BNCWZ: the cash flow

MyFinsight

Cash Flow	2026-04-30
Net income	115,245
Depreciation and amortization	870
Equity-based compensation	77
Non-cash income from airdrops	7,863
Deferred tax liabilities	-798
Pipe transaction costs	14,551
Realized loss on digital asset	-1,293
Unrealized loss on digital assets	-130,315
Change in fair value of warrant liabilities	282,920
Other, net	229
Accounts receivable	-189
Income taxes payable	952
Inventory	431
Prepaid expenses	-851
Accounts payable and accrued liabilities	1,191
Lease liabilities	0
Deferred revenue	-373
Royalty	0
Related parties	0
Net cash provided by (used in) operating activities	-26,622
Cash paid for acquisition of fat panda	10,571
Purchase of digital assets	380,857
Sale of digital assets	3,743
Purchases of property and equipment	9
Net cash used in investing activities	-387,694
Proceeds from notes payable	3,910
Proceeds from issuance of common stock and warrants in pipe offering	433,755
Issuance cost of common stock and warrants in pipe offering	-23,860
Proceeds from issuance of common stock	12,928
Repurchase of shares	16,954
Repayments from notes payable	4,000
Net cash provided by financing activities	405,779
Net increase (decrease) in cash and cash equivalents	-8,537
Effect of exchange rate changes on cash and cash equivalents	129
Cash and cash equivalents, beginning of period	11,469
Cash and cash equivalents, end of period	3,061

Unit: Thousand (K) dollars (except for numbers of shares and EPS).