Stock and FRV (so long as FRV owns at least 71,000 shares of Series C Preferred Stock). At October 31, 2025 and April 30, 2025, there were 380,440 shares of Series C Preferred Stock outstanding. Holders of the Series C Preferred Stock are entitled to receive dividends at an annual rate of $ 1.50 per share of Series C Preferred Stock, shall accrue and are payable out of funds legally available, are payable only when and if declared by the board of directors, and are noncumulative. No dividends have been declared to date. The holders of the shares of Series C Preferred Stock have voting rights equal to an equivalent number of shares of Common Stock into which it is convertible and vote together as o …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 9. Subsequent Events Management has evaluated subsequent events after the balance sheet date of October 31, 2025, through the date of filing. Amendment No. 3 to the Companys Equity Incentive Plan Effective as of November 28, 2025, the Companys Board of Directors approved an amendment to the Equity Incentive Plan to increase the maximum aggregate number of shares of the Companys Common Stock, that may be issued under the Plan to 1,250,000 shares of Common Stock (the Plan Amendment). The number of shares of Common Stock available for issuance under the Plan will be subject to automatic increase on the first day of each fiscal year of the Company beginning with fiscal year beginning May 1, 2026, so that the number of shares of Common Stock available for issuance under the Plan is equal to the lesser of: (i) 25 % of the total number of shares of all classes of Common Stock and preferred stock of the Company as converted to Common Stock outstanding on the last day of the immediately preceding fiscal year, and (ii) a lesser number of shares of Common Stock determined by the Administrator (as defined in the Equity Incentive Plan). The Plan Amendment is subject to the Companys receipt of shareholder approval of the Plan Amendment and shall be considered and voted upon the shareholders of the Company at the Companys next annual meeting of shareholders. RSUs and Restricted Share Awards Effective as of November 28, 2025, the Board approved the grant of the restricted shares of Comm …

SubsequentEventsTextBlock · excerpt; the full note is in the filing