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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended January 31, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT |
For
the transition period from ________ to ________
Commission
File Number: 01-41423
CONNEXA
SPORTS TECHNOLOGIES INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
61-1789640 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
2709
NORTH ROLLING ROAD, SUITE 138
WINDSOR
MILL,
MARYLAND
21244
(Address
of principal executive offices, including Zip Code)
(443)
407-7564
(Registrant’s
Telephone Number, including Area Code)
Securities
registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: common stock, par value $0.001
Securities
registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: None
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
of 1934. Yes ☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934
Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The
number of shares outstanding of the registrant’s Common Stock, $0.001 par value per share, as of July 24, 2023, was 19,394,429.
CAUTIONARY
STATEMENT REGARDING FORWARD LOOKING INFORMATION
This
quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). The words “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “may,” “should,” “could,” “will,” “plan,” “future,”
“continue,” and other expressions that are predictions of or indicate future events and trends and that do not relate to
historical matters identify forward-looking statements. These forward-looking statements are based largely on our expectations or forecasts
of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties,
a number of which are beyond our control. Therefore, actual results could differ materially from the forward-looking statements contained
in this document, and readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A wide
variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital
needs. There can be no assurance that the forward-looking statements contained in this document will, in fact, transpire or prove to
be accurate. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the
risks in the section entitled “Risk Factors” in our Form 10-K for the fiscal year ended April 30, 2022, filed on [ ], 2023
that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or achievements expressed or implied by any forward-looking statements.
Important
factors that may cause the actual results to differ from the forward-looking statements, projections or other expectations include, but
are not limited to, the following:
|
● |
risk
that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure
controls and procedures; |
|
|
|
|
● |
risk
that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments
to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses
described in the agreements; |
|
|
|
|
● |
risk
that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development
and growth plans; |
|
|
|
|
● |
risk
that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations; |
|
|
|
|
● |
risks
and uncertainties relating to the various industries and operations we are currently engaged in; |
|
|
|
|
● |
results
of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion
will not be consistent with our expectations; |
|
|
|
|
● |
risks
related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and
the potential for unexpected costs and expenses; |
|
|
|
|
● |
risks
related to commodity price fluctuations; |
|
|
|
|
● |
the
uncertainty of profitability based upon our history of losses; |
|
|
|
|
● |
risks
related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects; |
|
|
|
|
● |
risks
related to environmental regulation and liability; |
|
|
|
|
● |
risks
related to tax assessments; and |
|
|
|
|
● |
other
risks and uncertainties related to our prospects, properties and business strategy. |
Although
we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels
of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as
of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements
to conform these statements to actual results, whether as a result of new information, future events or otherwise.
As
used in this quarterly report, the “Connexa,” “Company,” “we,” “us,” or “our”
refer to Connexa Sports Technologies Inc. and its subsidiaries, unless otherwise indicated.
CONNEXA
SPORTS TECHNOLOGIES INC.
(FORMERLY
KNOWN AS SLINGER BAG INC. AND LAZEX INC.)
INDEX
PART
I - FINANCIAL INFORMATION
Item
1. Consolidated Financial Statements
CONNEXA
SPORTS TECHNOLOGIES, INC.
CONSOLIDATED
BALANCE SHEETS (IN US$)
JANUARY
31, 2023 (UNAUDITED) AND APRIL 30, 2022
| |
JANUARY 31, | | |
APRIL 30, | |
| |
2023 | | |
2022 | |
| |
(UNAUDITED) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 316,750 | | |
$ | 665,002 | |
Accounts receivable, net | |
| 531,830 | | |
| 1,033,390 | |
Inventories, net | |
| 3,966,219 | | |
| 8,185,144 | |
Prepaid inventory | |
| 923,298 | | |
| 499,353 | |
Contract assets | |
| - | | |
| 235,526 | |
Prepaid expenses and other current assets | |
| 204,320 | | |
| 272,670 | |
Current assets of discontinued operations | |
| - | | |
| 2,258,318 | |
| |
| | | |
| | |
Total Current Assets | |
| 5,942,417 | | |
| 12,826,096 | |
| |
| | | |
| | |
Non-Current Assets: | |
| | | |
| | |
Note receivable - former subsidiary | |
| 2,000,000 | | |
| - | |
Fixed assets, net of depreciation | |
| 15,771 | | |
| 47,355 | |
Intangible assets, net of amortization | |
| 4,768,241 | | |
| 4,842,856 | |
Goodwill | |
| 6,781,193 | | |
| 6,781,193 | |
Non-current assets of discontinued operations | |
| - | | |
| 50,365,446 | |
| |
| | | |
| | |
Total Non-Current Assets | |
| 13,565,205 | | |
| 62,036,850 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 19,507,622 | | |
$ | 74,862,946 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
| |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,881,158 | | |
$ | 5,252,665 | |
Accrued expenses | |
| 5,441,426 | | |
| 4,381,901 | |
Related party purchase obligation | |
| - | | |
| 500,000 | |
Contract liabilities | |
| - | | |
| 111,506 | |
Accrued interest | |
| 4,152 | | |
| 708,677 | |
Accrued interest - related party
| |
| 999,257 | | |
| 908,756 | |
Accrued interest | |
| 4,152 | | |
| 708,677 | |
Current portion of notes payable, net | |
| 347,535 | | |
| 4,639,376 | |
Current portion of convertible notes payable, net of discount | |
| - | | |
| 10,327,778 | |
Derivative liabilities | |
| 18,143,936 | | |
| 5,443,779 | |
Contingent consideration | |
| 418,455 | | |
| 1,334,000 | |
Other current liabilities | |
| 22,971 | | |
| 156,862 | |
Current liabilities of discontinued operations | |
| - | | |
| 5,215,222 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 29,258,890 | | |
| 38,980,522 | |
| |
| | | |
| | |
Long-Term Liabilities: | |
| | | |
| | |
Notes payable related parties, net of current portion | |
| 1,953,115 | | |
| 2,000,000 | |
Non-current liabilities of discontinued operations | |
| - | | |
| 1,370,492 | |
| |
| | | |
| | |
Total Long-Term Liabilities | |
| 1,953,115 | | |
| 3,370,492 | |
| |
| | | |
| | |
Total Liabilities | |
| 31,212,005 | | |
| 42,351,014 | |
| |
| | | |
| | |
Commitments and contingency | |
| - | | |
| - | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Common stock, par value, $0.001, 300,000,000
shares authorized, January 31, 13,543,155 and 4,194,836
shares of common stock issued and outstanding as of 2023 and April 30, 2022, respectively | |
| 13,231 | | |
| 4,195 | |
Additional paid in capital | |
| 132,788,009 | | |
| 113,049,700 | |
Accumulated deficit | |
| (144,766,698 | ) | |
| (80,596,925 | ) |
Accumulated other comprehensive income (loss) | |
| 261,075 | | |
| 54,962 | |
| |
| | | |
| | |
Total Stockholders’ Equity (Deficit) | |
| (11,704,383 | ) | |
| 32,511,932 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
$ | 19,507,622 | | |
$ | 74,862,946 | |
The
accompanying notes are an integral part of these financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENTS OF OPERATIONS (IN US$) (UNAUDITED)
NINE
AND THREE MONTHS ENDED JANUARY 31, 2023 AND 2022
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
NINE MONTHS ENDED | | |
THREE MONTHS ENDED | |
| |
JANUARY 31, | | |
JANUARY 31, | | |
JANUARY 31, | | |
JANUARY 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
NET SALES | |
$ | 7,632,940 | | |
$ | 12,107,666 | | |
$ | 1,605,783 | | |
$ | 4,188,774 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF SALES | |
| 5,254,781 | | |
| 8,301,921 | | |
| 535,957 | | |
| 3,233,965 | |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 2,378,159 | | |
| 3,805,745 | | |
| 1,069,826 | | |
| 954,809 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| 1,374,674 | | |
| 2,399,178 | | |
| 270,722 | | |
| 891,877 | |
General and administrative expenses | |
| 9,560,432 | | |
| 40,659,984 | | |
| 1,836,083 | | |
| 2,548,049 | |
Research and development costs | |
| 65,164 | | |
| 553,274 | | |
| 3,638 | | |
| 275,908 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expenses | |
| 11,000,270 | | |
| 43,612,436 | | |
| 2,110,443 | | |
| 3,715,834 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING LOSS | |
| (8,622,111 | ) | |
| (39,806,691 | ) | |
| (1,040,617 | ) | |
| (2,761,025 | ) |
| |
| | | |
| | | |
| | | |
| | |
NON-OPERATING INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Amortization of debt discounts | |
| (3,145,977 | ) | |
| (5,400,285 | ) | |
| (273,755 | ) | |
| (2,750,000 | ) |
Loss on extinguishment of debt | |
| - | | |
| (7,096,730 | ) | |
| - | | |
| - | |
Loss on issuance of convertible notes | |
| - | | |
| (5,889,369 | ) | |
| - | | |
| (2,200,000 | ) |
Change in fair value of derivative liability | |
| 3,295,687 | | |
| 15,074,880 | | |
| (3,491,910 | ) | |
| 5,943,967 | |
Derivative expense | |
| (8,995,962 | ) | |
| - | | |
| (1,715,557 | ) | |
| - | |
Interest expense | |
| (647,817 | ) | |
| (446,339 | ) | |
| (213,614 | ) | |
| (164,669 | ) |
Interest expense - related party | |
| (177,773 | ) | |
| (106,895 | ) | |
| (95,319 | ) | |
| (28,167 | ) |
Interest expense | |
| (177,773 | ) | |
| (106,895 | ) | |
| (95,319 | ) | |
| (28,167 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total Non-Operating Income (Expenses) | |
| (9,671,802 | ) | |
| (3,864,738 | ) | |
| (5,790,155 | ) | |
| 801,131 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
DISCONTINUED OPERATIONS | |
| | | |
| | | |
| | | |
| | |
Loss from discontinued operations | |
| (4,461,968 | ) | |
| (959,364 | ) | |
| (635,111 | ) | |
| (410,230 | ) |
Loss on disposal of subsidiaries | |
| (41,413,892 | ) | |
| - | | |
| (41,413,892 | ) | |
| - | |
LOSS FROM DISCONTINUED OPERATIONS | |
| (45,875,860 | ) | |
| (959,364 | ) | |
| (42,049,003 | ) | |
| (410,230 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (64,169,773 | ) | |
$ | (44,630,793 | ) | |
$ | (48,879,775 | ) | |
$ | (2,370,124 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
Foreign currency translations adjustment | |
| 206,113 | | |
| (26,806 | ) | |
| 34,377 | | |
| (34,630 | ) |
Comprehensive income (loss) | |
$ | (63,963,660 | ) | |
$ | (44,657,599 | ) | |
$ | (48,845,398 | ) | |
$ | (2,404,754 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share - basic and diluted | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (1.75 | ) | |
$ | (11.69 | ) | |
$ | (0.51 | ) | |
$ | (0.47 | ) |
Discontinued operations | |
$ | (4.40 | ) | |
$ | (0.26 | ) | |
$ | (3.17 | ) | |
$ | (0.10 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (6.15 | ) | |
$ | (11.95 | ) | |
$ | (3.68 | ) | |
$ | (0.57 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding - basic and diluted | |
| 10,436,727 | | |
| 3,736,095 | | |
| 13,265,247 | | |
| 4,187,370 | |
The
accompanying notes are an integral part of these financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (IN US$) (UNAUDITED)
FOR
THE NINE MONTHS ENDED JANUARY 31, 2023 AND 2022
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
Additional | | |
Other | | |
| | |
| |
| |
Common Stock | | |
Paid-In | | |
Comprehensive | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Income (Loss) | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance - May 1, 2021 | |
| 2,764,283 | | |
$ | 2,764 | | |
$ | 10,389,935 | | |
$ | (20,170 | ) | |
$ | (28,823,273 | ) | |
$ | (18,450,744 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of notes payable - related parties | |
| 163,694 | | |
| 164 | | |
| 6,219,839 | | |
| - | | |
| - | | |
| 6,220,003 | |
Acquisition | |
| 54,000 | | |
| 54 | | |
| 3,549,946 | | |
| - | | |
| - | | |
| 3,550,000 | |
Services | |
| 10,969 | | |
| 11 | | |
| 618,543 | | |
| - | | |
| - | | |
| 618,554 | |
Share-based compensation | |
| 5,022 | | |
| 5 | | |
| 187,798 | | |
| - | | |
| - | | |
| 187,803 | |
Change in comprehensive income (loss) | |
| - | | |
| - | | |
| - | | |
| (13,028 | ) | |
| - | | |
| (13,028 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,435,312 | ) | |
| (3,435,312 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - July 31, 2021 | |
| 2,997,968 | | |
| 2,998 | | |
| 20,966,061 | | |
| (33,198 | ) | |
| (32,258,585 | ) | |
| (11,322,724 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of shares issuable (liability) | |
| 692,130 | | |
| 692 | | |
| 6,229 | | |
| - | | |
| - | | |
| 6,921 | |
Conversion of warrants | |
| 495,000 | | |
| 495 | | |
| 2,255 | | |
| - | | |
| - | | |
| 2,750 | |
Services | |
| 1,875 | | |
| 2 | | |
| 799,172 | | |
| - | | |
| - | | |
| 799,174 | |
Share-based compensation | |
| | | |
| | | |
| 32,381,309 | | |
| - | | |
| - | | |
| 32,381,309 | |
Elimination of related party derivative liability | |
| - | | |
| - | | |
| 8,754,538 | | |
| - | | |
| - | | |
| 8,754,538 | |
Change in comprehensive income (loss) | |
| - | | |
| - | | |
| - | | |
| 20,852 | | |
| - | | |
| 20,852 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (38,825,357 | ) | |
| (38,825,357 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - October 31, 2021 | |
| 4,186,973 | | |
| 4,187 | | |
| 62,909,564 | | |
| (12,346 | ) | |
| (71,083,942 | ) | |
| (8,182,537 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Services | |
| 1,875 | | |
| 2 | | |
| 294,338 | | |
| - | | |
| - | | |
| 294,340 | |
Change in comprehensive income (loss) | |
| - | | |
| - | | |
| - | | |
| (34,630 | ) | |
| - | | |
| (34,630 | ) |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,370,124 | ) | |
| (2,370,124 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - January 31, 2022 | |
| 4,188,848 | | |
$ | 4,189 | | |
$ | 63,203,902 | | |
$ | (46,976 | ) | |
$ | (73,454,066 | ) | |
$ | (10,292,951 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - May 1, 2022 | |
| 4,194,836 | | |
$ | 4,195 | | |
$ | 113,049,700 | | |
$ | 54,962 | | |
$ | (80,596,925 | ) | |
$ | 32,511,932 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion of notes payable | |
| 4,389,469 | | |
| 4,389 | | |
| 14,041,911 | | |
| - | | |
| - | | |
| 14,046,300 | |
Acquisition | |
| 598,396 | | |
| 598 | | |
| 914,947 | | |
| - | | |
| - | | |
| 915,545 | |
Services | |
| 25,000 | | |
| 25 | | |
| 35,225 | | |
| - | | |
| - | | |
| 35,250 | |
Cash | |
| 1,048,750 | | |
| 1,049 | | |
| 4,193,951 | | |
| - | | |
| - | | |
| 4,195,000 | |
Fractional share issuance | |
| 1,535 | | |
| 2 | | |
| (2 | ) | |
| - | | |
| - | | |
| - | |
Share-based compensation | |
| - | | |
| - | | |
| 277,625 | | |
| - | | |
| - | | |
| 277,625 | |
Change in comprehensive income | |
| - | | |
| - | | |
| - | | |
| 58,139 | | |
| - | | |
| 58,139 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,266,431 | ) | |
| (4,266,431 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - July 31, 2022 | |
| 10,257,986 | | |
| 10,258 | | |
| 132,513,357 | | |
| 113,101 | | |
| (84,863,356 | ) | |
| 47,773,360 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cashless exercise of warrants | |
| 30,000 | | |
| 30 | | |
| (30 | ) | |
| - | | |
| - | | |
| - | |
Acquisition | |
| 1,923,920 | | |
| 1,924 | | |
| (1,924 | ) | |
| - | | |
| - | | |
| - | |
Cash | |
| 1,018,510 | | |
| 1,019 | | |
| (1,019 | ) | |
| - | | |
| - | | |
| - | |
Share-based compensation | |
| - | | |
| - | | |
| 277,625 | | |
| - | | |
| - | | |
| 277,625 | |
Change in comprehensive income | |
| - | | |
| - | | |
| - | | |
| 113,597 | | |
| - | | |
| 113,597 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,023,567 | ) | |
| (11,023,567 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - October 31, 2022 | |
| 13,230,416 | | |
| 13,231 | | |
| 132,788,009 | | |
| 226,698 | | |
| (95,886,923 | ) | |
| 37,141,015 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Services | |
| 6,000 | | |
| 6 | | |
| 1,830 | | |
| - | | |
| - | | |
| 1,836 | |
Acquisition | |
| 306,739 | | |
| 307 | | |
| (307 | ) | |
| - | | |
| - | | |
| - | |
Share-based compensation | |
| - | | |
| - | | |
| 191,261 | | |
| - | | |
| - | | |
| 191,261 | |
Change in comprehensive income | |
| - | | |
| - | | |
| - | | |
| 34,377 | | |
| - | | |
| 34,377 | |
Net loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (48,879,775 | ) | |
| (48,879,775 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance - January 31, 2023 | |
| 13,543,155 | | |
$ | 13,544 | | |
$ | 132,980,793 | | |
$ | 261,075 | | |
$ | (144,766,698 | ) | |
$ | (11,704,383 | ) |
The
accompanying notes are an integral part of these financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENTS OF CASH FLOWS (IN US$) (UNAUDITED)
NINE
MONTHS ENDED JANUARY 31, 2023 AND 2022
| |
2023 | | |
2022 | |
CASH FLOW FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (64,169,773 | ) | |
$ | (44,630,793 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Depreciation and amortization expense | |
| 106,199 | | |
| 114,243 | |
Change in fair value of derivative liability | |
| (3,295,687 | ) | |
| (15,074,880 | ) |
Shares and warrants issued for services | |
| 37,086 | | |
| 1,712,068 | |
Share-based compensation | |
| 746,511 | | |
| 32,569,112 | |
Loss on disposal | |
| 41,413,892 | | |
| - | |
Change in fair value of contingent consideration | |
| - | | |
| - | |
Loss on extinguishment of debt | |
| - | | |
| 7,096,730 | |
Amortization of debt discounts | |
| 3,145,977 | | |
| 5,400,285 | |
Derivative expense | |
| 7,280,405 | | |
| - | |
Non-cash transaction costs | |
| 85,080 | | |
| - | |
Loss on conversion of convertible notes | |
| - | | |
| 5,889,369 | |
| |
| | | |
| | |
Changes in assets and liabilities, net of acquired amounts | |
| | | |
| | |
Accounts receivable | |
| (1,502,455 | ) | |
| (435,451 | ) |
Inventories | |
| 3,886,603 | | |
| (4,981,916 | ) |
Prepaid inventory | |
| (424,945 | ) | |
| - | |
Contract assets | |
| - | | |
| - | |
Right of use assets - operating leases | |
| - | | |
| - | |
Prepaid expenses and other current assets | |
| 37,460 | | |
| (1,778,046 | ) |
Accounts payable and accrued expenses | |
| (1,361,952 | ) | |
| 6,136,996 | |
Contract liabilities | |
| (53,287 | ) | |
| (81,023 | ) |
Lease liability - operating leases | |
| - | | |
| - | |
Other current liabilities | |
| 373,474 | | |
| - | |
Accrued interest | |
| 141,773 | | |
| - | |
Accrued interest - related parties | |
| 90,501 | | |
| 102,456 | |
Total adjustments | |
| 50,706,635 | | |
| 36,669,943 | |
| |
| | | |
| | |
Net cash used in operating activities of continuing operations | |
| (13,463,138 | ) | |
| (7,960,850 | ) |
Net cash provided by (used in) operating activities of discontinued operations | |
| 6,617,328 | | |
| 164,906 | |
Net cash used in operating activities | |
| (6,845,810 | ) | |
| (7,795,944 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Note receivable issuance | |
| - | | |
| (2,250,000 | ) |
Net cash used in investing activities | |
| - | | |
| (2,250,000 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common stock for cash | |
| 9,194,882 | | |
| - | |
Debt issuance costs on convertible notes payable and other financing activities | |
| - | | |
| (790,580 | ) |
Proceeds from notes payable | |
| 1,390,000 | | |
| 11,000,000 | |
Proceeds from related party notes payable | |
| - | | |
| 3,000,000 | |
Payments of notes payable - related parties | |
| (62,434 | ) | |
| (1,000,000 | ) |
Payments of notes payable | |
| (4,040,676 | ) | |
| (2,000,000 | ) |
Net cash provided by financing activities | |
| 6,481,772 | | |
| 10,209,420 | |
| |
| | | |
| | |
Effect of exchange rate fluctuations on cash and cash equivalents | |
| 15,786 | | |
| (22,672 | ) |
| |
| | | |
| | |
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH | |
| (348,252 | ) | |
| 140,804 | |
| |
| | | |
| | |
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD | |
| 665,002 | | |
| 915,950 | |
| |
| | | |
| | |
CASH AND RESTRICTED CASH - END OF PERIOD | |
$ | 316,750 | | |
$ | 1,056,754 | |
| |
| | | |
| | |
CASH PAID DURING THE PERIOD FOR: | |
| | | |
| | |
Interest expense | |
$ | 482,687 | | |
$ | 111,105 | |
| |
| | | |
| | |
Income taxes | |
$ | - | | |
$ | 13,729 | |
| |
| | | |
| | |
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | |
| |
| | | |
| | |
Shares issued in connection with acquisition | |
$ | - | | |
$ | 3,550,000 | |
Conversion of convertible notes payable and accrued interest to common stock | |
$ | 14,046,300 | | |
$ | 6,220,003 | |
Shares issued for contingent consideration | |
$ | 915,545 | | |
$ | - | |
Elimination of related party derivative liabilities | |
$ | - | | |
$ | 8,754,538 | |
Derivative liabilities recorded as debt discounts of convertible notes | |
$ | - | | |
$ | 10,199,749 | |
Derivative liability recorded for shares and warrants issued in private placement | |
$ | 4,999,882 | | |
$ | - | |
Note receivable issued in sale of PlaySight | |
$ | 2,000,000 | | |
$ | - | |
The
accompanying notes are an integral part of these financial statements.
CONNEXA SPORTS TECHNOLOGIES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1: ORGANIZATION AND NATURE OF BUSINESS
Organization
Lazex Inc. (“Lazex”) was incorporated
under the laws of the State of Nevada on July 12, 2015. On August 23, 2019, the majority owner of Lazex entered into a Stock Purchase
Agreement with Slinger Bag Americas Inc., a Delaware corporation (“Slinger Bag Americas”), which was 100% owned by Slinger
Bag Ltd. (“SBL”), an Israeli company. In connection with the Stock Purchase Agreement, Slinger Bag Americas acquired 2,000,000
shares of common stock of Lazex for $332,239. On September 16, 2019, SBL transferred its ownership of Slinger Bag Americas to Lazex in
exchange for the 2,000,000 shares of Lazex acquired on August 23, 2019. As a result of these transactions, Lazex owned 100% of Slinger
Bag Americas and the sole shareholder of SBL owned 2,000,000 shares of common stock (approximately 82%) of Lazex. Effective September
13, 2019, Lazex changed its name to Slinger Bag Inc.
On October 31, 2019, Slinger Bag Americas acquired
control of Slinger Bag Canada, Inc., (“Slinger Bag Canada”) a Canadian company incorporated on November 3, 2017. There were
no assets, liabilities or historical operational activity of Slinger Bag Canada.
On February 10, 2020, Slinger Bag Americas became
the 100% owner of SBL, along with SBL’s wholly owned subsidiary Slinger Bag International (UK) Limited (“Slinger Bag UK”),
which was formed on April 3, 2019. On February 10, 2020, the owner of SBL, contributed Slinger Bag UK to Slinger Bag Americas for no consideration.
On June 21, 2021, Slinger Bag Americas entered into
a membership interest purchase agreement with Charles Ruddy to acquire a 100% ownership stake in Foundation Sports Systems, LLC (“Foundation
Sports”). On December 5, 2022, the Company sold 75% of Foundation Sports back to the original sellers. As a result, at that time,
the Company recorded a loss on the sale and deconsolidated Foundation Sports. (refer to Note 5 and Note 16). During the year ended April
30, 2022, the Company impaired certain intangible assets and goodwill in the amount of $3,486,599.
On February 2, 2022, the Company entered into a share
purchase agreement with Flixsense Pty, Ltd. (“Gameface”). As a result of the share purchase agreement, Gameface would become
a wholly owned subsidiary of the Company (refer to Note 5).
On February 22, 2022, the Company entered into a merger
agreement with PlaySight Interactive Ltd. (“PlaySight”) and Rohit Krishnan (the “Shareholders’ Representative”).
As a result of the merger agreement, PlaySight would become a wholly owned subsidiary of the Company (refer to Note 5). In November 2022,
the Company sold PlaySight and recorded a loss on the sale. See Note 16 for further details on the sale of PlaySight.
On May 16, 2022, the Company changed its domicile
from Nevada to Delaware. On April 7, 2022, the Company effected a name change to Connexa Sports Technologies Inc. We also changed our
ticker symbol, “CNXA”.
The operations of Slinger Bag Inc., Slinger Bag Americas,
Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface are collectively referred to as the “Company.”
On June 14, 2022, the Company effected a 1-for-10
reverse stock split, where the Company’s common stock began to trade on a reverse split adjusted basis. No fractional shares were
issued in connection with the reverse stock split and all such fractional interests were rounded up to the nearest whole number of shares
of common stock. All references herein to the outstanding stock have been retrospectively adjusted to reflect this reverse split. The
Company also consummated a public offering of shares of its common stock and the listing of its common stock on the Nasdaq Capital Market.
For further details on PlaySight and Foundation Sports
we refer you to our Annual Report on Form 10-K for the year ended April 30, 2022, filed with the Securities and Exchange Commission on
May 17, 2023. This Form 10-Q and the condensed consolidated financial statements will concentrate on our existing business as reflected
in the following paragraph.
The Company operates in the sport equipment and technology
business. The Company is the owner of the Slinger Launcher, which is a portable tennis ball launcher as well as other associated tennis
accessories and Gameface AI an Australian artificial intelligence sports software company.
Basis of Presentation
The accompanying condensed consolidated financial
statements of the Company are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
As a result of the transactions described above, the accompanying condensed consolidated financial statements include the combined results
of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface for the nine months ended January 31,
2023 and 2022. The operations of Foundation Sports and PlaySight are included as discontinued operations in our statements of operations
as these entities were sold in November 2022 and December 2022 as disclosed in Note 16.
The Company reports Gameface on a one-month calendar
lag allowing for the timely preparation of financial statements. Gameface operates on fiscal year end periods as of December 31. This
one-month reporting lag is with the exception of significant transactions or events that occur during the intervening period. The Company
did not identify any significant transactions during the one month ended January 31, 2023 at Gameface that would need to be disclosed
as not included within the Company’s consolidated financial statements.
Impact of COVID-19 Pandemic
The Company has been carefully monitoring the COVID-19
pandemic and its impact on its business. In that regard, while the Company has continued to sell its products and grow its business it
did experience certain disruptions in its supply chains. The Company expects the significance of the COVID-19 pandemic, including the
extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, its duration, the
success of efforts to contain it and the impact of actions taken in response. While the Company has not experienced any material disruptions
to its business and operations as a result of the COVID-19 pandemic, it is possible such disruptions may occur in the future which may
impact its financial and operational results, and which could be material.
Impact of Russian and Ukrainian Conflict
In February 2022, the Russian Federation and Belarus
commenced a military action with the country of Ukraine. We are closely monitoring the unfolding events due to the Russia-Ukraine conflict
and its regional and global ramifications. We have one distributor in Russia, which is not material to our overall financial results.
We do not have operations in Ukraine or Belarus. We are monitoring any broader economic impact from the current crisis. The specific impact
on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial
statements. However, to the extent that such military action spreads to other countries, intensifies, or otherwise remains active, such
action could have a material adverse effect on our financial condition, results of operations, and cash flows.
Note 2: GOING CONCERN
The financial statements have been prepared on a going
concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business
for the foreseeable future. The Company has an accumulated deficit of $144,766,698 as of January 31, 2023, and more losses are anticipated
in the development of the business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.
These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and
classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
The ability to continue as a going concern is dependent
upon the Company generating profitable operations in the future and/or being able to obtain the necessary financing to meet its obligations
and repay its liabilities arising from normal business operations when they become due. Management intends to finance operating costs
over the next twelve months with existing cash on hand, loans from related parties, and/or private placement of debt and/or common stock.
In the event that the Company is unable to successfully raise capital and/or generate revenues, the Company will likely reduce general
and administrative expenses, and cease or delay its development plan until it is able to obtain sufficient financing. The Company has
begun reducing operating expenses and cash outflows by selling PlaySight, as well as selling 75% of Foundation Sports in November and
December 2022, respectively to the former shareholders of those companies. There can be no assurance that additional funds will be available
on terms acceptable to the Company, or at all.
Note 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements
The accompanying condensed financial statements of
the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain
information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant
to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary
to present fairly the results of operations of the Company for the period presented. The results of operations for the nine months ended
January 31, 2023, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending April
30, 2023 and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2022, filed
with the Securities and Exchange Commission on May 17, 2023.
Use of Estimates
The preparation of consolidated financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Accordingly, actual results could differ from those estimates.
Financial Statement Reclassification
Certain prior year amounts within accounts payable,
accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no
effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows.
Cash and Cash Equivalents
The Company considers all highly liquid investments
with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit
card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents.
Accounts Receivable
The Company’s accounts receivable are non-interest
bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides
an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted,
the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $209,690 in allowance for doubtful
accounts for the period ended January 31, 2023 and year ended April 30, 2022.
Inventory
Inventory is valued at the lower of the cost (determined
principally on a first-in, first-out basis) or net realizable value. The Company’s valuation of inventory includes inventory reserves
for inventory that will be sold below cost and the impact of inventory shrink. Inventory reserves are based on historical information
and assumptions about future demand and inventory shrink trends. The Company’s inventory as of January 31, 2023 and April 30, 2022
consisted of the following:
SCHEDULE OF INVENTORY
| |
January 31, 2023 | | |
April 30, 2022 | |
Finished Goods | |
$ | 1,786,009 | | |
$ | 4,397,098 | |
Component/Replacement Parts | |
| 2,064,041 | | |
| 2,559,848 | |
Capitalized Duty/Freight | |
| 416,169 | | |
| 1,328,198 | |
Inventory Reserve | |
| (300,000 | ) | |
| (100,000 | ) |
Total | |
$ | 3,966,219 | | |
$ | 8,185,144 | |
Prepaid Inventory
Prepaid inventory represents inventory that is in-transit
that has been paid for but not received from the Company’s third-party vendors. The Company typically prepays for the purchase of
materials and receives the products within three months after making payments. The Company continuously monitors delivery from, and payments
to, the vendors. If the Company has difficulty receiving products from a vendor, the Company would cease purchasing products from such
vendors in future periods. The Company has not had difficulty receiving products during the reporting periods.
Property and equipment
Property and equipment acquired through business combinations
are stated at the estimated fair value at the date of the acquisition. Purchases of property and equipment are stated at cost, net of
accumulated depreciation and impairment losses. Expenditures that materially increase the useful life of the assets are capitalized. Ordinary
repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated
useful lives of the related assets, which is an average of 5 years.
Concentration of Credit Risk
The Company maintains its cash in bank deposit accounts,
the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently
has not experienced any losses in such accounts. While we may be exposed to credit risk, we consider the risk remote and do not expect
that any such risk would result in a significant effect on our results of operations or financial condition. See Note 4 for further details
on the Company’s concentration of credit risk as well as other risks and uncertainties.
Revenue Recognition
The Company recognizes revenue for their continuing
operations in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity
should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its
performance obligation associated with its contracts with customers at a point in time once products are shipped. Amounts collected from
customers in advance of shipping products ordered are reflected as contract liabilities on the accompanying consolidated balance sheets.
The Company’s standard terms are non-cancelable and do not provide for the right-of-return, other than for defective merchandise
covered under the Company’s standard warranty. The Company has not historically experienced any significant returns or warranty
issues.
The Company recognizes revenue under ASC 606, “Revenue
from Contracts with Customers”. The core principle of this revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
Step 1: Identify the contract with the customer
The Company determines that it has a contract with
a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for
the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial
substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single
contract and whether the combined or single contract includes more than one performance obligation.
Step 2: Identify the performance obligations in the
contract
The Company’s customers are buying an integrated
system. In evaluating whether the equipment is a separate performance obligation, the Company’s management considered the customer’s
ability to benefit from the equipment on its own or together with other readily available resources and if so, whether the service and
equipment are separately identifiable (i.e., is the service highly dependent on, or highly interrelated with the equipment). Because the
Products and Services included in the customer’s contract are integrated and highly interdependent, and because they must work together
to deliver the Solution, the Company has concluded that Products installed on customer’s premise and Services contracted for by
the customer are generally not distinct within the context of the contract and, therefore, constitute a single, combined performance obligation.
Step 3: Determine the transaction price
The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised
in a contract with a customer includes predetermined fixed amounts, variable amounts, or both. The Company’s contracts do not include
any rights of returns or refunds.
The Company collects each year’s service fees
in advance and should therefore consider the existence of a significant financing component. However, due to the fact that the payments
are provided for the service of a one-year term, the Company elected to apply the practical expedient under ASC 606 which exempts the
adjustment of the consideration for the existence of a significant financing component when the period between the transfer of the services
and the payment for such services is one year or less.
Step 4: Allocate the transaction price to the performance
obligations in the contract
Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone
selling price (“SSP”). The Company has identified a single performance obligation in the contract, and therefore, the allocation
provisions under ASC 606 do not apply to the Company’s contracts.
Step 5: Recognize revenue when the Company satisfies
a performance obligation
Revenues for the Company’s single, combined
performance obligation are recognized on a straight-line basis over the customer’s contract term, which is the period in which the
parties to the contract have enforceable rights and obligations (Typically 3-4 years).
Business Combinations
Upon acquisition of a company, we determine if the
transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method,
once control is obtained of a business, the assets acquired, and liabilities assumed, are recorded at fair value. We use our best estimates
and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One
of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of
the fair values is based on estimates and judgments made by management. Our estimates of fair value are based upon assumptions we believe
to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments are reflected at the time identified,
up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets
acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. We may record adjustments to the
fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company
elected to apply pushdown accounting to all entities acquired.
Additionally, uncertain tax positions and tax-related
valuation allowances are initially recorded in connection with a business combination as of the acquisition date. We continue to collect
information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill,
provided we are within the measurement period. If outside of the measurement period, any subsequent adjustments are recorded to the consolidated
statement of operations.
Fair Value of Financial Instruments
Fair value of financial and non-financial assets and
liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes
the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows:
Level 1 — Quoted prices in active markets for
identical assets or liabilities
Level 2 — Observable inputs other than quoted
prices in active markets for identical assets and liabilities
Level 3 — Unobservable pricing inputs in the
market
Financial assets and financial liabilities are classified
in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance
of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being
measured and their categorization within the fair value hierarchy.
The Company’s financial instruments consist
of cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximates
fair value due to their short-term maturity.
The Company’s contingent consideration in connection
with the acquisition of Gameface was calculated using Level 3 inputs. The fair value of contingent consideration as of January 31, 2023
and April 30, 2022 was $418,455 and $1,334,000, respectively.
The Company estimates the fair value of its intangible
assets using Level 3 assumptions, primarily based on the income approach utilizing the discounted cash flow method.
The Company’s derivative liabilities were calculated
using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following
ending balances and gain amounts as of and for the nine months ended January 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
Note derivative is related to | |
January 31, 2023
ending balance | | |
(Gain) loss for nine months ended
January 31, 2023 | |
4/11/21 profit guaranty | |
$ | 1,429,620 | | |
$ | 368,070 | |
8/6/21 convertible notes | |
| 187,810 | | |
| (2,525,524 | ) |
6/17/22 underwriter warrants | |
| 11,878 | | |
| (52,604 | ) |
Other derivative liabilities eliminated in uplist | |
| - | | |
| (1,604,413 | ) |
9/30/22 warrants issued with common stock | |
| 11,279,572 | | |
| (1,000,715 | ) |
1/6/2023 warrants issued with note payable | |
| 5,235,056 | | |
| 1,519,499 | |
Total | |
$ | 18,143,936 | | |
$ | (3,295,687 | ) |
The Company also recognized derivative expense of
$7,280,405 at inception on the warrants issued in connection with a funding on September 30, 2022 and $1,715,557 at inception on the warrants
issued in connection with a funding on January 6, 2023. The Black-Scholes option pricing model assumptions for the derivative liabilities
during the nine months ended January 31, 2023 and year ended April 30, 2022 consisted of the following:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 3.51-10 years | | |
| 1.95-4.3 years | |
Stock price volatility | |
| 50 - 150 | % | |
| 50 | % |
Risk free interest rate | |
| 2.90%-4.34 | % | |
| 2.67%-2.90 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
Refer to Note 10 and Note 11 for more information
regarding the derivative instruments.
Income Taxes
Income taxes are accounted for in accordance with
the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amounts that are more likely than not to be realized.
Intangible Assets
Intangible assets relate to the “Slinger”
technology trademark, which the Company purchased on November 10, 2020. The trademark is amortized over its expected life of 20 years.
Amortization expense for the nine months ended January 31, 2023 and 2022 was $4,335 and $4,335, respectively. The Company also acquired
intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and
customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class
of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are
included in discontinued operations. Refer to Note 6 for more information.
Impairment of Long-Lived Assets
In accordance with ASC 360-10, the Company evaluates
long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable.
Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating
results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the
market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company
compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful
lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if
any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of
those assets and is recorded in the period in which the determination is made. There was no impairment of long-lived assets identified
during the nine months ended January 31, 2023 and 2022 in our continuing operations.
Goodwill
The Company accounts for goodwill in accordance with
ASC 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill not be amortized, but reviewed for impairment
if impairment indicators arise and, at a minimum, annually. The Company records goodwill as the excess purchase price over assets acquired
and includes any work force acquired as goodwill. Goodwill is evaluated for impairment on an annual basis.
With the adoption of the ASU 2017-04, which eliminates
the second step of the goodwill impairment test, the Company tests impairment of goodwill in one step. In this step, the Company compares
the fair value of each reporting unit with goodwill to its carrying value. The Company determines the fair value of its reporting units
with goodwill using a combination of a discounted cash flow and a market value approach. If the carrying value of the net assets assigned
to the reporting unit exceeds the fair value of the reporting unit, the Company will record an impairment charge based on the excess of
a reporting unit’s carrying amount over its fair value. If the fair value of the reporting unit exceeds the carrying value of the
net assets assigned to that reporting unit, goodwill is not impaired and the Company will not record an impairment charge.
There was no impairment of goodwill as of January
31, 2023 for any of our continuing operations.
Share-Based Payment
The Company accounts for share-based compensation
in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line
basis over the requisite service period, which is the vesting period.
Warrants
The Company grants warrants to key employees and executives
as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other
key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense
that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection
with ongoing arrangements are more fully described in Note 11 and Note 14.
The warrants granted during the nine months ended
January 31, 2023 and year ended April 30, 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following
assumptions:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 5 – 10 years | | |
| 5 – 10 years | |
Stock price volatility | |
| 50% - 150 | % | |
| 50%
- 148 | % |
Risk free interest rate | |
| 2.50% - 4.27 | % | |
| 0.77% - 1.63 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
Foreign Currency Translation
Our functional currency is the U.S. dollar. The functional
currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of
foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated
statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized
cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized
and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency
of the applicable entity are recorded in other income (loss) in the period in which they occur.
Earnings Per Share
Basic earnings per share are calculated by dividing
income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per
share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period.
All common stock equivalents such as shares to be
issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect
is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented.
Recent Accounting Pronouncements
Recently Adopted
In January 2017, the Financial Accounting Standards
Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step
2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting
unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December
15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not
have a material effect on the Company’s consolidated financial statements.
In December 2019, the FASB issued Accounting Standards
Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC 740, Income Taxes (ASC
740). This update is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC
740 and amending existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after
December 15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The adoption of the new standard did not have a material effect on the Company’s
consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt
- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting
for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock.
Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared
with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features
that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a
scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums
are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s
own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than
fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating
the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). The guidance
replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”)
methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized
cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted
for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments
in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant
estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s
portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit
losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to
sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for
SEC filers and January 1, 2023 for private companies and smaller reporting companies. The Company has not yet adopted this ASU as it qualifies
as a smaller reporting company. The Company does not expect this ASU will have a material impact on its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, “Business
Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity
and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination.
The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business
combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after
December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material
impact on the Company’s financial statements.
The FASB has issued ASU 2021-04, Earnings Per Share
(Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat
a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified
after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on
how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call
option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December
15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did
not have a material effect on the Company’s consolidated financial statements.
Other recently issued accounting pronouncements did
not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.
Note 4: CONCENTRATION OF CREDIT RISK AND
OTHER RISKS AND UNCERTAINTIES
Accounts Receivable Concentration
As of January 31, 2023 and April 30, 2022, the Company
had two customers that accounted for 46% and 43% of the Company’s trade receivables balance, respectively.
Accounts Payable Concentration
As of January 31, 2023 and April 30, 2022, the Company
had four significant suppliers that accounted for 59%, and 59% of the Company’s trade payables balances, respectively.
Note 5: ACQUISITIONS AND BUSINESS COMBINATIONS
In the year ended April 30, 2022, the Company acquired
three entities in accordance with ASC 805. A full description of those transactions are reflected in the audited financial statements
contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 17, 2023.
The Company has elected to apply pushdown accounting
to each of the entities acquired.
For Foundation Sports as referred to in Note 16, the
Company disposed of 75% of this entity in December 2022.
For PlaySight as referred to in Note 16, the Company
sold back to the original shareholders 100% of this entity in November 2022.
Pro Forma Results
The following pro forma financial information presents
the results of operations of the Company as of the nine months ended January 31, 2023 and 2022, respectively, as if the acquisitions of
Gameface had occurred as of the beginning of the first period presented instead of February 2022. The pro forma financial information
of the Company as of the nine months ended January 31, 2022 is as follows:
SCHEDULE OF PROFORMA FINANCIAL INFORMATION
| |
| | |
Revenues | |
$ | 12,151,486 | |
Net loss | |
$ | (46,130,471 | ) |
| |
| | |
Basic and diluted earnings (loss) per share | |
$ | (12.35 | ) |
Note 6: INTANGIBLE ASSETS
Intangible assets reflect only those intangible assets
of our continuing operations, and consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
January 31, 2023 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 15,829 | | |
| - | | |
$ | 369,753 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 84,102 | | |
| - | | |
| 3,845,898 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 27,410 | | |
| - | | |
| 552,590 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 127,341 | | |
$ | - | | |
$ | 4,768,241 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
April 30, 2022 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames | |
| 15.26 | | |
$ | 385,582 | | |
$ | 9,478 | | |
| - | | |
$ | 376,104 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 33,749 | | |
| - | | |
| 3,896,251 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 9,499 | | |
| - | | |
| 570,501 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 52,726 | | |
$ | - | | |
$ | 4,842,856 | |
Amortization expense for the nine months ended January
31, 2023 and 2022 was approximately $74,615 and $4,335, respectively.
As of January 31, 2023, the estimated future amortization
expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows:
SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION
For the Periods Ended January 31, | |
Amortization Expense | |
2024 | |
$ | 544,781 | |
2025 | |
| 544,781 | |
2026 | |
| 544,781 | |
2027 | |
| 544,781 | |
2028 | |
| 426,815 | |
Thereafter | |
| 2,162,302 | |
Total | |
$ | 4,768,241 | |
Note 7: ACCRUED EXPENSES
The composition of accrued expenses is summarized
below:
SCHEDULE
OF ACCRUED EXPENSES
| |
January 31, 2023 | | |
April 30, 2022 | |
Accrued payroll | |
$ | 1,545,123 | | |
$ | 921,759 | |
Accrued bonus | |
| 1,611,606 | | |
| 1,014,833 | |
Accrued professional fees | |
| 1,300,000 | | |
| 1,706,560 | |
Other accrued expenses | |
| 984,697 | | |
| 738,749 | |
Total | |
$ | 5,441,426 | | |
$ | 4,381,901 | |
Note 8: NOTE PAYABLE - RELATED PARTY
The discussion of note payable – related party
only includes those that existed as of April 30, 2022. For a discussion of all prior note payable – related party we refer you to
the Annual Report on Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022.
On January 14, 2022, the Company entered into two
loan agreements with related party lenders, each for $1,000,000, pursuant to which the Company received a total amount of $2,000,000.
The loans bear interest at a rate of 8% per annum and are required to be repaid in full by April 30, 2022 or such other date as may be
accepted by the lenders. The Company is not permitted to make any distribution or pay any dividends unless or until the loans are repaid
in full. On June 28, 2022, the Company entered into amendments for the two related party loan agreements with the lenders in which the
repayment date was extended to July 31, 2024.
There was $1,953,115 and $2,000,000 in outstanding
borrowings from related parties as of January 31, 2023 and April 30, 2022. Interest expense related to the related parties for the nine
months ended January 31, 2023 and 2022 amounted to $177,773 and $106,895, respectively. Accrued interest due to related parties as of
January 31, 2023 and April 30, 2022 amounted to $999,257 and $908,756, respectively. The accrued interest includes notes that were either
repaid or converted but the interest remained.
Note 9: CONVERTIBLE NOTES PAYABLE
The discussion of convertible notes payable only includes
those that existed as of April 30, 2022. For a discussion of all prior convertible notes payable we refer you to the Annual Report on
Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022.
On August 6, 2021, the Company consummated the closing
(the “Closing”) of a private placement offering (the “Offering”) pursuant to the terms and conditions of that
certain Securities Purchase Agreement, dated as of August 6, 2021 (the “Purchase Agreement”), between the Company and certain
accredited investors (the “Purchasers”). At the Closing, the Company sold to the Purchasers (i) 8% Senior Convertible Notes
(the “Convertible Notes”) in an aggregate principal amount of $11,000,000 and (ii) warrants to purchase up to 733,333 shares
of common stock of the Company (the “Warrants” and together with the Convertible Notes, the “Securities”). The
Company received an aggregate of $11,000,000 in gross proceeds from the Offering, before deducting offering expenses and commissions.
The Convertible Notes were to mature on August 6,
2022 (the “Maturity Date”) and bear interest at 8% per annum payable on each conversion date (as to that principal amount
then being converted), on each redemption date as well as mandatory redemption date (as to that principal amount then being redeemed)
and on the Maturity Date, in cash. The Convertible Notes are convertible into shares of the Company’s common stock at any time following
the date of issuance and prior to Mandatory Conversion (as defined in the Convertible Notes) at the conversion price equal to the lesser
of: (i) $3.00, subject to adjustment set forth in the Convertible Notes and (ii) in the case of an uplist to the NASDAQ, the Uplist Conversion
Price (as defined in the Convertible Notes) of the Company’s common stock during the two Trading Day (as defined in the Convertible
Notes) period after each conversion date; provided, however, that at any time from and after December 31, 2021 or an Event of Default
(as defined in the Convertible Notes), the holder of the Convertible Notes may, by delivery of written notice to the Company, elect to
cause all, or any part, of the Convertible Notes to be converted, at any time thereafter, each an “Alternate Conversion”,
pursuant to the Section 4(f) of the Convertible Notes, all, or any part of, the then outstanding aggregate principal amount of the Convertible
Notes into shares of Common Stock at the Alternate Conversion price. The Convertible Notes rank pari passu with all other notes now or
thereafter issued under the terms set forth in the Convertible Notes. The Convertible Notes contain certain price protection provisions
providing for adjustment of the number of shares of common stock issuable upon conversion of the Convertible Notes in case of certain
future dilutive events or stock-splits and dividends.
The Warrants are exercisable for five years from August
6, 2021, at an exercise price equal to the lesser of $3.00 or a 20% discount to the public offering price that a share of the Company’s
common stock or unit (if units are offered) is offered to the public resulting in the commencement of trading of the Company’s common
stock on the NASDAQ, New York Stock Exchange or NYSE American. The Warrants contain certain price protection provisions providing for
adjustment of the amount of securities issuable upon exercise of the Warrants in case of certain future dilutive events or stock-splits
and dividends.
The Company evaluated the Warrants and the conversion
options under the guidance in ASC 815 and determined they represent derivative liabilities given the variability in the exercise and conversion
prices upon the event of an up list to the NASDAQ. The Company also evaluated the other embedded features in the agreement and determined
the interest make-whole provision and the subsequent financing redemption represent put features that are also accounted for as derivative
liabilities. The derivative liabilities are marked to market at the end of each reporting period with the non-cash gain or loss recorded
in the period as a gain or loss on derivative (see Note 3).
The Warrants were valued at $12,026,668 on the date
of issuance using a Monte Carlo simulation that accounted for the variability in the exercise price upon the event of an up list based
on the Company’s expected future stock prices over the five-year term using inputs in line with those listed in Note 3. The remaining
derivatives were valued at $1,862,450 on the issuance date based on the present value of their weighted average probability value.
As part of the issuance of the Convertible Notes,
the Company incurred and capitalized debt issuance costs of $800,251 related to brokerage and legal fees that met the debt issuance cost
capitalization criteria of ASC 835. The total discount related to the Convertible Notes on the date of issuance of $14,689,369 exceeded
their value, which resulted in the Company recognizing a $3,689,369 loss on the issuance of the Convertible Notes during the three months
ended October 31, 2021.
On December 31, 2021, the Company entered into an
Omnibus Amendment Agreement (the “Omnibus Agreement”) with certain Purchasers who are collectively holders of 67% or more
of the Securities outstanding related to the August 6, 2021 Convertible Notes, amending each of (i) the Purchase Agreement and (ii) the
Registration Rights Agreement. Simultaneously with the execution of the Omnibus Agreement, the Company issued to each Purchaser a Replacement
Note (as defined below) in replacement of the Convertible Note held prior to December 31, 2021 by such Purchaser (each, an “Existing
Note”).
The Purchase Agreement was amended to, among other
things, (i) delete Exhibit A and replace it in its entirety with the 8% Senior Convertible Note (the “Replacement Note”) filed
as Exhibit 10.2 to the Company’s current report on Form 8-K dated January 5, 2021, (ii) add a new definition of “Inventory
Financing”, (iii) amend Section 4.18 to add at the end of Section 4.18 before the final period “, it being agreed that the
provisions of this Section 4.18 shall not apply to the Qualified Subsequent Financing expected to occur after the date hereof”,
(iv) delete Section 4.20 and replace it in its entirety with substantially the same text, including the following after the period, replacing
the period with a semicolon: “; provided that the provisions of this Section 4.20 shall not apply to (i) in respect of any Holder
to the extent that such Holder is an investor or a purchaser of the securities offered pursuant such Subsequent Financing, and (ii) with
respect to an Inventory Financing.”, and (v) add a new Section 4.21. Most-Favored Nation provision.
The Registration Rights Agreement was amended to,
among other things, (i) delete the definition “Effectiveness Date” in Section 1 and replace it in its entirety with substantially
the same text but revise the definition of “Effectiveness Date” causing the Initial Registration Statement required to be
filed by January 31, 2022, and (ii) delete Section 2(d) and replace it in its entirety with substantially the same text but revised to
delete the following “(2) no liquidated damages shall accrue or be payable hereunder with respect to any day on which the high price
of the Common Stock on the Trading Market on which the Common Stock is then listed or traded is less than the then-applicable Conversion
Price,” resulting in renumbering the text that follows as (2) instead of (3).
As consideration for entering into the Omnibus Agreement,
the outstanding principal balance of the Existing Note held by each Purchaser was increased by twenty percent (20%) and such increased
principal balance is reflected on the Replacement Note issued to each Purchaser. The Company recognized a $2,200,000 loss on issuance
of convertible notes during the year ended April 30, 2022 related to this amendment.
On June 17, 2022, the Company issued 4,389,469 shares
of common stock in conversion of the $13,200,000 in convertible notes payable and $846,301 in accrued interest. In addition, the remaining
$122,222 of unamortized discount on the convertible notes payable was amortized and included in our consolidated statements of operations
for the three months ended July 31, 2022.
Total outstanding borrowings related to the Convertible
Notes as of January 31, 2023 and April 30, 2022 were $0 and $13,200,000, respectively.
Note
10: NOTES PAYABLE
The discussion of notes payable only includes those
that existed as of April 30, 2022. For a discussion of all prior notes payable we refer you to the Annual Report on Form 10-K filed May
17, 2023 for the fiscal year end April 30, 2022.
On June 30, 2020, the Company entered into a loan
agreement with Mont-Saic to borrow $120,000. This loan bears interest at an annual rate of 12.6% and was required to be repaid in full,
together with all accrued, but unpaid, interest by June 30, 2021. On December 3, 2020, Mont-Saic entered into an Assignment and Conveyance
Agreement with the Company’s exiting related party lender wherein Mont-Saic sold its full right, title and interest in this note
to the Company’s related party lender (see Note 8).
On December 24, 2020, the Company entered into a promissory
note with a third-party to borrow $1,000,000. The promissory note bore interest at 2.25% and was due February 8, 2021. On February 2,
2021, the Company and the third-party entered into an amendment to extend the promissory note to April 30, 2021.
On April 11, 2021, the Company and the lender entered
into an agreement whereby the lender converted the promissory note into 27,233 shares of Company stock, which were issued to the lender
at a 20% discount from the closing price of the stock on the day prior to the conversion. In addition to the discount, the agreement contains
a guarantee that the aggregate gross sales of the shares by the lender will be no less than $1,500,000 over the next three years and if
the aggregate gross sales are less than $1,500,000 the Company will issue additional shares of common stock to the lender for the difference
between the total gross proceeds and $1,500,000, which could result in an infinite number of shares being required to be issued.
The Company evaluated the conversion option of the
note payable to shares under the guidance in ASC 815-40, Derivatives and Hedging, and determined the conversion option qualified for equity
classification. The Company also evaluated the profit guarantee under ASC 815, Derivatives and Hedging, and determined it to be a make-whole
provision, which is an embedded derivative within the host instrument. As the economic characteristics are dissimilar to the host instrument,
the profit guarantee was bifurcated from the host instrument and stated as a separate derivative liability, which is marked to market
at the end of each reporting period with the non-cash gain or loss recorded in the period as a gain or loss on derivative.
On the date of conversion, the Company recognized
a $1,501,914 loss on extinguishment of debt, which represented the difference between the promissory note and the fair value of the shares
issued of $1,250,004, which were recorded in shares issued in connection with conversion of note payable within shareholders’ equity,
as well as the derivative liability of $1,251,910, which was valued using a Black-Scholes option pricing model.
The fair value of the derivative liability was $1,429,620
and $1,061,550 as of January 31, 2023 and April 30, 2022.
On February 15, 2022, for and in consideration of
$4,000,000 the Company conveyed, sold, transferred, set over, assigned and delivered to Slinger Bag Consignment, LLC, a Virginia limited
liability company (“Consignor”), all of the Company’s right, title and interest in and to 13,000 units of certain surplus
inventory, including all components, parts, additions and accessions thereto (collectively, the “Consigned Goods”). The Company
has repaid the $4,000,000 as of January 31, 2023.
On April 1, 2022, the Company entered into a $500,000
note payable. The note matures on July 1, 2022 and bears interest at eight percent (8%) per year. The Company pays interest monthly and
will pay all accrued and unpaid interest on the maturity date in which the outstanding principal is due. On August 1, 2022, the Company
repaid the $500,000.
Cash Advance Agreements
On July 29, 2022, the Company entered into two merchant
cash advance agreements. The details of the merchant cash advance agreements are as follows:
UFS Agreement
The Company entered into an agreement (the “UFS
Agreement”) with Unique Funding Solutions LLC (“UFS”) pursuant to which the Company sold $1,124,250 in future receivables
(the “UFS Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $750,000 in cash less fees of $60,000.
The Company has agreed to pay UFS $13,491 each week for the next three weeks and thereafter $44,970 per week until the UFS Receivables
Purchased Amount is paid in full.
In order to secure payment and performance of the
Company’s obligations to UFS under the UFS Agreement, the Company granted to UFS a security interest in the following collateral:
all accounts receivable and all proceeds as such term is defined by Article 9 of the UCC. The Company also agreed not to create, incur,
assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral.
Cedar Agreement
The Company entered into an agreement (the “Cedar
Agreement”) with Cedar Advance LLC (“Cedar”) pursuant to which the Company sold $1,124,250 in future receivables (the
“Cedar Receivables Purchased Amount”) to Cedar in exchange for payment to the Company of $750,000 in cash less fees of $60,000.
The Company has agreed to pay Cedar $13,491 each week for the next three weeks and thereafter $44,970 per week until the Cedar Receivables
Purchased Amount is paid in full.
In order to secure payment and performance of the
Company’s obligations to Cedar under the Cedar Agreement, the Company granted to Cedar a security interest in the following collateral:
all accounts, including without limitation, all deposit accounts, accounts receivable and other receivables, chattel paper, documents,
equipment, instruments and inventory as those terms are defined by Article 9 of the UCC. The Company also agreed not to create, incur,
assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral.
On January 6, 2023, the Company entered into a loan
and security agreement (the “Loan and Security Agreement”) with one or more institutional investors (the “Lenders”)
and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”) for the issuance and sale of (i) a note in an
aggregate principal amount of up to $2,000,000 (the “Note”) with the initial advance under the Loan and Security Agreement
being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of shares of common stock of the Company equal to
200% of the face amount of the Note divided by the closing price of the common stock of the Company on the date of the issuance of the
Notes (collectively, the “Initial Issuance”). The closing price of the Company’s common stock on January 6, 2023, as
reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under the Note are exercisable for up to 18,099,548
shares of the Company’s common stock. The Warrants have an exercise price per share equal to the closing price of the common stock
of the Company on the date of the issuance of the Note, or $0.221 per share and a term of five- and one-half (5½) years following
the initial exercise date. The initial exercise date of the Warrants will be the date stockholder approval is received and effective allowing
exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the Loan and Security Agreement, an additional advance of
$600,000 may be made to the Company under the Note. The Company’s obligations under the terms of the Loan and Security Agreement
are fully and unconditionally guaranteed by all of the Company’s subsidiaries (the “Guarantors”). The Company measured
the warrants granted on January 6, 2023 at $3,715,557, and discounted the note payable to $0 and recorded a derivative expense of $1,715,557.
The Company recognized a loss on the change in fair value of the derivative liability when remeasured at January 31, 2023 of $1,519,499
to bring the derivative liability to $5,235,056 at January 31, 2023. In addition, the Company recognized $273,755 in amortization of debt
discount for the nine months ended January 31, 2023.
Note 11: RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash
requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate
financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers,
directors, or shareholders. Amounts represent advances, amounts paid in satisfaction of liabilities, or accrued compensation that has
been deferred. The advances are considered temporary in nature and have not been formalized by a promissory note.
The Company has outstanding notes payable of $1,953,115
and $2,000,000 and accrued interest of $999,257 and $908,756 due to a related party as of January 31, 2023 and April 30, 2022,
respectively (see Note 8).
The Company recognized net sales of $104,586 and $424,394
during the nine months ended January 31, 2023 and 2022, respectively, to related parties. As of January 31, 2023 and April 30, 2022, related
parties had accounts receivable due to the Company of $25,355 and $93,535, respectively.
Note 12: SHAREHOLDERS’ EQUITY (DEFICIT)
Common Stock
The Company has 300,000,000 shares of common stock
authorized with a par value of $0.001 per share. As of January 31, 2023 and April 30, 2022, the Company had 13,543,155 and 4,194,836 shares
of common stock issued and outstanding, respectively.
Equity Transactions During the Nine Months Ended
January 31, 2023
Since May 1, 2022, the Company has issued an aggregate
of 6,063,145 shares of its common stock consisting of the following:
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On June 15, 2022, the Company issued 4,389,469 shares of common stock to the Convertible Noteholders upon conversion of convertible notes. |
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On June 15, 2022, the Company issued 1,048,750 shares to investors who participated in the Company’s Nasdaq uplist round. |
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On June 27, 2022, the Company issued 25,000 shares of common stock to Gabriel Goldman for consulting services performed in the first quarter of calendar 2022. Gabriel Goldman became a director of the Company on June 15, 2022. |
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On June 27, 2022, the Company issued 598,396 shares of common stock to the former Gameface shareholders in connection with the purchase of Gameface. |
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On August 25, 2022, the Company issued 30,000 shares
of common stock to Midcity Capital Ltd (“Midcity”) pursuant to a cashless conversion of warrants Midcity received from its
warrant agreement with the Company dated March 2020.
On September 28, 2022, the Company entered into a
securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”)
for the issuance and sale of (i) 1,018,510 shares of common stock and (ii) pre-funded warrants (the “Pre-Funded Warrants”)
to purchase an aggregate of 11,802,002 shares of its common stock, together with accompanying common stock warrants, at a combined purchase
price of $0.39 per share of the common stock and associated common stock warrant and $0.3899 per Pre-Funded Warrant and associated common
stock warrants for an aggregate amount of approximately $5.0 million (the “Offering”). The Pre-Funded Warrants have an exercise
price of $0.00001 per share of common stock and are exercisable until the Pre-Funded Warrants are exercised in full. The shares of common
stock and Pre-Funded Warrants were sold in the offering together with common stock warrants to purchase 12,820,512 shares of common stock
at an exercise price of $0.39 per share and a term of five years following the initial exercise date (the “5-Year Warrants”)
and 25,641,024 common stock warrants to purchase 25,641,024 shares of common stock at an exercise price of $0.43 per share and a term
of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date (collectively, the “Warrants”).
The Warrants issued in the Offering contain variable pricing features. The Warrants and Pre-Funded Warrants will be exercisable beginning
on the date stockholder approval is received and effective allowing exercisability of the Warrants and Pre-Funded Warrants under Nasdaq
rules. Net proceeds to the Company were $4,549,882. |
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On October 12, 2022, the Company issued 1,923,920
shares of common stock, on November 21, 2022 issued 27,000 shares of common stock and January 26, 2023 issued 279,739 shares of common
stock in connection with the acquisition of PlaySight.
On January 26, 2023, the Company issued 6,000 shares
of common stock for services rendered to their ambassadors.
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Equity Transactions During the Year Ended April
30, 2022
On May 26, 2021, the Company issued 163,684 shares
of its common stock for the conversion of related party notes payable (see Note 8). The fair value of the common stock was $6,220,000.
On June 23, 2021, the Company issued 54,000 shares
of its common stock as partial consideration for the acquisition of Foundation Sports (see Note 5). The fair value of the total shares
of common stock to be issued related to the acquisition was $3,550,000.
On July 6, 2021, the Company issued 5,022 shares of
its common stock to two employees as compensation for services rendered in lieu of cash, which resulted in $187,803 in share-based compensation
expense for the year ended April 30, 2022.
On July 11, 2021, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,875 of operating expenses
for the year ended April 30, 2022.
During the three months ended July 31, 2021, the Company
granted an aggregate total of 9,094 shares of its common stock and equity options to purchase up to 6,000 shares (which are now expired)
to six new brand ambassadors as compensation for services. The expense related to the issuance of the shares and equity options is being
recognized over the service agreements, similar to the warrants and equity options issued to the four other brand ambassadors in the prior
year. During the year ended April 30, 2022, the Company recognized $907,042 of operating expenses related to the shares, warrants and
equity options granted to brand ambassadors.
On August 6, 2021, the Note payable holder exercised
its right to convert its 220,000 outstanding warrants into 495,000 shares of common stock of the Company.
On August 6, 2021, the Company’s related party
lender exercised its right to convert its 275,000 outstanding warrants and 692,130 common shares issuable into 967,130 shares of common
stock of the Company.
On October 11, 2021, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,875 of operating expenses
during the year ended April 30, 2022.
On January 11, 2022, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,874 of operating expenses
during the year ended April 30, 2022.
During April 2022, the Company granted an aggregate
total of 6,000 shares of its common stock to 6 new brand ambassadors as compensation for services. During the year ended April 30, 2022,
the Company recognized $255,124 of operating expenses related to the shares granted to brand ambassadors.
Warrants Issued and Expensed During the Nine Months
and Year Ended January 31, 2023 and April 30, 2022
On October 28, 2020, the Company granted 40,000 warrants
to a service provider for advertising services over the next year. The warrants have an exercise price of $0.75 per share, a contractual
life of 10 years from the date of issuance, and vest quarterly over a year from the grant date. The warrants were valued using a Black-Scholes
option pricing model and the expense related to the issuance of the warrants is being recognized over the service agreement. The Company
recognized $214,552 of operating expenses related to this agreement during the nine months ended January 31, 2022.
In accordance with the October 29, 2020 agreement
with three members of the advisory board mentioned above, 46,077 warrants were issued during the year ended April 30, 2022. The warrants
were valued using a Black-Scholes option pricing model on the grant date, which resulted in operating expenses of $67,500 and $87,656
during the nine months ended January 31, 2023 and year ended April 30, 2022, respectively.
On August 6, 2021, in connection with the Convertible
Notes issuance the Company issued warrants to purchase up to 733,333 shares of common stock of the Company to the Purchasers.
On August 6, 2021, in connection with the Convertible
Notes issuance the Company also granted the lead placement agent for the Offering 26,667 warrants that are exercisable for five years
from August 6, 2021, at an exercise price of $3.30 (subject to adjustment as set forth in the Convertible Notes per the terms of the agreement)
and are vested immediately. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company recognized
$376,000 of operating expenses related to them during the year ended April 30, 2022.
On September 3, 2021, the Company granted an aggregate
total of 1,010,000 warrants to key employees and officers of the Company as compensation. The warrants have an exercise price of $0.001
per share for 1,000,000 of the warrants and $3.42 for 10,000 of the warrants, a contractual life of 10 years from the date of issuance
and are vested immediately upon grant. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company
recognized $32,381,309 of share-based compensation expense related to them during the year ended April 30, 2022.
On February 2, 2022, in connection with the Gameface
acquisition the Company issued warrants to purchase up to 478,225 shares of common stock of the Company.
On September 28, 2022, the Company issued pre-funded
warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 11,802,002 shares of its common stock, together with accompanying
common stock warrants, at a combined purchase price of $0.39 per share of the common stock and associated common stock warrant and $0.3899
per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $5.0 million (the “Offering”).
The Pre-Funded Warrants have an exercise price of $0.00001 per share of common stock and are exercisable until the Pre-Funded Warrants
are exercised in full. The shares of common stock and Pre-Funded Warrants were sold in the offering together with common stock warrants
to purchase 12,820,512 shares of common stock at an exercise price of $0.39 per share and a term of five years following the initial exercise
date (the “5-Year Warrants”) and 25,641,024 common stock warrants to purchase 25,641,024 shares of common stock at an exercise
price of $0.43 per share and a term of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date
(collectively, the “Warrants”). The Warrants issued in the Offering contain variable pricing features. The Warrants and Pre-Funded
Warrants will be exercisable beginning on the date stockholder approval is received and effective allowing exercisability of the Warrants
and Pre-Funded Warrants under Nasdaq rules. The exercise price of the Warrants was reset in January 2023 to $0.221 per share.
On January 6, 2023, the Company entered into a loan
and security agreement (the “Loan and Security Agreement”) with one or more institutional investors (the “Lenders”)
and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”) for the issuance and sale of (i) a note in an
aggregate principal amount of up to $2,000,000 (the “Note”) at 4.33% interest per annum unless in default, with the initial
advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of
shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of
the Company on the date of the issuance of the Notes (collectively, the “Initial Issuance”). The closing price of the Company’s
common stock on January 6, 2023, as reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under
the Note are exercisable for up to 18,099,548 shares of the Company’s common stock. The Warrants have an exercise price per share
equal to the closing price of the common stock of the Company on the date of the issuance of the Note, or $0.221 per share and a term
of five- and one-half (5½) years following the initial exercise date. The initial exercise date of the Warrants will be the date
stockholder approval is received and effective allowing exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the
Loan and Security Agreement, an additional advance of $600,000 may be made to the Company under the Note which occurred on February 2,
2023. The Company’s obligations under the terms of the Loan and Security Agreement are fully and unconditionally guaranteed by all
of the Company’s subsidiaries (the “Guarantors”). The Company measured the warrants granted on January 6, 2023 at $3,715,557,
and discounted the note payable to $0 and recorded a derivative expense of $1,715,557. The Company recognized a loss on the change in
fair value of the derivative liability when remeasured at January 31, 2023 of $1,519,499 to bring the derivative liability to $5,235,056
at January 31, 2023. In addition, the Company recognized $273,755 in amortization of debt discount for the nine months ended January 31,
2023. On July 6, 2023, the Company failed to repay the note and is currently in default. The interest rate has since increased to 6.43%
per annum.
Note 13: COMMITMENTS AND CONTINGENCIES
Leases
The Company leases office space under short-term leases
with terms under a year. Total rent expense for the nine months ended January 31, 2023 and 2023 amounted to $2,800 and $6,550, respectively.
Contingencies
In connection with the Gameface acquisition on February
2, 2022, the Company agreed to earn-out consideration of common shares of the Company’s common stock with a fair value of $1,334,000
which is included as a current liability on the Company’s consolidated balance sheet as of January 31, 2023 and April 30, 2022.
The Company issued 598,396 common shares to the former Gameface shareholders in June 2022. The balance of the contingent consideration
as of October 31, 2022 is $418,455.
From time to time, the Company may become involved
in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any legal proceedings that it
currently believes would individually or taken together have a material adverse effect on the Company’s business or financial statements.
Note 14: INCOME TAXES
The Company does business in the US through its subsidiaries
Slinger Bag Inc. and Slinger Bag Americas. It also does business in Israel through SBL whose operations are reflected in the Company’s
consolidated financial statements. The Company’s operations in Canada, Israel, and the UK were immaterial for the periods ended
January 31, 2023 and 2022, respectively.
The Company’s policy is to record interest and
penalties on uncertain tax positions as income tax expense. There were no interest or penalties recognized in the accompanying consolidated
statements of comprehensive loss for the nine months ended January 31, 2023 and 2022.
Note 15: SEGMENTS
With the disposal of Foundation Sports and PlaySight
in November 2022 and December 2022, the Company has ceased reporting two segments. The Company now only operates in the equipment segment.
For previous segment reporting we refer you to our previously filed Annual Report on Form 10-K filed May 17, 2023.
Note 16: DISCONTINUED OPERATIONS
On November 27, 2022, the Company entered into a share
purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and Evgeni Khazanov (together, the “Buyer”)
pursuant to which the Buyer purchased 100% of the issued and outstanding shares of PlaySight from the Company in exchange for (1) releasing
the Company from all of PlaySight’s obligations towards its vendors, employees, tax authorities and any other (past, current and
future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration owed to them under their employment agreements
in the total amount of $600,000; and (3) cash consideration of $2,000,000 to be paid to the Company in the form of a promissory note that
matures on December 31, 2023.
On December 5, 2022, the Company assigned 75% of its
membership interest in Foundation Sports to Charles Ruddy, its founder and granted him the right for a period of three years to purchase
the remaining 25% of its Foundation Sports membership interests for $500,000 in cash. As of December 5, 2022, the results of Foundation
Sports will no longer be consolidated in the Company’s financial statements, and the investment was accounted for as an equity method
investment. On December 5, 2022, the Company analyzed this investment and established a reserve for the investment at the full amount
of $500,000.
The Company accounted for these sales as a disposal
of a business under ASC 205-20-50-1(a). The Company had reclassified the operations of PlaySight and Foundation Sports as discontinued
operations as the disposal represents a strategic shift that will have a major effect on the Company’s operations and financial
results. Under ASC 855-10-55, the Company has reflected the reclassification of assets and liabilities of these entities as held for sale
and the operations as discontinued operations as of and for the year ended April 30, 2022 as well as for the period May 1, 2022 through
the date of disposal for each company. As a result of this reclassification, the Company identified the following assets and liabilities
that were reclassified from continuing operations to discontinued operations as they are discontinued.
Current assets as of April 30, 2022 – Discontinued
Operations:
SCHEDULE OF
DISCONTINUED OPERATIONS
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April 30, 2022 | |
Cash and restricted cash | |
$ | 916,082 | |
Accounts receivable | |
| 288,980 | |
Inventory | |
| 323,307 | |
Right of use asset – operating leases | |
| 239,689 | |
Prepaid expenses | |
| 490,260 | |
Current Asset | |
$ | 2,258,318 | |
Non-current assets as of April 30, 2022 – Discontinued
Operations:
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April 30, 2022 | |
Goodwill | |
$ | 25,862,000 | |
Property and equipment, net | |
| 126,862 | |
Intangible assets, net | |
| 19,473,646 | |
Contract assets, net of current portion | |
| 209,363 | |
Finished products used in operations, net | |
| 4,693,575 | |
Non-current Asset | |
$ | 50,365,446 | |
Current liabilities as of April 30, 2022 – Discontinued
Operations:
| |
| | |
| |
April 30, 2022 | |
Accounts payable and accrued expenses | |
$ | 2,432,818 | |
Lease liability – operating leases | |
| 237,204 | |
Contract liabilities | |
| 2,545,200 | |
Current Liabilities | |
$ | 5,215,222 | |
Non-current liabilities as of April 30, 2022 –
Discontinued Operations:
| |
| | |
| |
April 30, 2022 | |
Contract liabilities, net of current portion | |
$ | 1,370,492 | |
| |
| | |
Non-Current Liabilities | |
$ | 1,370,492 | |
The Company reclassified the following operations
to discontinued operations for the nine months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 3,954,149 | | |
$ | - | |
Operating expenses | |
| 8,416,117 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (4,461,968 | ) | |
$ | - | ) |
The Company reclassified the following operations
to discontinued operations for the three months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 1,080,478 | | |
$ | - | |
Operating expenses | |
| 1,715,589 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (635,111 | ) | |
$ | - | ) |
The following represents the calculation of the loss
on disposal of PlaySight and Foundation Sports:
SCHEDULE OF CALCULATION
OF THE LOSS ON DISPOSAL
| |
| | |
Note receivable | |
$ | 2,000,000 | |
Cash and restricted cash | |
| (714,507 | ) |
Accounts receivable | |
| (411,249 | ) |
Prepaid expenses | |
| (106,031 | ) |
Inventory | |
| (296,920 | ) |
Finished products used in operations | |
| (4,117,986 | ) |
Contract assets | |
| (298,162 | ) |
Right of use asset | |
| (103,228 | ) |
Goodwill | |
| (25,862,000 | ) |
Property and equipment | |
| (116,505 | ) |
Intangible assets | |
| (18,576,475 | ) |
Contract liabilities | |
| 3,785,408 | |
Lease liabilities | |
| 78,016 | |
Accounts payable and accrued expenses | |
| 3,325,747 | |
Loss on disposal of discontinued operations | |
$ | (41,413,892 | ) |
Note 17: SUBSEQUENT EVENTS
On March 21, 2023, the Company received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure
to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional
basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating
that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect
to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022
(collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to
an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023,
trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023.
Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted
in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”).
Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject
to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common
stock had closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1).
On January 12, 2023, Nasdaq notified the Company that
due to the resignations from the Company’s board, audit committee and compensation committee on November 17, 2022 (“Corporate
Governance Deficiencies”), the Company no longer complies with Nasdaq’s independent director, audit committee and compensation
committee requirements as set forth in Listing Rule 5605. The Company timely submitted its plan of compliance with respect to the Corporate
Governance Deficiencies by February 27, 2023 as required by the Nasdaq. However, pursuant to Listing Rule 5810(c)(2)(A), the Corporate
Governance Deficiencies serve as an additional and separate basis for delisting and the Company.
On February 21, 2023, consistent with the Company’s
previously announced intention to request an appeal of the Staff Determination by requesting a hearing before the Nasdaq Hearings Panel
(the “Panel”) to stay the suspension of the Company’s securities and the filing of the Form 25-NSE with the SEC (the
“Hearing”), the Company appealed the Staff Determination to the Panel, and requested that the stay of delisting, which otherwise
would expire on March 8, 2023, pursuant to Listing Rule 5815(a)(1)(B), be extended until the Panel issued a final decision on the matter.
The Nasdaq granted the Company’s request to extend the stay, pending the Hearing scheduled for March 30, 2023, and a final determination
regarding the Company’s listing status. The Company is required to address the Additional Delinquency, the Delinquent Filings, and
the Corporate Governance Deficiencies before the Panel. Although the Company is working diligently to file the Delinquent Filings and
Additional Delinquency, there can be no assurance that they will be filed prior to the Hearing. If the Company’s appeal is denied
or the Company fails to timely regain compliance with Nasdaq’s continued listing standards, the Company’s common stock will
be subject to delisting on the Nasdaq.
On March 21, 2023, the Company received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure
to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional
basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating
that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect
to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022
(collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to
an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023,
trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023.
Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted
in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”).
Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject
to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common
stock had closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1).
On March 30, 2023, the Company had its hearing with
the Nasdaq.
On April 12, 2023, Nasdaq notified the Company that
the Panel had granted the Company’s request for continued listing on the Nasdaq had been granted subject to the following:
1. On or before May 31, 2023, the Company shall file
the delinquent Form 10-K for the year ended April 30, 2022, with the SEC;
2. On or before June 30, 2023, the Company shall file
all delinquent Forms 10-Q with the SEC;
3. On or before July 15th, the Company will demonstrate
compliance with Listing Rules 5605(b)(1), 5605(c)(2) and 5605(d)(2) (majority independent director, audit committee and compensation committee
composition requirements).
On April 12, 2023, the Company received a letter from
the Listing Qualifications Department of the Nasdaq indicating that the Company had not yet regained compliance with the Bid Price Rule,
which serves as an additional basis for delisting the Company’s securities from the Nasdaq. The letter further indicated that the
Panel will consider this matter in its decision regarding the Company’s continued listing on the Nasdaq Capital Market. In that
regard, the Nasdaq indicated that the Company should present its views with respect to this additional delinquency to the Panel in writing
no later than April 19, 2023, which it did.
On April 26, 2023, Nasdaq notified the Company that
the Panel had granted the Company’s request to regain compliance with the Bid Price Rule by October 9, 2023.
On June 29, 2023, the Company received an extension
until July 25, 2023 to file their delinquent 10-Q’s for the fiscal year ending April 30, 2023.
The Company offers no assurance that it will regain
compliance with the Bid Price Rule in a timely manner.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion of our financial condition and results of operations should be read in conjunction with the financial statements
and related notes included elsewhere in this report and our Annual Report on Form 10-K for the year ended April 30, 2022. Certain statements
in this discussion and elsewhere in this report constitute forward-looking statements. See “Cautionary Statement Regarding Forward
Looking Information’’ elsewhere in this report. Because this discussion involves risks and uncertainties, our actual results
may differ materially from those anticipated in these forward-looking statements.
Overview
From
inception, through our ownership of Slinger Bag Americas to-date, we have been focused on the ball sport market globally. Our first product,
the Slinger Bag Launcher, is a patented, highly portable, versatile and affordable ball launcher built into an easy to transport wheeled
trolley bag. It is already widely known brand by the global tennis community and with over 60,000 units in the market, is now a leader
in the global ball machine /launcher category globally. Over the course of the next twenty-four months, we will be focused on tennis,
padel tennis, pickleball, baseball and cricket as our primary target markets. The global tennis, padel and pickleball are all growth
racquet sport markets and have millions of active players globally, with many other consumers being avid fans of the sport. Baseball
is a core sport in North America, China, Japan and Taiwan and no similar product to Slinger Bag exists in the market today. Cricket is
the largest of all ball sports due to its popularity in India, Pakistan, Australia, New Zealand and the United Kingdom and will provide
significant future revenue growth.
Gameface
is our lead technology brand and initially focused its technology on the cricket and soccer markets, where it has built an automated
platform to extract various data points from live and archived match footage and provides real time analytics. Since September 2021,
the Gameface team has been dedicated to building its technology to deliver performance insights in tennis, pickleball and padel tennis.
The Slinger Tennis App, incorporating all Gameface AI has to offer in single camera AI technology will be introduced as a free consumer
later in 2023 on both Apple and Android platforms and will offer tennis consumers real-time training and match analytics and will be
linked to associated coaching, training, fitness and wellbeing advice and tips. Gameface plans to offer the same consumer app for Pickleball
and Padel in early 2024 and at the same time, will extend this offering to its previous cricket consumers - all offerings being driven
by the enhanced technology advances made in the development of our tennis app, broadening and deepening its market reach across the high
consumer populations of racquetsports and cricket. Also in 2024, Gameface expects to dedicate development resources to its baseball AI
analytics (already successfully market tested by prominent organisations such as IMG Baseball). Outside of our core sport verticals Gameface
will look at identifying strategic license partners for other team sports such as basketball, soccer, netball and volleyball.
Recent
Events
Reverse
Stock Split
On
June 14, 2022, we effected a 1-for-10 reverse stock split, where upon our common stock began to trade on a reverse split adjusted basis.
Issued and outstanding stock options and warrants were split on the same basis and exercise prices were adjusted accordingly. All common
stock per share numbers and prices included herein have been adjusted to reflect this reverse stock split, unless stated otherwise, and
other than unaudited and audited financial statements and other historical share disclosures which indicate they are not adjusted for
the reverse stock split.
On
February 15, 2022, for and in consideration of $4 million the Company conveyed, sold, transferred, set over, assigned and delivered to
Slinger Bag Consignment, LLC, a Virginia limited liability company (“Consignor”), all of the Company’s right, title
and interest in and to 13,000 units of certain surplus inventory, including all components, parts, additions and accessions thereto in
exchange for agreeing to repurchase such inventory from Consignor on a consignment basis for the purpose of resale by the Company to
third parties located in the United States and Europe at a total consignment purchase price of $5,104,839.00 ($392.68 per Consigned Goods
Unit) (the “Consigned Goods Purchase Price”). During the quarter ended October 31, 2022, in order to avoid a payment default,
the Company subsequently amended the terms of this transaction by increasing the aggregate Consigned Goods Purchase Price to $6,504,839.000.00
and, on October 3, 2022, the Company paid the entire outstanding balance of Consigned Goods Purchase Price thereby repurchasing all consigned
inventory and terminating the consignment transaction.
Change
in Certifying Accountant
On
August 28, 2022, Company approved the re-engagement of Mac Accounting Group, LLP (“Mac”) as the Company’s independent
registered public accounting firm for the fiscal year ended April 30, 2022, effective immediately, and dismissed WithumSmith + Brown,
PC (“Withum”) as the Company’s independent registered public accounting firm.
Until
Withum was engaged on February 17, 2022, Mac was the Company’s auditor and had audited the Company’s consolidated financial
statements for the fiscal years ended April 30, 2021 and 2020.
The
reason for the re-engagement of Mac is the belief that Mac’s familiarity with the Company (due to its being the Company’s
previous auditor) will permit it to complete the audit of the Company’s consolidated financial statements for the fiscal year ended
April 30, 2022 in a more cost-effective and efficient manner than Withum.
Withum
never issued an audit opinion on our financial statements, and during the course of their engagement there were no disagreements with
Withum on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if
not resolved to the satisfaction of Withum, would have caused Withum to make reference to the matter in their audit opinion, if issued.
There were no reportable events (as that term is described in Item 304(a)(1)(v) of Regulation S-K) during the period Withum was engaged
as the Company’s auditor.
September
2022 Private Placement
On
September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a
single institutional investor (the “Investor”) for the issuance and sale of (i) 1,018,510 shares of common stock and (ii)
pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 11,802,002 shares of its common stock, together
with accompanying common stock warrants, at a combined purchase price of $0.39 per share of the common stock and associated common stock
warrant and $0.3899 per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $5.0 million
(the “Offering”). The Pre-Funded Warrants have an exercise price of $0.00001 per share of common stock and are exercisable
until the Pre-Funded Warrants are exercised in full. The shares of common stock and Pre-Funded Warrants were sold in the offering together
with common stock warrants to purchase 12,820,512 shares of common stock at an exercise price of $0.39 per share and a term of five years
following the initial exercise date (the “5-Year Warrants”) and 25,641,024 common stock warrants to purchase 25,641,024 shares
of common stock at an exercise price of $0.43 per share and a term of seven and one half years (the “7.5-Year Warrants”)
following the initial exercise date (collectively, the “Warrants”). The Warrants issued in the Offering contain variable
pricing features. The Warrants and Pre-Funded Warrants will be exercisable beginning on the date stockholder approval is received and
effective allowing exercisability of the Warrants and Pre-Funded Warrants under Nasdaq rules.
On
September 28, 2022, the Company and the Investor entered into a registration rights agreement (the “Registration Rights Agreement”).
The Registration Rights Agreement provides that the Company shall file a registration statement with the Securities and Exchange Commission
(“SEC”) covering the resale of the unregistered shares of common stock and the shares of common stock issuable upon exercise
of the Warrants and Pre-Funded Warrants no later than December 20, 2022 (the “Filing Date”) and to use best efforts to have
the registration statement declared effective as promptly as practical thereafter, and in any event no later than sixty (60) days after
the Filing Date.
The
Company used the net proceeds from the Offering for working capital purposes and to repurchase inventory.
Spartan
Capital Securities LLC acted as the exclusive placement agent in the Offering.
Sale
of PlaySight
On
November 27, 2022, the Company entered into a share purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and
Evgeni Khazanov (together, the “Buyer”) pursuant to which the Buyer purchased 100% of the issued and outstanding shares of
PlaySight from the Company in exchange for (1) releasing the Company from all of PlaySight’s obligations towards its vendors, employees,
tax authorities and any other (past, current and future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration
owed to them under their employment agreements in the total amount of U.S. $600,000 (which would have been increased in December 2022
to U.S. $800,000); and (3) cash consideration of U.S. $2 million to be paid to the Company as follows:
|
(i) |
a
promissory note in the amount of U.S. $2 million issued and delivered to the Company (the “Promissory Note”). |
|
|
|
|
(ii) |
The
maturity due date of the Promissory Note is December 31, 2023 subject to a one year extension in the discretion of the Buyer until
December 31, 2024. |
|
|
|
|
(iii) |
The
Promissory Note can be partially paid over the time, but in the event it is not paid in full by December 31, 2024, then the remaining
amount due (i.e. U.S. $2 million less any amount paid), will be converted into ordinary shares of PlaySight (the “Deposited
Shares”), which will be deposited with the escrow company of Altshuler Shaham Trust Ltd. (the “Escrow Agent”) for
the benefit of the Company or, at the election of the Company, issued in the form of a stock certificate or recorded in some other
market-standard format to be held by the Escrow Agent. |
|
|
|
|
(iv) |
The
number of the Deposited Shares shall be determined according to the post-money valuation of the last investment round of the Company,
and in the absence of such investment round, the total number of the Deposited Shares shall be $2 million divided by the Company’s
valuation to be determined at that time by a third party appraiser, to be nominated by both the Company and the Buyer (the “Appraiser”).
The Company and the Buyer have agreed that the identity of the Appraiser shall be Murray Devine Valuation Advisers, to the extent
their cost of the appraisal shall not be higher than the cost of other appraisers from the big 4 accounting firms (i.e. E&Y,
KPMG, PWC and Deloitte). The Company and the Buyer have agreed to split the cost of the Appraiser. |
The
Company has also released PlaySight from all of its obligations (except for those created by the Agreement) in respect of the Company,
including any inter-company debts on the books, and the Buyer has released the Company from all of its obligations (except for those
created by the Agreement) in respect of PlaySight and the Buyer.
The
Company and the Buyer have also agreed to use their best efforts to enter into a non-exclusive binding agreement within three (3) months
from the date of the Agreement that permits the Company to receive individual and match analytics for racquet sports (including, but
not limited to, tennis, padel and pickle ball) without any upfront cost to the Company and based on revenues to be received from the
Company’s customers and users of the analytics. For the avoidance of doubt, the specific terms of such cooperation shall be determined
by the Buyer and the Company within the final cooperation agreement, and if it would require PlaySight for the exclusive purpose of such
cooperation to develop any additional and new features, which do not exist in the current system of PlaySight, then such R&D costs
shall be solely covered by the Company. Any future features that will be developed within PlaySight’s ordinary course of business,
and not exclusively for the purpose of the cooperation agreement, shall not be covered by Company.
The
reason for the entry into the Agreement and the transactions contemplated thereby is to eliminate the need for the Company to provide
further financing for PlaySight’s operations. The obligations that the Company assumed in connection with the merger agreement
dated October 6, 2021, as amended by the addendum to and amendment to agreement for the merger dated February 16, 2022 remain in full
force and effect in accordance with their terms and are not affected by the sale of PlaySight to the Buyer.
Sale
of Foundation
On
December 5, 2022, the Company assigned 75% of its membership interest in Foundation Sports to Charles Ruddy, its founder and granted
him the right for a period of three years to purchase the remaining 25% of its Foundation Sports membership interests for $500,000 in
cash. As of December 5, 2022, the results of Foundation Sports will no longer be consolidated in the Company’s financial statements,
and the investment was accounted for as an equity method investment. On December 5, 2022, the Company analyzed this investment and established
a reserve for the investment at the full amount of $500,000.
January
2023 Private Placement
On
January 6, 2023, the Company entered into a loan and security agreement (the “Loan and Security Agreement”) with a one or
more institutional investors (the “Lenders”) and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”)
for the issuance and sale of (i) a note in an aggregate principal amount of up to $2,000,000 (the “Note”) with the initial
advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of
shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of
the Company on the date of the issuance of the Notes (collectively, the “Initial Issuance”). The closing price of the Company’s
common stock on January 6, 2023, as reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under
the Note are exercisable for up to 18,099,548 shares of the Company’s common stock. The Warrants have an exercise price per share
equal to the closing price of the common stock of the Company on the date of the issuance of the Note, or $0.221 per share and a term
of five- and one-half (5½) years following the initial exercise date. The initial exercise date of the Warrants will be the date
stockholder approval is received and effective allowing exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the
Loan and Security Agreement, an additional advance of $600,000 was made to the Company under the Note on February 6, 2023. The Company’s
obligations under the terms of the Loan and Security Agreement are fully and unconditionally guaranteed by all of the Company’s
subsidiaries (the “Guarantors”).
In
connection with the Loan and Security Agreement, the Company and each of the Guarantors entered into a pledge and security agreement
with the Agent (the “Pledge and Security Agreements”). The Pledge and Security Agreements provide that the Company and the
Guarantors will grant the Agent a security interest in all of the Company’s and each Guarantor’s respective assets.
The
Company is required to use the net proceeds from the Loan and Security Agreement to pay expenses, including accounting and legal fees,
relating to the registration of certain previously issued securities of the Company, which securities were issued to an affiliate of
the Agent, and following the payment of such expenses, to fund the Company’s operations.
Delinquency
Notices
On
August 16, 2022, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that, since the Company
has not yet filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2022, as previously reported by the Company on a
Form 12b-25, it no longer complies with Nasdaq Listing Rule 5250(c)(1) for continued listing. On September 26, 2022, the Company announced
that it had received a letter from the Nasdaq on September 22, 2022 (“Notice Letter”), notifying the Company that it is not
in compliance with the periodic filing requirements for continued listing because the Company’s Form 10-Q for the period ended
July 31, 2022 (the “2023 Q1 10-Q”) and Form 10-K for the fiscal year ended April 30, 2022 (the “2022 10-K” and,
together with the 2023 Q1 10-Q, the “Periodic Reports”) were not filed with the Securities and Exchange Commission by the
required due dates.
On
October 10, 2022, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that the Company’s
common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the
Company’s common stock has closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule
5450(a)(1) (the “Bid Price Rule”). The Nasdaq notice indicated that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A),
the Company will be provided 180 calendar days, or until April 10, 2023, to regain compliance. If, at any time before April 10, 2023,
the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq
staff will provide written notification that the Company has achieved compliance with the Bid Price Rule. If the Company fails to regain
compliance with the Bid Price Rule before April 10, 2023, the Company may be eligible for an additional 180-calendar day compliance period.
To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq, with the exception of the bid price requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. In the event
the Company is not eligible for the second grace period, Nasdaq will provide written notice that the Company’s common stock is
subject to delisting.
On
November 17, 2022, Gabriel Goldman and Rohit Krishnan resigned from the board of directors of the Company. Gabriel and Rohit were members
of the audit and compensation committees. Gabriel Goldman was a member of the Company’s Nominating and Corporate Governance Committee.
Neither Gabriel nor Rohit advised the Company of any disagreement with the Company on any matter relating to its operations, policies
or practices. As a result, the Company will be required to meet the continued listing requirement for board of directors and committees.
On
January 12, 2023, Nasdaq notified the Company that due to the resignations from the Company’s board, audit committee and compensation
committee on November 17, 2022 (“Corporate Governance Deficiencies”), the Company no longer complies with Nasdaq’s
independent director, audit committee and compensation committee requirements as set forth in Listing Rule 5605. The Company timely submitted
its plan of compliance with respect to the Corporate Governance Deficiencies by February 27, 2023 as required by the Nasdaq. However,
pursuant to Listing Rule 5810(c)(2)(A), the Corporate Governance Deficiencies serve as an additional and separate basis for delisting
and the Company.
On
February 21, 2023, consistent with the Company’s previously announced intention to request an appeal of the Staff Determination
by requesting a hearing before the Nasdaq Hearings Panel (the “Panel”) to stay the suspension of the Company’s securities
and the filing of the Form 25-NSE with the SEC (the “Hearing”), the Company appealed the Staff Determination to the Panel,
and requested that the stay of delisting, which otherwise would expire on March 8, 2023, pursuant to Listing Rule 5815(a)(1)(B), be extended
until the Panel issued a final decision on the matter. The Nasdaq granted the Company’s request to extend the stay, pending the
Hearing scheduled for March 30, 2023, and a final determination regarding the Company’s listing status. The Company is required
to address the Additional Delinquency, the Delinquent Filings, and the Corporate Governance Deficiencies before the Panel. Although the
Company is working diligently to file the Delinquent Filings and Additional Delinquency, there can be no assurance that they will be
filed prior to the Hearing. If the Company’s appeal is denied or the Company fails to timely regain compliance with Nasdaq’s
continued listing standards, the Company’s common stock will be subject to delisting on the Nasdaq.
On
March 21, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that the Company’s failure to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional
Delinquency”) serves as an additional basis for delisting the Company’s securities from Nasdaq. The Company received a letter
from the Nasdaq on February 14, 2023, indicating that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to
file its (i) Annual Report on Form 10-K with respect to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q
for the periods ended July 31, 2022 and October 31, 2022 (collectively, the “Delinquent Filings”), by February 13, 2023 (the
due date for filing the Delinquent Filings pursuant to an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent
the submission of a timely appeal by February 21, 2023, trading of the Company’s common stock would have been suspended from the
Nasdaq at the opening of business on February 23, 2023. Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission
(the “SEC”), which would have resulted in the removal of the Company’s securities from listing and registration on
the Nasdaq (the “Staff Determination”). Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating
that the Company’s common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive business
days, the bid price of the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing
under Nasdaq Listing Rule 5450(a)(1).
On
March 30, 2023, the Company had its hearing with the Nasdaq.
On
April 12, 2023, Nasdaq notified the Company that the Panel had granted the Company’s request for continued listing on the Nasdaq
had been granted subject to the following:
1.
On or before May 31, 2023, the Company shall file the delinquent Form 10-K for the year ended April 30, 2022, with the SEC;
2.
On or before June 30, 2023, the Company shall file all delinquent Forms 10-Q with the SEC;
3.
On or before July 15th, the Company will demonstrate compliance with Listing Rules 5605(b)(1), 5605(c)(2) and 5605(d)(2) (majority independent
director, audit committee and compensation committee composition requirements). On, June 30, 2023, Nasdaq extended the July 15th
deadline for filing the Company’s delinquent Form 10-Qs to July 25, 2023.
On
April 12, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that the Company had
not yet regained compliance with the Bid Price Rule, which serves as an additional basis for delisting the Company’s securities
from the Nasdaq. The letter further indicated that the Panel will consider this matter in its decision regarding the Company’s
continued listing on the Nasdaq Capital Market. In that regard, the Nasdaq indicated that the Company should present its views with respect
to this additional delinquency to the Panel in writing no later than April 19, 2023, which it did.
On
April 26, 2023, Nasdaq notified the Company that the Panel had granted the Company’s request to regain compliance with the Bid
Price Rule by October 9, 2023.
The
Company offers no assurance that it will regain compliance with the Bid Price Rule in a timely manner.
Sale
and Consignment of Inventory
On
January 6, 2023, we sold certain of our inventory including all components, parts, additions and accessions thereto to Yonah Kalfa and
Naftali Kalfa who immediately consigned it back to us in exchange for a payment of $103 per ball launcher we sell until we have paid
them an aggregate total of $2,092,700, which represents payment in full of the principal amounts of the Loan Agreements (as defined below)
and certain other expenses they incurred in connection with the Company.
Results
of Operations for the Three Months Ended January 31, 2023 and 2022
The
following are the results of our operations for the three months ended January 31, 2023 as compared to 2022:
| |
For the Three Months Ended | | |
| |
| |
January 31, | | |
January 31, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
| |
(Unaudited) | | |
(Unaudited) | | |
| |
| |
| | |
| | |
| |
Net sales | |
$ | 1,605,783 | | |
$ | 4,188,774 | | |
$ | (2,582,991 | ) |
Cost of sales | |
| 535,957 | | |
| 3,233,965 | | |
| (2,698,008 | ) |
Gross profit | |
| 1,069,826 | | |
| 954,809 | | |
| 115,017 | |
| |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| 270,722 | | |
| 891,877 | | |
| (621,155 | ) |
General and administrative expenses | |
| 1,836,083 | | |
| 2,548,049 | | |
| (711,966 | ) |
Research and development costs | |
| 3,638 | | |
| 275,908 | | |
| (272,270 | ) |
Total operating expenses | |
| 2,110,443 | | |
| 3,715,834 | | |
| (1,605,391 | ) |
Operating loss | |
| (1,040,617 | ) | |
| (2,761,025 | ) | |
| 1,720,408 | |
| |
| | | |
| | | |
| | |
Non-Operating Income (Expense): | |
| | | |
| | | |
| | |
Amortization of debt discounts | |
| (273,755 | ) | |
| (2,750,000 | ) | |
| 2,476,245 | |
Loss on extinguishment of debt | |
| - | | |
| - | | |
| | |
Loss on issuance of convertible notes | |
| | | |
| (2,200,000 | ) | |
| 2,200,000 | |
Change in fair value of derivative liability | |
| (3,491,910 | ) | |
| 5,943,967 | | |
| (9,435,877 | ) |
Derivative expense | |
| (1,715,557 | ) | |
| - | | |
| (1,715,557 | ) |
Interest expense | |
| (213,614 | ) | |
| (164,669 | ) | |
| (48,945 | ) |
Interest expense - related party | |
| (95,319 | ) | |
| (28,167 | ) | |
| (67,152 | ) |
| |
| | | |
| | | |
| | |
Net loss | |
$ | (5,790155 | ) | |
$ | 801,131 | | |
$ | (6,591,286 | ) |
Net
sales
In
the three months ended January 31, 2023, net sales was $1.60 million compared to $4.18 million for the three months ended January 31,
2022, representing a decrease of $2.58 million or approximately -62%. The decrease in net sales for the three-month period to January
31,2023 was primarily driven by a reduction in the volume of orders received by Slinger Bag on its USA e-commerce platform as a result
of a reduction in social media advertising spend coupled with the on-going reduction in Covid restrictions in North America and further
impacted with continuing reductions in international distributor orders due to continuing covid related issues and uncertainty outside
of North America.
Cost
of sales and Gross income
Cost
of sales decreased $2.69 million or approximately -83% during the three months ended January 31, 2023 as compared to the three months
ended January 31, 2022. The reduction in cost of sales for the three-month period to January 31,2023 was directly related to the reduction
in net sales received by Slinger Bag on its USA e-commerce platform as a result a reduction in social media advertising spend coupled
with the on-going reduction in Covid restrictions and further impacted with reductions in international distributor orders due to continuing
local covid related issues and uncertainty.
Selling
and marketing expenses
Selling
and marketing expenses decreased $0.62 million, or -70%, during the three months ended January 31, 2023 as compared to the three months
ended January 31, 2022. The decrease in selling and marketing costs for the three-month period ending January 31, 2023 was directly as
a result of a reduction in social media advertising expenses on the Slinger Bag brand partially offset through incremental costs incurred
resulting from the addition of the PlaySight and Gameface businesses.
General
and administrative expenses
General
and administrative expenses, which primarily consist of compensation (including share-based compensation) and other employee-related
costs, as well as legal fees and fees for professional services, decreased $0.71 million or approximately -28% during the three months
ended January 31, 2023 as compared to the three months ended January 31, 2022. This decrease in general and administrative costs for
the three-month period ended January 31, 2023, is predominantly due to the reduction in share-based compensation (warrants granted to
employees in the same three month period in 2022), a reduction in shares issued for services provided by our placement agent over the
same period in 2022, partly offset by increases in legal and professional fees and increased headcount related costs associated with
the Playsight, Gameface and Foundation employees.
Research
and development costs
Research
and development costs decreased $0.27 million or -99% during the three months ended January 31, 2023 as compared to the three months
ended January 31, 2022. This decrease in research and development costs for the three month period to January 31, 2023 is driven solely
by reduction in development and maintenance costs related to our PlaySight and Gameface brands as part of a high-level strategic review
process around a potential merger of technology platforms relating to our planned consumer app, targeted to integrate both visual and
artificial intelligence (AI) technologies aimed to offer more value to our customers in the future.
Other
expense
Total
other expense increased $6.59 million or 823% during the three months ended January 31, 2023 as compared to the three months ended January
31, 2022. The overall increase for the three-month period to January 31, 2023 was primarily due to the change in fair value of derivative
liability, derivative expense and interest expenses offset by decreases in amortization of debt discounts and loss on extinguishment
of debt and loss on issuance of convertible notes.
Results
of Operations for the Nine Months Ended January 31, 2023 and 2022
The
following are the results of our operations for the nine months ended January 31, 2023 as compared to 2022:
| |
For the Nine Months Ended | | |
| |
| |
January 31, | | |
January 31, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
| |
(Unaudited) | | |
(Unaudited) | | |
| |
| |
| | |
| | |
| |
Net sales | |
$ | 7,632,940 | | |
$ | 12,107,666 | | |
$ | (4,474,726 | ) |
Cost of sales | |
| 5,254,781 | | |
| 8,301921 | | |
| (3,047,140 | ) |
Gross income | |
| 2,378,159 | | |
| 3,805,745 | | |
| (1,427,586 | ) |
| |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | |
Selling and marketing expenses | |
| 1,374,674 | | |
| 2,399,178 | | |
| (1,024,504 | ) |
General and administrative expenses | |
| 9,560,432 | | |
| 40,659,984 | | |
| (31,099,552 | ) |
Research and development costs | |
| 65,164 | | |
| 533,274 | | |
| (488,110 | ) |
Total operating expenses | |
| 11,000,270 | | |
| 43,612,436 | | |
| (32,612,166 | ) |
Loss from operations | |
| (8,622,111 | ) | |
| (39,806,691 | ) | |
| 31,184,580 | |
| |
| | | |
| | | |
| | |
Amortization of debt discounts | |
| (3,145,977 | ) | |
| (5,400,285 | ) | |
| 2,254,308 | |
Loss on extinguishment of debt | |
| - | | |
| (7,096,730 | ) | |
| 7,096,730 | |
Loss on issuance of convertible notes | |
| - | | |
| (5,889,369 | ) | |
| 5,889,369 | |
Change in fair value of derivative liability | |
| 3,295,687 | | |
| 15,074,880 | | |
| (11,779,193 | ) |
Derivative Expense | |
| (8,995,962 | ) | |
| - | | |
| (8,995,962 | ) |
Interest expense | |
| (647,817 | ) | |
| (446,339 | ) | |
| (201,478 | ) |
Interest expense - related party | |
| (177,733 | ) | |
| (106,895 | ) | |
| (70,838 | ) |
Net loss | |
$ | (9,671,802 | ) | |
$ | (3,864,738 | ) | |
$ | (5,807,064 | ) |
Net
sales
In
the nine months ended January 31, 2023, net sales was $7.63 million compared to $12.10 million, representing an decrease of $4.47 million
or -37%. The overall decrease in nine-month revenues to January 31, 2023 is predominantly due to two factors: (1) an decrease in Slinger
Bag sales generated through our e-commerce platform and global distributor group driven by a reduction in USA based social media advertising
spend on Slinger Bag and reduced consumer demand following the lifting of USA restrictions relating to the Covid pandemic, partly offset
with continuing Covid related restrictions internationally and (2) increased revenues generated by the PlaySight acquisition.
Cost
of sales and Gross income
Cost
of sales decreased $3.04 million or -37% in the nine months ending January 31, 2023. Key factors driving the increase in cost of goods
for the nine-month period to January 31, 2023 are directly attributed to the reduction in consumer demand and resulting revenues.
Selling
and marketing expenses
Selling
and marketing expenses decreased $1.02 million or -43% for the nine months ending January 31, 2023 compared to January, 31 2022. This
decrease in the nine-month period to January 31, 2023 in selling and marketing expenses was primarily driven by a decreased spend in
Slinger Bag social media advertising, offset through additional costs incurred as a result of the Playsight, Gameface and Foundation
businesses including sales commissions, agency fees, sponsorships and indirect advertising related costs.
General
and administrative expenses
General
and administrative expenses decreased by $0.48 million or approximately -75% for the nine months to January 31, 2023 compared to January
31, 2022. This decrease over the nine-month period to January 31, 2023 is predominantly due to the reduction in share-based compensation
(warrants granted to employees in the same nine month period in 2022), a reduction in shares issued for services provided by our placement
agent over the same period in 2022, partly offset by increases in legal and professional fees as part of our acquisition strategy and
increases in headcount related costs associated with the Playsight, Gameface and Foundation employees.
Research
and development costs
Research
and development costs decreased by $0.48 million or -88% in the nine months to January 31, 2023 compared to January 31, 2022. This decrease
in the nine-month period to January 31, 2023 is driven by reductions in Slinger Bag new project development and development and maintenance
costs related to our PlaySight and Gameface brands as part of a high-level strategic review process around a potential merger of technology
platforms relating to our planned consumer app, targeted to integrate both visual and artificial intelligence (AI) technologies aimed
to offer more value to our customers in the future.
Other
expense
Total
other expense increased $5.80 million or 150% for the nine months ending January 31,2023 compared to the January 31,2022.
The
overall increase for the nine months to January 31, 2022 was as a result of increases of $21.04 million across change in fair value derivatives,
derivative liability, interest and interest to related parties, offset by reductions of $15.24 million in amortization of debt discounts,
loss on extinguishment and loss on issuance of convertible notes.
Liquidity
and Capital Resources
Our
financial statements have been prepared on a going concern basis, which assumes we will be able to realize our assets and discharge our
liabilities in the normal course of business for the foreseeable future. We had an accumulated deficit of $144,766,698 as of January
31, 2023, and more losses are anticipated in the development of the business. Accordingly, there is substantial doubt about our ability
to continue as a going concern. Our financial statements do not include any adjustments related to the recoverability and classification
of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.
The
ability to continue as a going concern is dependent upon our generating profitable operations in the future and/or being able to obtain
the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due.
Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from related parties, and/or
private placement of debt and/or common stock. In respect to additional financing, refer to Notes 10, 11 and 12. In the event that the
Company is unable to successfully raise capital and/or generate revenues, the Company will likely reduce general and administrative expenses,
and cease or delay its development plan until it is able to obtain sufficient financing. There can be no assurance that additional funds
will be available on terms acceptable to the Company, or at all.
The
following is a summary of our cash flows from operating, investing and financing activities for the nine months ended January 31, 2023
and 2022:
| |
For the Nine Months Ended | |
| |
January 31, | | |
January 31, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (6,845,810 | ) | |
$ | (7,795,944 | ) |
Net cash used in investing activities | |
| - | | |
| (2,250,000 | ) |
Net cash provided by financing activities | |
| 6,481,772 | | |
| 10,209,420 | |
We
had cash and cash equivalents of $316,750 as of January 31, 2023, as compared to $1,056,754 as of January 31, 2022.
Net
cash used in operating activities for the period ending January 31,2023 was $(6,845,810), as compared to $(7,795,944) during the same
period in 2022. Our net cash used in operating activities was primarily the result of our net loss of $(64,169,773) and $(44,630,793)
for the nine months ended January 31, 2023 and 2022, respectively, offset by our non-cash adjustments for our share based-compensation,
the change in fair value for our derivative liabilities, derivative expense amortization of debt discounts, changes in our assets and
liabilities and a loss on disposal of Playsight of $(41,413,892).
For
the nine months ended January 31, 2023 inventories decreased $3,886,603 compared to an increase of $4,981,916 in the same period in 2022.
In addition, we decreased our accounts payable by $1,361,952 in 2023 in the period ended January 31, 2023 versus an increase of $6,136,996
recorded in the same period in 2022.
Net
cash used in investing activities was $0 and $(2,250,000) for the nine months ended January 31, 2023 and 2022, respectively. Our net
cash used in investing activities during the nine months ended January 31, 2022 related to a $2,250,000 issuance of a line of credit
to PlaySight which was offset when we purchased them later that year.
Net
cash provided by financing activities was $6,481,772 for the nine months ended January 31, 2023, as compared to $10,209,420 for the same
period in 2022. Cash provided by financing activities for the nine months ended January 31, 2023 primarily consisted of $9,194,882 for
issuance of common stock and $1,390,000 from proceeds of notes payable, offset by a reduction of $62,434 in payments of notes to related
parties and $4,040,676 of other notes payable. Cash provided by financing activities for the nine months ended January 31, 2022 consisted
of proceeds of $14,000,000 from notes payable including $3,000,000 from a note payable with a related party offset by $3,000,000 in payments
of notes payable including $1,000,000 to a related party and debt issuance costs relating to the convertible notes of $790,580.
Description
of Indebtedness
Notes
Payable – Related Party
On
January 14, 2022, the Company entered into two loan agreements with Yonah Kalfa and Naftali Kalfa, each for $1,000,000, pursuant to which
the Company received a total amount of $2,000,000. The loans bear interest at a rate of 8% per annum and are required to be repaid in
full by July 31, 2024 or such other date as may be accepted by the lenders. The Company is not permitted to make any distribution or
pay any dividends unless or until the loans are repaid in full.
There
was $1,953,115 in outstanding borrowings from the Company’s related parties as of January 31, 2023.
Convertible
Notes Payable
On
August 6, 2021, the Company consummated the closing (the “Closing”) of a private placement offering (the “Offering”)
pursuant to the terms and conditions of that certain Securities Purchase Agreement, dated as of August 6, 2021 (the “Purchase Agreement”),
between the Company and certain accredited investors (the “Purchasers”). At the Closing, the Company sold to the Purchasers
(i) 8% Senior Convertible Notes (the “Convertible Notes”) in an aggregate principal amount of $11,000,000 and (ii) warrants
to purchase up to 7,333,334 shares of common stock of the Company (the “Warrants” and together with the Convertible Notes,
the “Securities”). The Company received an aggregate of $11,000,000 in gross proceeds from the Offering, before deducting
offering expenses and commissions.
On
December 31, 2021, the Purchase Agreement and Convertible Notes were amended in an Omnibus Amendment Agreement pursuant to which the
holders of the Convertible Notes agreed to make certain changes to the terms of the Purchase Agreement and Convertible Notes in exchange
for an increase in the principal amount of the Convertible Notes from $11,000,000 to $13,200,000 and such increased principal balance
is reflected on the replacement note issued to each note holder. The full terms of the Omnibus Amendment Agreement were disclosed in
our current report on Form 8-K dated January 5, 2022.
Total
outstanding borrowings related to the Convertible Notes as of January 31, 2023 were $0.
Note
Payable
On
August 6, 2021, the Company used the net proceeds from the issuance of the Convertible Notes to pay 100% of the outstanding principal
and accrued interest of the Note.
On
January 6, 2023, the Company entered into a loan and security agreement (the “Loan and Security Agreement”) with a one or
more institutional investors (the “Lenders”) and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”)
for the issuance and sale of (i) a note in an aggregate principal amount of up to $2,000,000 (the “Note”) with the initial
advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of
shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of
the Company on the date of the issuance of the Notes. Pursuant to the terms of the Loan and Security Agreement, an additional advance
of $600,000 was made to the Company under the Note on February 6, 2023. The Company’s obligations under the terms of the Loan and
Security Agreement are fully and unconditionally guaranteed by all of the Company’s subsidiaries (the “Guarantors”).
Future
amounts due as of January 31, 2023 are summarized as follows:
| |
Payments due by period | |
| |
Total | | |
Less than 1 year | | |
1-3 years | | |
3-5 years | | |
More than 5 years | |
| |
| | |
| | |
| | |
| | |
| |
Notes payable | |
$ | 1,400,000 | | |
$ | 1,400,000 | | |
$ | - | | |
$ | - | | |
$ | - | |
Notes payable – related party | |
| 1,953,115 | | |
| - | | |
| 1,953,115 | | |
| - | | |
| - | |
Total | |
$ | 3,353,115 | | |
$ | 1,400,000 | | |
$ | 1,953,115 | | |
$ | - | | |
$ | - | |
We
expect that working capital requirements will continue to be funded through a combination of our existing funds, cash flows from operations
and further issuances of debt and/or securities. Our working capital requirements are expected to increase in line with the growth of
our business.
Existing
working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations
over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations
to date through the proceeds of private placement of equity and debt instruments. In connection with our business plan, management anticipates
additional increases in operating expenses and capital expenditures relating to the (i) acquisition of inventory; (ii) developmental
expenses associated with our AI start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances
of securities and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term
operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders.
Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available
upon acceptable terms, or at all. If adequate funds are not available or not available on acceptable terms, we may not be able to take
advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
Off-Balance
Sheet Arrangements
We
have no off-balance sheet arrangements.
Effect
of Inflation and Changes in Prices
We
do not believe that inflation and changes in prices will have a material effect on our operations.
Going
Concern
Our
independent registered public accounting firm auditors’ report accompanying our April 30, 2022 financial statements contained an
explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been
prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities
and commitments in the ordinary course of business.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a smaller reporting company, we are not required to provide this information.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
The
Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information
required to be disclosed in the reports filed under the Exchange Act, such as the Form 10-Q, is collected, recorded, processed, summarized
and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company’s disclosure
controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely
decisions regarding required disclosure. As required under Exchange Act 13a-15, the Company’s management, including the Chief Executive
Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the
end of the period covered by this report.
Based
upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that our internal control over
financial reporting was not effective as of January 31, 2023 due to the material weaknesses that were identified and listed below.
Changes
in Internal Control Over Financial Reporting
In
connection with our management’s assessment of controls over financial reporting during the year ended April 30, 2022, we identified
the following material weaknesses:
|
● |
The
Company lacks adequate segregation of duties due to the small size of the organization. Further, the Company lacks an independent
Board of Directors or Audit Committee to ensure adequate monitoring or oversight. |
|
|
|
|
● |
The
Company lacks accounting resources and controls to prevent or detect material misstatements. Specifically, the Company continues
to have a material weakness in our controls over accounting for inventory due to a lack of controls over ensuring inventory movement
was being processed accurately and in a timely manner, which resulted in significant audit adjustments relating to the value of our
inventory and cost of sales. Further, while the Company engages service providers to assist with U.S. GAAP compliance the Company
lacks resources with adequate knowledge to oversee those services. Lastly, the Company does not have sufficient resources to complete
timely reconciliations and transactional reviews, which resulted in delays in the financial reporting process in the prior year. |
To
remediate the material weaknesses, we have initiated compensating controls in the near term and are enhancing and revising our existing
controls, including ensuring we have sufficient management review procedures and adequate segregation of duties. These controls are still
in the process of being implemented. The material weakness will not be considered remediated until the applicable controls operate for
a sufficient period of time and management has concluded they are operating effectively. As a result, the material weaknesses continue
to be listed as of January 31, 2023.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
We
know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has
a material interest adverse to us.
None
of our executive officers or directors have (i) been involved in any bankruptcy proceedings within the last five years, (ii) been convicted
in or has pending any criminal proceedings (other than traffic violations and other minor offenses), (iii) been subject to any order,
judgment or decree enjoining, barring, suspending or otherwise limiting involvement in any type of business, securities or banking activity
or (iv) been found to have violated any Federal, state or provincial securities or commodities law and such finding has not been reversed,
suspended or vacated.
Item
1A. Risk Factors
There
have been no material changes to our risk factors as previously disclosed in Part I, Item 1A. included in our Annual Report on Form 10-K
for the year ended April 30, 2022.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
The
following information relates to all securities issued or sold by us since during the reporting period not registered under the Securities
Act of 1933, (the “Securities Act”) pursuant to an exemption from the registration requirements of the Securities Act contained
in Section 4(a)(2) thereof.
On
September 28, 2022, the Company issued (i) 1,018,510 shares of common stock and (ii) pre-funded warrants (the “Pre-Funded Warrants”)
to purchase an aggregate of 11,802,002 shares of its common stock, together with accompanying common stock warrants, at a combined purchase
price of $0.39 per share of the common stock and associated common stock warrant and $0.3899 per Pre-Funded Warrant and associated common
stock warrants for an aggregate amount of approximately $5.0 million to a single, institutional investor. The Pre-Funded Warrants have
an exercise price of $0.00001 per share of common stock and are exercisable until the Pre-Funded Warrants are exercised in full. The
shares of common stock and Pre-Funded Warrants were sold in the offering together with common stock warrants to purchase 12,820,512 shares
of common stock at an exercise price of $0.39 per share and a term of five years following the initial exercise date (the “5-Year
Warrants”) and warrants to purchase 25,641,024 shares of common stock at an exercise price of $0.43 per share and a term of seven
and one half years (the “7.5-Year Warrants”) following the initial exercise date (collectively, the “Warrants”).
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
3.1 |
|
Certificate of Incorporation of Connexa Sports Technologies Inc., dated April 7, 2022 (incorporated by reference to Exhibit 3.1 to the Form 8-K filed on May 16, 2022) |
|
|
|
3.2
|
|
Certificate of Amendment to Certificate of Incorporation, dated June 14, 2022 (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on June 17, 2022) |
|
|
|
3.3 |
|
Bylaws (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on May 16, 2022) |
|
|
|
10.1 |
|
Form of Loan and Security Agreement (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on January 6, 2023) |
|
|
|
10.2 |
|
Form of Note (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on January 6, 2023) |
|
|
|
10.3 |
|
Form of Warrant (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on January 6, 2023) |
|
|
|
10.4 |
|
Form of Pledge and Security Agreement (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed with the Commission on January 6, 2023) |
|
|
|
31.1 |
|
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) |
|
|
|
31.2 |
|
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) |
|
|
|
32.1 |
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 |
|
|
|
32.2 |
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 |
|
|
|
101.INS |
|
Inline
XBRL Instance Document |
|
|
|
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
|
CONNEXA
SPORTS TECHNOLOGIES INC. |
|
|
|
Dated:
July 24, 2023 |
By: |
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
President
and Chief Executive Officer |
|
|
|
Dated:
July 24, 2023 |
By: |
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
Exhibit
31.1
CERTIFICATION
Pursuant
to Rule 13a-14(a) and 15d-14(a)
Under
the Securities Exchange Act of 1934, as Amended
I,
Mike Ballardie, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Slinger Bag Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting.
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
July 24, 2023 |
|
|
|
/s/
Mike Ballardie |
|
Mike
Ballardie |
|
President
and Chief Executive Officer |
|
Exhibit
31.2
CERTIFICATION
Pursuant
to Rule 13a-14(a) and 15d-14(a)
Under
the Securities Exchange Act of 1934, as Amended
I,
Mike Ballardie, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Slinger Bag Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting.
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal controls over financial
reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
July 24, 2023 |
|
|
|
/s/
Mike Ballardie |
|
Mike
Ballardie |
|
Chief
Financial Officer |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report (the “Report”) of Connexa Sports Technologies Inc. (the “Company”) on Form
10-Q for the quarter ended January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof, I, Mike Ballardie,
President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to my knowledge:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of the dates and for the periods referred to in the Report. |
Date:
July 24, 2023
By:
|
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
President
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report (the “Report”) of Connexa Sports Technologies Inc. (the “Company”) on Form
10-Q for the quarter ended January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof, I, Mike Ballardie,
Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company as of the dates and for the periods referred to in the Report. |
Date:
July 24, 2023
By:
|
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
|
v3.23.2
Cover - shares
|
9 Months Ended |
|
Jan. 31, 2023 |
Jul. 24, 2023 |
Cover [Abstract] |
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Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jan. 31, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--04-30
|
|
Entity File Number |
01-41423
|
|
Entity Registrant Name |
CONNEXA
SPORTS TECHNOLOGIES INC.
|
|
Entity Central Index Key |
0001674440
|
|
Entity Tax Identification Number |
61-1789640
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
2709
NORTH ROLLING ROAD
|
|
Entity Address, Address Line Two |
SUITE 138
|
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Entity Address, City or Town |
WINDSOR
MILL
|
|
Entity Address, State or Province |
MD
|
|
Entity Address, Postal Zip Code |
21244
|
|
City Area Code |
(443)
|
|
Local Phone Number |
407-7564
|
|
Title of 12(b) Security |
common stock, par value $0.001
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
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|
|
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true
|
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 316,750
|
$ 665,002
|
Accounts receivable, net |
531,830
|
1,033,390
|
Inventories, net |
3,966,219
|
8,185,144
|
Prepaid inventory |
923,298
|
499,353
|
Contract assets |
|
235,526
|
Prepaid expenses and other current assets |
204,320
|
272,670
|
Current assets of discontinued operations |
|
2,258,318
|
Total Current Assets |
5,942,417
|
12,826,096
|
Non-Current Assets: |
|
|
Note receivable - former subsidiary |
2,000,000
|
|
Fixed assets, net of depreciation |
15,771
|
47,355
|
Intangible assets, net of amortization |
4,768,241
|
4,842,856
|
Goodwill |
6,781,193
|
6,781,193
|
Non-current assets of discontinued operations |
|
50,365,446
|
Total Non-Current Assets |
13,565,205
|
62,036,850
|
TOTAL ASSETS |
19,507,622
|
74,862,946
|
Current Liabilities: |
|
|
Accounts payable |
3,881,158
|
5,252,665
|
Accrued expenses |
5,441,426
|
4,381,901
|
Related party purchase obligation |
|
500,000
|
Contract liabilities |
|
111,506
|
Current portion of notes payable, net |
347,535
|
4,639,376
|
Current portion of convertible notes payable, net of discount |
|
10,327,778
|
Derivative liabilities |
18,143,936
|
5,443,779
|
Contingent consideration |
418,455
|
1,334,000
|
Other current liabilities |
22,971
|
156,862
|
Current liabilities of discontinued operations |
|
5,215,222
|
Total Current Liabilities |
29,258,890
|
38,980,522
|
Long-Term Liabilities: |
|
|
Non-current liabilities of discontinued operations |
|
1,370,492
|
Total Long-Term Liabilities |
1,953,115
|
3,370,492
|
Total Liabilities |
31,212,005
|
42,351,014
|
Commitments and contingency |
|
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
Common stock, par value, $0.001, 300,000,000 shares authorized, January 31, 13,543,155 and 4,194,836 shares of common stock issued and outstanding as of 2023 and April 30, 2022, respectively |
13,231
|
4,195
|
Additional paid in capital |
132,788,009
|
113,049,700
|
Accumulated deficit |
(144,766,698)
|
(80,596,925)
|
Accumulated other comprehensive income (loss) |
261,075
|
54,962
|
Total Stockholders’ Equity (Deficit) |
(11,704,383)
|
32,511,932
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
19,507,622
|
74,862,946
|
Nonrelated Party [Member] |
|
|
Current Liabilities: |
|
|
Accrued interest |
4,152
|
708,677
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Accrued interest |
999,257
|
908,756
|
Long-Term Liabilities: |
|
|
Notes payable related parties, net of current portion |
$ 1,953,115
|
$ 2,000,000
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
13,543,155
|
4,194,836
|
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13,543,155
|
4,194,836
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2023 |
Jan. 31, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
NET SALES |
$ 1,605,783
|
$ 4,188,774
|
$ 7,632,940
|
$ 12,107,666
|
COST OF SALES |
535,957
|
3,233,965
|
5,254,781
|
8,301,921
|
GROSS PROFIT |
1,069,826
|
954,809
|
2,378,159
|
3,805,745
|
OPERATING EXPENSES |
|
|
|
|
Selling and marketing expenses |
270,722
|
891,877
|
1,374,674
|
2,399,178
|
General and administrative expenses |
1,836,083
|
2,548,049
|
9,560,432
|
40,659,984
|
Research and development costs |
3,638
|
275,908
|
65,164
|
553,274
|
Total Operating Expenses |
2,110,443
|
3,715,834
|
11,000,270
|
43,612,436
|
OPERATING LOSS |
(1,040,617)
|
(2,761,025)
|
(8,622,111)
|
(39,806,691)
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Amortization of debt discounts |
(273,755)
|
(2,750,000)
|
(3,145,977)
|
(5,400,285)
|
Loss on extinguishment of debt |
|
|
|
(7,096,730)
|
Loss on issuance of convertible notes |
|
(2,200,000)
|
|
(5,889,369)
|
Change in fair value of derivative liability |
(3,491,910)
|
5,943,967
|
3,295,687
|
15,074,880
|
Derivative expense |
(1,715,557)
|
|
(8,995,962)
|
|
Total Non-Operating Income (Expenses) |
(5,790,155)
|
801,131
|
(9,671,802)
|
(3,864,738)
|
NET LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES |
(6,830,772)
|
(1,959,894)
|
(18,293,913)
|
(43,671,429)
|
Loss from discontinued operations |
(635,111)
|
(410,230)
|
(4,461,968)
|
(959,364)
|
Loss on disposal of subsidiaries |
(41,413,892)
|
|
(41,413,892)
|
|
LOSS FROM DISCONTINUED OPERATIONS |
(42,049,003)
|
(410,230)
|
(45,875,860)
|
(959,364)
|
NET LOSS FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES |
(48,879,775)
|
(2,370,124)
|
(64,169,773)
|
(44,630,793)
|
Provision for income taxes |
|
|
|
|
NET LOSS |
(48,879,775)
|
(2,370,124)
|
(64,169,773)
|
(44,630,793)
|
Other comprehensive income (loss) |
|
|
|
|
Foreign currency translations adjustment |
34,377
|
(34,630)
|
206,113
|
(26,806)
|
Comprehensive income (loss) |
$ (48,845,398)
|
$ (2,404,754)
|
$ (63,963,660)
|
$ (44,657,599)
|
Net income (loss) per share - basic and diluted |
|
|
|
|
Continuing operations |
$ (0.51)
|
$ (0.47)
|
$ (1.75)
|
$ (11.69)
|
Discontinued operations |
(3.17)
|
(0.10)
|
(4.40)
|
(0.26)
|
Net loss per share - basic and diluted |
$ (3.68)
|
$ (0.57)
|
$ (6.15)
|
$ (11.95)
|
Weighted average common shares outstanding - basic and diluted |
13,265,247
|
4,187,370
|
10,436,727
|
3,736,095
|
Nonrelated Party [Member] |
|
|
|
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Interest expense |
$ (213,614)
|
$ (164,669)
|
$ (647,817)
|
$ (446,339)
|
Related Party [Member] |
|
|
|
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Interest expense |
$ (95,319)
|
$ (28,167)
|
$ (177,773)
|
$ (106,895)
|
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v3.23.2
Consolidated Statement of Changes in Shareholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance - October 31, 2022 at Apr. 30, 2021 |
$ 2,764
|
$ 10,389,935
|
$ (20,170)
|
$ (28,823,273)
|
$ (18,450,744)
|
Balance, shares at Apr. 30, 2021 |
2,764,283
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Conversion of notes payable - related parties |
$ 164
|
6,219,839
|
|
|
6,220,003
|
Conversion of notes payable - related parties, shares |
163,694
|
|
|
|
|
Acquisition |
$ 54
|
3,549,946
|
|
|
3,550,000
|
Acquisitions, shares |
54,000
|
|
|
|
|
Services |
$ 11
|
618,543
|
|
|
618,554
|
Services, shares |
10,969
|
|
|
|
|
Share-based compensation |
$ 5
|
187,798
|
|
|
187,803
|
Share-based compensation, shares |
5,022
|
|
|
|
|
Change in comprehensive income |
|
|
(13,028)
|
|
(13,028)
|
Net loss for the period |
|
|
|
(3,435,312)
|
(3,435,312)
|
Balance - January 31, 2023 at Jul. 31, 2021 |
$ 2,998
|
20,966,061
|
(33,198)
|
(32,258,585)
|
(11,322,724)
|
Balance, shares at Jul. 31, 2021 |
2,997,968
|
|
|
|
|
Balance - October 31, 2022 at Apr. 30, 2021 |
$ 2,764
|
10,389,935
|
(20,170)
|
(28,823,273)
|
(18,450,744)
|
Balance, shares at Apr. 30, 2021 |
2,764,283
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Change in comprehensive income |
|
|
|
|
(26,806)
|
Net loss for the period |
|
|
|
|
(44,630,793)
|
Balance - January 31, 2023 at Jan. 31, 2022 |
$ 4,189
|
63,203,902
|
(46,976)
|
(73,454,066)
|
(10,292,951)
|
Balance, shares at Jan. 31, 2022 |
4,188,848
|
|
|
|
|
Balance - October 31, 2022 at Jul. 31, 2021 |
$ 2,998
|
20,966,061
|
(33,198)
|
(32,258,585)
|
(11,322,724)
|
Balance, shares at Jul. 31, 2021 |
2,997,968
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Services |
$ 2
|
799,172
|
|
|
799,174
|
Services, shares |
1,875
|
|
|
|
|
Share-based compensation |
|
32,381,309
|
|
|
32,381,309
|
Change in comprehensive income |
|
|
20,852
|
|
20,852
|
Net loss for the period |
|
|
|
(38,825,357)
|
(38,825,357)
|
Conversion of shares issuable (liability) |
$ 692
|
6,229
|
|
|
6,921
|
Conversion of shares issuanble (liability), shares |
692,130
|
|
|
|
|
Conversion of warrants |
$ 495
|
2,255
|
|
|
2,750
|
Conversion of warrants, shares |
495,000
|
|
|
|
|
Elimination of related party derivative liability |
|
8,754,538
|
|
|
8,754,538
|
Balance - January 31, 2023 at Oct. 31, 2021 |
$ 4,187
|
62,909,564
|
(12,346)
|
(71,083,942)
|
(8,182,537)
|
Balance, shares at Oct. 31, 2021 |
4,186,973
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Services |
$ 2
|
294,338
|
|
|
294,340
|
Services, shares |
1,875
|
|
|
|
|
Change in comprehensive income |
|
|
(34,630)
|
|
(34,630)
|
Net loss for the period |
|
|
|
(2,370,124)
|
(2,370,124)
|
Balance - January 31, 2023 at Jan. 31, 2022 |
$ 4,189
|
63,203,902
|
(46,976)
|
(73,454,066)
|
(10,292,951)
|
Balance, shares at Jan. 31, 2022 |
4,188,848
|
|
|
|
|
Balance - October 31, 2022 at Apr. 30, 2022 |
$ 4,195
|
113,049,700
|
54,962
|
(80,596,925)
|
32,511,932
|
Balance, shares at Apr. 30, 2022 |
4,194,836
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition |
$ 598
|
914,947
|
|
|
915,545
|
Acquisitions, shares |
598,396
|
|
|
|
|
Services |
$ 25
|
35,225
|
|
|
35,250
|
Services, shares |
25,000
|
|
|
|
|
Share-based compensation |
|
277,625
|
|
|
277,625
|
Change in comprehensive income |
|
|
58,139
|
|
58,139
|
Net loss for the period |
|
|
|
(4,266,431)
|
(4,266,431)
|
Conversion of notes payable |
$ 4,389
|
14,041,911
|
|
|
14,046,300
|
Conversion of notes payable, shares |
4,389,469
|
|
|
|
|
Cash |
$ 1,049
|
4,193,951
|
|
|
4,195,000
|
Cash, shares |
1,048,750
|
|
|
|
|
Fractional share issuance |
$ 2
|
(2)
|
|
|
|
Fractional share issuance, shares |
1,535
|
|
|
|
|
Balance - January 31, 2023 at Jul. 31, 2022 |
$ 10,258
|
132,513,357
|
113,101
|
(84,863,356)
|
47,773,360
|
Balance, shares at Jul. 31, 2022 |
10,257,986
|
|
|
|
|
Balance - October 31, 2022 at Apr. 30, 2022 |
$ 4,195
|
113,049,700
|
54,962
|
(80,596,925)
|
32,511,932
|
Balance, shares at Apr. 30, 2022 |
4,194,836
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Change in comprehensive income |
|
|
|
|
206,113
|
Net loss for the period |
|
|
|
|
(64,169,773)
|
Balance - January 31, 2023 at Jan. 31, 2023 |
$ 13,544
|
132,980,793
|
261,075
|
(144,766,698)
|
(11,704,383)
|
Balance, shares at Jan. 31, 2023 |
13,543,155
|
|
|
|
|
Balance - October 31, 2022 at Jul. 31, 2022 |
$ 10,258
|
132,513,357
|
113,101
|
(84,863,356)
|
47,773,360
|
Balance, shares at Jul. 31, 2022 |
10,257,986
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition |
$ 1,924
|
(1,924)
|
|
|
|
Acquisitions, shares |
1,923,920
|
|
|
|
|
Share-based compensation |
|
277,625
|
|
|
277,625
|
Change in comprehensive income |
|
|
113,597
|
|
113,597
|
Net loss for the period |
|
|
|
(11,023,567)
|
(11,023,567)
|
Cash |
$ 1,019
|
(1,019)
|
|
|
|
Cash, shares |
1,018,510
|
|
|
|
|
Cashless exercise of warrants |
$ 30
|
(30)
|
|
|
|
Cashless exercise of warrants, shares |
30,000
|
|
|
|
|
Balance - January 31, 2023 at Oct. 31, 2022 |
$ 13,231
|
132,788,009
|
226,698
|
(95,886,923)
|
37,141,015
|
Balance, shares at Oct. 31, 2022 |
13,230,416
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition |
$ 307
|
(307)
|
|
|
|
Acquisitions, shares |
306,739
|
|
|
|
|
Services |
$ 6
|
1,830
|
|
|
1,836
|
Services, shares |
6,000
|
|
|
|
|
Share-based compensation |
|
191,261
|
|
|
191,261
|
Change in comprehensive income |
|
|
34,377
|
|
34,377
|
Net loss for the period |
|
|
|
(48,879,775)
|
(48,879,775)
|
Balance - January 31, 2023 at Jan. 31, 2023 |
$ 13,544
|
$ 132,980,793
|
$ 261,075
|
$ (144,766,698)
|
$ (11,704,383)
|
Balance, shares at Jan. 31, 2023 |
13,543,155
|
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jan. 31, 2023 |
Jul. 31, 2022 |
Jan. 31, 2022 |
Jul. 31, 2021 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Net loss |
$ (48,879,775)
|
$ (4,266,431)
|
$ (2,370,124)
|
$ (3,435,312)
|
$ (64,169,773)
|
$ (44,630,793)
|
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
|
|
106,199
|
114,243
|
|
Change in fair value of derivative liability |
|
|
|
|
(3,295,687)
|
(15,074,880)
|
|
Shares and warrants issued for services |
|
|
|
|
37,086
|
1,712,068
|
|
Share-based compensation |
|
|
|
|
746,511
|
32,569,112
|
|
Loss on disposal |
|
|
|
|
41,413,892
|
|
|
Change in fair value of contingent consideration |
|
|
|
|
|
|
|
Loss on extinguishment of debt |
|
|
|
|
|
7,096,730
|
|
Amortization of debt discounts |
|
|
|
|
3,145,977
|
5,400,285
|
|
Derivative expense |
|
|
|
|
7,280,405
|
|
|
Non-cash transaction costs |
|
|
|
|
85,080
|
|
|
Loss on conversion of convertible notes |
|
|
2,200,000
|
|
|
5,889,369
|
|
Changes in assets and liabilities, net of acquired amounts |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
(1,502,455)
|
(435,451)
|
|
Inventories |
|
|
|
|
3,886,603
|
(4,981,916)
|
|
Prepaid inventory |
|
|
|
|
(424,945)
|
|
|
Contract assets |
|
|
|
|
|
|
|
Right of use assets - operating leases |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
|
|
37,460
|
(1,778,046)
|
|
Accounts payable and accrued expenses |
|
|
|
|
(1,361,952)
|
6,136,996
|
|
Contract liabilities |
|
|
|
|
(53,287)
|
(81,023)
|
|
Lease liability - operating leases |
|
|
|
|
|
|
|
Other current liabilities |
|
|
|
|
373,474
|
|
|
Accrued interest |
|
|
|
|
141,773
|
|
|
Accrued interest - related parties |
|
|
|
|
90,501
|
102,456
|
|
Total adjustments |
|
|
|
|
50,706,635
|
36,669,943
|
|
Net cash used in operating activities of continuing operations |
|
|
|
|
(13,463,138)
|
(7,960,850)
|
|
Net cash provided by (used in) operating activities of discontinued operations |
|
|
|
|
6,617,328
|
164,906
|
|
Net cash used in operating activities |
|
|
|
|
(6,845,810)
|
(7,795,944)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Note receivable issuance |
|
|
|
|
|
(2,250,000)
|
|
Net cash used in investing activities |
|
|
|
|
|
(2,250,000)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Proceeds from issuance of common stock for cash |
|
|
|
|
9,194,882
|
|
|
Debt issuance costs on convertible notes payable and other financing activities |
|
|
|
|
|
(790,580)
|
|
Proceeds from notes payable |
|
|
|
|
1,390,000
|
11,000,000
|
|
Proceeds from related party notes payable |
|
|
|
|
|
3,000,000
|
|
Payments of notes payable - related parties |
|
|
|
|
(62,434)
|
(1,000,000)
|
|
Payments of notes payable |
|
|
|
|
(4,040,676)
|
(2,000,000)
|
|
Net cash provided by financing activities |
|
|
|
|
6,481,772
|
10,209,420
|
|
Effect of exchange rate fluctuations on cash and cash equivalents |
|
|
|
|
15,786
|
(22,672)
|
|
NET (DECREASE) INCREASE IN CASH AND RESTRICTED CASH |
|
|
|
|
(348,252)
|
140,804
|
|
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD |
|
$ 665,002
|
|
$ 915,950
|
665,002
|
915,950
|
$ 915,950
|
CASH AND RESTRICTED CASH - END OF PERIOD |
$ 316,750
|
|
$ 1,056,754
|
|
316,750
|
1,056,754
|
$ 665,002
|
CASH PAID DURING THE PERIOD FOR: |
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
482,687
|
111,105
|
|
Income taxes |
|
|
|
|
|
13,729
|
|
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Shares issued in connection with acquisition |
|
|
|
|
|
3,550,000
|
|
Conversion of convertible notes payable and accrued interest to common stock |
|
|
|
|
14,046,300
|
6,220,003
|
|
Shares issued for contingent consideration |
|
|
|
|
915,545
|
|
|
Elimination of related party derivative liabilities |
|
|
|
|
|
8,754,538
|
|
Derivative liabilities recorded as debt discounts of convertible notes |
|
|
|
|
|
10,199,749
|
|
Derivative liability recorded for shares and warrants issued in private placement |
|
|
|
|
4,999,882
|
|
|
Note receivable issued in sale of PlaySight |
|
|
|
|
$ 2,000,000
|
|
|
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v3.23.2
ORGANIZATION AND NATURE OF BUSINESS
|
9 Months Ended |
Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND NATURE OF BUSINESS |
Note 1: ORGANIZATION AND NATURE OF BUSINESS
Organization
Lazex Inc. (“Lazex”) was incorporated
under the laws of the State of Nevada on July 12, 2015. On August 23, 2019, the majority owner of Lazex entered into a Stock Purchase
Agreement with Slinger Bag Americas Inc., a Delaware corporation (“Slinger Bag Americas”), which was 100% owned by Slinger
Bag Ltd. (“SBL”), an Israeli company. In connection with the Stock Purchase Agreement, Slinger Bag Americas acquired 2,000,000
shares of common stock of Lazex for $332,239. On September 16, 2019, SBL transferred its ownership of Slinger Bag Americas to Lazex in
exchange for the 2,000,000 shares of Lazex acquired on August 23, 2019. As a result of these transactions, Lazex owned 100% of Slinger
Bag Americas and the sole shareholder of SBL owned 2,000,000 shares of common stock (approximately 82%) of Lazex. Effective September
13, 2019, Lazex changed its name to Slinger Bag Inc.
On October 31, 2019, Slinger Bag Americas acquired
control of Slinger Bag Canada, Inc., (“Slinger Bag Canada”) a Canadian company incorporated on November 3, 2017. There were
no assets, liabilities or historical operational activity of Slinger Bag Canada.
On February 10, 2020, Slinger Bag Americas became
the 100% owner of SBL, along with SBL’s wholly owned subsidiary Slinger Bag International (UK) Limited (“Slinger Bag UK”),
which was formed on April 3, 2019. On February 10, 2020, the owner of SBL, contributed Slinger Bag UK to Slinger Bag Americas for no consideration.
On June 21, 2021, Slinger Bag Americas entered into
a membership interest purchase agreement with Charles Ruddy to acquire a 100% ownership stake in Foundation Sports Systems, LLC (“Foundation
Sports”). On December 5, 2022, the Company sold 75% of Foundation Sports back to the original sellers. As a result, at that time,
the Company recorded a loss on the sale and deconsolidated Foundation Sports. (refer to Note 5 and Note 16). During the year ended April
30, 2022, the Company impaired certain intangible assets and goodwill in the amount of $3,486,599.
On February 2, 2022, the Company entered into a share
purchase agreement with Flixsense Pty, Ltd. (“Gameface”). As a result of the share purchase agreement, Gameface would become
a wholly owned subsidiary of the Company (refer to Note 5).
On February 22, 2022, the Company entered into a merger
agreement with PlaySight Interactive Ltd. (“PlaySight”) and Rohit Krishnan (the “Shareholders’ Representative”).
As a result of the merger agreement, PlaySight would become a wholly owned subsidiary of the Company (refer to Note 5). In November 2022,
the Company sold PlaySight and recorded a loss on the sale. See Note 16 for further details on the sale of PlaySight.
On May 16, 2022, the Company changed its domicile
from Nevada to Delaware. On April 7, 2022, the Company effected a name change to Connexa Sports Technologies Inc. We also changed our
ticker symbol, “CNXA”.
The operations of Slinger Bag Inc., Slinger Bag Americas,
Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface are collectively referred to as the “Company.”
On June 14, 2022, the Company effected a 1-for-10
reverse stock split, where the Company’s common stock began to trade on a reverse split adjusted basis. No fractional shares were
issued in connection with the reverse stock split and all such fractional interests were rounded up to the nearest whole number of shares
of common stock. All references herein to the outstanding stock have been retrospectively adjusted to reflect this reverse split. The
Company also consummated a public offering of shares of its common stock and the listing of its common stock on the Nasdaq Capital Market.
For further details on PlaySight and Foundation Sports
we refer you to our Annual Report on Form 10-K for the year ended April 30, 2022, filed with the Securities and Exchange Commission on
May 17, 2023. This Form 10-Q and the condensed consolidated financial statements will concentrate on our existing business as reflected
in the following paragraph.
The Company operates in the sport equipment and technology
business. The Company is the owner of the Slinger Launcher, which is a portable tennis ball launcher as well as other associated tennis
accessories and Gameface AI an Australian artificial intelligence sports software company.
Basis of Presentation
The accompanying condensed consolidated financial
statements of the Company are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
As a result of the transactions described above, the accompanying condensed consolidated financial statements include the combined results
of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface for the nine months ended January 31,
2023 and 2022. The operations of Foundation Sports and PlaySight are included as discontinued operations in our statements of operations
as these entities were sold in November 2022 and December 2022 as disclosed in Note 16.
The Company reports Gameface on a one-month calendar
lag allowing for the timely preparation of financial statements. Gameface operates on fiscal year end periods as of December 31. This
one-month reporting lag is with the exception of significant transactions or events that occur during the intervening period. The Company
did not identify any significant transactions during the one month ended January 31, 2023 at Gameface that would need to be disclosed
as not included within the Company’s consolidated financial statements.
Impact of COVID-19 Pandemic
The Company has been carefully monitoring the COVID-19
pandemic and its impact on its business. In that regard, while the Company has continued to sell its products and grow its business it
did experience certain disruptions in its supply chains. The Company expects the significance of the COVID-19 pandemic, including the
extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, its duration, the
success of efforts to contain it and the impact of actions taken in response. While the Company has not experienced any material disruptions
to its business and operations as a result of the COVID-19 pandemic, it is possible such disruptions may occur in the future which may
impact its financial and operational results, and which could be material.
Impact of Russian and Ukrainian Conflict
In February 2022, the Russian Federation and Belarus
commenced a military action with the country of Ukraine. We are closely monitoring the unfolding events due to the Russia-Ukraine conflict
and its regional and global ramifications. We have one distributor in Russia, which is not material to our overall financial results.
We do not have operations in Ukraine or Belarus. We are monitoring any broader economic impact from the current crisis. The specific impact
on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial
statements. However, to the extent that such military action spreads to other countries, intensifies, or otherwise remains active, such
action could have a material adverse effect on our financial condition, results of operations, and cash flows.
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v3.23.2
GOING CONCERN
|
9 Months Ended |
Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
Note 2: GOING CONCERN
The financial statements have been prepared on a going
concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business
for the foreseeable future. The Company has an accumulated deficit of $144,766,698 as of January 31, 2023, and more losses are anticipated
in the development of the business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.
These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and
classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
The ability to continue as a going concern is dependent
upon the Company generating profitable operations in the future and/or being able to obtain the necessary financing to meet its obligations
and repay its liabilities arising from normal business operations when they become due. Management intends to finance operating costs
over the next twelve months with existing cash on hand, loans from related parties, and/or private placement of debt and/or common stock.
In the event that the Company is unable to successfully raise capital and/or generate revenues, the Company will likely reduce general
and administrative expenses, and cease or delay its development plan until it is able to obtain sufficient financing. The Company has
begun reducing operating expenses and cash outflows by selling PlaySight, as well as selling 75% of Foundation Sports in November and
December 2022, respectively to the former shareholders of those companies. There can be no assurance that additional funds will be available
on terms acceptable to the Company, or at all.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Jan. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Note 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements
The accompanying condensed financial statements of
the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain
information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant
to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary
to present fairly the results of operations of the Company for the period presented. The results of operations for the nine months ended
January 31, 2023, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending April
30, 2023 and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2022, filed
with the Securities and Exchange Commission on May 17, 2023.
Use of Estimates
The preparation of consolidated financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Accordingly, actual results could differ from those estimates.
Financial Statement Reclassification
Certain prior year amounts within accounts payable,
accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no
effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows.
Cash and Cash Equivalents
The Company considers all highly liquid investments
with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit
card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents.
Accounts Receivable
The Company’s accounts receivable are non-interest
bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides
an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted,
the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $209,690 in allowance for doubtful
accounts for the period ended January 31, 2023 and year ended April 30, 2022.
Inventory
Inventory is valued at the lower of the cost (determined
principally on a first-in, first-out basis) or net realizable value. The Company’s valuation of inventory includes inventory reserves
for inventory that will be sold below cost and the impact of inventory shrink. Inventory reserves are based on historical information
and assumptions about future demand and inventory shrink trends. The Company’s inventory as of January 31, 2023 and April 30, 2022
consisted of the following:
SCHEDULE OF INVENTORY
| |
January 31, 2023 | | |
April 30, 2022 | |
Finished Goods | |
$ | 1,786,009 | | |
$ | 4,397,098 | |
Component/Replacement Parts | |
| 2,064,041 | | |
| 2,559,848 | |
Capitalized Duty/Freight | |
| 416,169 | | |
| 1,328,198 | |
Inventory Reserve | |
| (300,000 | ) | |
| (100,000 | ) |
Total | |
$ | 3,966,219 | | |
$ | 8,185,144 | |
Prepaid Inventory
Prepaid inventory represents inventory that is in-transit
that has been paid for but not received from the Company’s third-party vendors. The Company typically prepays for the purchase of
materials and receives the products within three months after making payments. The Company continuously monitors delivery from, and payments
to, the vendors. If the Company has difficulty receiving products from a vendor, the Company would cease purchasing products from such
vendors in future periods. The Company has not had difficulty receiving products during the reporting periods.
Property and equipment
Property and equipment acquired through business combinations
are stated at the estimated fair value at the date of the acquisition. Purchases of property and equipment are stated at cost, net of
accumulated depreciation and impairment losses. Expenditures that materially increase the useful life of the assets are capitalized. Ordinary
repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated
useful lives of the related assets, which is an average of 5 years.
Concentration of Credit Risk
The Company maintains its cash in bank deposit accounts,
the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently
has not experienced any losses in such accounts. While we may be exposed to credit risk, we consider the risk remote and do not expect
that any such risk would result in a significant effect on our results of operations or financial condition. See Note 4 for further details
on the Company’s concentration of credit risk as well as other risks and uncertainties.
Revenue Recognition
The Company recognizes revenue for their continuing
operations in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity
should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its
performance obligation associated with its contracts with customers at a point in time once products are shipped. Amounts collected from
customers in advance of shipping products ordered are reflected as contract liabilities on the accompanying consolidated balance sheets.
The Company’s standard terms are non-cancelable and do not provide for the right-of-return, other than for defective merchandise
covered under the Company’s standard warranty. The Company has not historically experienced any significant returns or warranty
issues.
The Company recognizes revenue under ASC 606, “Revenue
from Contracts with Customers”. The core principle of this revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
Step 1: Identify the contract with the customer
The Company determines that it has a contract with
a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for
the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial
substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single
contract and whether the combined or single contract includes more than one performance obligation.
Step 2: Identify the performance obligations in the
contract
The Company’s customers are buying an integrated
system. In evaluating whether the equipment is a separate performance obligation, the Company’s management considered the customer’s
ability to benefit from the equipment on its own or together with other readily available resources and if so, whether the service and
equipment are separately identifiable (i.e., is the service highly dependent on, or highly interrelated with the equipment). Because the
Products and Services included in the customer’s contract are integrated and highly interdependent, and because they must work together
to deliver the Solution, the Company has concluded that Products installed on customer’s premise and Services contracted for by
the customer are generally not distinct within the context of the contract and, therefore, constitute a single, combined performance obligation.
Step 3: Determine the transaction price
The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised
in a contract with a customer includes predetermined fixed amounts, variable amounts, or both. The Company’s contracts do not include
any rights of returns or refunds.
The Company collects each year’s service fees
in advance and should therefore consider the existence of a significant financing component. However, due to the fact that the payments
are provided for the service of a one-year term, the Company elected to apply the practical expedient under ASC 606 which exempts the
adjustment of the consideration for the existence of a significant financing component when the period between the transfer of the services
and the payment for such services is one year or less.
Step 4: Allocate the transaction price to the performance
obligations in the contract
Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone
selling price (“SSP”). The Company has identified a single performance obligation in the contract, and therefore, the allocation
provisions under ASC 606 do not apply to the Company’s contracts.
Step 5: Recognize revenue when the Company satisfies
a performance obligation
Revenues for the Company’s single, combined
performance obligation are recognized on a straight-line basis over the customer’s contract term, which is the period in which the
parties to the contract have enforceable rights and obligations (Typically 3-4 years).
Business Combinations
Upon acquisition of a company, we determine if the
transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method,
once control is obtained of a business, the assets acquired, and liabilities assumed, are recorded at fair value. We use our best estimates
and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One
of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of
the fair values is based on estimates and judgments made by management. Our estimates of fair value are based upon assumptions we believe
to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments are reflected at the time identified,
up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets
acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. We may record adjustments to the
fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company
elected to apply pushdown accounting to all entities acquired.
Additionally, uncertain tax positions and tax-related
valuation allowances are initially recorded in connection with a business combination as of the acquisition date. We continue to collect
information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill,
provided we are within the measurement period. If outside of the measurement period, any subsequent adjustments are recorded to the consolidated
statement of operations.
Fair Value of Financial Instruments
Fair value of financial and non-financial assets and
liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes
the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows:
Level 1 — Quoted prices in active markets for
identical assets or liabilities
Level 2 — Observable inputs other than quoted
prices in active markets for identical assets and liabilities
Level 3 — Unobservable pricing inputs in the
market
Financial assets and financial liabilities are classified
in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance
of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being
measured and their categorization within the fair value hierarchy.
The Company’s financial instruments consist
of cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximates
fair value due to their short-term maturity.
The Company’s contingent consideration in connection
with the acquisition of Gameface was calculated using Level 3 inputs. The fair value of contingent consideration as of January 31, 2023
and April 30, 2022 was $418,455 and $1,334,000, respectively.
The Company estimates the fair value of its intangible
assets using Level 3 assumptions, primarily based on the income approach utilizing the discounted cash flow method.
The Company’s derivative liabilities were calculated
using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following
ending balances and gain amounts as of and for the nine months ended January 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
Note derivative is related to | |
January 31, 2023
ending balance | | |
(Gain) loss for nine months ended
January 31, 2023 | |
4/11/21 profit guaranty | |
$ | 1,429,620 | | |
$ | 368,070 | |
8/6/21 convertible notes | |
| 187,810 | | |
| (2,525,524 | ) |
6/17/22 underwriter warrants | |
| 11,878 | | |
| (52,604 | ) |
Other derivative liabilities eliminated in uplist | |
| - | | |
| (1,604,413 | ) |
9/30/22 warrants issued with common stock | |
| 11,279,572 | | |
| (1,000,715 | ) |
1/6/2023 warrants issued with note payable | |
| 5,235,056 | | |
| 1,519,499 | |
Total | |
$ | 18,143,936 | | |
$ | (3,295,687 | ) |
The Company also recognized derivative expense of
$7,280,405 at inception on the warrants issued in connection with a funding on September 30, 2022 and $1,715,557 at inception on the warrants
issued in connection with a funding on January 6, 2023. The Black-Scholes option pricing model assumptions for the derivative liabilities
during the nine months ended January 31, 2023 and year ended April 30, 2022 consisted of the following:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 3.51-10 years | | |
| 1.95-4.3 years | |
Stock price volatility | |
| 50 - 150 | % | |
| 50 | % |
Risk free interest rate | |
| 2.90%-4.34 | % | |
| 2.67%-2.90 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
Refer to Note 10 and Note 11 for more information
regarding the derivative instruments.
Income Taxes
Income taxes are accounted for in accordance with
the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amounts that are more likely than not to be realized.
Intangible Assets
Intangible assets relate to the “Slinger”
technology trademark, which the Company purchased on November 10, 2020. The trademark is amortized over its expected life of 20 years.
Amortization expense for the nine months ended January 31, 2023 and 2022 was $4,335 and $4,335, respectively. The Company also acquired
intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and
customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class
of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are
included in discontinued operations. Refer to Note 6 for more information.
Impairment of Long-Lived Assets
In accordance with ASC 360-10, the Company evaluates
long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable.
Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating
results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the
market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company
compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful
lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if
any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of
those assets and is recorded in the period in which the determination is made. There was no impairment of long-lived assets identified
during the nine months ended January 31, 2023 and 2022 in our continuing operations.
Goodwill
The Company accounts for goodwill in accordance with
ASC 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill not be amortized, but reviewed for impairment
if impairment indicators arise and, at a minimum, annually. The Company records goodwill as the excess purchase price over assets acquired
and includes any work force acquired as goodwill. Goodwill is evaluated for impairment on an annual basis.
With the adoption of the ASU 2017-04, which eliminates
the second step of the goodwill impairment test, the Company tests impairment of goodwill in one step. In this step, the Company compares
the fair value of each reporting unit with goodwill to its carrying value. The Company determines the fair value of its reporting units
with goodwill using a combination of a discounted cash flow and a market value approach. If the carrying value of the net assets assigned
to the reporting unit exceeds the fair value of the reporting unit, the Company will record an impairment charge based on the excess of
a reporting unit’s carrying amount over its fair value. If the fair value of the reporting unit exceeds the carrying value of the
net assets assigned to that reporting unit, goodwill is not impaired and the Company will not record an impairment charge.
There was no impairment of goodwill as of January
31, 2023 for any of our continuing operations.
Share-Based Payment
The Company accounts for share-based compensation
in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line
basis over the requisite service period, which is the vesting period.
Warrants
The Company grants warrants to key employees and executives
as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other
key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense
that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection
with ongoing arrangements are more fully described in Note 11 and Note 14.
The warrants granted during the nine months ended
January 31, 2023 and year ended April 30, 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following
assumptions:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 5 – 10 years | | |
| 5 – 10 years | |
Stock price volatility | |
| 50% - 150 | % | |
| 50%
- 148 | % |
Risk free interest rate | |
| 2.50% - 4.27 | % | |
| 0.77% - 1.63 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
Foreign Currency Translation
Our functional currency is the U.S. dollar. The functional
currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of
foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated
statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized
cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized
and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency
of the applicable entity are recorded in other income (loss) in the period in which they occur.
Earnings Per Share
Basic earnings per share are calculated by dividing
income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per
share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period.
All common stock equivalents such as shares to be
issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect
is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented.
Recent Accounting Pronouncements
Recently Adopted
In January 2017, the Financial Accounting Standards
Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step
2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting
unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December
15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not
have a material effect on the Company’s consolidated financial statements.
In December 2019, the FASB issued Accounting Standards
Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC 740, Income Taxes (ASC
740). This update is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC
740 and amending existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after
December 15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The adoption of the new standard did not have a material effect on the Company’s
consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt
- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting
for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock.
Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared
with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features
that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a
scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums
are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s
own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than
fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating
the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). The guidance
replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”)
methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized
cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted
for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments
in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant
estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s
portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit
losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to
sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for
SEC filers and January 1, 2023 for private companies and smaller reporting companies. The Company has not yet adopted this ASU as it qualifies
as a smaller reporting company. The Company does not expect this ASU will have a material impact on its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, “Business
Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity
and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination.
The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business
combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after
December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material
impact on the Company’s financial statements.
The FASB has issued ASU 2021-04, Earnings Per Share
(Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat
a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified
after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on
how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call
option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December
15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did
not have a material effect on the Company’s consolidated financial statements.
Other recently issued accounting pronouncements did
not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES
|
9 Months Ended |
Jan. 31, 2023 |
Risks and Uncertainties [Abstract] |
|
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES |
Note 4: CONCENTRATION OF CREDIT RISK AND
OTHER RISKS AND UNCERTAINTIES
Accounts Receivable Concentration
As of January 31, 2023 and April 30, 2022, the Company
had two customers that accounted for 46% and 43% of the Company’s trade receivables balance, respectively.
Accounts Payable Concentration
As of January 31, 2023 and April 30, 2022, the Company
had four significant suppliers that accounted for 59%, and 59% of the Company’s trade payables balances, respectively.
|
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.2
ACQUISITIONS AND BUSINESS COMBINATIONS
|
9 Months Ended |
Jan. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITIONS AND BUSINESS COMBINATIONS |
Note 5: ACQUISITIONS AND BUSINESS COMBINATIONS
In the year ended April 30, 2022, the Company acquired
three entities in accordance with ASC 805. A full description of those transactions are reflected in the audited financial statements
contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 17, 2023.
The Company has elected to apply pushdown accounting
to each of the entities acquired.
For Foundation Sports as referred to in Note 16, the
Company disposed of 75% of this entity in December 2022.
For PlaySight as referred to in Note 16, the Company
sold back to the original shareholders 100% of this entity in November 2022.
Pro Forma Results
The following pro forma financial information presents
the results of operations of the Company as of the nine months ended January 31, 2023 and 2022, respectively, as if the acquisitions of
Gameface had occurred as of the beginning of the first period presented instead of February 2022. The pro forma financial information
of the Company as of the nine months ended January 31, 2022 is as follows:
SCHEDULE OF PROFORMA FINANCIAL INFORMATION
| |
| | |
Revenues | |
$ | 12,151,486 | |
Net loss | |
$ | (46,130,471 | ) |
| |
| | |
Basic and diluted earnings (loss) per share | |
$ | (12.35 | ) |
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.2
INTANGIBLE ASSETS
|
9 Months Ended |
Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
Note 6: INTANGIBLE ASSETS
Intangible assets reflect only those intangible assets
of our continuing operations, and consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
January 31, 2023 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 15,829 | | |
| - | | |
$ | 369,753 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 84,102 | | |
| - | | |
| 3,845,898 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 27,410 | | |
| - | | |
| 552,590 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 127,341 | | |
$ | - | | |
$ | 4,768,241 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
April 30, 2022 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames | |
| 15.26 | | |
$ | 385,582 | | |
$ | 9,478 | | |
| - | | |
$ | 376,104 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 33,749 | | |
| - | | |
| 3,896,251 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 9,499 | | |
| - | | |
| 570,501 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 52,726 | | |
$ | - | | |
$ | 4,842,856 | |
Amortization expense for the nine months ended January
31, 2023 and 2022 was approximately $74,615 and $4,335, respectively.
As of January 31, 2023, the estimated future amortization
expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows:
SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION
For the Periods Ended January 31, | |
Amortization Expense | |
2024 | |
$ | 544,781 | |
2025 | |
| 544,781 | |
2026 | |
| 544,781 | |
2027 | |
| 544,781 | |
2028 | |
| 426,815 | |
Thereafter | |
| 2,162,302 | |
Total | |
$ | 4,768,241 | |
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v3.23.2
ACCRUED EXPENSES
|
9 Months Ended |
Jan. 31, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
Note 7: ACCRUED EXPENSES
The composition of accrued expenses is summarized
below:
SCHEDULE
OF ACCRUED EXPENSES
| |
January 31, 2023 | | |
April 30, 2022 | |
Accrued payroll | |
$ | 1,545,123 | | |
$ | 921,759 | |
Accrued bonus | |
| 1,611,606 | | |
| 1,014,833 | |
Accrued professional fees | |
| 1,300,000 | | |
| 1,706,560 | |
Other accrued expenses | |
| 984,697 | | |
| 738,749 | |
Total | |
$ | 5,441,426 | | |
$ | 4,381,901 | |
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
NOTE PAYABLE - RELATED PARTY
|
9 Months Ended |
Jan. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTE PAYABLE - RELATED PARTY |
Note 8: NOTE PAYABLE - RELATED PARTY
The discussion of note payable – related party
only includes those that existed as of April 30, 2022. For a discussion of all prior note payable – related party we refer you to
the Annual Report on Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022.
On January 14, 2022, the Company entered into two
loan agreements with related party lenders, each for $1,000,000, pursuant to which the Company received a total amount of $2,000,000.
The loans bear interest at a rate of 8% per annum and are required to be repaid in full by April 30, 2022 or such other date as may be
accepted by the lenders. The Company is not permitted to make any distribution or pay any dividends unless or until the loans are repaid
in full. On June 28, 2022, the Company entered into amendments for the two related party loan agreements with the lenders in which the
repayment date was extended to July 31, 2024.
There was $1,953,115 and $2,000,000 in outstanding
borrowings from related parties as of January 31, 2023 and April 30, 2022. Interest expense related to the related parties for the nine
months ended January 31, 2023 and 2022 amounted to $177,773 and $106,895, respectively. Accrued interest due to related parties as of
January 31, 2023 and April 30, 2022 amounted to $999,257 and $908,756, respectively. The accrued interest includes notes that were either
repaid or converted but the interest remained.
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v3.23.2
CONVERTIBLE NOTES PAYABLE
|
9 Months Ended |
Jan. 31, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE |
Note 9: CONVERTIBLE NOTES PAYABLE
The discussion of convertible notes payable only includes
those that existed as of April 30, 2022. For a discussion of all prior convertible notes payable we refer you to the Annual Report on
Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022.
On August 6, 2021, the Company consummated the closing
(the “Closing”) of a private placement offering (the “Offering”) pursuant to the terms and conditions of that
certain Securities Purchase Agreement, dated as of August 6, 2021 (the “Purchase Agreement”), between the Company and certain
accredited investors (the “Purchasers”). At the Closing, the Company sold to the Purchasers (i) 8% Senior Convertible Notes
(the “Convertible Notes”) in an aggregate principal amount of $11,000,000 and (ii) warrants to purchase up to 733,333 shares
of common stock of the Company (the “Warrants” and together with the Convertible Notes, the “Securities”). The
Company received an aggregate of $11,000,000 in gross proceeds from the Offering, before deducting offering expenses and commissions.
The Convertible Notes were to mature on August 6,
2022 (the “Maturity Date”) and bear interest at 8% per annum payable on each conversion date (as to that principal amount
then being converted), on each redemption date as well as mandatory redemption date (as to that principal amount then being redeemed)
and on the Maturity Date, in cash. The Convertible Notes are convertible into shares of the Company’s common stock at any time following
the date of issuance and prior to Mandatory Conversion (as defined in the Convertible Notes) at the conversion price equal to the lesser
of: (i) $3.00, subject to adjustment set forth in the Convertible Notes and (ii) in the case of an uplist to the NASDAQ, the Uplist Conversion
Price (as defined in the Convertible Notes) of the Company’s common stock during the two Trading Day (as defined in the Convertible
Notes) period after each conversion date; provided, however, that at any time from and after December 31, 2021 or an Event of Default
(as defined in the Convertible Notes), the holder of the Convertible Notes may, by delivery of written notice to the Company, elect to
cause all, or any part, of the Convertible Notes to be converted, at any time thereafter, each an “Alternate Conversion”,
pursuant to the Section 4(f) of the Convertible Notes, all, or any part of, the then outstanding aggregate principal amount of the Convertible
Notes into shares of Common Stock at the Alternate Conversion price. The Convertible Notes rank pari passu with all other notes now or
thereafter issued under the terms set forth in the Convertible Notes. The Convertible Notes contain certain price protection provisions
providing for adjustment of the number of shares of common stock issuable upon conversion of the Convertible Notes in case of certain
future dilutive events or stock-splits and dividends.
The Warrants are exercisable for five years from August
6, 2021, at an exercise price equal to the lesser of $3.00 or a 20% discount to the public offering price that a share of the Company’s
common stock or unit (if units are offered) is offered to the public resulting in the commencement of trading of the Company’s common
stock on the NASDAQ, New York Stock Exchange or NYSE American. The Warrants contain certain price protection provisions providing for
adjustment of the amount of securities issuable upon exercise of the Warrants in case of certain future dilutive events or stock-splits
and dividends.
The Company evaluated the Warrants and the conversion
options under the guidance in ASC 815 and determined they represent derivative liabilities given the variability in the exercise and conversion
prices upon the event of an up list to the NASDAQ. The Company also evaluated the other embedded features in the agreement and determined
the interest make-whole provision and the subsequent financing redemption represent put features that are also accounted for as derivative
liabilities. The derivative liabilities are marked to market at the end of each reporting period with the non-cash gain or loss recorded
in the period as a gain or loss on derivative (see Note 3).
The Warrants were valued at $12,026,668 on the date
of issuance using a Monte Carlo simulation that accounted for the variability in the exercise price upon the event of an up list based
on the Company’s expected future stock prices over the five-year term using inputs in line with those listed in Note 3. The remaining
derivatives were valued at $1,862,450 on the issuance date based on the present value of their weighted average probability value.
As part of the issuance of the Convertible Notes,
the Company incurred and capitalized debt issuance costs of $800,251 related to brokerage and legal fees that met the debt issuance cost
capitalization criteria of ASC 835. The total discount related to the Convertible Notes on the date of issuance of $14,689,369 exceeded
their value, which resulted in the Company recognizing a $3,689,369 loss on the issuance of the Convertible Notes during the three months
ended October 31, 2021.
On December 31, 2021, the Company entered into an
Omnibus Amendment Agreement (the “Omnibus Agreement”) with certain Purchasers who are collectively holders of 67% or more
of the Securities outstanding related to the August 6, 2021 Convertible Notes, amending each of (i) the Purchase Agreement and (ii) the
Registration Rights Agreement. Simultaneously with the execution of the Omnibus Agreement, the Company issued to each Purchaser a Replacement
Note (as defined below) in replacement of the Convertible Note held prior to December 31, 2021 by such Purchaser (each, an “Existing
Note”).
The Purchase Agreement was amended to, among other
things, (i) delete Exhibit A and replace it in its entirety with the 8% Senior Convertible Note (the “Replacement Note”) filed
as Exhibit 10.2 to the Company’s current report on Form 8-K dated January 5, 2021, (ii) add a new definition of “Inventory
Financing”, (iii) amend Section 4.18 to add at the end of Section 4.18 before the final period “, it being agreed that the
provisions of this Section 4.18 shall not apply to the Qualified Subsequent Financing expected to occur after the date hereof”,
(iv) delete Section 4.20 and replace it in its entirety with substantially the same text, including the following after the period, replacing
the period with a semicolon: “; provided that the provisions of this Section 4.20 shall not apply to (i) in respect of any Holder
to the extent that such Holder is an investor or a purchaser of the securities offered pursuant such Subsequent Financing, and (ii) with
respect to an Inventory Financing.”, and (v) add a new Section 4.21. Most-Favored Nation provision.
The Registration Rights Agreement was amended to,
among other things, (i) delete the definition “Effectiveness Date” in Section 1 and replace it in its entirety with substantially
the same text but revise the definition of “Effectiveness Date” causing the Initial Registration Statement required to be
filed by January 31, 2022, and (ii) delete Section 2(d) and replace it in its entirety with substantially the same text but revised to
delete the following “(2) no liquidated damages shall accrue or be payable hereunder with respect to any day on which the high price
of the Common Stock on the Trading Market on which the Common Stock is then listed or traded is less than the then-applicable Conversion
Price,” resulting in renumbering the text that follows as (2) instead of (3).
As consideration for entering into the Omnibus Agreement,
the outstanding principal balance of the Existing Note held by each Purchaser was increased by twenty percent (20%) and such increased
principal balance is reflected on the Replacement Note issued to each Purchaser. The Company recognized a $2,200,000 loss on issuance
of convertible notes during the year ended April 30, 2022 related to this amendment.
On June 17, 2022, the Company issued 4,389,469 shares
of common stock in conversion of the $13,200,000 in convertible notes payable and $846,301 in accrued interest. In addition, the remaining
$122,222 of unamortized discount on the convertible notes payable was amortized and included in our consolidated statements of operations
for the three months ended July 31, 2022.
Total outstanding borrowings related to the Convertible
Notes as of January 31, 2023 and April 30, 2022 were $0 and $13,200,000, respectively.
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v3.23.2
NOTES PAYABLE
|
9 Months Ended |
Jan. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
Note
10: NOTES PAYABLE
The discussion of notes payable only includes those
that existed as of April 30, 2022. For a discussion of all prior notes payable we refer you to the Annual Report on Form 10-K filed May
17, 2023 for the fiscal year end April 30, 2022.
On June 30, 2020, the Company entered into a loan
agreement with Mont-Saic to borrow $120,000. This loan bears interest at an annual rate of 12.6% and was required to be repaid in full,
together with all accrued, but unpaid, interest by June 30, 2021. On December 3, 2020, Mont-Saic entered into an Assignment and Conveyance
Agreement with the Company’s exiting related party lender wherein Mont-Saic sold its full right, title and interest in this note
to the Company’s related party lender (see Note 8).
On December 24, 2020, the Company entered into a promissory
note with a third-party to borrow $1,000,000. The promissory note bore interest at 2.25% and was due February 8, 2021. On February 2,
2021, the Company and the third-party entered into an amendment to extend the promissory note to April 30, 2021.
On April 11, 2021, the Company and the lender entered
into an agreement whereby the lender converted the promissory note into 27,233 shares of Company stock, which were issued to the lender
at a 20% discount from the closing price of the stock on the day prior to the conversion. In addition to the discount, the agreement contains
a guarantee that the aggregate gross sales of the shares by the lender will be no less than $1,500,000 over the next three years and if
the aggregate gross sales are less than $1,500,000 the Company will issue additional shares of common stock to the lender for the difference
between the total gross proceeds and $1,500,000, which could result in an infinite number of shares being required to be issued.
The Company evaluated the conversion option of the
note payable to shares under the guidance in ASC 815-40, Derivatives and Hedging, and determined the conversion option qualified for equity
classification. The Company also evaluated the profit guarantee under ASC 815, Derivatives and Hedging, and determined it to be a make-whole
provision, which is an embedded derivative within the host instrument. As the economic characteristics are dissimilar to the host instrument,
the profit guarantee was bifurcated from the host instrument and stated as a separate derivative liability, which is marked to market
at the end of each reporting period with the non-cash gain or loss recorded in the period as a gain or loss on derivative.
On the date of conversion, the Company recognized
a $1,501,914 loss on extinguishment of debt, which represented the difference between the promissory note and the fair value of the shares
issued of $1,250,004, which were recorded in shares issued in connection with conversion of note payable within shareholders’ equity,
as well as the derivative liability of $1,251,910, which was valued using a Black-Scholes option pricing model.
The fair value of the derivative liability was $1,429,620
and $1,061,550 as of January 31, 2023 and April 30, 2022.
On February 15, 2022, for and in consideration of
$4,000,000 the Company conveyed, sold, transferred, set over, assigned and delivered to Slinger Bag Consignment, LLC, a Virginia limited
liability company (“Consignor”), all of the Company’s right, title and interest in and to 13,000 units of certain surplus
inventory, including all components, parts, additions and accessions thereto (collectively, the “Consigned Goods”). The Company
has repaid the $4,000,000 as of January 31, 2023.
On April 1, 2022, the Company entered into a $500,000
note payable. The note matures on July 1, 2022 and bears interest at eight percent (8%) per year. The Company pays interest monthly and
will pay all accrued and unpaid interest on the maturity date in which the outstanding principal is due. On August 1, 2022, the Company
repaid the $500,000.
Cash Advance Agreements
On July 29, 2022, the Company entered into two merchant
cash advance agreements. The details of the merchant cash advance agreements are as follows:
UFS Agreement
The Company entered into an agreement (the “UFS
Agreement”) with Unique Funding Solutions LLC (“UFS”) pursuant to which the Company sold $1,124,250 in future receivables
(the “UFS Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $750,000 in cash less fees of $60,000.
The Company has agreed to pay UFS $13,491 each week for the next three weeks and thereafter $44,970 per week until the UFS Receivables
Purchased Amount is paid in full.
In order to secure payment and performance of the
Company’s obligations to UFS under the UFS Agreement, the Company granted to UFS a security interest in the following collateral:
all accounts receivable and all proceeds as such term is defined by Article 9 of the UCC. The Company also agreed not to create, incur,
assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral.
Cedar Agreement
The Company entered into an agreement (the “Cedar
Agreement”) with Cedar Advance LLC (“Cedar”) pursuant to which the Company sold $1,124,250 in future receivables (the
“Cedar Receivables Purchased Amount”) to Cedar in exchange for payment to the Company of $750,000 in cash less fees of $60,000.
The Company has agreed to pay Cedar $13,491 each week for the next three weeks and thereafter $44,970 per week until the Cedar Receivables
Purchased Amount is paid in full.
In order to secure payment and performance of the
Company’s obligations to Cedar under the Cedar Agreement, the Company granted to Cedar a security interest in the following collateral:
all accounts, including without limitation, all deposit accounts, accounts receivable and other receivables, chattel paper, documents,
equipment, instruments and inventory as those terms are defined by Article 9 of the UCC. The Company also agreed not to create, incur,
assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral.
On January 6, 2023, the Company entered into a loan
and security agreement (the “Loan and Security Agreement”) with one or more institutional investors (the “Lenders”)
and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”) for the issuance and sale of (i) a note in an
aggregate principal amount of up to $2,000,000 (the “Note”) with the initial advance under the Loan and Security Agreement
being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of shares of common stock of the Company equal to
200% of the face amount of the Note divided by the closing price of the common stock of the Company on the date of the issuance of the
Notes (collectively, the “Initial Issuance”). The closing price of the Company’s common stock on January 6, 2023, as
reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under the Note are exercisable for up to 18,099,548
shares of the Company’s common stock. The Warrants have an exercise price per share equal to the closing price of the common stock
of the Company on the date of the issuance of the Note, or $0.221 per share and a term of five- and one-half (5½) years following
the initial exercise date. The initial exercise date of the Warrants will be the date stockholder approval is received and effective allowing
exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the Loan and Security Agreement, an additional advance of
$600,000 may be made to the Company under the Note. The Company’s obligations under the terms of the Loan and Security Agreement
are fully and unconditionally guaranteed by all of the Company’s subsidiaries (the “Guarantors”). The Company measured
the warrants granted on January 6, 2023 at $3,715,557, and discounted the note payable to $0 and recorded a derivative expense of $1,715,557.
The Company recognized a loss on the change in fair value of the derivative liability when remeasured at January 31, 2023 of $1,519,499
to bring the derivative liability to $5,235,056 at January 31, 2023. In addition, the Company recognized $273,755 in amortization of debt
discount for the nine months ended January 31, 2023.
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- DefinitionThe entire disclosure for long-term debt.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Jan. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
Note 11: RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash
requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate
financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers,
directors, or shareholders. Amounts represent advances, amounts paid in satisfaction of liabilities, or accrued compensation that has
been deferred. The advances are considered temporary in nature and have not been formalized by a promissory note.
The Company has outstanding notes payable of $1,953,115
and $2,000,000 and accrued interest of $999,257 and $908,756 due to a related party as of January 31, 2023 and April 30, 2022,
respectively (see Note 8).
The Company recognized net sales of $104,586 and $424,394
during the nine months ended January 31, 2023 and 2022, respectively, to related parties. As of January 31, 2023 and April 30, 2022, related
parties had accounts receivable due to the Company of $25,355 and $93,535, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
SHAREHOLDERS’ EQUITY (DEFICIT)
|
9 Months Ended |
Jan. 31, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
Note 12: SHAREHOLDERS’ EQUITY (DEFICIT)
Common Stock
The Company has 300,000,000 shares of common stock
authorized with a par value of $0.001 per share. As of January 31, 2023 and April 30, 2022, the Company had 13,543,155 and 4,194,836 shares
of common stock issued and outstanding, respectively.
Equity Transactions During the Nine Months Ended
January 31, 2023
Since May 1, 2022, the Company has issued an aggregate
of 6,063,145 shares of its common stock consisting of the following:
|
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On June 15, 2022, the Company issued 4,389,469 shares of common stock to the Convertible Noteholders upon conversion of convertible notes. |
|
|
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On June 15, 2022, the Company issued 1,048,750 shares to investors who participated in the Company’s Nasdaq uplist round. |
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On June 27, 2022, the Company issued 25,000 shares of common stock to Gabriel Goldman for consulting services performed in the first quarter of calendar 2022. Gabriel Goldman became a director of the Company on June 15, 2022. |
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On June 27, 2022, the Company issued 598,396 shares of common stock to the former Gameface shareholders in connection with the purchase of Gameface. |
|
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|
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On August 25, 2022, the Company issued 30,000 shares
of common stock to Midcity Capital Ltd (“Midcity”) pursuant to a cashless conversion of warrants Midcity received from its
warrant agreement with the Company dated March 2020.
On September 28, 2022, the Company entered into a
securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”)
for the issuance and sale of (i) 1,018,510 shares of common stock and (ii) pre-funded warrants (the “Pre-Funded Warrants”)
to purchase an aggregate of 11,802,002 shares of its common stock, together with accompanying common stock warrants, at a combined purchase
price of $0.39 per share of the common stock and associated common stock warrant and $0.3899 per Pre-Funded Warrant and associated common
stock warrants for an aggregate amount of approximately $5.0 million (the “Offering”). The Pre-Funded Warrants have an exercise
price of $0.00001 per share of common stock and are exercisable until the Pre-Funded Warrants are exercised in full. The shares of common
stock and Pre-Funded Warrants were sold in the offering together with common stock warrants to purchase 12,820,512 shares of common stock
at an exercise price of $0.39 per share and a term of five years following the initial exercise date (the “5-Year Warrants”)
and 25,641,024 common stock warrants to purchase 25,641,024 shares of common stock at an exercise price of $0.43 per share and a term
of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date (collectively, the “Warrants”).
The Warrants issued in the Offering contain variable pricing features. The Warrants and Pre-Funded Warrants will be exercisable beginning
on the date stockholder approval is received and effective allowing exercisability of the Warrants and Pre-Funded Warrants under Nasdaq
rules. Net proceeds to the Company were $4,549,882. |
|
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On October 12, 2022, the Company issued 1,923,920
shares of common stock, on November 21, 2022 issued 27,000 shares of common stock and January 26, 2023 issued 279,739 shares of common
stock in connection with the acquisition of PlaySight.
On January 26, 2023, the Company issued 6,000 shares
of common stock for services rendered to their ambassadors.
|
Equity Transactions During the Year Ended April
30, 2022
On May 26, 2021, the Company issued 163,684 shares
of its common stock for the conversion of related party notes payable (see Note 8). The fair value of the common stock was $6,220,000.
On June 23, 2021, the Company issued 54,000 shares
of its common stock as partial consideration for the acquisition of Foundation Sports (see Note 5). The fair value of the total shares
of common stock to be issued related to the acquisition was $3,550,000.
On July 6, 2021, the Company issued 5,022 shares of
its common stock to two employees as compensation for services rendered in lieu of cash, which resulted in $187,803 in share-based compensation
expense for the year ended April 30, 2022.
On July 11, 2021, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,875 of operating expenses
for the year ended April 30, 2022.
During the three months ended July 31, 2021, the Company
granted an aggregate total of 9,094 shares of its common stock and equity options to purchase up to 6,000 shares (which are now expired)
to six new brand ambassadors as compensation for services. The expense related to the issuance of the shares and equity options is being
recognized over the service agreements, similar to the warrants and equity options issued to the four other brand ambassadors in the prior
year. During the year ended April 30, 2022, the Company recognized $907,042 of operating expenses related to the shares, warrants and
equity options granted to brand ambassadors.
On August 6, 2021, the Note payable holder exercised
its right to convert its 220,000 outstanding warrants into 495,000 shares of common stock of the Company.
On August 6, 2021, the Company’s related party
lender exercised its right to convert its 275,000 outstanding warrants and 692,130 common shares issuable into 967,130 shares of common
stock of the Company.
On October 11, 2021, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,875 of operating expenses
during the year ended April 30, 2022.
On January 11, 2022, the Company issued 1,875 shares
of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $16,874 of operating expenses
during the year ended April 30, 2022.
During April 2022, the Company granted an aggregate
total of 6,000 shares of its common stock to 6 new brand ambassadors as compensation for services. During the year ended April 30, 2022,
the Company recognized $255,124 of operating expenses related to the shares granted to brand ambassadors.
Warrants Issued and Expensed During the Nine Months
and Year Ended January 31, 2023 and April 30, 2022
On October 28, 2020, the Company granted 40,000 warrants
to a service provider for advertising services over the next year. The warrants have an exercise price of $0.75 per share, a contractual
life of 10 years from the date of issuance, and vest quarterly over a year from the grant date. The warrants were valued using a Black-Scholes
option pricing model and the expense related to the issuance of the warrants is being recognized over the service agreement. The Company
recognized $214,552 of operating expenses related to this agreement during the nine months ended January 31, 2022.
In accordance with the October 29, 2020 agreement
with three members of the advisory board mentioned above, 46,077 warrants were issued during the year ended April 30, 2022. The warrants
were valued using a Black-Scholes option pricing model on the grant date, which resulted in operating expenses of $67,500 and $87,656
during the nine months ended January 31, 2023 and year ended April 30, 2022, respectively.
On August 6, 2021, in connection with the Convertible
Notes issuance the Company issued warrants to purchase up to 733,333 shares of common stock of the Company to the Purchasers.
On August 6, 2021, in connection with the Convertible
Notes issuance the Company also granted the lead placement agent for the Offering 26,667 warrants that are exercisable for five years
from August 6, 2021, at an exercise price of $3.30 (subject to adjustment as set forth in the Convertible Notes per the terms of the agreement)
and are vested immediately. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company recognized
$376,000 of operating expenses related to them during the year ended April 30, 2022.
On September 3, 2021, the Company granted an aggregate
total of 1,010,000 warrants to key employees and officers of the Company as compensation. The warrants have an exercise price of $0.001
per share for 1,000,000 of the warrants and $3.42 for 10,000 of the warrants, a contractual life of 10 years from the date of issuance
and are vested immediately upon grant. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company
recognized $32,381,309 of share-based compensation expense related to them during the year ended April 30, 2022.
On February 2, 2022, in connection with the Gameface
acquisition the Company issued warrants to purchase up to 478,225 shares of common stock of the Company.
On September 28, 2022, the Company issued pre-funded
warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 11,802,002 shares of its common stock, together with accompanying
common stock warrants, at a combined purchase price of $0.39 per share of the common stock and associated common stock warrant and $0.3899
per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $5.0 million (the “Offering”).
The Pre-Funded Warrants have an exercise price of $0.00001 per share of common stock and are exercisable until the Pre-Funded Warrants
are exercised in full. The shares of common stock and Pre-Funded Warrants were sold in the offering together with common stock warrants
to purchase 12,820,512 shares of common stock at an exercise price of $0.39 per share and a term of five years following the initial exercise
date (the “5-Year Warrants”) and 25,641,024 common stock warrants to purchase 25,641,024 shares of common stock at an exercise
price of $0.43 per share and a term of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date
(collectively, the “Warrants”). The Warrants issued in the Offering contain variable pricing features. The Warrants and Pre-Funded
Warrants will be exercisable beginning on the date stockholder approval is received and effective allowing exercisability of the Warrants
and Pre-Funded Warrants under Nasdaq rules. The exercise price of the Warrants was reset in January 2023 to $0.221 per share.
On January 6, 2023, the Company entered into a loan
and security agreement (the “Loan and Security Agreement”) with one or more institutional investors (the “Lenders”)
and Armistice Capital Master Fund Ltd. as agent for the Lenders (the “Agent”) for the issuance and sale of (i) a note in an
aggregate principal amount of up to $2,000,000 (the “Note”) at 4.33% interest per annum unless in default, with the initial
advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of
shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of
the Company on the date of the issuance of the Notes (collectively, the “Initial Issuance”). The closing price of the Company’s
common stock on January 6, 2023, as reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under
the Note are exercisable for up to 18,099,548 shares of the Company’s common stock. The Warrants have an exercise price per share
equal to the closing price of the common stock of the Company on the date of the issuance of the Note, or $0.221 per share and a term
of five- and one-half (5½) years following the initial exercise date. The initial exercise date of the Warrants will be the date
stockholder approval is received and effective allowing exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the
Loan and Security Agreement, an additional advance of $600,000 may be made to the Company under the Note which occurred on February 2,
2023. The Company’s obligations under the terms of the Loan and Security Agreement are fully and unconditionally guaranteed by all
of the Company’s subsidiaries (the “Guarantors”). The Company measured the warrants granted on January 6, 2023 at $3,715,557,
and discounted the note payable to $0 and recorded a derivative expense of $1,715,557. The Company recognized a loss on the change in
fair value of the derivative liability when remeasured at January 31, 2023 of $1,519,499 to bring the derivative liability to $5,235,056
at January 31, 2023. In addition, the Company recognized $273,755 in amortization of debt discount for the nine months ended January 31,
2023. On July 6, 2023, the Company failed to repay the note and is currently in default. The interest rate has since increased to 6.43%
per annum.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Jan. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
Note 13: COMMITMENTS AND CONTINGENCIES
Leases
The Company leases office space under short-term leases
with terms under a year. Total rent expense for the nine months ended January 31, 2023 and 2023 amounted to $2,800 and $6,550, respectively.
Contingencies
In connection with the Gameface acquisition on February
2, 2022, the Company agreed to earn-out consideration of common shares of the Company’s common stock with a fair value of $1,334,000
which is included as a current liability on the Company’s consolidated balance sheet as of January 31, 2023 and April 30, 2022.
The Company issued 598,396 common shares to the former Gameface shareholders in June 2022. The balance of the contingent consideration
as of October 31, 2022 is $418,455.
From time to time, the Company may become involved
in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any legal proceedings that it
currently believes would individually or taken together have a material adverse effect on the Company’s business or financial statements.
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v3.23.2
INCOME TAXES
|
9 Months Ended |
Jan. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
Note 14: INCOME TAXES
The Company does business in the US through its subsidiaries
Slinger Bag Inc. and Slinger Bag Americas. It also does business in Israel through SBL whose operations are reflected in the Company’s
consolidated financial statements. The Company’s operations in Canada, Israel, and the UK were immaterial for the periods ended
January 31, 2023 and 2022, respectively.
The Company’s policy is to record interest and
penalties on uncertain tax positions as income tax expense. There were no interest or penalties recognized in the accompanying consolidated
statements of comprehensive loss for the nine months ended January 31, 2023 and 2022.
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v3.23.2
SEGMENTS
|
9 Months Ended |
Jan. 31, 2023 |
Segment Reporting [Abstract] |
|
SEGMENTS |
Note 15: SEGMENTS
With the disposal of Foundation Sports and PlaySight
in November 2022 and December 2022, the Company has ceased reporting two segments. The Company now only operates in the equipment segment.
For previous segment reporting we refer you to our previously filed Annual Report on Form 10-K filed May 17, 2023.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
DISCONTINUED OPERATIONS
|
9 Months Ended |
Jan. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
Note 16: DISCONTINUED OPERATIONS
On November 27, 2022, the Company entered into a share
purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and Evgeni Khazanov (together, the “Buyer”)
pursuant to which the Buyer purchased 100% of the issued and outstanding shares of PlaySight from the Company in exchange for (1) releasing
the Company from all of PlaySight’s obligations towards its vendors, employees, tax authorities and any other (past, current and
future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration owed to them under their employment agreements
in the total amount of $600,000; and (3) cash consideration of $2,000,000 to be paid to the Company in the form of a promissory note that
matures on December 31, 2023.
On December 5, 2022, the Company assigned 75% of its
membership interest in Foundation Sports to Charles Ruddy, its founder and granted him the right for a period of three years to purchase
the remaining 25% of its Foundation Sports membership interests for $500,000 in cash. As of December 5, 2022, the results of Foundation
Sports will no longer be consolidated in the Company’s financial statements, and the investment was accounted for as an equity method
investment. On December 5, 2022, the Company analyzed this investment and established a reserve for the investment at the full amount
of $500,000.
The Company accounted for these sales as a disposal
of a business under ASC 205-20-50-1(a). The Company had reclassified the operations of PlaySight and Foundation Sports as discontinued
operations as the disposal represents a strategic shift that will have a major effect on the Company’s operations and financial
results. Under ASC 855-10-55, the Company has reflected the reclassification of assets and liabilities of these entities as held for sale
and the operations as discontinued operations as of and for the year ended April 30, 2022 as well as for the period May 1, 2022 through
the date of disposal for each company. As a result of this reclassification, the Company identified the following assets and liabilities
that were reclassified from continuing operations to discontinued operations as they are discontinued.
Current assets as of April 30, 2022 – Discontinued
Operations:
SCHEDULE OF
DISCONTINUED OPERATIONS
| |
| | |
| |
April 30, 2022 | |
Cash and restricted cash | |
$ | 916,082 | |
Accounts receivable | |
| 288,980 | |
Inventory | |
| 323,307 | |
Right of use asset – operating leases | |
| 239,689 | |
Prepaid expenses | |
| 490,260 | |
Current Asset | |
$ | 2,258,318 | |
Non-current assets as of April 30, 2022 – Discontinued
Operations:
| |
| | |
| |
April 30, 2022 | |
Goodwill | |
$ | 25,862,000 | |
Property and equipment, net | |
| 126,862 | |
Intangible assets, net | |
| 19,473,646 | |
Contract assets, net of current portion | |
| 209,363 | |
Finished products used in operations, net | |
| 4,693,575 | |
Non-current Asset | |
$ | 50,365,446 | |
Current liabilities as of April 30, 2022 – Discontinued
Operations:
| |
| | |
| |
April 30, 2022 | |
Accounts payable and accrued expenses | |
$ | 2,432,818 | |
Lease liability – operating leases | |
| 237,204 | |
Contract liabilities | |
| 2,545,200 | |
Current Liabilities | |
$ | 5,215,222 | |
Non-current liabilities as of April 30, 2022 –
Discontinued Operations:
| |
| | |
| |
April 30, 2022 | |
Contract liabilities, net of current portion | |
$ | 1,370,492 | |
| |
| | |
Non-Current Liabilities | |
$ | 1,370,492 | |
The Company reclassified the following operations
to discontinued operations for the nine months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 3,954,149 | | |
$ | - | |
Operating expenses | |
| 8,416,117 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (4,461,968 | ) | |
$ | - | ) |
The Company reclassified the following operations
to discontinued operations for the three months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 1,080,478 | | |
$ | - | |
Operating expenses | |
| 1,715,589 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (635,111 | ) | |
$ | - | ) |
The following represents the calculation of the loss
on disposal of PlaySight and Foundation Sports:
SCHEDULE OF CALCULATION
OF THE LOSS ON DISPOSAL
| |
| | |
Note receivable | |
$ | 2,000,000 | |
Cash and restricted cash | |
| (714,507 | ) |
Accounts receivable | |
| (411,249 | ) |
Prepaid expenses | |
| (106,031 | ) |
Inventory | |
| (296,920 | ) |
Finished products used in operations | |
| (4,117,986 | ) |
Contract assets | |
| (298,162 | ) |
Right of use asset | |
| (103,228 | ) |
Goodwill | |
| (25,862,000 | ) |
Property and equipment | |
| (116,505 | ) |
Intangible assets | |
| (18,576,475 | ) |
Contract liabilities | |
| 3,785,408 | |
Lease liabilities | |
| 78,016 | |
Accounts payable and accrued expenses | |
| 3,325,747 | |
Loss on disposal of discontinued operations | |
$ | (41,413,892 | ) |
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- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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v3.23.2
SUBSEQUENT EVENTS
|
9 Months Ended |
Jan. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Note 17: SUBSEQUENT EVENTS
On March 21, 2023, the Company received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure
to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional
basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating
that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect
to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022
(collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to
an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023,
trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023.
Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted
in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”).
Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject
to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common
stock had closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1).
On January 12, 2023, Nasdaq notified the Company that
due to the resignations from the Company’s board, audit committee and compensation committee on November 17, 2022 (“Corporate
Governance Deficiencies”), the Company no longer complies with Nasdaq’s independent director, audit committee and compensation
committee requirements as set forth in Listing Rule 5605. The Company timely submitted its plan of compliance with respect to the Corporate
Governance Deficiencies by February 27, 2023 as required by the Nasdaq. However, pursuant to Listing Rule 5810(c)(2)(A), the Corporate
Governance Deficiencies serve as an additional and separate basis for delisting and the Company.
On February 21, 2023, consistent with the Company’s
previously announced intention to request an appeal of the Staff Determination by requesting a hearing before the Nasdaq Hearings Panel
(the “Panel”) to stay the suspension of the Company’s securities and the filing of the Form 25-NSE with the SEC (the
“Hearing”), the Company appealed the Staff Determination to the Panel, and requested that the stay of delisting, which otherwise
would expire on March 8, 2023, pursuant to Listing Rule 5815(a)(1)(B), be extended until the Panel issued a final decision on the matter.
The Nasdaq granted the Company’s request to extend the stay, pending the Hearing scheduled for March 30, 2023, and a final determination
regarding the Company’s listing status. The Company is required to address the Additional Delinquency, the Delinquent Filings, and
the Corporate Governance Deficiencies before the Panel. Although the Company is working diligently to file the Delinquent Filings and
Additional Delinquency, there can be no assurance that they will be filed prior to the Hearing. If the Company’s appeal is denied
or the Company fails to timely regain compliance with Nasdaq’s continued listing standards, the Company’s common stock will
be subject to delisting on the Nasdaq.
On March 21, 2023, the Company received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure
to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional
basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating
that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect
to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022
(collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to
an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023,
trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023.
Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted
in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”).
Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject
to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common
stock had closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1).
On March 30, 2023, the Company had its hearing with
the Nasdaq.
On April 12, 2023, Nasdaq notified the Company that
the Panel had granted the Company’s request for continued listing on the Nasdaq had been granted subject to the following:
1. On or before May 31, 2023, the Company shall file
the delinquent Form 10-K for the year ended April 30, 2022, with the SEC;
2. On or before June 30, 2023, the Company shall file
all delinquent Forms 10-Q with the SEC;
3. On or before July 15th, the Company will demonstrate
compliance with Listing Rules 5605(b)(1), 5605(c)(2) and 5605(d)(2) (majority independent director, audit committee and compensation committee
composition requirements).
On April 12, 2023, the Company received a letter from
the Listing Qualifications Department of the Nasdaq indicating that the Company had not yet regained compliance with the Bid Price Rule,
which serves as an additional basis for delisting the Company’s securities from the Nasdaq. The letter further indicated that the
Panel will consider this matter in its decision regarding the Company’s continued listing on the Nasdaq Capital Market. In that
regard, the Nasdaq indicated that the Company should present its views with respect to this additional delinquency to the Panel in writing
no later than April 19, 2023, which it did.
On April 26, 2023, Nasdaq notified the Company that
the Panel had granted the Company’s request to regain compliance with the Bid Price Rule by October 9, 2023.
On June 29, 2023, the Company received an extension
until July 25, 2023 to file their delinquent 10-Q’s for the fiscal year ending April 30, 2023.
The Company offers no assurance that it will regain
compliance with the Bid Price Rule in a timely manner.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Jan. 31, 2023 |
Accounting Policies [Abstract] |
|
Interim Financial Statements |
Interim Financial Statements
The accompanying condensed financial statements of
the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain
information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant
to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary
to present fairly the results of operations of the Company for the period presented. The results of operations for the nine months ended
January 31, 2023, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending April
30, 2023 and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2022, filed
with the Securities and Exchange Commission on May 17, 2023.
|
Use of Estimates |
Use of Estimates
The preparation of consolidated financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements
and accompanying notes. Accordingly, actual results could differ from those estimates.
|
Financial Statement Reclassification |
Financial Statement Reclassification
Certain prior year amounts within accounts payable,
accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no
effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
The Company considers all highly liquid investments
with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit
card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents.
|
Accounts Receivable |
Accounts Receivable
The Company’s accounts receivable are non-interest
bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides
an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted,
the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $209,690 in allowance for doubtful
accounts for the period ended January 31, 2023 and year ended April 30, 2022.
|
Inventory |
Inventory
Inventory is valued at the lower of the cost (determined
principally on a first-in, first-out basis) or net realizable value. The Company’s valuation of inventory includes inventory reserves
for inventory that will be sold below cost and the impact of inventory shrink. Inventory reserves are based on historical information
and assumptions about future demand and inventory shrink trends. The Company’s inventory as of January 31, 2023 and April 30, 2022
consisted of the following:
SCHEDULE OF INVENTORY
| |
January 31, 2023 | | |
April 30, 2022 | |
Finished Goods | |
$ | 1,786,009 | | |
$ | 4,397,098 | |
Component/Replacement Parts | |
| 2,064,041 | | |
| 2,559,848 | |
Capitalized Duty/Freight | |
| 416,169 | | |
| 1,328,198 | |
Inventory Reserve | |
| (300,000 | ) | |
| (100,000 | ) |
Total | |
$ | 3,966,219 | | |
$ | 8,185,144 | |
|
Prepaid Inventory |
Prepaid Inventory
Prepaid inventory represents inventory that is in-transit
that has been paid for but not received from the Company’s third-party vendors. The Company typically prepays for the purchase of
materials and receives the products within three months after making payments. The Company continuously monitors delivery from, and payments
to, the vendors. If the Company has difficulty receiving products from a vendor, the Company would cease purchasing products from such
vendors in future periods. The Company has not had difficulty receiving products during the reporting periods.
|
Property and equipment |
Property and equipment
Property and equipment acquired through business combinations
are stated at the estimated fair value at the date of the acquisition. Purchases of property and equipment are stated at cost, net of
accumulated depreciation and impairment losses. Expenditures that materially increase the useful life of the assets are capitalized. Ordinary
repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated
useful lives of the related assets, which is an average of 5 years.
|
Concentration of Credit Risk |
Concentration of Credit Risk
The Company maintains its cash in bank deposit accounts,
the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently
has not experienced any losses in such accounts. While we may be exposed to credit risk, we consider the risk remote and do not expect
that any such risk would result in a significant effect on our results of operations or financial condition. See Note 4 for further details
on the Company’s concentration of credit risk as well as other risks and uncertainties.
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue for their continuing
operations in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity
should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration
to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its
performance obligation associated with its contracts with customers at a point in time once products are shipped. Amounts collected from
customers in advance of shipping products ordered are reflected as contract liabilities on the accompanying consolidated balance sheets.
The Company’s standard terms are non-cancelable and do not provide for the right-of-return, other than for defective merchandise
covered under the Company’s standard warranty. The Company has not historically experienced any significant returns or warranty
issues.
The Company recognizes revenue under ASC 606, “Revenue
from Contracts with Customers”. The core principle of this revenue standard is that a company should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be
entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:
Step 1: Identify the contract with the customer
The Company determines that it has a contract with
a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for
the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial
substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single
contract and whether the combined or single contract includes more than one performance obligation.
Step 2: Identify the performance obligations in the
contract
The Company’s customers are buying an integrated
system. In evaluating whether the equipment is a separate performance obligation, the Company’s management considered the customer’s
ability to benefit from the equipment on its own or together with other readily available resources and if so, whether the service and
equipment are separately identifiable (i.e., is the service highly dependent on, or highly interrelated with the equipment). Because the
Products and Services included in the customer’s contract are integrated and highly interdependent, and because they must work together
to deliver the Solution, the Company has concluded that Products installed on customer’s premise and Services contracted for by
the customer are generally not distinct within the context of the contract and, therefore, constitute a single, combined performance obligation.
Step 3: Determine the transaction price
The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised
in a contract with a customer includes predetermined fixed amounts, variable amounts, or both. The Company’s contracts do not include
any rights of returns or refunds.
The Company collects each year’s service fees
in advance and should therefore consider the existence of a significant financing component. However, due to the fact that the payments
are provided for the service of a one-year term, the Company elected to apply the practical expedient under ASC 606 which exempts the
adjustment of the consideration for the existence of a significant financing component when the period between the transfer of the services
and the payment for such services is one year or less.
Step 4: Allocate the transaction price to the performance
obligations in the contract
Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone
selling price (“SSP”). The Company has identified a single performance obligation in the contract, and therefore, the allocation
provisions under ASC 606 do not apply to the Company’s contracts.
Step 5: Recognize revenue when the Company satisfies
a performance obligation
Revenues for the Company’s single, combined
performance obligation are recognized on a straight-line basis over the customer’s contract term, which is the period in which the
parties to the contract have enforceable rights and obligations (Typically 3-4 years).
|
Business Combinations |
Business Combinations
Upon acquisition of a company, we determine if the
transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method,
once control is obtained of a business, the assets acquired, and liabilities assumed, are recorded at fair value. We use our best estimates
and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One
of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of
the fair values is based on estimates and judgments made by management. Our estimates of fair value are based upon assumptions we believe
to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments are reflected at the time identified,
up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets
acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. We may record adjustments to the
fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company
elected to apply pushdown accounting to all entities acquired.
Additionally, uncertain tax positions and tax-related
valuation allowances are initially recorded in connection with a business combination as of the acquisition date. We continue to collect
information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill,
provided we are within the measurement period. If outside of the measurement period, any subsequent adjustments are recorded to the consolidated
statement of operations.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
Fair value of financial and non-financial assets and
liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes
the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows:
Level 1 — Quoted prices in active markets for
identical assets or liabilities
Level 2 — Observable inputs other than quoted
prices in active markets for identical assets and liabilities
Level 3 — Unobservable pricing inputs in the
market
Financial assets and financial liabilities are classified
in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance
of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being
measured and their categorization within the fair value hierarchy.
The Company’s financial instruments consist
of cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximates
fair value due to their short-term maturity.
The Company’s contingent consideration in connection
with the acquisition of Gameface was calculated using Level 3 inputs. The fair value of contingent consideration as of January 31, 2023
and April 30, 2022 was $418,455 and $1,334,000, respectively.
The Company estimates the fair value of its intangible
assets using Level 3 assumptions, primarily based on the income approach utilizing the discounted cash flow method.
The Company’s derivative liabilities were calculated
using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following
ending balances and gain amounts as of and for the nine months ended January 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
Note derivative is related to | |
January 31, 2023
ending balance | | |
(Gain) loss for nine months ended
January 31, 2023 | |
4/11/21 profit guaranty | |
$ | 1,429,620 | | |
$ | 368,070 | |
8/6/21 convertible notes | |
| 187,810 | | |
| (2,525,524 | ) |
6/17/22 underwriter warrants | |
| 11,878 | | |
| (52,604 | ) |
Other derivative liabilities eliminated in uplist | |
| - | | |
| (1,604,413 | ) |
9/30/22 warrants issued with common stock | |
| 11,279,572 | | |
| (1,000,715 | ) |
1/6/2023 warrants issued with note payable | |
| 5,235,056 | | |
| 1,519,499 | |
Total | |
$ | 18,143,936 | | |
$ | (3,295,687 | ) |
The Company also recognized derivative expense of
$7,280,405 at inception on the warrants issued in connection with a funding on September 30, 2022 and $1,715,557 at inception on the warrants
issued in connection with a funding on January 6, 2023. The Black-Scholes option pricing model assumptions for the derivative liabilities
during the nine months ended January 31, 2023 and year ended April 30, 2022 consisted of the following:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 3.51-10 years | | |
| 1.95-4.3 years | |
Stock price volatility | |
| 50 - 150 | % | |
| 50 | % |
Risk free interest rate | |
| 2.90%-4.34 | % | |
| 2.67%-2.90 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
Refer to Note 10 and Note 11 for more information
regarding the derivative instruments.
|
Income Taxes |
Income Taxes
Income taxes are accounted for in accordance with
the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amounts that are more likely than not to be realized.
|
Intangible Assets |
Intangible Assets
Intangible assets relate to the “Slinger”
technology trademark, which the Company purchased on November 10, 2020. The trademark is amortized over its expected life of 20 years.
Amortization expense for the nine months ended January 31, 2023 and 2022 was $4,335 and $4,335, respectively. The Company also acquired
intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and
customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class
of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are
included in discontinued operations. Refer to Note 6 for more information.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
In accordance with ASC 360-10, the Company evaluates
long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable.
Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating
results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the
market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company
compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful
lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if
any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of
those assets and is recorded in the period in which the determination is made. There was no impairment of long-lived assets identified
during the nine months ended January 31, 2023 and 2022 in our continuing operations.
|
Goodwill |
Goodwill
The Company accounts for goodwill in accordance with
ASC 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill not be amortized, but reviewed for impairment
if impairment indicators arise and, at a minimum, annually. The Company records goodwill as the excess purchase price over assets acquired
and includes any work force acquired as goodwill. Goodwill is evaluated for impairment on an annual basis.
With the adoption of the ASU 2017-04, which eliminates
the second step of the goodwill impairment test, the Company tests impairment of goodwill in one step. In this step, the Company compares
the fair value of each reporting unit with goodwill to its carrying value. The Company determines the fair value of its reporting units
with goodwill using a combination of a discounted cash flow and a market value approach. If the carrying value of the net assets assigned
to the reporting unit exceeds the fair value of the reporting unit, the Company will record an impairment charge based on the excess of
a reporting unit’s carrying amount over its fair value. If the fair value of the reporting unit exceeds the carrying value of the
net assets assigned to that reporting unit, goodwill is not impaired and the Company will not record an impairment charge.
There was no impairment of goodwill as of January
31, 2023 for any of our continuing operations.
|
Share-Based Payment |
Share-Based Payment
The Company accounts for share-based compensation
in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line
basis over the requisite service period, which is the vesting period.
|
Warrants |
Warrants
The Company grants warrants to key employees and executives
as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other
key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense
that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection
with ongoing arrangements are more fully described in Note 11 and Note 14.
The warrants granted during the nine months ended
January 31, 2023 and year ended April 30, 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following
assumptions:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 5 – 10 years | | |
| 5 – 10 years | |
Stock price volatility | |
| 50% - 150 | % | |
| 50%
- 148 | % |
Risk free interest rate | |
| 2.50% - 4.27 | % | |
| 0.77% - 1.63 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
|
Foreign Currency Translation |
Foreign Currency Translation
Our functional currency is the U.S. dollar. The functional
currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of
foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated
statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized
cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized
and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency
of the applicable entity are recorded in other income (loss) in the period in which they occur.
|
Earnings Per Share |
Earnings Per Share
Basic earnings per share are calculated by dividing
income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per
share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period.
All common stock equivalents such as shares to be
issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect
is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
Recently Adopted
In January 2017, the Financial Accounting Standards
Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill
Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step
2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting
unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting
unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December
15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not
have a material effect on the Company’s consolidated financial statements.
In December 2019, the FASB issued Accounting Standards
Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC 740, Income Taxes (ASC
740). This update is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in ASC
740 and amending existing guidance to improve consistent application of ASC 740. This update is effective for fiscal years beginning after
December 15, 2021. The guidance in this update has various elements, some of which are applied on a prospective basis and others on a
retrospective basis with earlier application permitted. The adoption of the new standard did not have a material effect on the Company’s
consolidated financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt
- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting
for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock.
Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared
with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features
that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a
scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums
are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s
own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than
fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating
the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures.
In June 2016, the FASB issued ASU 2016-13, Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). The guidance
replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”)
methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized
cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted
for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments
in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant
estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s
portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit
losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to
sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for
SEC filers and January 1, 2023 for private companies and smaller reporting companies. The Company has not yet adopted this ASU as it qualifies
as a smaller reporting company. The Company does not expect this ASU will have a material impact on its consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, “Business
Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity
and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination.
The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business
combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after
December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material
impact on the Company’s financial statements.
The FASB has issued ASU 2021-04, Earnings Per Share
(Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat
a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified
after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on
how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call
option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December
15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did
not have a material effect on the Company’s consolidated financial statements.
Other recently issued accounting pronouncements did
not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Jan. 31, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
SCHEDULE OF INVENTORY |
SCHEDULE OF INVENTORY
| |
January 31, 2023 | | |
April 30, 2022 | |
Finished Goods | |
$ | 1,786,009 | | |
$ | 4,397,098 | |
Component/Replacement Parts | |
| 2,064,041 | | |
| 2,559,848 | |
Capitalized Duty/Freight | |
| 416,169 | | |
| 1,328,198 | |
Inventory Reserve | |
| (300,000 | ) | |
| (100,000 | ) |
Total | |
$ | 3,966,219 | | |
$ | 8,185,144 | |
|
SCHEDULE OF DERIVATIVE LIABILITIES |
The Company’s derivative liabilities were calculated
using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following
ending balances and gain amounts as of and for the nine months ended January 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
Note derivative is related to | |
January 31, 2023
ending balance | | |
(Gain) loss for nine months ended
January 31, 2023 | |
4/11/21 profit guaranty | |
$ | 1,429,620 | | |
$ | 368,070 | |
8/6/21 convertible notes | |
| 187,810 | | |
| (2,525,524 | ) |
6/17/22 underwriter warrants | |
| 11,878 | | |
| (52,604 | ) |
Other derivative liabilities eliminated in uplist | |
| - | | |
| (1,604,413 | ) |
9/30/22 warrants issued with common stock | |
| 11,279,572 | | |
| (1,000,715 | ) |
1/6/2023 warrants issued with note payable | |
| 5,235,056 | | |
| 1,519,499 | |
Total | |
$ | 18,143,936 | | |
$ | (3,295,687 | ) |
|
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD |
The Company also recognized derivative expense of
$7,280,405 at inception on the warrants issued in connection with a funding on September 30, 2022 and $1,715,557 at inception on the warrants
issued in connection with a funding on January 6, 2023. The Black-Scholes option pricing model assumptions for the derivative liabilities
during the nine months ended January 31, 2023 and year ended April 30, 2022 consisted of the following:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 3.51-10 years | | |
| 1.95-4.3 years | |
Stock price volatility | |
| 50 - 150 | % | |
| 50 | % |
Risk free interest rate | |
| 2.90%-4.34 | % | |
| 2.67%-2.90 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
|
Warrant [Member] |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD |
The warrants granted during the nine months ended
January 31, 2023 and year ended April 30, 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following
assumptions:
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING
METHOD
| |
Nine Months Ended
January 31, 2023 | | |
Year Ended
April 30, 2022 | |
Expected life in years | |
| 5 – 10 years | | |
| 5 – 10 years | |
Stock price volatility | |
| 50% - 150 | % | |
| 50%
- 148 | % |
Risk free interest rate | |
| 2.50% - 4.27 | % | |
| 0.77% - 1.63 | % |
Expected dividends | |
| 0 | % | |
| 0 | % |
|
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v3.23.2
ACQUISITIONS AND BUSINESS COMBINATIONS (Tables)
|
9 Months Ended |
Jan. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF PROFORMA FINANCIAL INFORMATION |
The following pro forma financial information presents
the results of operations of the Company as of the nine months ended January 31, 2023 and 2022, respectively, as if the acquisitions of
Gameface had occurred as of the beginning of the first period presented instead of February 2022. The pro forma financial information
of the Company as of the nine months ended January 31, 2022 is as follows:
SCHEDULE OF PROFORMA FINANCIAL INFORMATION
| |
| | |
Revenues | |
$ | 12,151,486 | |
Net loss | |
$ | (46,130,471 | ) |
| |
| | |
Basic and diluted earnings (loss) per share | |
$ | (12.35 | ) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.2
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Intangible assets reflect only those intangible assets
of our continuing operations, and consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
January 31, 2023 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 15,829 | | |
| - | | |
$ | 369,753 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 84,102 | | |
| - | | |
| 3,845,898 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 27,410 | | |
| - | | |
| 552,590 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 127,341 | | |
$ | - | | |
$ | 4,768,241 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
| |
Weighted | | |
| |
| |
Average Period | | |
April 30, 2022 | |
| |
Amortization (in years) | | |
Carrying Value | | |
Accumulated Amortization | | |
Impairment Loss | | |
Net Carrying Value | |
Tradenames | |
| 15.26 | | |
$ | 385,582 | | |
$ | 9,478 | | |
| - | | |
$ | 376,104 | |
Customer relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 33,749 | | |
| - | | |
| 3,896,251 | |
Internally developed software | |
| 4.91 | | |
| 580,000 | | |
| 9,499 | | |
| - | | |
| 570,501 | |
Total intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 52,726 | | |
$ | - | | |
$ | 4,842,856 | |
|
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION |
As of January 31, 2023, the estimated future amortization
expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows:
SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION
For the Periods Ended January 31, | |
Amortization Expense | |
2024 | |
$ | 544,781 | |
2025 | |
| 544,781 | |
2026 | |
| 544,781 | |
2027 | |
| 544,781 | |
2028 | |
| 426,815 | |
Thereafter | |
| 2,162,302 | |
Total | |
$ | 4,768,241 | |
|
X |
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v3.23.2
ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Jan. 31, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES |
The composition of accrued expenses is summarized
below:
SCHEDULE
OF ACCRUED EXPENSES
| |
January 31, 2023 | | |
April 30, 2022 | |
Accrued payroll | |
$ | 1,545,123 | | |
$ | 921,759 | |
Accrued bonus | |
| 1,611,606 | | |
| 1,014,833 | |
Accrued professional fees | |
| 1,300,000 | | |
| 1,706,560 | |
Other accrued expenses | |
| 984,697 | | |
| 738,749 | |
Total | |
$ | 5,441,426 | | |
$ | 4,381,901 | |
|
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v3.23.2
DISCONTINUED OPERATIONS (Tables)
|
9 Months Ended |
Jan. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SCHEDULE OF DISCONTINUED OPERATIONS |
Current assets as of April 30, 2022 – Discontinued
Operations:
SCHEDULE OF
DISCONTINUED OPERATIONS
| |
| | |
| |
April 30, 2022 | |
Cash and restricted cash | |
$ | 916,082 | |
Accounts receivable | |
| 288,980 | |
Inventory | |
| 323,307 | |
Right of use asset – operating leases | |
| 239,689 | |
Prepaid expenses | |
| 490,260 | |
Current Asset | |
$ | 2,258,318 | |
Non-current assets as of April 30, 2022 – Discontinued
Operations:
| |
| | |
| |
April 30, 2022 | |
Goodwill | |
$ | 25,862,000 | |
Property and equipment, net | |
| 126,862 | |
Intangible assets, net | |
| 19,473,646 | |
Contract assets, net of current portion | |
| 209,363 | |
Finished products used in operations, net | |
| 4,693,575 | |
Non-current Asset | |
$ | 50,365,446 | |
Current liabilities as of April 30, 2022 – Discontinued
Operations:
| |
| | |
| |
April 30, 2022 | |
Accounts payable and accrued expenses | |
$ | 2,432,818 | |
Lease liability – operating leases | |
| 237,204 | |
Contract liabilities | |
| 2,545,200 | |
Current Liabilities | |
$ | 5,215,222 | |
Non-current liabilities as of April 30, 2022 –
Discontinued Operations:
| |
| | |
| |
April 30, 2022 | |
Contract liabilities, net of current portion | |
$ | 1,370,492 | |
| |
| | |
Non-Current Liabilities | |
$ | 1,370,492 | |
The Company reclassified the following operations
to discontinued operations for the nine months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 3,954,149 | | |
$ | - | |
Operating expenses | |
| 8,416,117 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (4,461,968 | ) | |
$ | - | ) |
The Company reclassified the following operations
to discontinued operations for the three months ended January 31, 2023 and 2022, respectively.
| |
| | | |
| | |
| |
2023 | | |
2022 | |
Revenue | |
$ | 1,080,478 | | |
$ | - | |
Operating expenses | |
| 1,715,589 | | |
| - | |
Other (income) loss | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (635,111 | ) | |
$ | - | ) |
|
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL |
The following represents the calculation of the loss
on disposal of PlaySight and Foundation Sports:
SCHEDULE OF CALCULATION
OF THE LOSS ON DISPOSAL
| |
| | |
Note receivable | |
$ | 2,000,000 | |
Cash and restricted cash | |
| (714,507 | ) |
Accounts receivable | |
| (411,249 | ) |
Prepaid expenses | |
| (106,031 | ) |
Inventory | |
| (296,920 | ) |
Finished products used in operations | |
| (4,117,986 | ) |
Contract assets | |
| (298,162 | ) |
Right of use asset | |
| (103,228 | ) |
Goodwill | |
| (25,862,000 | ) |
Property and equipment | |
| (116,505 | ) |
Intangible assets | |
| (18,576,475 | ) |
Contract liabilities | |
| 3,785,408 | |
Lease liabilities | |
| 78,016 | |
Accounts payable and accrued expenses | |
| 3,325,747 | |
Loss on disposal of discontinued operations | |
$ | (41,413,892 | ) |
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v3.23.2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
|
|
|
Jun. 14, 2022 |
Sep. 16, 2019 |
Aug. 23, 2019 |
Apr. 30, 2022 |
Dec. 05, 2022 |
Jun. 21, 2021 |
Feb. 10, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Intangible assets of goodwill |
|
|
|
$ 3,486,599
|
|
|
|
Reverse stock split |
1-for-10
reverse stock split
|
|
|
|
|
|
|
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Number of shares issued for acquisition |
|
|
2,000,000
|
|
|
|
|
Number of value issued for acquisition |
|
|
$ 332,239
|
|
|
|
|
Sole Shareholder of SBL [Member] | Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Number of shares owned |
|
2,000,000
|
|
|
|
|
|
Slinger Bag Americas Inc [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Percentage of ownership |
|
100.00%
|
100.00%
|
|
|
|
100.00%
|
Number of shares exchanged |
|
2,000,000
|
|
|
|
|
|
Sole Shareholder of SBL [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Percentage of ownership |
|
82.00%
|
|
|
|
|
|
Foundation Sports Systems LLC [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Percentage of ownership |
|
|
|
|
75.00%
|
|
|
Foundation Sports Systems LLC [Member] | Charles Ruddy [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Percentage of ownership |
|
|
|
|
|
100.00%
|
|
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v3.23.2
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Accounting Policies [Abstract] |
|
|
Finished Goods |
$ 1,786,009
|
$ 4,397,098
|
Component/Replacement Parts |
2,064,041
|
2,559,848
|
Capitalized Duty/Freight |
416,169
|
1,328,198
|
Inventory Reserve |
(300,000)
|
(100,000)
|
Total |
$ 3,966,219
|
$ 8,185,144
|
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v3.23.2
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($)
|
9 Months Ended |
Jan. 31, 2023 |
Jan. 31, 2022 |
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
$ 18,143,936
|
|
Note derivative (gain) loss |
(3,295,687)
|
$ (15,074,880)
|
Profit Guaranty [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
1,429,620
|
|
Note derivative (gain) loss |
368,070
|
|
Convertible Notes [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
187,810
|
|
Note derivative (gain) loss |
(2,525,524)
|
|
Underwriter Warrants [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
11,878
|
|
Note derivative (gain) loss |
(52,604)
|
|
Other Derivative Liabilities [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
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|
|
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(1,604,413)
|
|
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|
|
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
11,279,572
|
|
Note derivative (gain) loss |
(1,000,715)
|
|
Warrants Issued With Notes Payable [Member] |
|
|
Offsetting Assets [Line Items] |
|
|
Note derivative balance |
5,235,056
|
|
Note derivative (gain) loss |
$ 1,519,499
|
|
X |
- DefinitionAmount of increase (decrease) in the fair value of derivatives recognized in the income statement.
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v3.23.2
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details)
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2023 |
Apr. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, term |
5 years
|
|
Measurement Input, Expected Dividend Rate [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
0
|
0
|
Measurement Input, Expected Dividend Rate [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
0
|
0
|
Minimum [Member] | Measurement Input, Expected Term [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liabilities measurement input |
3 years 6 months 3 days
|
1 year 11 months 12 days
|
Minimum [Member] | Measurement Input, Expected Term [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, term |
5 years
|
5 years
|
Minimum [Member] | Measurement Input, Price Volatility [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
50
|
50
|
Minimum [Member] | Measurement Input, Price Volatility [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
50
|
50
|
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
2.90
|
2.67
|
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
2.50
|
0.77
|
Maximum [Member] | Measurement Input, Expected Term [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liabilities measurement input |
10 years
|
4 years 3 months 18 days
|
Maximum [Member] | Measurement Input, Expected Term [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, term |
10 years
|
10 years
|
Maximum [Member] | Measurement Input, Price Volatility [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
150
|
|
Maximum [Member] | Measurement Input, Price Volatility [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
150
|
148
|
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | Valuation Technique, Option Pricing Model [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
4.34
|
2.90
|
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | Valuation Technique, Option Pricing Model [Member] | Warrant [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
4.27
|
1.63
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Allowance for doubtful accounts |
$ 209,690
|
|
$ 209,690
|
Property plant and equipment, useful life |
5 years
|
|
|
Finite lived intangible asset useful life |
20 years
|
|
|
Amortization expense |
$ 74,615
|
$ 4,335
|
|
Impairment of long-lived assets |
0
|
0
|
|
Goodwill impairment charges |
0
|
|
|
Trademarks [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Amortization expense |
4,335
|
$ 4,335
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Fair value of contingent consideration |
$ 418,455
|
|
$ 1,334,000
|
X |
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2023 |
Apr. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Finite-Lived |
|
$ 3,486,599
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 4,768,241
|
4,842,856
|
Trade Names And Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
385,582
|
|
Finite-Lived Intangible Assets, Accumulated Amortization |
15,829
|
|
Impairment of Intangible Assets, Finite-Lived |
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 369,753
|
|
Weighted average amortization |
15 years 3 months 3 days
|
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
$ 3,930,000
|
3,930,000
|
Finite-Lived Intangible Assets, Accumulated Amortization |
84,102
|
33,749
|
Impairment of Intangible Assets, Finite-Lived |
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 3,845,898
|
$ 3,896,251
|
Weighted average amortization |
9 years 11 months 1 day
|
9 years 11 months 1 day
|
Computer Software, Intangible Asset [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
$ 580,000
|
$ 580,000
|
Finite-Lived Intangible Assets, Accumulated Amortization |
27,410
|
9,499
|
Impairment of Intangible Assets, Finite-Lived |
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 552,590
|
$ 570,501
|
Weighted average amortization |
4 years 10 months 28 days
|
4 years 10 months 28 days
|
Intangiable Asset [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
$ 4,895,582
|
$ 4,895,582
|
Finite-Lived Intangible Assets, Accumulated Amortization |
127,341
|
52,726
|
Impairment of Intangible Assets, Finite-Lived |
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 4,768,241
|
4,842,856
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
|
385,582
|
Finite-Lived Intangible Assets, Accumulated Amortization |
|
9,478
|
Impairment of Intangible Assets, Finite-Lived |
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
|
$ 376,104
|
Weighted average amortization |
|
15 years 3 months 3 days
|
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v3.23.2
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION (Details) - USD ($)
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 544,781
|
|
2025 |
544,781
|
|
2026 |
544,781
|
|
2027 |
544,781
|
|
2028 |
426,815
|
|
Thereafter |
2,162,302
|
|
Total |
$ 4,768,241
|
$ 4,842,856
|
X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.23.2
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll |
$ 1,545,123
|
$ 921,759
|
Accrued bonus |
1,611,606
|
1,014,833
|
Accrued professional fees |
1,300,000
|
1,706,560
|
Other accrued expenses |
984,697
|
738,749
|
Total |
$ 5,441,426
|
$ 4,381,901
|
X |
- DefinitionAmount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.
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v3.23.2
NOTE PAYABLE - RELATED PARTY (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Jan. 14, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Proceeds from related party debt |
|
|
|
|
$ 3,000,000
|
|
Related Party [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Outstanding borrowings |
|
$ 1,953,115
|
|
1,953,115
|
|
$ 2,000,000
|
Interest expense |
|
95,319
|
$ 28,167
|
177,773
|
$ 106,895
|
|
Accrued interest |
|
$ 999,257
|
|
$ 999,257
|
|
$ 908,756
|
Loan Agreement One [Member] | Related Party [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Loans payable |
$ 1,000,000
|
|
|
|
|
|
Proceeds from related party debt |
$ 2,000,000
|
|
|
|
|
|
Interest rate |
8.00%
|
|
|
|
|
|
Loan Agreement Two [Member] | Related Party [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Loans payable |
$ 1,000,000
|
|
|
|
|
|
Proceeds from related party debt |
$ 2,000,000
|
|
|
|
|
|
Interest rate |
8.00%
|
|
|
|
|
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jun. 17, 2022 |
Jun. 17, 2022 |
Jun. 15, 2022 |
Dec. 31, 2021 |
Aug. 06, 2021 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Oct. 31, 2021 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Warrants term |
|
|
|
|
|
5 years
|
|
|
5 years
|
|
|
Warrants |
|
|
|
|
|
$ 12,026,668
|
|
|
$ 12,026,668
|
|
|
Derivative liabilities |
|
|
|
|
|
1,862,450
|
|
|
1,862,450
|
|
|
Debt issuance cost |
|
|
|
|
|
|
|
$ 800,251
|
|
|
|
Convertible debt discount |
|
|
|
|
|
|
|
14,689,369
|
|
|
|
Loss on issuance of convertible notes |
|
|
|
|
|
|
$ (2,200,000)
|
$ 3,689,369
|
|
$ (5,889,369)
|
|
Convertible note description |
|
|
|
On December 31, 2021, the Company entered into an
Omnibus Amendment Agreement (the “Omnibus Agreement”) with certain Purchasers who are collectively holders of 67% or more
of the Securities outstanding related to the August 6, 2021 Convertible Notes, amending each of (i) the Purchase Agreement and (ii) the
Registration Rights Agreement. Simultaneously with the execution of the Omnibus Agreement, the Company issued to each Purchaser a Replacement
Note (as defined below) in replacement of the Convertible Note held prior to December 31, 2021 by such Purchaser (each, an “Existing
Note”).
|
|
|
|
|
|
|
|
Debt conversion of convertible notes, shares |
4,389,469
|
|
4,389,469
|
|
|
|
|
|
|
|
|
Convertiable notes |
$ 13,200,000
|
$ 13,200,000
|
|
|
|
$ 0
|
|
|
$ 0
|
|
$ 13,200,000
|
Accrued interest |
|
846,301
|
|
|
|
|
|
|
|
|
|
Convertible Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt discount |
$ 122,222
|
$ 122,222
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
8.00%
|
|
|
|
|
|
|
Senior convertible notes |
|
|
|
|
$ 11,000,000
|
|
|
|
|
|
|
Warrants issued to purchase of common stock, shares |
|
|
|
|
733,333
|
|
|
|
|
|
|
Gross proceeds from issuance of senior convertible notes |
|
|
|
|
$ 11,000,000
|
|
|
|
|
|
|
Convertible notes maturity date |
|
|
|
|
Aug. 06, 2022
|
|
|
|
|
|
|
Conversion price |
|
|
|
|
$ 3.00
|
|
|
|
|
|
|
Warrants term |
|
|
|
|
5 years
|
|
|
|
|
|
|
Warrants rights date from which warrants exercisable |
|
|
|
|
Aug. 06, 2021
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
$ 3.00
|
|
|
|
|
|
|
Omnibus Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
|
|
|
|
|
|
|
20.00%
|
Loss on issuance of convertible notes |
|
|
|
|
|
|
|
|
|
|
$ 2,200,000
|
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v3.23.2
NOTES PAYABLE (Details Narrative)
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
Jan. 31, 2023
USD ($)
|
Jan. 06, 2023
USD ($)
$ / shares
shares
|
Jan. 06, 2023
USD ($)
$ / shares
shares
|
Aug. 01, 2022
USD ($)
|
Jul. 29, 2022
USD ($)
|
May 01, 2022
shares
|
Feb. 15, 2022
USD ($)
Integer
|
Apr. 11, 2021
USD ($)
shares
|
Jan. 31, 2023
USD ($)
|
Oct. 31, 2022
USD ($)
|
Jul. 31, 2022
USD ($)
|
Jan. 31, 2022
USD ($)
|
Jan. 31, 2023
USD ($)
|
Jan. 31, 2022
USD ($)
|
Jun. 17, 2022
USD ($)
|
Apr. 30, 2022
USD ($)
|
Apr. 01, 2022
USD ($)
|
Dec. 24, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
$ 0
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
$ 0
|
|
$ 13,200,000
|
$ 13,200,000
|
|
|
|
Shares issued | shares |
|
|
|
|
|
6,063,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Extinguishment of debt |
|
|
|
|
|
|
|
$ 1,501,914
|
|
|
|
|
|
$ (7,096,730)
|
|
|
|
|
|
Debt conversion, amount |
|
|
|
|
|
|
|
1,250,004
|
|
|
|
|
|
|
|
|
|
|
|
Consideration |
|
|
|
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Consignment units | Integer |
|
|
|
|
|
|
13,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of debt |
4,000,000
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
1,390,000
|
11,000,000
|
|
|
|
|
|
Warrants granted |
|
|
|
|
|
|
|
|
|
|
$ 4,195,000
|
|
|
|
|
|
|
|
|
Derivative expense |
|
|
|
|
|
|
|
|
1,715,557
|
|
|
|
8,995,962
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
3,145,977
|
$ 5,400,285
|
|
|
|
|
|
Valuation Technique, Option Pricing Model [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liability |
|
|
|
|
|
|
|
$ 1,251,910
|
|
|
|
|
|
|
|
|
|
|
|
Promissory Note Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued | shares |
|
|
|
|
|
|
|
27,233
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
|
|
|
|
Payables |
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of derivative liability |
$ 1,429,620
|
|
|
|
|
|
|
|
$ 1,429,620
|
|
|
|
$ 1,429,620
|
|
|
$ 1,061,550
|
|
|
|
Promissory Note Payable [Member] | Third Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.25%
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
Loan Agreement [Member] | Montsaic Investments, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 120,000
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.60%
|
UFS Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of consideration received |
|
|
|
|
$ 1,124,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash less fees |
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] | Each Week for Next Three Weeks [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
13,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] | Thereafter Per Week [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
44,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of consideration received |
|
|
|
|
1,124,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash less fees |
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Agreement [Member] | Each Week for Next Three Weeks [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
13,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Agreement [Member] | Thereafter Per Week [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
$ 44,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
643.00%
|
|
|
|
|
|
|
|
643.00%
|
|
|
|
643.00%
|
|
|
|
|
|
|
Borrowing from notes payable |
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share | $ / shares |
|
$ 0.221
|
$ 0.221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative expense |
$ 1,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value derivate liability |
1,519,499
|
|
|
|
|
|
|
|
$ 1,519,499
|
|
|
|
$ 1,519,499
|
|
|
|
|
|
|
Derivative liability |
$ 5,235,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 273,755
|
|
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
3,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
1,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
$ 2,000,000
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock exercisable, shares | shares |
|
18,099,548
|
18,099,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - Related Party [Member] - USD ($)
|
9 Months Ended |
|
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
Outstanding notes payable |
$ 1,953,115
|
|
$ 2,000,000
|
Accrued interest - related party |
999,257
|
|
908,756
|
Revenue from related parties |
104,586
|
$ 424,394
|
|
Outstanding accounts receivable |
$ 25,355
|
|
$ 93,535
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
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Data Type: |
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Balance Type: |
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Period Type: |
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v3.23.2
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
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1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Jan. 31, 2023 |
Jan. 26, 2023 |
Jan. 06, 2023 |
Jan. 06, 2023 |
Nov. 21, 2022 |
Oct. 12, 2022 |
Sep. 28, 2022 |
Aug. 25, 2022 |
Jun. 27, 2022 |
Jun. 17, 2022 |
Jun. 15, 2022 |
May 01, 2022 |
Feb. 02, 2022 |
Jan. 11, 2022 |
Oct. 11, 2021 |
Sep. 03, 2021 |
Aug. 06, 2021 |
Jul. 11, 2021 |
Jul. 06, 2021 |
Jun. 23, 2021 |
May 26, 2021 |
Oct. 28, 2020 |
Jun. 30, 2022 |
Apr. 30, 2022 |
Jan. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Jan. 31, 2022 |
Oct. 31, 2021 |
Jul. 31, 2021 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Oct. 29, 2020 |
Common stock, shares authorized |
300,000,000
|
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|
|
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300,000,000
|
300,000,000
|
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|
300,000,000
|
|
300,000,000
|
|
Common stock, par value |
$ 0.001
|
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|
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$ 0.001
|
$ 0.001
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Common shares issuable |
13,543,155
|
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|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
4,194,836
|
13,543,155
|
|
|
|
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|
13,543,155
|
|
4,194,836
|
|
Common stock, shares outstanding |
13,543,155
|
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|
|
|
|
|
|
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4,194,836
|
13,543,155
|
|
|
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|
|
13,543,155
|
|
4,194,836
|
|
Number of common stock, shares issued |
|
|
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|
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|
6,063,145
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|
|
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|
Debt conversion of convertible notes, shares |
|
|
|
|
|
|
|
|
|
4,389,469
|
4,389,469
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Shares issued for services |
|
6,000
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|
|
|
|
|
|
|
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|
|
|
|
|
|
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Common stock warrants aggregate amount |
$ 12,026,668
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$ 12,026,668
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|
$ 12,026,668
|
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|
Proceeds from common stock |
|
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|
|
|
|
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|
|
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|
|
|
|
|
|
$ 9,194,882
|
|
|
|
Number of stock issued |
|
279,739
|
|
|
27,000
|
1,923,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
598,396
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock issued, value |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
$ 915,545
|
|
|
$ 3,550,000
|
|
|
|
|
Warrants, term |
5 years
|
|
|
|
|
|
|
|
|
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|
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5 years
|
|
|
|
|
|
5 years
|
|
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|
Operating expenses related |
|
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|
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|
|
|
|
|
|
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|
$ 2,110,443
|
|
|
$ 3,715,834
|
|
|
$ 11,000,270
|
43,612,436
|
|
|
Aggregate principal amount |
$ 0
|
|
|
|
|
|
|
|
|
$ 13,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 13,200,000
|
0
|
|
|
|
|
|
0
|
|
$ 13,200,000
|
|
Borrowing from notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,390,000
|
11,000,000
|
|
|
Warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
$ 4,195,000
|
|
|
|
|
|
|
|
Derivative expense |
|
|
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|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
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|
|
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|
$ 1,715,557
|
|
|
|
|
|
8,995,962
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
3,145,977
|
$ 5,400,285
|
|
|
Common Stock [Member] |
|
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|
|
|
|
|
|
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|
|
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|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,018,510
|
1,048,750
|
|
|
|
|
|
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Shares issued for services |
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
25,000
|
1,875
|
1,875
|
10,969
|
|
|
|
|
Number of stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
306,739
|
1,923,920
|
598,396
|
|
|
54,000
|
|
|
|
|
Number of stock issued, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 307
|
$ 1,924
|
$ 598
|
|
|
$ 54
|
|
|
|
|
Warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,019
|
$ 1,049
|
|
|
|
|
|
|
|
Related Party Lender [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
692,130
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
Number of warrants issued to purchase common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
275,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convetible shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
967,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Note Payable Holder [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants issued to purchase common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convetible shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
495,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Compensation [Member] | Warrant [Member] |
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,010,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued to purchase of common stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
733,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundation Sports Systems LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock issued, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,550,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gameface [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
478,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued to purchase of common stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
733,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intertest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gameface AI [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
598,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midcity Capital Ltd [Member] |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 0.221
|
$ 0.221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative expense |
1,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value derivate liability |
1,519,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,519,499
|
|
|
|
|
|
1,519,499
|
|
|
|
Derivative liability |
$ 5,235,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of debt discount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 273,755
|
|
|
|
Intertest rate |
643.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
643.00%
|
|
|
|
|
|
643.00%
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
$ 1,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
|
$ 3,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
0
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
$ 2,000,000
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock exercisable, shares |
|
|
18,099,548
|
18,099,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
1,048,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
1,018,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
11,802,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant, per share |
|
|
|
|
|
|
$ 0.3899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock warrants aggregate amount |
|
|
|
|
|
|
$ 5,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
$ 0.221
|
|
|
|
|
|
$ 0.00001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.221
|
|
|
|
|
|
$ 0.221
|
|
|
|
Proceeds from common stock |
|
|
|
|
|
|
$ 4,549,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] | 5-Year Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
12,820,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] | 7-Year Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
25,641,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
25,641,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gabriel Goldman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for services |
|
|
|
|
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Lender [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
163,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Employees [Member] | Services rendered in lieu of cash [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for compensation for services, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for compensation for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,803
|
|
Vendor [Member] | Marketing And Advisory Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for compensation for services, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,875
|
1,875
|
|
|
1,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for compensation for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,875
|
|
Six New Brand Ambassadors [Member] | As Compensation [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,094
|
|
|
|
|
Six New Brand Ambassadors [Member] | As Compensation [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
Brand Ambassadors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
907,042
|
|
Vendor One [Member] | Marketing And Advisory Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for compensation for services, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,874
|
|
Key Employees and Officers [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
255,124
|
|
Number of warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
|
|
Key Employees and Officers [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,381,309
|
|
Warrants, term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Employees and Officers [Member] | Exercise Price One [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Employees and Officers [Member] | Exercise Price Two [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Provider [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Provider [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Members [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 214,552
|
|
|
|
Three Members [Member] | As Compensation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 67,500
|
|
87,656
|
|
Number of warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 46,077
|
Lead Placement Agent [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses related |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 376,000
|
|
Lead Placement Agent [Member] | Exercise Price One [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
Jan. 26, 2023 |
Nov. 21, 2022 |
Oct. 12, 2022 |
Jun. 30, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Oct. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
|
|
|
|
|
Rent expense |
|
|
|
|
$ 2,800
|
$ 6,550
|
|
|
Fair value of common stock |
|
|
|
|
$ 1,334,000
|
|
$ 1,334,000
|
|
Number of stock issued |
279,739
|
27,000
|
1,923,920
|
598,396
|
|
|
|
|
Balance of contingent consideration |
|
|
|
|
|
|
|
$ 418,455
|
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v3.23.2
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Jan. 31, 2023 |
Jan. 31, 2022 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Apr. 30, 2022 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
|
Cash and restricted cash |
|
|
|
|
$ 916,082
|
Accounts receivable |
|
|
|
|
288,980
|
Inventory |
|
|
|
|
323,307
|
Right of use asset – operating leases |
|
|
|
|
239,689
|
Prepaid expenses |
|
|
|
|
490,260
|
Current Asset |
|
|
|
|
2,258,318
|
Goodwill |
|
|
|
|
25,862,000
|
Property and equipment, net |
|
|
|
|
126,862
|
Intangible assets, net |
|
|
|
|
19,473,646
|
Contract assets, net of current portion |
|
|
|
|
209,363
|
Finished products used in operations, net |
|
|
|
|
4,693,575
|
Non-current Asset |
|
|
|
|
50,365,446
|
Accounts payable and accrued expenses |
|
|
|
|
2,432,818
|
Lease liability – operating leases |
|
|
|
|
237,204
|
Contract liabilities |
|
|
|
|
2,545,200
|
Current Liabilities |
|
|
|
|
5,215,222
|
Contract liabilities, net of current portion |
|
|
|
|
1,370,492
|
Non-Current Liabilities |
|
|
|
|
$ 1,370,492
|
Revenue |
1,080,478
|
|
3,954,149
|
|
|
Operating expenses |
1,715,589
|
|
8,416,117
|
|
|
Other (income) loss |
|
|
|
|
|
Net loss from discontinued operations |
$ (635,111)
|
|
$ (4,461,968)
|
|
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v3.23.2
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL (Details) - USD ($)
|
Jan. 31, 2023 |
Apr. 30, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Note receivable |
|
$ 288,980
|
Cash and restricted cash |
|
$ (916,082)
|
Play Sight And Foundation Sports [Member] |
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
Note receivable |
$ 2,000,000
|
|
Cash and restricted cash |
(714,507)
|
|
Accounts receivable |
(411,249)
|
|
Prepaid expenses |
(106,031)
|
|
Inventory |
(296,920)
|
|
Finished products used in operations |
(4,117,986)
|
|
Contract assets |
(298,162)
|
|
Right of use asset |
(103,228)
|
|
Goodwill |
(25,862,000)
|
|
Property and equipment |
(116,505)
|
|
Intangible assets |
(18,576,475)
|
|
Contract liabilities |
3,785,408
|
|
Lease liabilities |
78,016
|
|
Accounts payable and accrued expenses |
3,325,747
|
|
Loss on disposal of discontinued operations |
$ (41,413,892)
|
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v3.23.2
DISCONTINUED OPERATIONS (Details Narrative) - USD ($)
|
Nov. 27, 2022 |
Dec. 05, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Cash |
|
$ 500,000
|
Investments |
|
$ 500,000
|
Foundation Sports To Charles Ruddy [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Ownership percentage by parrent |
|
75.00%
|
Ownership percentage by non-controlling owners |
|
25.00%
|
Share Purchase Agreement [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Shares issued and outstanding percentage |
100.00%
|
|
Discontinued operation description |
(1) releasing
the Company from all of PlaySight’s obligations towards its vendors, employees, tax authorities and any other (past, current and
future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration owed to them under their employment agreements
in the total amount of $600,000; and (3) cash consideration of $2,000,000 to be paid to the Company in the form of a promissory note that
matures on December 31, 2023.
|
|
Cash consideration |
$ 2,000,000
|
|
Employee Agreement [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Cash consideration |
$ 600,000
|
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Connexa Sports Technolog... (NASDAQ:CNXA)
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