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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 October 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 Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value |
|
CNXA |
|
Nasdaq
Capital Market |
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 ☒
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
The
number of shares outstanding of the registrant’s Common Stock, $0.001 par value per share, as of November 24, 2023, was 3,436,174.
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, 2023, filed on September
14, 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$)
OCTOBER
31, 2023 (UNAUDITED) AND APRIL 30, 2023
| |
OCTOBER
31, | | |
APRIL
30, | |
| |
2023 | | |
2023 | |
| |
(UNAUDITED) | | |
| |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 285,861 | | |
$ | 202,095 | |
Accounts
receivable, net | |
| 527,998 | | |
| 399,680 | |
Inventories,
net | |
| 1,668,189 | | |
| 3,189,766 | |
Prepaid
inventory | |
| 707,612 | | |
| 936,939 | |
Prepaid
expenses and other current assets | |
| 272,949 | | |
| 263,020 | |
| |
| | | |
| | |
Total
Current Assets | |
| 3,462,609 | | |
| 4,991,500 | |
| |
| | | |
| | |
Non-Current
Assets: | |
| | | |
| | |
Note
receivable - former subsidiary | |
| 2,000,000 | | |
| 2,000,000 | |
Fixed
assets, net of depreciation | |
| - | | |
| 14,791 | |
Intangible
assets, net of amortization | |
| 1,000 | | |
| 101,281 | |
| |
| | | |
| | |
Total
Non-Current Assets | |
| 2,001,000 | | |
| 2,116,072 | |
| |
| | | |
| | |
TOTAL
ASSETS | |
$ | 5,463,609 | | |
$ | 7,107,572 | |
| |
| | | |
| | |
LIABILITIES
AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 5,113,362 | | |
$ | 5,496,629 | |
Accrued
expenses | |
| 5,047,118 | | |
| 4,911,839 | |
Accrued
interest | |
| 50,289 | | |
| 25,387 | |
Accrued
interest - related party | |
| 917,957 | | |
| 917,957 | |
Accrued
interest - related party | |
| 917,957 | | |
| 917,957 | |
Current
portion of notes payable, net of discount | |
| 3,194,799 | | |
| 1,484,647 | |
Derivative
liabilities | |
| 3,777,148 | | |
| 10,489,606 | |
Contingent
consideration | |
| - | | |
| 418,455 | |
Other
current liabilities | |
| 361,804 | | |
| 22,971 | |
| |
| | | |
| | |
Total
Current Liabilities | |
| 18,462,477 | | |
| 23,767,491 | |
| |
| | | |
| | |
Long-Term
Liabilities: | |
| | | |
| | |
Notes
payable related parties, net of current portion | |
| 1,398,775 | | |
| 1,953,842 | |
| |
| | | |
| | |
Total
Long-Term Liabilities | |
| 1,398,775 | | |
| 1,953,842 | |
| |
| | | |
| | |
Total
Liabilities | |
| 19,861,252 | | |
| 25,721,333 | |
| |
| | | |
| | |
Commitments
and contingency | |
| - | | |
| - | |
| |
| | | |
| | |
SHAREHOLDERS’
EQUITY (DEFICIT) | |
| | | |
| | |
| |
| | | |
| | |
Common
stock, par value, $0.001, 300,000,000 shares authorized, 2,372,803 and 338,579 shares issued and outstanding as of October 31, 2023
and April 30, 2023, respectively | |
| 2,373 | | |
| 339 | |
Additional
paid in capital | |
| 136,224,410 | | |
| 132,993,998 | |
Accumulated
deficit | |
| (150,835,256 | ) | |
| (151,750,610 | ) |
Accumulated
other comprehensive income | |
| 210,830 | | |
| 142,512 | |
| |
| | | |
| | |
Total
Stockholders’ Equity (Deficit) | |
| (14,397,643 | ) | |
| (18,613,761 | ) |
| |
| | | |
| | |
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |
$ | 5,463,609 | | |
$ | 7,107,572 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENTS OF OPERATIONS (IN US$) (UNAUDITED)
SIX
AND THREE MONTHS ENDED OCTOBER 31, 2023 AND 2022
| |
| | |
| | |
| | |
| |
| |
SIX
MONTHS ENDED | | |
THREE
MONTHS ENDED | |
| |
OCTOBER
31, | | |
OCTOBER
31, | | |
OCTOBER
31, | | |
OCTOBER
31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
NET
SALES | |
$ | 5,416,149 | | |
$ | 6,027,157 | | |
$ | 2,295,918 | | |
$ | 2,443,821 | |
| |
| | | |
| | | |
| | | |
| | |
COST
OF SALES | |
| 3,876,437 | | |
| 4,718,824 | | |
| 1,648,955 | | |
| 2,156,780 | |
| |
| | | |
| .
| | |
| | | |
| | |
GROSS
PROFIT | |
| 1,539,712 | | |
| 1,308,333 | | |
| 646,963 | | |
| 287,041 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Selling
and marketing expenses | |
| 547,390 | | |
| 1,103,952 | | |
| 305,037 | | |
| 347,129 | |
General
and administrative expenses | |
| 4,121,385 | | |
| 7,751,470 | | |
| 1,616,325 | | |
| 4,436,860 | |
Research
and development costs | |
| - | | |
| 34,405 | | |
| - | | |
| 14,980 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Operating Expenses | |
| 4,668,775 | | |
| 8,889,827 | | |
| 1,921,362 | | |
| 4,798,969 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING
LOSS | |
| (3,129,063 | ) | |
| (7,581,494 | ) | |
| (1,274,399 | ) | |
| (4,511,928 | ) |
| |
| | | |
| | | |
| | | |
| | |
NON-OPERATING
INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Amortization
of debt discounts | |
| (790,262 | ) | |
| (2,872,222 | ) | |
| (13,070 | ) | |
| - | |
Loss
on conversion of accounts payable to common stock | |
| (289,980 | ) | |
| - | | |
| - | | |
| - | |
Change
in fair value of derivative liability | |
| 16,944,807 | | |
| 6,787,597 | | |
| 14,800,253 | | |
| 3,100,102 | |
Derivative
expense | |
| (11,398,589 | ) | |
| (7,280,405 | ) | |
| (11,398,589 | ) | |
| (7,280,405 | ) |
Interest
expense | |
| (421,559 | ) | |
| (597,580 | ) | |
| (352,076 | ) | |
| (406,277 | ) |
Interest
expense - related party | |
| - | | |
| (82,414 | ) | |
| - | | |
| (21,293 | ) |
Interest
expense | |
| - | | |
| (82,414 | ) | |
| - | | |
| (21,293 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total
Non-Operating Income (Expenses) | |
| 4,044,417 | | |
| (4,045,024 | ) | |
| 3,036,518 | | |
| (4,607,873 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
DISCONTINUED
OPERATIONS | |
| | | |
| | | |
| | | |
| | |
Loss
from discontinued operations | |
| - | | |
| (3,663,480 | ) | |
| - | | |
| (1,903,766 | ) |
Loss
on disposal of subsidiaries | |
| - | | |
| - | | |
| - | | |
| - | |
LOSS
FROM DISCONTINUED OPERATIONS | |
| - | | |
| (3,663,480 | ) | |
| - | | |
| (1,903,766 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET
INCOME (LOSS) FROM OPERATIONS BEFORE | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision
for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET
INCOME (LOSS) | |
$ | 915,354 | | |
$ | (15,289,998 | ) | |
$ | 1,762,119 | | |
$ | (11,023,567 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translations adjustment | |
| 68,318 | | |
| 58,139 | | |
| 95,338 | | |
| (34,630 | ) |
Comprehensive
income (loss) | |
$ | 983,672 | | |
$ | (15,231,859 | ) | |
$ | 1,857,457 | | |
$ | (11,058,197 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) per share - basic and diluted (see Note 3) | |
| | | |
| | | |
| | | |
| | |
Continuing
operations | |
$ | (23.13 | ) | |
$ | (2,708.25 | ) | |
$ | (14.29 | ) | |
$ | (3,211.20 | ) |
Discontinued
operations | |
$ | - | | |
$ | (853.36 | ) | |
$ | - | | |
$ | (670.34 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss per share - basic and diluted | |
$ | (23.13 | ) | |
$ | (3,561.61 | ) | |
$ | (14.29 | ) | |
$ | (3,881.54 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average common shares outstanding - basic and diluted | |
| 693,092 | | |
| 4,293 | | |
| 912,147 | | |
| 2,840 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (IN US$) (UNAUDITED)
FOR
THE SIX MONTHS ENDED OCTOBER 31, 2023 AND 2022
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
Additional | | |
Other | | |
| | |
| |
| |
Common
Stock | | |
Paid-In | | |
Comprehensive | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Income | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance
- May 1, 2022 | |
| 104,871 | | |
$ | 105 | | |
$ | 113,053,790 | | |
$ | 54,962 | | |
$ | (80,596,925 | ) | |
$ | 32,511,932 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Conversion
of notes payable | |
| 109,737 | | |
| 110 | | |
| 14,046,190 | | |
| - | | |
| - | | |
| 14,046,300 | |
Acquisition | |
| 14,960 | | |
| 15 | | |
| 915,530 | | |
| - | | |
| - | | |
| 915,545 | |
Services | |
| 625 | | |
| 1 | | |
| 35,249 | | |
| - | | |
| - | | |
| 35,250 | |
Cash | |
| 26,219 | | |
| 26 | | |
| 4,194,974 | | |
| - | | |
| - | | |
| 4,195,000 | |
Fractional
share issuance | |
| 38 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
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 | |
| 256,450 | | |
$ | 257 | | |
$ | 132,523,358 | | |
$ | 113,101 | | |
$ | (84,863,356 | ) | |
$ | 47,773,360 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cashless
exercise of warrants | |
| 750 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | |
Acquisition | |
| 48,098 | | |
| 48 | | |
| (48 | ) | |
| - | | |
| - | | |
| - | |
Cash | |
| 25,463 | | |
| 25 | | |
| (25 | ) | |
| - | | |
| - | | |
| - | |
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 | |
| 330,761 | | |
$ | 331 | | |
$ | 132,800,909 | | |
$ | 226,698 | | |
$ | (95,886,923 | ) | |
$ | 37,141,015 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- May 1, 2023 | |
| 338,579 | | |
$ | 339 | | |
$ | 132,993,998 | | |
$ | 142,512 | | |
$ | (151,750,610 | ) | |
$ | (18,613,761 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Services | |
| 188 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Accounts
payable | |
| 67,500 | | |
| 67 | | |
| 559,913 | | |
| - | | |
| - | | |
| 559,980 | |
Acquisition | |
| 1,350 | | |
| 1 | | |
| (1 | ) | |
| - | | |
| - | | |
| - | |
Cashless
exercise of warrants | |
| 27,000 | | |
| 27 | | |
| (27 | ) | |
| - | | |
| - | | |
| - | |
Satisfaction
of profit guarantee on note payable | |
| 93,680 | | |
| 94 | | |
| 558,200 | | |
| - | | |
| - | | |
| 558,294 | |
Share-based
compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Change
in comprehensive income | |
| - | | |
| - | | |
| - | | |
| (27,020 | ) | |
| - | | |
| (27,020 | ) |
Net
loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (846,765 | ) | |
| (846,765 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- July 31, 2023 | |
| 528,297 | | |
$ | 528 | | |
$ | 134,112,083 | | |
$ | 115,492 | | |
$ | (152,597,375 | ) | |
$ | (18,369,272 | ) |
Balance
| |
| 528,297 | | |
$ | 528 | | |
$ | 134,112,083 | | |
$ | 115,492 | | |
$ | (152,597,375 | ) | |
$ | (18,369,272 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
issued for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Services | |
| 13,707 | | |
| 14 | | |
| 28,048 | | |
| - | | |
| - | | |
| 28,062 | |
Fractional
adjustment in reverse split | |
| 35,683 | | |
| 36 | | |
| (36 | ) | |
| - | | |
| - | | |
| - | |
Acquisition
/ Contingent consideration | |
| 1,964 | | |
| 2 | | |
| 418,453 | | |
| - | | |
| - | | |
| 418,455 | |
Cashless
exercise of warrants | |
| 1,708,152 | | |
| 1,708 | | |
| (1,708 | ) | |
| - | | |
| - | | |
| - | |
Satisfaction
of profit guarantee on note payable | |
| 85,000 | | |
| 85 | | |
| 210,716 | | |
| - | | |
| - | | |
| 210,801 | |
Reclassification
of derivative liability upon amendment of agreement | |
| - | | |
| - | | |
| 1,456,854 | | |
| - | | |
| - | | |
| 1,456,854 | |
Change
in comprehensive income | |
| - | | |
| - | | |
| - | | |
| 95,338 | | |
| - | | |
| 95,338 | |
Net
income for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,762,119 | | |
| 1,762,119 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
- October 31, 2023 | |
| 2,372,803 | | |
$ | 2,373 | | |
$ | 136,224,410 | | |
$ | 210,830 | | |
$ | (150,835,256 | ) | |
$ | (14,397,643 | ) |
Balance | |
| 2,372,803 | | |
$ | 2,373 | | |
$ | 136,224,410 | | |
$ | 210,830 | | |
$ | (150,835,256 | ) | |
$ | (14,397,643 | ) |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
CONNEXA
SPORTS TECHNOLOGIES, INC
CONSOLIDATED
STATEMENTS OF CASH FLOWS (IN US$) (UNAUDITED)
SIX
MONTHS ENDED OCTOBER 31, 2023 AND 2022
| |
2023 | | |
2022 | |
CASH
FLOW FROM OPERTING ACTIVIITES | |
| | | |
| | |
Net
income (loss) | |
$ | 915,354 | | |
$ | (15,289,998 | ) |
Adjustments
to reconcile net income (loss) to net cash used in operating activities | |
| | | |
| | |
Depreciation,
amortization and impairment expense | |
| 115,072 | | |
| 71,336 | |
Change
in fair value of derivative liability | |
| (16,944,807 | ) | |
| (6,787,597 | ) |
Shares
and warrants issued for services | |
| 28,062 | | |
| 35,250 | |
Share-based
compensation | |
| - | | |
| 555,250 | |
Derivative
expense | |
| 11,398,589 | | |
| 7,280,405 | |
Amortization
of debt discounts | |
| 790,262 | | |
| 2,872,222 | |
Settlement
expense | |
| 769,095 | | |
| - | |
Loss
on settlement of accounts payable | |
| 289,980 | | |
| - | |
| |
| | | |
| | |
Changes
in assets and liabilities, net of acquired amounts | |
| | | |
| | |
Accounts
receivable | |
| 214,355 | | |
| 396,322 | |
Inventories | |
| 1,521,577 | | |
| 3,550,026 | |
Prepaid
inventory | |
| 229,327 | | |
| (311,972 | ) |
Prepaid
expenses and other current assets | |
| (6,573 | ) | |
| (228,861 | ) |
Accounts
payable and accrued expenses | |
| (648,122 | ) | |
| (617,142 | ) |
Other
current liabilities | |
| 654,871 | | |
| 10,974 | |
Accrued
interest | |
| 24,902 | | |
| 160,963 | |
Accrued
interest - related parties | |
| - | | |
| 4,818 | |
Accrued
interest | |
| 24,902 | | |
| 160,963 | |
Total
adjustments | |
| (1,563,410 | ) | |
| 6,991,994 | |
| |
| | | |
| | |
Net
cash used in operating activities of continuing operations | |
| (648,056 | ) | |
| (8,298,004 | ) |
Net
cash provided by operating activities of discontinued operations | |
| - | | |
| 2,298,552 | |
Net
cash used in operating activities | |
| (648,056 | ) | |
| (5,999,452 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITES | |
| | | |
| | |
Proceeds
from issuance of common stock for cash | |
| - | | |
| 9,194,882 | |
Proceeds
from notes payable | |
| 1,276,000 | | |
| - | |
Payments
of notes payable - related parties | |
| (556,025 | ) | |
| (14,133 | ) |
Payments
of notes payable | |
| (65,496 | ) | |
| (3,835,676 | ) |
Net
cash provided by financing activities | |
| 654,479 | | |
| 5,345,073 | |
| |
| | | |
| | |
Effect
of exchange rate fluctuations on cash and cash equivalents | |
| 77,343 | | |
| 181,249 | |
| |
| | | |
| | |
NET
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | |
| 83,766 | | |
| (473,130 | ) |
| |
| | | |
| | |
CASH
AND RESTRICTED CASH - BEGINNING OF PERIOD | |
| 202,095 | | |
| 665,002 | |
| |
| | | |
| | |
CASH
AND RESTRICTED CASH - END OF PERIOD | |
$ | 285,861 | | |
$ | 191,872 | |
| |
| | | |
| | |
CASH
PAID DURING THE PERIOD FOR: | |
| | | |
| | |
Interest
expense | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Income
taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
SUPPLEMENTAL
INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: | |
| | | |
| | |
| |
| | | |
| | |
Conversion
of convertible notes payable and accrued interest to common stock | |
$ | - | | |
$ | 14,046,300 | |
Shares
issued for contingent consideration | |
$ | 418,455 | | |
$ | 915,545 | |
Derivative
liability recorded for shares and warrants issued in private placement | |
$ | - | | |
$ | 4,999,882 | |
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
CONNEXA
SPORTS TECHNOLOGIES INC.
NOTES
TO 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 50,000 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 50,000 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 50,000 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.
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.
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. In November 2022, the Company sold PlaySight and recorded a loss on the sale.
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”.
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 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.
On
July 26, 2023, the Company received a letter from the Listing Qualifications Department of Nasdaq indicating that the Company’s
stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2023 did not satisfy
the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’
equity be at least $2.5 million (the “Minimum Stockholders’ Equity Requirement”). In addition, the Company did not
meet the alternatives of listed securities or net income from continuing operations as of the date of the letter. The Company timely
submitted a compliance plan to the Panel and on August 23, 2023 received notice from Nasdaq that it has until January 22, 2024 to demonstrate
compliance with the Minimum Stockholders’ Equity Requirement.
There
can be no assurance that the Company will be able to satisfy the Nasdaq’s continued listing requirements, regain compliance with
the Rule, the Minimum Stockholders’ Equity Requirement, and the Minimum Bid Price Requirement, and maintain compliance with other
Nasdaq listing requirements.
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, 2023,
filed with the Securities and Exchange Commission on September 14, 2023. This Form 10-K and the 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.
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.”
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 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 periods ended October 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 for the period ended July 31,
2022.
Impact
of COVID-19 Pandemic
The
Company continues to carefully monitor the global COVID-19 pandemic status and its impact on its business. In that regard, while the
Company has continued to sell its products it has previously experienced certain minor 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, the on-going global efforts to contain it. 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 currently 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.
Impact
of Israel and Hamas Conflict
Because
we develop products in Israel and our chief marketing officer is located in Israel, our business and operations are directly affected
by economic, political, geopolitical and military conditions affecting Israel. Since the establishment of the State of Israel in 1948,
a number of armed conflicts have occurred between Israel and its neighboring countries and other hostile non-state actors. These conflicts
have involved missile strikes, hostile infiltrations and terrorism against civilian targets in various parts of Israel, which have negatively
affected business conditions in Israel.
On
October 7, 2023, Hamas militants and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza
Strip and conducted a series of terror attacks on civilian and military targets. Thereafter, these terrorists launched extensive rocket
attacks on the Israeli population and industrial centers located along the Israeli border with the Gaza Strip. As of October 11, 2023,
such attacks collectively resulted in over 1,200 deaths and over 2,600 injured people, in addition to the kidnapping of a currently indefinite
number of civilians, including women and children. Shortly following the attack, Israel’s security cabinet declared war against
Hamas.
The
intensity and duration of Israel’s current war against Hamas is difficult to predict, and as are such war’s economic implications
on the Company’s business and operations and on Israel’s economy in general. On October 9, 2023, the Central Bank of Israel
announced its intent to sell up to $30 billion order to protect the New Israeli Shekel (“NIS”) from collapse, however despite
the foregoing announcement the NIS weakened to approximately 3.92 NIS for one US dollar as of the same day. In addition, on October 9,
2023, the Tel Aviv-35 stock index of blue-chip companies dropped by 6.4% whereas the benchmark TA-125 index fell by 6.2%. These events
may imply wider macroeconomic indications of a deterioration of Israel’s economic standing, which may have a material adverse effect
on the Company and its ability to effectively conduct is business, operations and affairs.
It
is possible that other terrorist organizations will join the hostilities as well, including Hezbollah in Lebanon, and Palestinian military
organizations in the West Bank. In the event that hostilities disrupt the development of our products, our ability to deliver products
to customers in a timely manner to meet our contractual obligations with customers and vendors could be materially and adversely affected.
Our
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot
assure you that this government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damages
incurred by us could have a material adverse effect on our business.
As
a result of the Israeli security cabinet’s decision to declare war against Hamas, several hundred thousand Israeli reservists were
drafted to perform immediate military service. If any of our employees and consultants in Israel are called for service in the current
war with Hamas, our operations may be disrupted by such absences, which may materially and adversely affect our business and results
of operations. Additionally, the absence of employees of our Israeli suppliers and contract manufacturers due to their military service
in the current war or future wars or other armed conflicts may disrupt their operations, in which event our ability to deliver products
to customers may be materially and adversely affected.
In
addition, popular uprisings in various countries in the Middle East and North Africa have affected the political stability of those countries.
Such instability may lead to a deterioration in the political and trade relationships that exist between the State of Israel and these
countries, such as Turkey. Moreover, some countries around the world restrict doing business with Israel and Israeli companies, and additional
countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political instability
in the region continues or increases. These restrictions may limit materially our ability to obtain raw materials from these countries
or sell our products to companies and customers in these countries. In addition, there have been increased efforts by activists to cause
companies and consumers to boycott Israeli goods. Such efforts, particularly if they become more widespread, may materially and adversely
impact our ability to sell our products outside of Israel.
Prior
to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel’s judicial system, which sparked
extensive political debate and unrest. In response to such initiative, many individuals, organizations and institutions, both within
and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel including
due to reluctance of foreign investors to invest or transact business in Israel as well as to increased currency fluctuations, downgrades
in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic conditions.
The risk of such negative developments has increased in light of the recent Hamas attacks and the war against Hamas declared by Israel.
To the extent that any of these negative developments do occur, they may have an adverse effect on our business, our results of operations
and our ability to raise additional funds, if deemed necessary by our management and board of directors.
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 $150,835,256 as
of October 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. We have recorded the
25% investment in Foundation Sprots at $0.
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 six months ended October 31, 2023, are not necessarily indicative of the results that may
be expected for any future period or the fiscal year ending April 30, 2024 and should be read in conjunction with the Company’s
Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 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 $200,000 and $209,690 in allowance for doubtful accounts as of October 31, 2023 and April 30, 2023, respectively.
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 October 31, 2023 and April 30, 2023 consisted of the following:
SCHEDULE OF INVENTORY
| |
October
31, 2023 | | |
April
30, 2023 | |
Finished
Goods | |
$ | 400,147 | | |
$ | 1,509,985 | |
Component/Replacement
Parts | |
| 1,593,591 | | |
| 1,712,553 | |
Capitalized
Duty/Freight | |
| 24,451 | | |
| 517,228 | |
Inventory
Reserve | |
| (350,000 | ) | |
| (550,000 | ) |
Total | |
$ | 1,668,189 | | |
$ | 3,189,766 | |
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 October 31, 2023 and April 30, 2023 was $0 and $418,455, 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 six months ended October 31, 2023:
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 six months ended October 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
| |
October
31, 2023 | | |
(Gain)
for the
six months | |
Note
derivative is related to | |
balance | | |
ended
October 31, 2023 | |
8/6/21
convertible notes | |
$ | 7,679 | | |
$ | (94,245) |
6/17/22
underwriter warrants | |
| 664 | | |
| (5,867 | ) |
9/30/22
warrants issued with common stock | |
| 3,326,235 | | |
| (2,783,324 | ) |
1/6/2023
warrants issued with note payable | |
| 315,768 | | |
| (14,181,913 | ) |
10/11/2023
warrants issued with note payable | |
| 126,802 | | |
| (163,812 | ) |
Total | |
$ | 3,777,148 | | |
$ | (17,229,161 | ) |
The
Black-Scholes option pricing model assumptions for the derivative liabilities during the periods ended October 31, 2023 and 2022 consisted
of the following:
SCHEDULE
OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD
| |
Period
Ended
October
31, 2023 | |
|
Period
Ended
October
31, 2022 | |
Expected
life in years | |
| 2.75-10
years | |
|
| 3.76
- 10 years | |
Stock
price volatility | |
| 150 | % |
|
| 50-150 | % |
Risk
free interest rate | |
| 4.08%-5.37 | % |
|
| 2.90%-4.34 | % |
Expected
dividends | |
| 0 | % |
|
| 0 | % |
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 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. During the six months ended October 31, 2023, the Company impaired
their intangible assets down to a nominal value of $1,000 as the technology has changed and Management determined the value to be greater
than the fair value of those assets. Refer to Note 5 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. The
Company impaired $100,281 in intangible assets and $14,791 in fixed assets during the six months ended October 31, 2023. Refer to Note
5 for more information.
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.
The
Company impaired all goodwill as of April 30, 2023.
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.
The
warrants granted during the periods ended October 31, 2023 and 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
| |
Period
Ended October
31, 2023 | | |
Period
Ended October
31, 2022 | |
Expected
life in years | |
| 5
years | | |
| 5
– 10 years | |
Stock
price volatility | |
| 150 | % | |
| 50%
- 150 | % |
Risk
free interest rate | |
| 4.59 | % | |
| 2.50%
- 4.27 | % |
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.
The
Company has adjusted the diluted EPS for the six and three months ended October 31, 2023 for warrants classified as derivative liabilities
in accordance with ASC 260-10-45 as follows. No calculation is necessary for the six and three months ended October 31, 2022 because
to do so would be anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE
Six
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income | |
$ | 915,354 | |
Change
in fair value of derivative liability | |
| (16,944,807 | ) |
| |
| | |
Adjusted
net loss | |
$ | (16,029,453 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 693,092 | |
Adjusted
loss per share | |
$ | (23.13 | ) |
Three
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income to controlling interest | |
$ | 1,762,119 | |
Change
in fair value of derivative liability | |
| (14,800,253 | ) |
| |
| | |
Adjusted
net loss | |
$ | (13,038,134 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 912,147 | |
Adjusted
loss per share | |
$ | (14.29 | ) |
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 adoption of the new standard did not have a material effect on the Company’s 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 adoption of the new standard did not have a material effect on the Company’s consolidated 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 October 31, 2023 and April 30, 2023, the Company had two customers that accounted for 77% and 47% of the Company’s trade receivables
balance, respectively.
Accounts
Payable Concentration
As
of October 31, 2023 and April 30, 2023, the Company had four significant suppliers that accounted for 69%, and 59% of the Company’s
trade payables balances, respectively.
Note
5: INTANGIBLE ASSETS
Intangible
assets reflect only those intangible assets of our continuing operations, and consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
(in years) | | |
Carrying
Value | | |
Amortization | | |
Loss | | |
Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
October
31, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
$ | 360,551 | | |
$ | 1,000 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,740,905 | | |
$ | 1,000 | |
| |
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
April
30, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
| 260,270 | | |
$ | 101,281 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,640,624 | | |
$ | 101,281 | |
Amortization
expense for the six months ended October 31, 2023 and 2022 was approximately $0 and $2,890, respectively. The Company impaired $100,281
in the six months ended October 31, 2023. The remaining $1,000 is a nominal value related to the Company’s patents. This amount
is not expected to be amortized any further.
Note
6: ACCRUED EXPENSES
The
composition of accrued expenses is summarized below:
SCHEDULE
OF ACCRUED EXPENSES
| |
October
31, 2023 | | |
April
30, 2023 | |
Accrued
payroll | |
$ | 1,929,686 | | |
$ | 1,535,186 | |
Accrued
bonus | |
| 1,983,178 | | |
| 1,720,606 | |
Accrued
professional fees | |
| 35,000 | | |
| 490,424 | |
Other
accrued expenses | |
| 1,099,254 | | |
| 1,165,623 | |
Total | |
$ | 5,047,118 | | |
$ | 4,911,839 | |
Note
7: NOTE PAYABLE - RELATED PARTY
The
discussion of note payable – related party only includes those that existed as of April 30, 2023. For a discussion of all prior
note payable – related party we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April
30, 2023.
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 $1,398,775 and $1,953,842 in outstanding borrowings from related parties as of October 31, 2023 and April 30, 2023. Interest expense
related to the related parties for the six months ended October 31, 2023 and 2022 amounted to $0 and $82,414, respectively. Accrued interest
due to related parties as of October 31, 2023 and April 30, 2023 amounted to $917,957 and $917,957, respectively. The accrued interest
includes notes that were either repaid or converted but the interest remained.
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 and accrued interest in respect of
the Loan Agreements (as defined above) and certain other expenses they incurred in connection with the Company.
Note
8: CONVERTIBLE NOTES PAYABLE
The
discussion of convertible notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior convertible
notes payable we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023.
As
of April 30, 2023, all outstanding convertible notes payable had been fully converted into outstanding common shares. On June 17, 2022,
the Company issued 109,737 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 six months ended October 31, 2022.
Note
9: NOTES PAYABLE
The
discussion of notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior notes payable we refer
you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023.
On
April 11, 2021, the Company and the lender entered into an agreement whereby the lender converted the promissory note into 681 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 $1,456,854 as of August 20, 2023.
On
August 21, 2023, the Company amended its arrangement with MidCity and agreed to issue 42,500 shares of stock monthly for eight months
to settle the profit guarantee under its prior note arrangement from April 2020. The parties agreed to a one-time true-up at March 31,
2024 if any further amounts are due MidCity at that time. As a result of this new agreement with MidCity fixing the terms of the guarantee,
the Company has removed the criteria that created a net share settlement issue and thus no longer treats this as a derivative liability.
The remaining liability has been adjusted against additional paid in capital at the date of the agreement.
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 April 30, 2023 (and as of October 31, 2022).
On
April 1, 2022, the Company entered into a $500,000 note payable. The note was to mature 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 agreed to pay UFS $13,491 each week for the first 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.
UFS
Agreement #2
On
August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $797,500
in future receivables (the “UFS Second Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $550,000
in cash less fees of $50,000. The Company agreed to pay UFS $30,000 each week until the UFS Second 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 agreed to pay Cedar $13,491 each week for the first 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 $8.84 per share, so the Warrants in respect of the initial advance under
the Note are exercisable for up to 452,489 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 $8.84 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.
On
October 11, 2023, the Company entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”)
with the Lenders and the Agent amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by
and among the Company, the Lenders and the Agent to make an additional loan of $1,000,000 and modify the terms of the LSA to reflect
the New Loan. The modification of the original January 6, 2023, loan represented a material modification, and the original loan has been
extinguished, and the New Loan in the amount of $3,000,000 has been recorded. As a result of the extinguishment, the Company recognized
there was no gain or loss recognized as all of the discounts associated with the original notes were fully amortized. On October 11,
2023, the Company recognized a discount related to the issuance of the warrants noted below that will be amortized through the maturity
date of the New Loan, April 11, 2024.
In
connection with the Loan and Security Modification Agreement, the Company agreed to issue to the investor warrants (the “Common
Warrants”) to purchase up to 169,196 shares of Common Stock at an exercise price of $1.90 per share. The Common Warrants are exercisable
six months after their issuance and will expire five and one-half years from their date of issuance. The Common Warrants and the shares
of our Common Stock issuable upon the exercise of the Common Warrants are not being registered under the Securities Act of 1933, as amended
(the “Securities Act”), were not offered pursuant to the Registration Statement and were offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.
The
Company recorded a derivative liability related to the warrants granted with the October 11, 2023 amendment in the amount of $290,514.
This discount is being amortized over the life of the note.
Meged
Agreement
On
June 8, 2023, the Company entered into a merchant cash advance agreement with Meged Funding Group (“Meged”) pursuant to which
the Company sold $315,689 in future receivables to Meged (the “Meged Receivables Purchased Amount”) to in exchange for payment
to the Company of $210,600 in cash less fees of $10,580. The Company agreed to pay Meged $17,538 each week until the Meged Receivables
Purchased Amount is paid in full.
Meged
Agreement #2
On
September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged Agreement”) pursuant to which the
Company sold $423,000 in future receivables to Meged (the “Meged Second Receivable Amount”) in exchange for paying the then
outstanding balance of $70,153.20 of the Meged Receivables Purchased Amount in full with the balance being retained by the Company in
cash for general purposes. The Company agreed to pay Meged $15,107.14 each week until the Meged Second Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted
to Meged 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.
Note
10: 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 $1,398,775 and $1,953,842 and accrued interest
of $917,957 and $917,957 due to a related party as of October 31, 2023 and April 30, 2023, respectively (see Note 7).
The
Company recognized net sales of $55,500 and $92,887 during the six months ended October 31, 2023 and 2022, respectively, to related parties.
As of October 31, 2023 and 2022, related parties had accounts receivable due to the Company of $33,338 and $91,857, respectively.
Note
11: 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 October 31, 2023 and April 30,
2023, the Company had 2,372,803 and 338,579 shares of common stock issued and outstanding, respectively.
For
the period May 1, 2023 through July 31, 2023, the Company issued 189,718 shares of common stock to ambassadors under their agreements
(188), to vendors in settlement of accounts payable (67,500), for settlement with former owners of FSS (1,350), for the exercise of warrants
(27,000) and to satisfy the profit guarantee on a note (93,680).
For
the period August 1, 2023 through October 31, 2023, the Company issued 1,844,506 shares of common stock for services rendered (13,707),
for settlement with former owners of Gameface and the remaining contingent consideration (1,964), for the exercise of warrants (1,708,152)
and to satisfy the profit guarantee on a note (85,000). In addition, we issued 35,683 to satisfy our requirement under the 1 for 40 reverse
split that occurred in this time period.
Equity
Transactions During the Year Ended April 30, 2023
The
Company has issued an aggregate of 151,579 shares of its common stock consisting of the following:
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On
June 15, 2022, the Company issued 109,737 shares of common stock to the Convertible Noteholders upon conversion of convertible notes. |
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On
June 15, 2022, the Company issued 26,219 shares to investors who participated in the Company’s Nasdaq uplist round. |
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On
June 27, 2022, the Company issued 625 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 14,960 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 750 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. |
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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) 25,463 shares of common stock and (ii)
pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together
with accompanying common stock warrants, at a combined purchase price of $15.60 per share of the common stock and associated common
stock warrant and $15.596 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 $0.0004 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 320,513 shares of common stock at an exercise price of $15.60 per share
and a term of five years following the initial exercise date (the “5-Year Warrants”) and 641,026 common stock warrants
to purchase 641,026 shares of common stock at an exercise price of $17.20 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 48,098 shares of common stock, on November 21, 2022 issued 675 shares of common stock and January
26, 2023 issued 6,993 shares of common stock in connection with the acquisition of PlaySight. |
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On
January 26, 2023, the Company issued 150 shares of common stock for services rendered to their ambassadors. |
The
Company granted the following warrants for the six months ended October 31, 2023:
The
Company granted 50,000 warrants to a consultant for services valued at $50,873.
The
Company granted their investor an additional 7,717,874 warrants as a result of our reset provisions in the warrant agreements dated September
28, 2022. The Company recognized an $11,398,589 charge to derivative expense as a result of this issuance.
The
Company granted 169,196 warrants in the amended loan agreement on October 1, 2023.
Warrants
Granted During the Year Ended April 30, 2023
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) 25,463 shares of common stock and (ii) pre-funded
warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together with accompanying
common stock warrants, at a combined purchase price of $15.60 per share of the common stock and associated common stock warrant and $15.596
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 $0.0004 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 320,513 shares of common stock at an exercise price of $15.60 per share and a term of five years following the initial exercise
date (the “5-Year Warrants”) and 641,026 common stock warrants to purchase 641,026 shares of common stock at an exercise
price of $17.20 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 became exercisable beginning on the date stockholder approval was 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 $8.84 per
share and in October 2023 to $3.546 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 (or 8.84 per share after adjusting
for the 1-for-40 reverse stock split), so the Warrants in respect of the initial advance under the Note are exercisable for up to 452,489
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 $8.84 per share and a term of five- and one-half (5½) years following
the initial exercise date. The exercise price of the Warrants was reset in October 2023 to $1.90 per share The initial exercise date
of the Warrants was the date stockholder approval was 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 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”).
Note
12: COMMITMENTS AND CONTINGENCIES
Leases
The
Company leases office space under short-term leases with terms under a year. Total rent expense for the six months ended October 31,
2023 and 2022 amounted to $4,548 and $17,000, 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.
The
Company issued 14,960
common shares to the former Gameface shareholders in June 2022. The remaining balance of the contingent consideration of $418,455 was converted on October 23, 2023.
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.
On
February 8, 2023, Oasis Capital, LLC (“Oasis”) filed a complaint against the Company in the United States District Court
for the Southern District of New York seeking damages (i) in the amount of $764,647.53 in for an alleged breach of the terms of the 8%
senior convertible note and the securities purchase agreement entered into between Oasis and the Company in connection with the Note
(as defined below), which in December 2021 was increased to $600,000 in principal amount (the “Note”) and (ii) an unspecified
amount of damage for an alleged breach of the exclusivity provisions of a term sheet that the Company and Oasis entered into on July
7, 2022 plus an actual damages in an amount to be proven at trial, interest and costs, reasonable attorney’s fees and such other
legal and equitable relief as the court deems just and proper. On June 30, 2023, the United States District Court for the Southern District
of New York granted the Company’s motion to dismiss this complaint but with leave to amended complaint. On July 31, 2023 Oasis
filed an amended complaint against the Company and its Chief Executive Officer, Mike Ballardie, seeking damages in an amount to be proven
at trial, interest and costs for breach of fiduciary duty and violations of Section 10(b) of the Securities and Exchange Act of 1934,
as amended, and Rule 10b-5 thereunder. The Company believes the claims made in the amended complaint are without merit and the Company
and Mike Ballardie are vigorously defending itself.
Except
for the Oasis lawsuit against Mike Ballardie, 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.
Nasdaq
Compliance
On
July 26, 2023, the Company received a letter from the Listing Qualifications Department of Nasdaq indicating that the Company’s
stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2023 did not satisfy
the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’
equity be at least $2.5 million (the “Minimum Stockholders’ Equity Requirement”). As reported in its Form 10-Q for
the period ended January 31, 2023, the Company’s stockholders’ equity as of January 31, 2023 was approximately $(11.7) million.
In addition, the Company did not meet the alternatives of listed securities or net income from continuing operations as of the date of
the letter. The Nasdaq has given the Company until January 22, 2024 to regain compliance with the Minimum Stockholders’ Equity
Requirement and net income from continuing operations requirement.
The
Company offers no assurance that it will regain compliance with the Bid Price Rule, the Minimum Stockholders’ Equity Requirement
and/or any other delinquency in a timely manner.
Note
13: 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.
The
Company reclassified the following operations to discontinued operations for the six and three months ended October 31, 2022.
SCHEDULE OF DISCONTINUED OPERATIONS
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Six
months ended
October
31, 2022 | |
Revenue | |
$ | 2,873,671 | |
Operating
expenses | |
| 6,700,528 | |
Other
(income) loss | |
| (163,377 | ) |
Net
loss from discontinued operations | |
$ | (3,663,480 | ) |
| |
Three
months ended
October
31, 2022 | |
Revenue | |
$ | 1,510,558 | |
Operating
expenses | |
| 3,422,259 | |
Other
(income) loss | |
| (7,935 | ) |
Net
loss from discontinued operations | |
$ | (1,903,766 | ) |
Note
14: SUBSEQUENT EVENTS
From
November 1, 2023 through the date hereof, the Company issued the following shares of common stock:
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796,399 shares of common stock to Armistice upon the exercise of its Pre-Funded Warrants; |
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42,500 shares of common stock to Midcity to settle the profit guarantee under its prior note arrangement from April 2020; and |
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224,472 shares of common stock to Sapir LLC as compensation for services performed pursuant to a consulting agreement, as amended and restated on April 30, 2020. |
On
November 16, 2023, the Company entered into an agreement with Agile Capital Funding (the “ACF Agreement”) pursuant to which
the Company sold $693,500 in future receivables to ACF (the “ACF Receivable Amount”) in exchange for $450,000 in cash. The
Company agreed to pay ACF $28,895.83 each week until the ACF Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to ACF under the ACF Agreement, the Company granted to ACF
a security interest in the following collateral: all present and future accounts receivable. 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.
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, 2023. 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
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, 2021, Zehava Tepler, the owner of SBL,
contributed Slinger Bag UK to Slinger Bag Americas for no consideration.
Effective
February 25, 2020, the Company increased the number of authorized shares of common stock from 75,000,000 to 300,000,000 via a four-to-one
forward split of its outstanding shares of common stock. All share and per share information contained in this report have been retroactively
adjusted to reflect the impact of the stock split.
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
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.
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 became a wholly owned subsidiary
of 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 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.
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.
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 were no longer be consolidated in the Company’s financial statements,
the Company recorded a loss on the sale and the investment is now 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.
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:
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(i) |
a
promissory note in the amount of U.S. $2 million issued and delivered to the Company (the “Promissory Note”). |
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(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. |
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(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. |
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(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 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
total loss on disposal of Foundation Sports and PlaySight amounted to $41,413,892 in the year ended April 30, 2023.
In
April 2023, the Company determined that the technology utilized in Gameface would take substantially more financial resources and more
time to bring to market and achieve profitability than originally anticipated. As a result, the goodwill and intangible assets related
to Gameface were fully impaired as of April 30, 2023, resulting in an impairment loss of $11,421,817. The Company previously classified
Foundation Sports in continuing operations, until December 5, 2022 when they sold 75% of Foundation Sports back to the original owners
at which time it deconsolidated this subsidiary and recorded a loss on the sale. The Company also determined to dispose of the PlaySight
entity during the year ended April 30, 2023. The Company completed the sale in November 2022 and recorded a loss on the sale at that
time. The total loss on disposal of Foundation Sports and PlaySight amounted to $41,413,892 in the year ended April 30, 2023. The Company
impaired all goodwill as of April 30, 2023.
On
June 8, 2023, the Company entered into a merchant cash advance agreement with Meged Funding Group (“Meged”) pursuant to which
the Company sold $315,689 in future receivables to Meged (the “Meged Receivables Purchased Amount”) to in exchange for payment
to the Company of $210,600 in cash less fees of $10,580. The Company agreed to pay Meged $17,538 each week until the Meged Receivables
Purchased Amount is paid in full.
On
August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $797,500
in future receivables (the “UFS Second Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $550,000
in cash less fees of $50,000. The Company agreed to pay UFS $30,000 each week until the UFS Second 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.
On
September 13, 2023, the Company held a special meeting of stockholders in which the following items were approved: (i) the issuance of
(i) 25,463 shares of the our common stock, par value $0.001 per share, that were issued on October 3, 2022, and, (ii) 295,051 shares
of our common stock issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.00001 per share, (iii) 320,513 shares of
common stock issuable upon the exercise of 5-Year Warrants at an exercise price of $15.60 per share, (iv) 641,026 shares of common stock
issuable upon the exercise of 7.5 Year Warrants at an exercise price of $17.20 per share and (v) 452,489 shares of our common stock issuable
upon the exercise of 5.5 Year Warrants at an exercise price per share equal to $8.84 per share to Armistice Capital Master Fund Ltd and
(ii) a reverse stock split of our common stock within a range of one (1)-for-ten (10) to one (1)-for-forty (40) (“Reverse Stock
Split”), with the Board of Directors of the Company to set the specific ratio and determine the date for the reverse stock split
to be effective and any other action deemed necessary to effectuate the Reverse Stock Split, without further approval or authorization
of stockholders, at any time within 12 months of the special meeting date. The Company effected a 1-for-40 reverse stock split of its
common stock on September 25, 2023.
On
September 25, 2023, as a result of the shareholder approval obtained at the special meeting of stockholders on September 13, 2023 and
the Reverse Stock Split, the aggregate number of Pre-Funded Warrants, 5-Year Warrants, 5.5-Year Warrants and 7-Year Warrants increased
from 1,709,097 to 9,426,952 due to certain adjustments that were required to be made by the terms of the relevant warrants in the event
of receipt of shareholder approval and the occurrence of the Reverse Stock Split.
On
September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged Agreement”) pursuant to which the
Company sold $423,000 in future receivables to Meged (the “Meged Second Receivable Amount”) in exchange for paying the then
outstanding balance of $70,153.20 of the Meged Receivables Purchased Amount in full with the balance being retained by the Company in
cash for general purposes. The Company agreed to pay Meged $15,107.14 each week until the Meged Second Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted
to Meged 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.
On
September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged
Agreement”) pursuant to which the Company sold $423,000 in future receivables to Meged
(the “Meged Second Receivable Amount”) in exchange for paying the then outstanding
balance of $70,153.20 of the Meged Receivables Purchased Amount in full with the balance
being retained by the Company in cash for general purposes. The Company agreed to pay Meged
$15,107.14 each week until the Meged Second Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted
to Meged 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.
On
October 11, 2023, the Company entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”)
with a one or more institutional investors (the “Lenders”) and a certain institutional investor, as agent for the Lenders
(the “Agent”) amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by and
among the Company, the Lenders and the Agent to make an additional loan of $1,000,000 and modify the terms of the LSA to reflect the
New Loan.
In
connection with the Loan and Security Modification Agreement, the Company agreed to issue to the investor warrants (the “Common
Warrants”) to purchase up to 169,196 shares of Common Stock at an exercise price of $1.90 per share. The Common Warrants are exercisable
six months after their issuance and will expire five and one-half years from their date of issuance. The Common Warrants and the shares
of our Common Stock issuable upon the exercise of the Common Warrants are not being registered under the Securities Act of 1933, as amended
(the “Securities Act”), were not offered pursuant to the Registration Statement and were offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.
On
October 12, 2023, the Board of Directors of the Company approved an amendment to the Bylaws of the Company to reduce the percentage of
shares of stock, issued and outstanding and entitled to vote, to be present in person or represented by proxy in order to constitute
a quorum for the transaction of any business from a majority to thirty three and one third percent (33 1/3%).
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.”
The
Company operates in the sports equipment and technology business. The Company is the owner of the Slinger Bag Launcher, which is comprised
of a portable tennis ball launcher, a portable padel tennis ball launcher and a portable pickleball launcher and Gameface, providing
AI technology and performance analytics for sports.
Results
of Operations for the Three Months Ended October 31, 2023 and 2022
The
following are the results of our operations for the three months ended October 31, 2023 as compared to 2022:
| |
For
the Three Months Ended | | |
| |
| |
October
31, 2023 | | |
October
31, 2022 | | |
Change | |
| |
(Unaudited) | | |
(Unaudited) | | |
| |
| |
| | |
| | |
| |
Net
sales | |
$ | 2,295,918 | | |
$ | 2,443,821 | | |
$ | (147,903 | ) |
Cost
of sales | |
| 1,648,955 | | |
| 2,156,780 | | |
| (507,825 | ) |
Gross
Profit | |
| 646,943 | | |
| 287,041 | | |
| 359,922 | |
| |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | |
Selling
and marketing expenses | |
| 305.037 | | |
| 347,129 | | |
| (42,092 | ) |
General
and administrative expenses | |
| 1,616,325 | | |
| 4,436,860 | | |
| (2,820,535 | ) |
Research
and development costs | |
| - | | |
| 14,980 | | |
| (14,980 | ) |
Total
operating expenses | |
| 1,921,362 | | |
| 4,798,969 | | |
| (2,877,607 | ) |
Loss
from operations | |
| (1,274,399 | ) | |
| (4,511,928 | ) | |
| 3,237,529 | |
| |
| | | |
| | | |
| | |
Other
expenses (income): | |
| | | |
| | | |
| | |
Amortization
of debt discounts | |
| (13,070 | ) | |
| - | | |
| (13,070 | ) |
Loss
on conversion of accounts payable to common stock | |
| - | | |
| - | | |
| - | |
Gain
on change in fair value of derivative liability | |
| 14,800,253 | | |
| 3,100,102 | | |
| 11,700,151 | |
Derivative
expene | |
| (11,398,589 | ) | |
| (7,280,405 | ) | |
| (4,118,184 | ) |
Interest
expense - related party | |
| - | | |
| (21,293 | ) | |
| (21,293 | ) |
Interest
expense | |
| (352,076 | ) | |
| (406,277 | ) | |
| 54,201 | |
Total
other (income) expense | |
| 3,036,518 | | |
| (4,607,873 | ) | |
| 7,644,391 | |
| |
| | | |
| | | |
| | |
Net
loss from continuing operations | |
$ | 1,762,119 | | |
$ | (9,119,801 | ) | |
$ | 10,881,920 | |
Net
sales
Net
sales decreased $147,903, or 6%, during the three months ended October 31, 2023 as compared to the three months ended October 31, 2022.
The decrease was due to the inventory becoming depleted in 2023 due to higher than planned sales orders. Orders received but not invoiced
in 2023 were $207,700. Had inventory been at our normal levels, sales would have been greater in this three month period.
Cost
of sales and Gross income
Cost
of sales decreased $507,826 or 24% during the three months ended October 31, 2023 as compared to the three months ended October 31, 2022,
which is primarily due to the reduction in net sales coupled with the reduction in container rates and shipping costs from Asia. Gross
income increased $359,922, or 25%, during the three months ended October 31, 2023 as compared to the three months ended October 31, 2022
due to the decrease in cost of sales resulting from reduced container rates, ocean freight and import duties.
Selling
and marketing expenses
Selling
and marketing expenses decreased $49,092, or 12%, during the three months ended October 31, 2023 as compared to the three months ended
October 31, 2022. This decrease is largely driven by a decrease in social media advertising, sponsorships, and other investments in our
public relations presence, all based on lower cash flows being generated by lower net sales. In addition, Slinger Bag ambassador agreements
came to an end contributing to the overall reduction in marketing expense.
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 $2,820,535 or 64% during the three months ended October 31,
2023 as compared to the three months ended October 31, 2022. This decrease is primarily driven by a decrease in share-based compensation
as well as in both headcount and legal costs related to the prior year acquisitions we had.
Research
and development costs
Research
and development costs decreased $14,980 or 100% during the three months ended October 31, 2023 as compared to the three months ended
October 31, 2022. This decrease is primarily driven by our need to pause all development activity in the period due to limited cash flow
being available for investment.
Loss
From Operations
Loss
from operations improved $3,237,529 or 72% in the three months ended 31 October, 2023 as compared to the three months ended October 31,
2022. This improvement was driven by a combination of increased gross income $359,922 or 125% coupled with a reduction in total operating
expenses of $2,877,607 or 60%.
Other
expense
Total
other expense decreased $7,644,391 during the three months ended October 31, 2023 as compared to the three months ended October 31, 2022.
We recorded a gain in fair value of derivatives of $14,800,253 compared to $3,100,102 in the same period in 2022. Excluding these gains
during the periods to October 31,2023 and 2022, we had other expenses totaling $11,763,735 and $7,280,405) respectively. The increases
in other expenses for the three months ended October 31, 2023 as compared to October 31, 2022 was a reduction in amortization of debt
discounts and interest as well as an expense related to derivative liability.
Results
of Operations for the Six Months Ended October 31, 2023 and 2022
The
following are the results of our operations for the six months ended October 31, 2023 as compared to 2022:
| |
For
the Six Months Ended | | |
| |
| |
October
31, 2023 | | |
October
31, 2022 | | |
Change | |
| |
(Unaudited) | | |
(Unaudited) | | |
| |
| |
| | |
| | |
| |
Net
sales | |
$ | 5,416,149 | | |
$ | 6,027,157 | | |
$ | (611,008 | ) |
Cost
of sales | |
| 3,876,437 | | |
| 4,718,824 | | |
| (842,387 | ) |
Gross
Profit | |
| 1,539,712 | | |
| 1,308,333 | | |
| 231,739 | |
| |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | |
Selling
and marketing expenses | |
| 547,390 | | |
| 1,103,952 | | |
| (556,562 | ) |
General
and administrative expenses | |
| 4,121,385 | | |
| 7,751,470 | | |
| (3,630,085 | ) |
Research
and development costs | |
| - | | |
| 34,405 | | |
| (34,405 | ) |
Total
operating expenses | |
| 4,668,775 | | |
| 8,889,827 | | |
| (4,221,052 | ) |
Loss
from operations | |
| (3,129,063 | ) | |
| (7,581,494 | ) | |
| 4,452,431 | |
| |
| | | |
| | | |
| | |
Other
expenses (income): | |
| | | |
| | | |
| | |
Amortization
of debt discounts | |
| (790,262 | ) | |
| (2,872,222 | ) | |
| 2,081960 | |
Loss
on conversion of accounts payable to common stock | |
| (289,980 | ) | |
| - | | |
| (289,980 | ) |
Gain
on change in fair value of derivative liability | |
| 16,944,807 | | |
| 6,787,597 | | |
| 10,157,210 | |
Derivative
expense | |
| (11,398,589 | ) | |
| (7,280,405 | ) | |
| (4,118,184 | ) |
Interest
expense - related party | |
| - | | |
| (82,414 | ) | |
| (82,414 | ) |
Interest
expense | |
| (421,559 | ) | |
| (597,580 | ) | |
| 176,021 | |
Total
other (income) expense | |
| 4,044,417 | | |
| (4,0451,024 | ) | |
| 8,089,441 | |
| |
| | | |
| | | |
| | |
Net
loss from continuing operations | |
$ | 915,354 | | |
$ | (15,289,998 | ) | |
$ | 16,205,352 | |
Net
sales
Net
sales decreased $611,008, or 10%, during the six months ended October 31, 2023 as compared to the six months ended October 31, 2022.
The decrease was due to the inventory becoming depleted in 2023 due to higher than planned sales orders.
Cost
of sales and Gross income
Cost
of sales decreased $842,387 or 18% during the six months ended October 31, 2023 as compared to the six months ended October 31, 2022,
which is primarily due to the reduction in net sales. Gross income increased $231,379, or 18%, during the six months ended October 31,
2023 as compared to the six months ended October 31, 2022 due to the cost of sales resulting from reduced container rates, ocean freight
and import duties.
Selling
and marketing expenses
Selling
and marketing expenses decreased $556,562, or 50%, during the six months ended October 31, 2023 as compared to the six months ended October
31, 2022. This decrease is largely driven by a decrease in social media advertising, sponsorships, and other investments in our public
relations presence based on lower cash flows being generated by lower net sales. In addition, all Slinger Bag ambassador agreements came
to an end contributing to a reduction in overall marketing expense.
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 $3,630,085 or 47% during the six months ended October 31,
2023 as compared to the six months ended October 31, 2022. This decrease is primarily driven by a decrease in share-based compensation
as well as in both headcount and legal costs related to the prior year acquisitions.
Research
and development costs
Research
and development costs decreased $34,405 or 100% during the six months ended October 31, 2023 as compared to the six months ended October
31, 2022. This decrease is primarily driven by our need to pause all development activity in the period due to limited cash flow being
available for investment.
Loss
from Operations
Loss
from operations improved $4,452,431 or 59% in the six months ended 31 October 2023 as compared to the six months ended October 31, 2022.
This improvement was driven by a combination of increased gross income $231,379 or 18% coupled with a reduction in total operating expenses
of $4,221,052 or 59%.
Other
expense
Total
other expense decreased $8,089,441 or 200% during the six months ended October 31, 2023 as compared to the six months ended October 31,
2022. We recorded a gain in fair value of derivatives of $16,944,807 compared to $6,787,597 in the same period in 2022. Excluding these
gains during the periods to October 31,2023 and 2022, we had other expenses totaling $12,900,390 and $10,832,621 respectively. The increases
in these other expenses for the six months ended October 31, 2023 as compared to October 31, 2022 was a reduction in amortization of
debt discounts, interest and interest paid to related parties offset by increased expenses in loss on conversion of accounts payable
to common stock and derivative liability expenses.
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 $150,835,256 as of October
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 the consolidated financial statements herein.
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 six months ended October 31, 2023
and 2022:
| |
For
the Six Months Ended | |
| |
October
31, 2023 | | |
October
31, 2022 | |
Net
cash provided by operating activities | |
$ | (648,056 | ) | |
$ | (6,496,591 | ) |
Net
cash used in investing activities | |
| - | | |
| - | |
Net
cash (used in) financing activities | |
| 654,479 | | |
| (5,345,073 | ) |
We
had cash and cash equivalents of 285,861 as of October 31, 2023, as compared to $202,095 as of April 30, 2023.
Net
cash used in operating activities was $(648,056) during the six months ended October 31, 2023, as compared to net cash used in operating
activities of $(5,999,452) during the same period in 2022. Our net cash used in operating
activities during the six months ended October 31, 2023 was primarily the result of our net income of $915,354
for the period, partially offset by our net non-cash expenses of ($3,553,747), incorporating the change in fair value of derivative
liability, reductions in shares and warrants issued for services, share-based compensation, amortization of debt discounts, interest
and interest due to related parties, settlement expense, loss on depreciation, amortization and impairment expenses, as well as changes
in our current assets and liabilities related to our operations. The most notable changes occurred in in our accounts receivables. inventory
and prepaid inventory significantly decreased in the six month periods, as well as a significant increase in other current liabilities
and an increases in accounts payable related to our cash flow issues during the respective periods.
Our
net cash used in operating activities during the six months ended October 31, 2022 was primarily the result of our net loss of $15,289,998
for the period and our net non-cash expenses of $4,026,866 as well as the changes
in our operating current assets and liabilities.
We
incurred no investing activities in either of the six-month periods ended October 31, 2023 and 2022.
Net
cash used in financing activities was $654,749 for the six months ended October 31, 2023, as compared to net cash provided by financing
activities of $5,345,073 for the same period in 2022. The changes is financing activities
for the six months ended October 31, 2023 primarily consisted of $1,276,000 proceeds from notes payable, offset by $556,025 in payments
of notes payable to related parties and $65,496 in payments of notes payable. Changes in financing activities for the six months ended
October 31, 2022 consisted of proceeds of $9,194,882 resulting from issuance of common stock,
offset with $14,133 in payments of notes to related parties and $3,835,676 in payment of
notes payable.
On
June 8, 2023, the Company entered into a merchant cash advance agreement with Meged Funding Group (“Meged”) pursuant to which
the Company sold $315,689 in future receivables to Meged (the “Meged Receivables Purchased Amount”) to in exchange for payment
to the Company of $210,600 in cash less fees of $10,580. The Company agreed to pay Meged $17,538 each week until the Meged Receivables
Purchased Amount is paid in full.
On
August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $797,500
in future receivables (the “UFS Second Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $550,000
in cash less fees of $50,000. The Company agreed to pay UFS $30,000 each week until the UFS Second 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.
On
September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged Agreement”) pursuant to which the
Company sold $423,000 in future receivables to Meged (the “Meged Second Receivable Amount”) in exchange for paying the then
outstanding balance of $70,153.20 of the Meged Receivables Purchased Amount in full with the balance being retained by the Company in
cash for general purposes. The Company agreed to pay Meged $15,107.14 each week until the Meged Second Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted
to Meged 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.
On
October 11, 2023, the Company entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”)
with a one or more institutional investors (the “Lenders”) and a certain institutional investor, as agent for the Lenders
(the “Agent”) amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by and
among the Company, the Lenders and the Agent to make an additional loan of $1,000,000 and modify the terms of the LSA to reflect the
New Loan.
In
connection with the Loan and Security Modification Agreement, the Company agreed to issue to the investor warrants (the “Common
Warrants”) to purchase up to 169,196 shares of Common Stock at an exercise price of $1.90 per share. The Common Warrants are exercisable
six months after their issuance and will expire five and one-half years from their date of issuance. The Common Warrants and the shares
of our Common Stock issuable upon the exercise of the Common Warrants are not being registered under the Securities Act of 1933, as amended
(the “Securities Act”), were not offered pursuant to the Registration Statement and were offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.
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
were $1,398,775 and $1,953,842 in outstanding borrowings from the Company’s related
parties for the period ended October 31, 2023 and 2022, respectively. Accrued interest due to related parties as of October 31, 2023
and 2022 amounted to $917,957 and $917,957, respectively.
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.
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, 2023 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 October 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, 2023, 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 October 31, 2023.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
On
February 8, 2023, Oasis Capital, LLC (“Oasis”) filed a complaint against the Company in the United States District Court
for the Southern District of New York seeking damages (i) in the amount of $764,647.53 in for an alleged breach of the terms of the 8%
senior convertible note and the securities purchase agreement entered into between Oasis and the Company in connection with the Note
(as defined below), which in December 2021 was increased to $600,000 in principal amount (the “Note”) and (ii) an unspecified
amount of damage for an alleged breach of the exclusivity provisions of a term sheet that the Company and Oasis entered into on July
7, 2022 plus an actual damages in an amount to be proven at trial, interest and costs, reasonable attorney’s fees and such other
legal and equitable relief as the court deems just and proper. On June 30, 2023, the United States District Court for the Southern District
of New York granted the Company’s motion to dismiss this complaint but with leave to amended complaint. On July 31, Oasis filed
an amended complaint against the Company and its Chief Executive Officer, Mike Ballardie, seeking damages in an amount to be proven at
trial, interest and costs for breach of fiduciary duty and violations of Section 10(b) of the Securities and Exchange Act of 1934, as
amended, and Rule 10b-5 thereunder. The Company believes the claims made in the amended complaint are without merit and the Company and
Mike Ballardie are vigorously defending itself.
Except
for the Oasis lawsuit against Mike Ballardie, 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, 2023.
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 3(b) or 4(a)(2) thereof.
On
August 1, 2023, the Company issued 31,042 shares of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On
August 17, 2023, the Company issued 1,876 shares of common stock to Rodney Rapson as compensation for Mr. Rapson’s advisory services
under the advisory agreement between the Company and Mr. Rapson.
On
August 31, 2023, the Company issued 42,500 shares of common stock to Midcity to settle the profit guarantee under its prior note arrangement from April 2020.
On
September 18, 2023, the Company issued 125,134 shares of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On
September 19, 2023, the Company issued 9,444 shares of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 10, 2023, the Company issued 72,433 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 10, 2023, the Company issued 31,599 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 12, 2023, the Company issued 119,197 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 12, 2023, the Company issued 86,504 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 12, 2023, the Company issued 375 shares
of common stock as compensation to one of its ambassadors.
On October 17, 2023, the Company issued 43,185 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 18, 2023, the Company issued 245,000 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 19, 2023, the Company issued 473,000 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 20, 2023, the Company issued 339,450 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On October 23, 2023,
the Company issued 1,676 shares of common stock to the former shareholders of Gameface. These were
shares that were retained when the Company closed the Gameface acquisition in January 2022 against any claims against Gameface that would
arise in 18 months following the acquisition of Gameface. No claims arose and the Company therefore released the shares.
On October 23, 2023, the Company issued 109 shares
of common stock to a former shareholder of Gamefact in exchange for his shares of Gameface. This issuance of shares was delayed until
October 23, 2023 due to administrative oversight.
On October 27, 2023, the Company issued 42,500 shares
of common stock to Midcity to settle the profit guarantee under its prior note arrangement from April 2020.
On November 6, 2023, the Company issued 38,459 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 7, 2023, the Company issued 8,425 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 8, 2023, the Company issued 250,000 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 9, 2023, the Company issued 145,468 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 13, 2023, the Company issued 45,987 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 13, 2023, the Company issued 42,500 shares
of common stock to Midcity to settle the profit guarantee under its prior note arrangement from April 2020.
On November 14, 2023, the Company issued 224,472 shares
of common stock to Sapir LLC as compensation for services performed pursuant to a consulting agreement, as amended and restated on April
30, 2020.
On November 13, 2023, the Company issued 40,833 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 17, 2023, the Company issued 32,157 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 20, 2023, the Company issued 214,618 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
On November 21, 2023, the Company issued 62,952 shares
of common stock to Armistice upon the exercise of its Pre-Funded Warrants.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety disclosures
Not
applicable.
Item
5. Other Information
On November 16, 2023, the Company entered into an agreement with Agile Capital Funding (the “ACF Agreement”)
pursuant to which the Company sold $693,500 in future receivables to ACF (the “ACF Receivable Amount”) in exchange for $450,000
in cash. The Company agreed to pay ACF $28,895.83 each week until the ACF Receivable Amount is paid in full.
In order to secure payment and performance of the Company’s obligations to ACF under the ACF Agreement, the
Company granted to ACF a security interest in the following collateral: all present and future accounts receivable. 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.
Item
6. Exhibits
3.1 |
|
Certificate
of Amendment to Certificate of Incorporation of Connexa Sports Technologies Inc., dated September 20, 2023 |
|
|
|
10.1
|
|
Loan
and Security Modification Agreement dated October 11, 2023 between the Company, its subsidiaries
and Armistice Capital Master Fund Ltd. (Incorporated by reference to the Company’s
Current Report as previously filed on Form 8-K on October 11 2023)
|
|
|
|
10.2 |
|
Form
of 5.5 Year Warrant (Incorporated by reference to the Company’s Current Report as previously filed on Form 8-K on October 11
2023) |
|
|
|
10.3 |
|
Bylaws (Incorporated by reference to the Registrant’s Current Report as previously filed on Form 8-K filed with the Commission on October 12, 2023) |
|
|
|
10.4 |
|
Standard Merchant Cash Advance Agreement, dated August 7, 2023, between Unique Funding Solutions LLC and Connexa Sports Technologies Inc. |
|
|
|
10.5 |
|
Standard Merchant Cash Advance Agreement, dated September 19, 2023, between Meged Funding Group and Connexa Sports Technologies Inc. |
|
|
|
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:
November 27, 2023 |
By: |
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
President
and Chief Executive Officer |
|
|
|
Dated:
November 27, 2023 |
By: |
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
Chief
Financial Officer
(Principal
Financial Officer and Principal Accounting Officer) |
Exhibit
3.1
Exhibit
10.4
Exhibit
10.5
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 Connexa Sports Technologies, 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:
November 27, 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 Connexa Sports Technologies, 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:
November 27, 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 October 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:
November 27, 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 October 31, 2023 as filed with the Securities and Exchange Commission on the date hereof, I, Jason Seifert,
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:
November 27, 2023
By:
|
/s/
Mike Ballardie |
|
|
Mike
Ballardie |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
|
v3.23.3
Cover - shares
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Oct. 31, 2023 |
Nov. 24, 2023 |
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CONNEXA
SPORTS TECHNOLOGIES INC.
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Oct. 31, 2023 |
Apr. 30, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 285,861
|
$ 202,095
|
Accounts receivable, net |
527,998
|
399,680
|
Inventories, net |
1,668,189
|
3,189,766
|
Prepaid inventory |
707,612
|
936,939
|
Prepaid expenses and other current assets |
272,949
|
263,020
|
Total Current Assets |
3,462,609
|
4,991,500
|
Non-Current Assets: |
|
|
Note receivable - former subsidiary |
2,000,000
|
2,000,000
|
Fixed assets, net of depreciation |
|
14,791
|
Intangible assets, net of amortization |
1,000
|
101,281
|
Total Non-Current Assets |
2,001,000
|
2,116,072
|
TOTAL ASSETS |
5,463,609
|
7,107,572
|
Current Liabilities: |
|
|
Accounts payable |
5,113,362
|
5,496,629
|
Accrued expenses |
5,047,118
|
4,911,839
|
Current portion of notes payable, net of discount |
3,194,799
|
1,484,647
|
Derivative liabilities |
3,777,148
|
10,489,606
|
Contingent consideration |
|
418,455
|
Other current liabilities |
361,804
|
22,971
|
Total Current Liabilities |
18,462,477
|
23,767,491
|
Long-Term Liabilities: |
|
|
Total Long-Term Liabilities |
1,398,775
|
1,953,842
|
Total Liabilities |
19,861,252
|
25,721,333
|
Commitments and contingency |
|
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
Common stock, par value, $0.001, 300,000,000 shares authorized, 2,372,803 and 338,579 shares issued and outstanding as of October 31, 2023 and April 30, 2023, respectively |
2,373
|
339
|
Additional paid in capital |
136,224,410
|
132,993,998
|
Accumulated deficit |
(150,835,256)
|
(151,750,610)
|
Accumulated other comprehensive income |
210,830
|
142,512
|
Total Stockholders’ Equity (Deficit) |
(14,397,643)
|
(18,613,761)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
5,463,609
|
7,107,572
|
Nonrelated Party [Member] |
|
|
Current Liabilities: |
|
|
Accrued interest - related party |
50,289
|
25,387
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Accrued interest - related party |
917,957
|
917,957
|
Long-Term Liabilities: |
|
|
Notes payable related parties, net of current portion |
$ 1,398,775
|
$ 1,953,842
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Oct. 31, 2023 |
Apr. 30, 2023 |
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 |
2,372,803
|
338,579
|
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2,372,803
|
338,579
|
X |
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
NET SALES |
$ 2,295,918
|
$ 2,443,821
|
$ 5,416,149
|
$ 6,027,157
|
COST OF SALES |
1,648,955
|
2,156,780
|
3,876,437
|
4,718,824
|
GROSS PROFIT |
646,963
|
287,041
|
1,539,712
|
1,308,333
|
OPERATING EXPENSES |
|
|
|
|
Selling and marketing expenses |
305,037
|
347,129
|
547,390
|
1,103,952
|
General and administrative expenses |
1,616,325
|
4,436,860
|
4,121,385
|
7,751,470
|
Research and development costs |
|
14,980
|
|
34,405
|
Total Operating Expenses |
1,921,362
|
4,798,969
|
4,668,775
|
8,889,827
|
OPERATING LOSS |
(1,274,399)
|
(4,511,928)
|
(3,129,063)
|
(7,581,494)
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Amortization of debt discounts |
(13,070)
|
|
(790,262)
|
(2,872,222)
|
Loss on conversion of accounts payable to common stock |
|
|
(289,980)
|
|
Change in fair value of derivative liability |
14,800,253
|
3,100,102
|
16,944,807
|
6,787,597
|
Derivative expense |
(11,398,589)
|
(7,280,405)
|
(11,398,589)
|
(7,280,405)
|
Total Non-Operating Income (Expenses) |
3,036,518
|
(4,607,873)
|
4,044,417
|
(4,045,024)
|
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES |
1,762,119
|
(9,119,801)
|
915,354
|
(11,626,518)
|
Loss from discontinued operations |
|
(1,903,766)
|
|
(3,663,480)
|
Loss on disposal of subsidiaries |
|
|
|
|
LOSS FROM DISCONTINUED OPERATIONS |
|
(1,903,766)
|
|
(3,663,480)
|
PROVISION FOR INCOME TAXES |
1,762,119
|
(11,023,567)
|
915,354
|
(15,289,998)
|
Provision for income taxes |
|
|
|
|
NET INCOME (LOSS) |
1,762,119
|
(11,023,567)
|
915,354
|
(15,289,998)
|
Other comprehensive income (loss) |
|
|
|
|
Foreign currency translations adjustment |
95,338
|
(34,630)
|
68,318
|
58,139
|
Comprehensive income (loss) |
$ 1,857,457
|
$ (11,058,197)
|
$ 983,672
|
$ (15,231,859)
|
Net income (loss) per share - basic and diluted (see Note 3) |
|
|
|
|
Continuing operations basic |
$ (14.29)
|
$ (3,211.20)
|
$ (23.13)
|
$ (2,708.25)
|
Continuing operations diluted |
(14.29)
|
(3,211.20)
|
(23.13)
|
(2,708.25)
|
Discontinued operations basic |
|
(670.34)
|
|
(853.36)
|
Discontinued operations diluted |
|
(670.34)
|
|
(853.36)
|
Net loss per share - basic |
(14.29)
|
(3,881.54)
|
(23.13)
|
(3,561.61)
|
Net loss per share - diluted |
$ (14.29)
|
$ (3,881.54)
|
$ (23.13)
|
$ (3,561.61)
|
Weighted average common shares outstanding - basic |
912,147
|
2,840
|
693,092
|
4,293
|
Weighted average common shares outstanding - diluted |
912,147
|
2,840
|
693,092
|
4,293
|
Nonrelated Party [Member] |
|
|
|
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Interest expense |
$ (352,076)
|
$ (406,277)
|
$ (421,559)
|
$ (597,580)
|
Related Party [Member] |
|
|
|
|
NON-OPERATING INCOME (EXPENSE) |
|
|
|
|
Interest expense |
|
$ (21,293)
|
|
$ (82,414)
|
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v3.23.3
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 at Apr. 30, 2022 |
$ 105
|
$ 113,053,790
|
$ 54,962
|
$ (80,596,925)
|
$ 32,511,932
|
Balance, shares at Apr. 30, 2022 |
104,871
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Conversion of notes payable |
$ 110
|
14,046,190
|
|
|
14,046,300
|
Conversion of notes payable, shares |
109,737
|
|
|
|
|
Acquisition / Contingent consideration |
$ 15
|
915,530
|
|
|
915,545
|
Acquisition / Contingent consideration, shares |
14,960
|
|
|
|
|
Services |
$ 1
|
35,249
|
|
|
35,250
|
Services, shares |
625
|
|
|
|
|
Cash |
$ 26
|
4,194,974
|
|
|
4,195,000
|
Cash, shares |
26,219
|
|
|
|
|
Fractional share issuance |
|
|
|
|
|
Fractional share issuance, shares |
38
|
|
|
|
|
Share-based compensation |
|
277,625
|
|
|
277,625
|
Change in comprehensive income |
|
|
58,139
|
|
58,139
|
Net income for the period |
|
|
|
(4,266,431)
|
(4,266,431)
|
Balance at Jul. 31, 2022 |
$ 257
|
132,523,358
|
113,101
|
(84,863,356)
|
47,773,360
|
Balance, shares at Jul. 31, 2022 |
256,450
|
|
|
|
|
Balance at Apr. 30, 2022 |
$ 105
|
113,053,790
|
54,962
|
(80,596,925)
|
32,511,932
|
Balance, shares at Apr. 30, 2022 |
104,871
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Net income for the period |
|
|
|
|
(15,289,998)
|
Balance at Oct. 31, 2022 |
$ 331
|
132,800,909
|
226,698
|
(95,886,923)
|
37,141,015
|
Balance, shares at Oct. 31, 2022 |
330,761
|
|
|
|
|
Balance at Apr. 30, 2022 |
$ 105
|
113,053,790
|
54,962
|
(80,596,925)
|
$ 32,511,932
|
Balance, shares at Apr. 30, 2022 |
104,871
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Cash, shares |
|
|
|
|
151,579
|
Balance at Apr. 30, 2023 |
$ 339
|
132,993,998
|
142,512
|
(151,750,610)
|
$ (18,613,761)
|
Balance, shares at Apr. 30, 2023 |
338,579
|
|
|
|
|
Balance at Jul. 31, 2022 |
$ 257
|
132,523,358
|
113,101
|
(84,863,356)
|
47,773,360
|
Balance, shares at Jul. 31, 2022 |
256,450
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition / Contingent consideration |
$ 48
|
(48)
|
|
|
|
Acquisition / Contingent consideration, shares |
48,098
|
|
|
|
|
Cash |
$ 25
|
(25)
|
|
|
|
Cash, shares |
25,463
|
|
|
|
|
Share-based compensation |
|
277,625
|
|
|
277,625
|
Change in comprehensive income |
|
|
113,597
|
|
113,597
|
Net income for the period |
|
|
|
(11,023,567)
|
(11,023,567)
|
Cashless exercise of warrants |
$ 1
|
(1)
|
|
|
|
Cashless exercise of warrants, shares |
750
|
|
|
|
|
Balance at Oct. 31, 2022 |
$ 331
|
132,800,909
|
226,698
|
(95,886,923)
|
37,141,015
|
Balance, shares at Oct. 31, 2022 |
330,761
|
|
|
|
|
Balance at Apr. 30, 2023 |
$ 339
|
132,993,998
|
142,512
|
(151,750,610)
|
(18,613,761)
|
Balance, shares at Apr. 30, 2023 |
338,579
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition / Contingent consideration |
$ 1
|
(1)
|
|
|
|
Acquisition / Contingent consideration, shares |
1,350
|
|
|
|
|
Services |
|
|
|
|
|
Services, shares |
188
|
|
|
|
|
Cash |
|
|
|
|
188
|
Share-based compensation |
|
|
|
|
|
Change in comprehensive income |
|
|
(27,020)
|
|
(27,020)
|
Net income for the period |
|
|
|
(846,765)
|
(846,765)
|
Cashless exercise of warrants |
$ 27
|
(27)
|
|
|
|
Cashless exercise of warrants, shares |
27,000
|
|
|
|
|
Accounts payable |
$ 67
|
559,913
|
|
|
559,980
|
Accounts payable, shares |
67,500
|
|
|
|
|
Satisfaction of profit guarantee on note payable |
$ 94
|
558,200
|
|
|
558,294
|
Satisfaction of profit guarantee on note payable, shares |
93,680
|
|
|
|
|
Balance at Jul. 31, 2023 |
$ 528
|
134,112,083
|
115,492
|
(152,597,375)
|
(18,369,272)
|
Balance, shares at Jul. 31, 2023 |
528,297
|
|
|
|
|
Balance at Apr. 30, 2023 |
$ 339
|
132,993,998
|
142,512
|
(151,750,610)
|
(18,613,761)
|
Balance, shares at Apr. 30, 2023 |
338,579
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Net income for the period |
|
|
|
|
915,354
|
Balance at Oct. 31, 2023 |
$ 2,373
|
136,224,410
|
210,830
|
(150,835,256)
|
(14,397,643)
|
Balance, shares at Oct. 31, 2023 |
2,372,803
|
|
|
|
|
Balance at Jul. 31, 2023 |
$ 528
|
134,112,083
|
115,492
|
(152,597,375)
|
(18,369,272)
|
Balance, shares at Jul. 31, 2023 |
528,297
|
|
|
|
|
Stock issued for: |
|
|
|
|
|
Acquisition / Contingent consideration |
$ 2
|
418,453
|
|
|
418,455
|
Acquisition / Contingent consideration, shares |
1,964
|
|
|
|
|
Services |
$ 14
|
28,048
|
|
|
$ 28,062
|
Services, shares |
13,707
|
|
|
|
13,707
|
Cash, shares |
|
|
|
|
1,844,506
|
Change in comprehensive income |
|
|
95,338
|
|
$ 95,338
|
Net income for the period |
|
|
|
1,762,119
|
1,762,119
|
Cashless exercise of warrants |
$ 1,708
|
(1,708)
|
|
|
|
Cashless exercise of warrants, shares |
1,708,152
|
|
|
|
|
Satisfaction of profit guarantee on note payable |
$ 85
|
210,716
|
|
|
210,801
|
Satisfaction of profit guarantee on note payable, shares |
85,000
|
|
|
|
|
Fractional adjustment in reverse split |
$ 36
|
(36)
|
|
|
|
Fractional adjustment in reverse split, shares |
35,683
|
|
|
|
|
Reclassification of derivative liability upon amendment of agreement |
|
1,456,854
|
|
|
1,456,854
|
Balance at Oct. 31, 2023 |
$ 2,373
|
$ 136,224,410
|
$ 210,830
|
$ (150,835,256)
|
$ (14,397,643)
|
Balance, shares at Oct. 31, 2023 |
2,372,803
|
|
|
|
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
CASH FLOW FROM OPERTING ACTIVIITES |
|
|
Net income (loss) |
$ 915,354
|
$ (15,289,998)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities |
|
|
Depreciation, amortization and impairment expense |
115,072
|
71,336
|
Change in fair value of derivative liability |
(16,944,807)
|
(6,787,597)
|
Shares and warrants issued for services |
28,062
|
35,250
|
Share-based compensation |
|
555,250
|
Derivative expense |
11,398,589
|
7,280,405
|
Amortization of debt discounts |
790,262
|
2,872,222
|
Settlement expense |
769,095
|
|
Loss on settlement of accounts payable |
289,980
|
|
Changes in assets and liabilities, net of acquired amounts |
|
|
Accounts receivable |
214,355
|
396,322
|
Inventories |
1,521,577
|
3,550,026
|
Prepaid inventory |
229,327
|
(311,972)
|
Prepaid expenses and other current assets |
(6,573)
|
(228,861)
|
Accounts payable and accrued expenses |
(648,122)
|
(617,142)
|
Other current liabilities |
654,871
|
10,974
|
Total adjustments |
(1,563,410)
|
6,991,994
|
Net cash used in operating activities of continuing operations |
(648,056)
|
(8,298,004)
|
Net cash provided by operating activities of discontinued operations |
|
2,298,552
|
Net cash used in operating activities |
(648,056)
|
(5,999,452)
|
CASH FLOWS FROM FINANCING ACTIVITES |
|
|
Proceeds from issuance of common stock for cash |
|
9,194,882
|
Proceeds from notes payable |
1,276,000
|
|
Payments of notes payable - related parties |
(556,025)
|
(14,133)
|
Payments of notes payable |
(65,496)
|
(3,835,676)
|
Net cash provided by financing activities |
654,479
|
5,345,073
|
Effect of exchange rate fluctuations on cash and cash equivalents |
77,343
|
181,249
|
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH |
83,766
|
(473,130)
|
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD |
202,095
|
665,002
|
CASH AND RESTRICTED CASH - END OF PERIOD |
285,861
|
191,872
|
CASH PAID DURING THE PERIOD FOR: |
|
|
Interest expense |
|
|
Income taxes |
|
|
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
Conversion of convertible notes payable and accrued interest to common stock |
|
14,046,300
|
Shares issued for contingent consideration |
418,455
|
915,545
|
Derivative liability recorded for shares and warrants issued in private placement |
|
4,999,882
|
Related Party [Member] |
|
|
Changes in assets and liabilities, net of acquired amounts |
|
|
Accrued interest |
24,902
|
160,963
|
Nonrelated Party [Member] |
|
|
Changes in assets and liabilities, net of acquired amounts |
|
|
Accrued interest |
|
$ 4,818
|
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v3.23.3
ORGANIZATION AND NATURE OF BUSINESS
|
6 Months Ended |
Oct. 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 50,000 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 50,000 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 50,000 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.
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.
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. In November 2022, the Company sold PlaySight and recorded a loss on the sale.
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”.
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 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.
On
July 26, 2023, the Company received a letter from the Listing Qualifications Department of Nasdaq indicating that the Company’s
stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2023 did not satisfy
the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’
equity be at least $2.5 million (the “Minimum Stockholders’ Equity Requirement”). In addition, the Company did not
meet the alternatives of listed securities or net income from continuing operations as of the date of the letter. The Company timely
submitted a compliance plan to the Panel and on August 23, 2023 received notice from Nasdaq that it has until January 22, 2024 to demonstrate
compliance with the Minimum Stockholders’ Equity Requirement.
There
can be no assurance that the Company will be able to satisfy the Nasdaq’s continued listing requirements, regain compliance with
the Rule, the Minimum Stockholders’ Equity Requirement, and the Minimum Bid Price Requirement, and maintain compliance with other
Nasdaq listing requirements.
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, 2023,
filed with the Securities and Exchange Commission on September 14, 2023. This Form 10-K and the 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.
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.”
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 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 periods ended October 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 for the period ended July 31,
2022.
Impact
of COVID-19 Pandemic
The
Company continues to carefully monitor the global COVID-19 pandemic status and its impact on its business. In that regard, while the
Company has continued to sell its products it has previously experienced certain minor 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, the on-going global efforts to contain it. 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 currently 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.
Impact
of Israel and Hamas Conflict
Because
we develop products in Israel and our chief marketing officer is located in Israel, our business and operations are directly affected
by economic, political, geopolitical and military conditions affecting Israel. Since the establishment of the State of Israel in 1948,
a number of armed conflicts have occurred between Israel and its neighboring countries and other hostile non-state actors. These conflicts
have involved missile strikes, hostile infiltrations and terrorism against civilian targets in various parts of Israel, which have negatively
affected business conditions in Israel.
On
October 7, 2023, Hamas militants and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza
Strip and conducted a series of terror attacks on civilian and military targets. Thereafter, these terrorists launched extensive rocket
attacks on the Israeli population and industrial centers located along the Israeli border with the Gaza Strip. As of October 11, 2023,
such attacks collectively resulted in over 1,200 deaths and over 2,600 injured people, in addition to the kidnapping of a currently indefinite
number of civilians, including women and children. Shortly following the attack, Israel’s security cabinet declared war against
Hamas.
The
intensity and duration of Israel’s current war against Hamas is difficult to predict, and as are such war’s economic implications
on the Company’s business and operations and on Israel’s economy in general. On October 9, 2023, the Central Bank of Israel
announced its intent to sell up to $30 billion order to protect the New Israeli Shekel (“NIS”) from collapse, however despite
the foregoing announcement the NIS weakened to approximately 3.92 NIS for one US dollar as of the same day. In addition, on October 9,
2023, the Tel Aviv-35 stock index of blue-chip companies dropped by 6.4% whereas the benchmark TA-125 index fell by 6.2%. These events
may imply wider macroeconomic indications of a deterioration of Israel’s economic standing, which may have a material adverse effect
on the Company and its ability to effectively conduct is business, operations and affairs.
It
is possible that other terrorist organizations will join the hostilities as well, including Hezbollah in Lebanon, and Palestinian military
organizations in the West Bank. In the event that hostilities disrupt the development of our products, our ability to deliver products
to customers in a timely manner to meet our contractual obligations with customers and vendors could be materially and adversely affected.
Our
commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli
government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot
assure you that this government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damages
incurred by us could have a material adverse effect on our business.
As
a result of the Israeli security cabinet’s decision to declare war against Hamas, several hundred thousand Israeli reservists were
drafted to perform immediate military service. If any of our employees and consultants in Israel are called for service in the current
war with Hamas, our operations may be disrupted by such absences, which may materially and adversely affect our business and results
of operations. Additionally, the absence of employees of our Israeli suppliers and contract manufacturers due to their military service
in the current war or future wars or other armed conflicts may disrupt their operations, in which event our ability to deliver products
to customers may be materially and adversely affected.
In
addition, popular uprisings in various countries in the Middle East and North Africa have affected the political stability of those countries.
Such instability may lead to a deterioration in the political and trade relationships that exist between the State of Israel and these
countries, such as Turkey. Moreover, some countries around the world restrict doing business with Israel and Israeli companies, and additional
countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political instability
in the region continues or increases. These restrictions may limit materially our ability to obtain raw materials from these countries
or sell our products to companies and customers in these countries. In addition, there have been increased efforts by activists to cause
companies and consumers to boycott Israeli goods. Such efforts, particularly if they become more widespread, may materially and adversely
impact our ability to sell our products outside of Israel.
Prior
to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel’s judicial system, which sparked
extensive political debate and unrest. In response to such initiative, many individuals, organizations and institutions, both within
and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel including
due to reluctance of foreign investors to invest or transact business in Israel as well as to increased currency fluctuations, downgrades
in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic conditions.
The risk of such negative developments has increased in light of the recent Hamas attacks and the war against Hamas declared by Israel.
To the extent that any of these negative developments do occur, they may have an adverse effect on our business, our results of operations
and our ability to raise additional funds, if deemed necessary by our management and board of directors.
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v3.23.3
GOING CONCERN
|
6 Months Ended |
Oct. 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 $150,835,256 as
of October 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. We have recorded the
25% investment in Foundation Sprots at $0.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Oct. 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 six months ended October 31, 2023, are not necessarily indicative of the results that may
be expected for any future period or the fiscal year ending April 30, 2024 and should be read in conjunction with the Company’s
Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 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 $200,000 and $209,690 in allowance for doubtful accounts as of October 31, 2023 and April 30, 2023, respectively.
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 October 31, 2023 and April 30, 2023 consisted of the following:
SCHEDULE OF INVENTORY
| |
October
31, 2023 | | |
April
30, 2023 | |
Finished
Goods | |
$ | 400,147 | | |
$ | 1,509,985 | |
Component/Replacement
Parts | |
| 1,593,591 | | |
| 1,712,553 | |
Capitalized
Duty/Freight | |
| 24,451 | | |
| 517,228 | |
Inventory
Reserve | |
| (350,000 | ) | |
| (550,000 | ) |
Total | |
$ | 1,668,189 | | |
$ | 3,189,766 | |
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 October 31, 2023 and April 30, 2023 was $0 and $418,455, 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 six months ended October 31, 2023:
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 six months ended October 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
| |
October
31, 2023 | | |
(Gain)
for the
six months | |
Note
derivative is related to | |
balance | | |
ended
October 31, 2023 | |
8/6/21
convertible notes | |
$ | 7,679 | | |
$ | (94,245) |
6/17/22
underwriter warrants | |
| 664 | | |
| (5,867 | ) |
9/30/22
warrants issued with common stock | |
| 3,326,235 | | |
| (2,783,324 | ) |
1/6/2023
warrants issued with note payable | |
| 315,768 | | |
| (14,181,913 | ) |
10/11/2023
warrants issued with note payable | |
| 126,802 | | |
| (163,812 | ) |
Total | |
$ | 3,777,148 | | |
$ | (17,229,161 | ) |
The
Black-Scholes option pricing model assumptions for the derivative liabilities during the periods ended October 31, 2023 and 2022 consisted
of the following:
SCHEDULE
OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD
| |
Period
Ended
October
31, 2023 | |
|
Period
Ended
October
31, 2022 | |
Expected
life in years | |
| 2.75-10
years | |
|
| 3.76
- 10 years | |
Stock
price volatility | |
| 150 | % |
|
| 50-150 | % |
Risk
free interest rate | |
| 4.08%-5.37 | % |
|
| 2.90%-4.34 | % |
Expected
dividends | |
| 0 | % |
|
| 0 | % |
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 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. During the six months ended October 31, 2023, the Company impaired
their intangible assets down to a nominal value of $1,000 as the technology has changed and Management determined the value to be greater
than the fair value of those assets. Refer to Note 5 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. The
Company impaired $100,281 in intangible assets and $14,791 in fixed assets during the six months ended October 31, 2023. Refer to Note
5 for more information.
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.
The
Company impaired all goodwill as of April 30, 2023.
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.
The
warrants granted during the periods ended October 31, 2023 and 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
| |
Period
Ended October
31, 2023 | | |
Period
Ended October
31, 2022 | |
Expected
life in years | |
| 5
years | | |
| 5
– 10 years | |
Stock
price volatility | |
| 150 | % | |
| 50%
- 150 | % |
Risk
free interest rate | |
| 4.59 | % | |
| 2.50%
- 4.27 | % |
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.
The
Company has adjusted the diluted EPS for the six and three months ended October 31, 2023 for warrants classified as derivative liabilities
in accordance with ASC 260-10-45 as follows. No calculation is necessary for the six and three months ended October 31, 2022 because
to do so would be anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE
Six
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income | |
$ | 915,354 | |
Change
in fair value of derivative liability | |
| (16,944,807 | ) |
| |
| | |
Adjusted
net loss | |
$ | (16,029,453 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 693,092 | |
Adjusted
loss per share | |
$ | (23.13 | ) |
Three
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income to controlling interest | |
$ | 1,762,119 | |
Change
in fair value of derivative liability | |
| (14,800,253 | ) |
| |
| | |
Adjusted
net loss | |
$ | (13,038,134 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 912,147 | |
Adjusted
loss per share | |
$ | (14.29 | ) |
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 adoption of the new standard did not have a material effect on the Company’s 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 adoption of the new standard did not have a material effect on the Company’s consolidated 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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v3.23.3
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES
|
6 Months Ended |
Oct. 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 October 31, 2023 and April 30, 2023, the Company had two customers that accounted for 77% and 47% of the Company’s trade receivables
balance, respectively.
Accounts
Payable Concentration
As
of October 31, 2023 and April 30, 2023, the Company had four significant suppliers that accounted for 69%, 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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v3.23.3
INTANGIBLE ASSETS
|
6 Months Ended |
Oct. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
Note
5: INTANGIBLE ASSETS
Intangible
assets reflect only those intangible assets of our continuing operations, and consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
(in years) | | |
Carrying
Value | | |
Amortization | | |
Loss | | |
Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
October
31, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
$ | 360,551 | | |
$ | 1,000 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,740,905 | | |
$ | 1,000 | |
| |
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
April
30, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
| 260,270 | | |
$ | 101,281 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,640,624 | | |
$ | 101,281 | |
Amortization
expense for the six months ended October 31, 2023 and 2022 was approximately $0 and $2,890, respectively. The Company impaired $100,281
in the six months ended October 31, 2023. The remaining $1,000 is a nominal value related to the Company’s patents. This amount
is not expected to be amortized any further.
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v3.23.3
ACCRUED EXPENSES
|
6 Months Ended |
Oct. 31, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
Note
6: ACCRUED EXPENSES
The
composition of accrued expenses is summarized below:
SCHEDULE
OF ACCRUED EXPENSES
| |
October
31, 2023 | | |
April
30, 2023 | |
Accrued
payroll | |
$ | 1,929,686 | | |
$ | 1,535,186 | |
Accrued
bonus | |
| 1,983,178 | | |
| 1,720,606 | |
Accrued
professional fees | |
| 35,000 | | |
| 490,424 | |
Other
accrued expenses | |
| 1,099,254 | | |
| 1,165,623 | |
Total | |
$ | 5,047,118 | | |
$ | 4,911,839 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
NOTE PAYABLE - RELATED PARTY
|
6 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTE PAYABLE - RELATED PARTY |
Note
7: NOTE PAYABLE - RELATED PARTY
The
discussion of note payable – related party only includes those that existed as of April 30, 2023. For a discussion of all prior
note payable – related party we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April
30, 2023.
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 $1,398,775 and $1,953,842 in outstanding borrowings from related parties as of October 31, 2023 and April 30, 2023. Interest expense
related to the related parties for the six months ended October 31, 2023 and 2022 amounted to $0 and $82,414, respectively. Accrued interest
due to related parties as of October 31, 2023 and April 30, 2023 amounted to $917,957 and $917,957, respectively. The accrued interest
includes notes that were either repaid or converted but the interest remained.
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 and accrued interest in respect of
the Loan Agreements (as defined above) and certain other expenses they incurred in connection with the Company.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
CONVERTIBLE NOTES PAYABLE
|
6 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
CONVERTIBLE NOTES PAYABLE |
Note
8: CONVERTIBLE NOTES PAYABLE
The
discussion of convertible notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior convertible
notes payable we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023.
As
of April 30, 2023, all outstanding convertible notes payable had been fully converted into outstanding common shares. On June 17, 2022,
the Company issued 109,737 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 six months ended October 31, 2022.
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v3.23.3
NOTES PAYABLE
|
6 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
Note
9: NOTES PAYABLE
The
discussion of notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior notes payable we refer
you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023.
On
April 11, 2021, the Company and the lender entered into an agreement whereby the lender converted the promissory note into 681 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 $1,456,854 as of August 20, 2023.
On
August 21, 2023, the Company amended its arrangement with MidCity and agreed to issue 42,500 shares of stock monthly for eight months
to settle the profit guarantee under its prior note arrangement from April 2020. The parties agreed to a one-time true-up at March 31,
2024 if any further amounts are due MidCity at that time. As a result of this new agreement with MidCity fixing the terms of the guarantee,
the Company has removed the criteria that created a net share settlement issue and thus no longer treats this as a derivative liability.
The remaining liability has been adjusted against additional paid in capital at the date of the agreement.
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 April 30, 2023 (and as of October 31, 2022).
On
April 1, 2022, the Company entered into a $500,000 note payable. The note was to mature 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 agreed to pay UFS $13,491 each week for the first 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.
UFS
Agreement #2
On
August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $797,500
in future receivables (the “UFS Second Receivables Purchased Amount”) to UFS in exchange for payment to the Company of $550,000
in cash less fees of $50,000. The Company agreed to pay UFS $30,000 each week until the UFS Second 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 agreed to pay Cedar $13,491 each week for the first 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 $8.84 per share, so the Warrants in respect of the initial advance under
the Note are exercisable for up to 452,489 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 $8.84 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.
On
October 11, 2023, the Company entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”)
with the Lenders and the Agent amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by
and among the Company, the Lenders and the Agent to make an additional loan of $1,000,000 and modify the terms of the LSA to reflect
the New Loan. The modification of the original January 6, 2023, loan represented a material modification, and the original loan has been
extinguished, and the New Loan in the amount of $3,000,000 has been recorded. As a result of the extinguishment, the Company recognized
there was no gain or loss recognized as all of the discounts associated with the original notes were fully amortized. On October 11,
2023, the Company recognized a discount related to the issuance of the warrants noted below that will be amortized through the maturity
date of the New Loan, April 11, 2024.
In
connection with the Loan and Security Modification Agreement, the Company agreed to issue to the investor warrants (the “Common
Warrants”) to purchase up to 169,196 shares of Common Stock at an exercise price of $1.90 per share. The Common Warrants are exercisable
six months after their issuance and will expire five and one-half years from their date of issuance. The Common Warrants and the shares
of our Common Stock issuable upon the exercise of the Common Warrants are not being registered under the Securities Act of 1933, as amended
(the “Securities Act”), were not offered pursuant to the Registration Statement and were offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act, and Rule 506(b) promulgated thereunder.
The
Company recorded a derivative liability related to the warrants granted with the October 11, 2023 amendment in the amount of $290,514.
This discount is being amortized over the life of the note.
Meged
Agreement
On
June 8, 2023, the Company entered into a merchant cash advance agreement with Meged Funding Group (“Meged”) pursuant to which
the Company sold $315,689 in future receivables to Meged (the “Meged Receivables Purchased Amount”) to in exchange for payment
to the Company of $210,600 in cash less fees of $10,580. The Company agreed to pay Meged $17,538 each week until the Meged Receivables
Purchased Amount is paid in full.
Meged
Agreement #2
On
September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged Agreement”) pursuant to which the
Company sold $423,000 in future receivables to Meged (the “Meged Second Receivable Amount”) in exchange for paying the then
outstanding balance of $70,153.20 of the Meged Receivables Purchased Amount in full with the balance being retained by the Company in
cash for general purposes. The Company agreed to pay Meged $15,107.14 each week until the Meged Second Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted
to Meged 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.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Oct. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
Note
10: 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 $1,398,775 and $1,953,842 and accrued interest
of $917,957 and $917,957 due to a related party as of October 31, 2023 and April 30, 2023, respectively (see Note 7).
The
Company recognized net sales of $55,500 and $92,887 during the six months ended October 31, 2023 and 2022, respectively, to related parties.
As of October 31, 2023 and 2022, related parties had accounts receivable due to the Company of $33,338 and $91,857, respectively.
|
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- 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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v3.23.3
SHAREHOLDERS’ EQUITY (DEFICIT)
|
6 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY (DEFICIT) |
Note
11: 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 October 31, 2023 and April 30,
2023, the Company had 2,372,803 and 338,579 shares of common stock issued and outstanding, respectively.
For
the period May 1, 2023 through July 31, 2023, the Company issued 189,718 shares of common stock to ambassadors under their agreements
(188), to vendors in settlement of accounts payable (67,500), for settlement with former owners of FSS (1,350), for the exercise of warrants
(27,000) and to satisfy the profit guarantee on a note (93,680).
For
the period August 1, 2023 through October 31, 2023, the Company issued 1,844,506 shares of common stock for services rendered (13,707),
for settlement with former owners of Gameface and the remaining contingent consideration (1,964), for the exercise of warrants (1,708,152)
and to satisfy the profit guarantee on a note (85,000). In addition, we issued 35,683 to satisfy our requirement under the 1 for 40 reverse
split that occurred in this time period.
Equity
Transactions During the Year Ended April 30, 2023
The
Company has issued an aggregate of 151,579 shares of its common stock consisting of the following:
|
|
On
June 15, 2022, the Company issued 109,737 shares of common stock to the Convertible Noteholders upon conversion of convertible notes. |
|
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On
June 15, 2022, the Company issued 26,219 shares to investors who participated in the Company’s Nasdaq uplist round. |
|
|
|
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On
June 27, 2022, the Company issued 625 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. |
|
|
|
|
|
On
June 27, 2022, the Company issued 14,960 shares of common stock to the former Gameface shareholders in connection with the purchase
of Gameface. |
|
|
|
|
|
On
August 25, 2022, the Company issued 750 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) 25,463 shares of common stock and (ii)
pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together
with accompanying common stock warrants, at a combined purchase price of $15.60 per share of the common stock and associated common
stock warrant and $15.596 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 $0.0004 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 320,513 shares of common stock at an exercise price of $15.60 per share
and a term of five years following the initial exercise date (the “5-Year Warrants”) and 641,026 common stock warrants
to purchase 641,026 shares of common stock at an exercise price of $17.20 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. |
|
|
|
|
|
On
October 12, 2022, the Company issued 48,098 shares of common stock, on November 21, 2022 issued 675 shares of common stock and January
26, 2023 issued 6,993 shares of common stock in connection with the acquisition of PlaySight. |
|
|
|
|
|
On
January 26, 2023, the Company issued 150 shares of common stock for services rendered to their ambassadors. |
The
Company granted the following warrants for the six months ended October 31, 2023:
The
Company granted 50,000 warrants to a consultant for services valued at $50,873.
The
Company granted their investor an additional 7,717,874 warrants as a result of our reset provisions in the warrant agreements dated September
28, 2022. The Company recognized an $11,398,589 charge to derivative expense as a result of this issuance.
The
Company granted 169,196 warrants in the amended loan agreement on October 1, 2023.
Warrants
Granted During the Year Ended April 30, 2023
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) 25,463 shares of common stock and (ii) pre-funded
warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together with accompanying
common stock warrants, at a combined purchase price of $15.60 per share of the common stock and associated common stock warrant and $15.596
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 $0.0004 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 320,513 shares of common stock at an exercise price of $15.60 per share and a term of five years following the initial exercise
date (the “5-Year Warrants”) and 641,026 common stock warrants to purchase 641,026 shares of common stock at an exercise
price of $17.20 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 became exercisable beginning on the date stockholder approval was 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 $8.84 per
share and in October 2023 to $3.546 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 (or 8.84 per share after adjusting
for the 1-for-40 reverse stock split), so the Warrants in respect of the initial advance under the Note are exercisable for up to 452,489
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 $8.84 per share and a term of five- and one-half (5½) years following
the initial exercise date. The exercise price of the Warrants was reset in October 2023 to $1.90 per share The initial exercise date
of the Warrants was the date stockholder approval was 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 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”).
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
Note
12: COMMITMENTS AND CONTINGENCIES
Leases
The
Company leases office space under short-term leases with terms under a year. Total rent expense for the six months ended October 31,
2023 and 2022 amounted to $4,548 and $17,000, 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.
The
Company issued 14,960
common shares to the former Gameface shareholders in June 2022. The remaining balance of the contingent consideration of $418,455 was converted on October 23, 2023.
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.
On
February 8, 2023, Oasis Capital, LLC (“Oasis”) filed a complaint against the Company in the United States District Court
for the Southern District of New York seeking damages (i) in the amount of $764,647.53 in for an alleged breach of the terms of the 8%
senior convertible note and the securities purchase agreement entered into between Oasis and the Company in connection with the Note
(as defined below), which in December 2021 was increased to $600,000 in principal amount (the “Note”) and (ii) an unspecified
amount of damage for an alleged breach of the exclusivity provisions of a term sheet that the Company and Oasis entered into on July
7, 2022 plus an actual damages in an amount to be proven at trial, interest and costs, reasonable attorney’s fees and such other
legal and equitable relief as the court deems just and proper. On June 30, 2023, the United States District Court for the Southern District
of New York granted the Company’s motion to dismiss this complaint but with leave to amended complaint. On July 31, 2023 Oasis
filed an amended complaint against the Company and its Chief Executive Officer, Mike Ballardie, seeking damages in an amount to be proven
at trial, interest and costs for breach of fiduciary duty and violations of Section 10(b) of the Securities and Exchange Act of 1934,
as amended, and Rule 10b-5 thereunder. The Company believes the claims made in the amended complaint are without merit and the Company
and Mike Ballardie are vigorously defending itself.
Except
for the Oasis lawsuit against Mike Ballardie, 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.
Nasdaq
Compliance
On
July 26, 2023, the Company received a letter from the Listing Qualifications Department of Nasdaq indicating that the Company’s
stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2023 did not satisfy
the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’
equity be at least $2.5 million (the “Minimum Stockholders’ Equity Requirement”). As reported in its Form 10-Q for
the period ended January 31, 2023, the Company’s stockholders’ equity as of January 31, 2023 was approximately $(11.7) million.
In addition, the Company did not meet the alternatives of listed securities or net income from continuing operations as of the date of
the letter. The Nasdaq has given the Company until January 22, 2024 to regain compliance with the Minimum Stockholders’ Equity
Requirement and net income from continuing operations requirement.
The
Company offers no assurance that it will regain compliance with the Bid Price Rule, the Minimum Stockholders’ Equity Requirement
and/or any other delinquency in a timely manner.
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v3.23.3
DISCONTINUED OPERATIONS
|
6 Months Ended |
Oct. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
DISCONTINUED OPERATIONS |
Note
13: 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.
The
Company reclassified the following operations to discontinued operations for the six and three months ended October 31, 2022.
SCHEDULE OF DISCONTINUED OPERATIONS
| |
Six
months ended
October
31, 2022 | |
Revenue | |
$ | 2,873,671 | |
Operating
expenses | |
| 6,700,528 | |
Other
(income) loss | |
| (163,377 | ) |
Net
loss from discontinued operations | |
$ | (3,663,480 | ) |
| |
Three
months ended
October
31, 2022 | |
Revenue | |
$ | 1,510,558 | |
Operating
expenses | |
| 3,422,259 | |
Other
(income) loss | |
| (7,935 | ) |
Net
loss from discontinued operations | |
$ | (1,903,766 | ) |
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v3.23.3
SUBSEQUENT EVENTS
|
6 Months Ended |
Oct. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
Note
14: SUBSEQUENT EVENTS
From
November 1, 2023 through the date hereof, the Company issued the following shares of common stock:
|
- |
796,399 shares of common stock to Armistice upon the exercise of its Pre-Funded Warrants; |
|
- |
42,500 shares of common stock to Midcity to settle the profit guarantee under its prior note arrangement from April 2020; and |
|
- |
224,472 shares of common stock to Sapir LLC as compensation for services performed pursuant to a consulting agreement, as amended and restated on April 30, 2020. |
On
November 16, 2023, the Company entered into an agreement with Agile Capital Funding (the “ACF Agreement”) pursuant to which
the Company sold $693,500 in future receivables to ACF (the “ACF Receivable Amount”) in exchange for $450,000 in cash. The
Company agreed to pay ACF $28,895.83 each week until the ACF Receivable Amount is paid in full.
In
order to secure payment and performance of the Company’s obligations to ACF under the ACF Agreement, the Company granted to ACF
a security interest in the following collateral: all present and future accounts receivable. 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.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Oct. 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 six months ended October 31, 2023, are not necessarily indicative of the results that may
be expected for any future period or the fiscal year ending April 30, 2024 and should be read in conjunction with the Company’s
Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 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 $200,000 and $209,690 in allowance for doubtful accounts as of October 31, 2023 and April 30, 2023, respectively.
|
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 October 31, 2023 and April 30, 2023 consisted of the following:
SCHEDULE OF INVENTORY
| |
October
31, 2023 | | |
April
30, 2023 | |
Finished
Goods | |
$ | 400,147 | | |
$ | 1,509,985 | |
Component/Replacement
Parts | |
| 1,593,591 | | |
| 1,712,553 | |
Capitalized
Duty/Freight | |
| 24,451 | | |
| 517,228 | |
Inventory
Reserve | |
| (350,000 | ) | |
| (550,000 | ) |
Total | |
$ | 1,668,189 | | |
$ | 3,189,766 | |
|
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 October 31, 2023 and April 30, 2023 was $0 and $418,455, 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 six months ended October 31, 2023:
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 six months ended October 31, 2023:
SCHEDULE OF DERIVATIVE LIABILITIES
| |
October
31, 2023 | | |
(Gain)
for the
six months | |
Note
derivative is related to | |
balance | | |
ended
October 31, 2023 | |
8/6/21
convertible notes | |
$ | 7,679 | | |
$ | (94,245) |
6/17/22
underwriter warrants | |
| 664 | | |
| (5,867 | ) |
9/30/22
warrants issued with common stock | |
| 3,326,235 | | |
| (2,783,324 | ) |
1/6/2023
warrants issued with note payable | |
| 315,768 | | |
| (14,181,913 | ) |
10/11/2023
warrants issued with note payable | |
| 126,802 | | |
| (163,812 | ) |
Total | |
$ | 3,777,148 | | |
$ | (17,229,161 | ) |
The
Black-Scholes option pricing model assumptions for the derivative liabilities during the periods ended October 31, 2023 and 2022 consisted
of the following:
SCHEDULE
OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD
| |
Period
Ended
October
31, 2023 | |
|
Period
Ended
October
31, 2022 | |
Expected
life in years | |
| 2.75-10
years | |
|
| 3.76
- 10 years | |
Stock
price volatility | |
| 150 | % |
|
| 50-150 | % |
Risk
free interest rate | |
| 4.08%-5.37 | % |
|
| 2.90%-4.34 | % |
Expected
dividends | |
| 0 | % |
|
| 0 | % |
|
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 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. During the six months ended October 31, 2023, the Company impaired
their intangible assets down to a nominal value of $1,000 as the technology has changed and Management determined the value to be greater
than the fair value of those assets. Refer to Note 5 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. The
Company impaired $100,281 in intangible assets and $14,791 in fixed assets during the six months ended October 31, 2023. Refer to Note
5 for more information.
|
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.
The
Company impaired all goodwill as of April 30, 2023.
|
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.
The
warrants granted during the periods ended October 31, 2023 and 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
| |
Period
Ended October
31, 2023 | | |
Period
Ended October
31, 2022 | |
Expected
life in years | |
| 5
years | | |
| 5
– 10 years | |
Stock
price volatility | |
| 150 | % | |
| 50%
- 150 | % |
Risk
free interest rate | |
| 4.59 | % | |
| 2.50%
- 4.27 | % |
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.
The
Company has adjusted the diluted EPS for the six and three months ended October 31, 2023 for warrants classified as derivative liabilities
in accordance with ASC 260-10-45 as follows. No calculation is necessary for the six and three months ended October 31, 2022 because
to do so would be anti-dilutive.
SCHEDULE
OF EARNINGS PER SHARE
Six
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income | |
$ | 915,354 | |
Change
in fair value of derivative liability | |
| (16,944,807 | ) |
| |
| | |
Adjusted
net loss | |
$ | (16,029,453 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 693,092 | |
Adjusted
loss per share | |
$ | (23.13 | ) |
Three
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income to controlling interest | |
$ | 1,762,119 | |
Change
in fair value of derivative liability | |
| (14,800,253 | ) |
| |
| | |
Adjusted
net loss | |
$ | (13,038,134 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 912,147 | |
Adjusted
loss per share | |
$ | (14.29 | ) |
|
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 adoption of the new standard did not have a material effect on the Company’s 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 adoption of the new standard did not have a material effect on the Company’s consolidated 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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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
SCHEDULE OF INVENTORY |
SCHEDULE OF INVENTORY
| |
October
31, 2023 | | |
April
30, 2023 | |
Finished
Goods | |
$ | 400,147 | | |
$ | 1,509,985 | |
Component/Replacement
Parts | |
| 1,593,591 | | |
| 1,712,553 | |
Capitalized
Duty/Freight | |
| 24,451 | | |
| 517,228 | |
Inventory
Reserve | |
| (350,000 | ) | |
| (550,000 | ) |
Total | |
$ | 1,668,189 | | |
$ | 3,189,766 | |
|
SCHEDULE OF DERIVATIVE LIABILITIES |
SCHEDULE OF DERIVATIVE LIABILITIES
| |
October
31, 2023 | | |
(Gain)
for the
six months | |
Note
derivative is related to | |
balance | | |
ended
October 31, 2023 | |
8/6/21
convertible notes | |
$ | 7,679 | | |
$ | (94,245) |
6/17/22
underwriter warrants | |
| 664 | | |
| (5,867 | ) |
9/30/22
warrants issued with common stock | |
| 3,326,235 | | |
| (2,783,324 | ) |
1/6/2023
warrants issued with note payable | |
| 315,768 | | |
| (14,181,913 | ) |
10/11/2023
warrants issued with note payable | |
| 126,802 | | |
| (163,812 | ) |
Total | |
$ | 3,777,148 | | |
$ | (17,229,161 | ) |
|
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD |
SCHEDULE
OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD
| |
Period
Ended
October
31, 2023 | |
|
Period
Ended
October
31, 2022 | |
Expected
life in years | |
| 2.75-10
years | |
|
| 3.76
- 10 years | |
Stock
price volatility | |
| 150 | % |
|
| 50-150 | % |
Risk
free interest rate | |
| 4.08%-5.37 | % |
|
| 2.90%-4.34 | % |
Expected
dividends | |
| 0 | % |
|
| 0 | % |
|
SCHEDULE OF EARNINGS PER SHARE |
SCHEDULE
OF EARNINGS PER SHARE
Six
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income | |
$ | 915,354 | |
Change
in fair value of derivative liability | |
| (16,944,807 | ) |
| |
| | |
Adjusted
net loss | |
$ | (16,029,453 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 693,092 | |
Adjusted
loss per share | |
$ | (23.13 | ) |
Three
months ended October 31, 2023 | |
| |
Diluted
EPS: | |
| | |
Net
income to controlling interest | |
$ | 1,762,119 | |
Change
in fair value of derivative liability | |
| (14,800,253 | ) |
| |
| | |
Adjusted
net loss | |
$ | (13,038,134 | ) |
| |
| | |
Weighted
Average Shares Outstanding | |
| 912,147 | |
Adjusted
loss per share | |
$ | (14.29 | ) |
|
Warrant [Member] |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD |
SCHEDULE
OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD
| |
Period
Ended October
31, 2023 | | |
Period
Ended October
31, 2022 | |
Expected
life in years | |
| 5
years | | |
| 5
– 10 years | |
Stock
price volatility | |
| 150 | % | |
| 50%
- 150 | % |
Risk
free interest rate | |
| 4.59 | % | |
| 2.50%
- 4.27 | % |
Expected
dividends | |
| 0 | % | |
| 0 | % |
|
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v3.23.3
INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Oct. 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
| |
(in years) | | |
Carrying
Value | | |
Amortization | | |
Loss | | |
Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
October
31, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
$ | 360,551 | | |
$ | 1,000 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,740,905 | | |
$ | 1,000 | |
| |
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying Value | |
| |
Weighted | | |
| |
| |
Average
Period | | |
April
30, 2023 | |
| |
Amortization
(in years) | | |
Carrying
Value | | |
Accumulated
Amortization | | |
Impairment
Loss | | |
Net
Carrying
Value | |
Tradenames
and patents | |
| 15.26 | | |
$ | 385,582 | | |
$ | 24,031 | | |
| 260,270 | | |
$ | 101,281 | |
Customer
relationships | |
| 9.92 | | |
| 3,930,000 | | |
| 50,038 | | |
| 3,879,962 | | |
| - | |
Internally
developed software | |
| 4.91 | | |
| 580,000 | | |
| 79,608 | | |
| 500,392 | | |
| - | |
Total
intangible assets | |
| | | |
$ | 4,895,582 | | |
$ | 153,677 | | |
$ | 4,640,624 | | |
$ | 101,281 | |
|
X |
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v3.23.3
ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCRUED EXPENSES |
The
composition of accrued expenses is summarized below:
SCHEDULE
OF ACCRUED EXPENSES
| |
October
31, 2023 | | |
April
30, 2023 | |
Accrued
payroll | |
$ | 1,929,686 | | |
$ | 1,535,186 | |
Accrued
bonus | |
| 1,983,178 | | |
| 1,720,606 | |
Accrued
professional fees | |
| 35,000 | | |
| 490,424 | |
Other
accrued expenses | |
| 1,099,254 | | |
| 1,165,623 | |
Total | |
$ | 5,047,118 | | |
$ | 4,911,839 | |
|
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v3.23.3
DISCONTINUED OPERATIONS (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
SCHEDULE OF DISCONTINUED OPERATIONS |
The
Company reclassified the following operations to discontinued operations for the six and three months ended October 31, 2022.
SCHEDULE OF DISCONTINUED OPERATIONS
| |
Six
months ended
October
31, 2022 | |
Revenue | |
$ | 2,873,671 | |
Operating
expenses | |
| 6,700,528 | |
Other
(income) loss | |
| (163,377 | ) |
Net
loss from discontinued operations | |
$ | (3,663,480 | ) |
| |
Three
months ended
October
31, 2022 | |
Revenue | |
$ | 1,510,558 | |
Operating
expenses | |
| 3,422,259 | |
Other
(income) loss | |
| (7,935 | ) |
Net
loss from discontinued operations | |
$ | (1,903,766 | ) |
|
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v3.23.3
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
|
|
|
|
|
|
|
|
|
|
|
Jun. 14, 2022 |
Sep. 16, 2019 |
Aug. 23, 2019 |
Oct. 31, 2023 |
Oct. 09, 2023 |
Jul. 31, 2023 |
Jul. 26, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Dec. 05, 2022 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Jun. 21, 2021 |
Feb. 10, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-10 reverse stock split
|
|
|
1 for 40 reverse
split
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity |
|
|
|
$ (14,397,643)
|
|
$ (18,369,272)
|
|
$ (18,613,761)
|
$ 11,700,000
|
|
$ 37,141,015
|
$ 47,773,360
|
$ 32,511,932
|
|
|
Impact of israel and hamas conflict, description |
|
|
|
|
the Central Bank of Israel
announced its intent to sell up to $30 billion order to protect the New Israeli Shekel (“NIS”) from collapse, however despite
the foregoing announcement the NIS weakened to approximately 3.92 NIS for one US dollar as of the same day. In addition, on October 9,
2023, the Tel Aviv-35 stock index of blue-chip companies dropped by 6.4% whereas the benchmark TA-125 index fell by 6.2%.
|
|
|
|
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity |
|
|
|
|
|
|
$ 2,500,000
|
|
$ 2,500,000
|
|
|
|
|
|
|
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for acquisition |
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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v3.23.3
SCHEDULE OF INVENTORY (Details) - USD ($)
|
Oct. 31, 2023 |
Apr. 30, 2023 |
Accounting Policies [Abstract] |
|
|
Finished Goods |
$ 400,147
|
$ 1,509,985
|
Component/Replacement Parts |
1,593,591
|
1,712,553
|
Capitalized Duty/Freight |
24,451
|
517,228
|
Inventory Reserve |
(350,000)
|
(550,000)
|
Total |
$ 1,668,189
|
$ 3,189,766
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v3.23.3
SCHEDULE OF DERIVATIVE LIABILITIES (Details)
|
6 Months Ended |
Oct. 31, 2023
USD ($)
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
$ 3,777,148
|
Note derivative (gain) loss |
(17,229,161)
|
Convertible Notes [Member] |
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
7,679
|
Note derivative (gain) loss |
(94,245)
|
Underwriter Warrants [Member] |
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
664
|
Note derivative (gain) loss |
(5,867)
|
Warrants Issued With Common Stock [Member] |
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
3,326,235
|
Note derivative (gain) loss |
(2,783,324)
|
Warrants Issued with Notes Payable One [Member] |
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
315,768
|
Note derivative (gain) loss |
(14,181,913)
|
Warrants Issued With Notes Payable Two [Member] |
|
Offsetting Assets [Line Items] |
|
Note derivative balance |
126,802
|
Note derivative (gain) loss |
$ (163,812)
|
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SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details) - Valuation Technique, Option Pricing Model [Member]
|
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Measurement Input, Price Volatility [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
150
|
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
0
|
0
|
Minimum [Member] | Measurement Input, Expected Term [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liabilities measurement input |
2 years 9 months
|
3 years 9 months 3 days
|
Minimum [Member] | Measurement Input, Price Volatility [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
|
50
|
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
4.08
|
2.90
|
Maximum [Member] | Measurement Input, Expected Term [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liabilities measurement input |
10 years
|
10 years
|
Maximum [Member] | Measurement Input, Price Volatility [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
|
150
|
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Derivative liability measurement input |
5.37
|
4.34
|
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|
Oct. 31, 2023 |
Oct. 31, 2022 |
Measurement Input, Expected Term [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, term |
5 years
|
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|
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5 years
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Warrants measurement input, term |
|
10 years
|
Measurement Input, Price Volatility [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
150
|
|
Measurement Input, Price Volatility [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
|
50
|
Measurement Input, Price Volatility [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
|
150
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
4.59
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
|
2.50
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Warrants measurement input, rate |
|
4.27
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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0
|
0
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v3.23.3
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
|
|
Net income to controlling interest |
$ 1,762,119
|
$ (846,765)
|
$ (11,023,567)
|
$ (4,266,431)
|
$ 915,354
|
$ (15,289,998)
|
Change in fair value of derivative liability |
(14,800,253)
|
|
|
|
(16,944,807)
|
|
Adjusted net loss |
$ (13,038,134)
|
|
|
|
$ (16,029,453)
|
|
Weighted Average Shares Outstanding |
912,147
|
|
2,840
|
|
693,092
|
4,293
|
Adjusted loss per share |
$ (14.29)
|
|
$ (3,881.54)
|
|
$ (23.13)
|
$ (3,561.61)
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
Oct. 31, 2023 |
Apr. 30, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Allowance for doubtful accounts |
$ 200,000
|
$ 209,690
|
Property plant and equipment, useful life |
5 years
|
|
Impaired intangible assets |
$ 1,000
|
101,281
|
Impairment of intangible assets |
100,281
|
|
Impairment of fixed assets |
14,791
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Fair value of contingent consideration |
$ 0
|
$ 418,455
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Oct. 31, 2023 |
Apr. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Impairment of Intangible Assets, Finite-Lived |
$ 100,281
|
|
Finite-Lived Intangible Assets, Net, Ending Balance |
1,000
|
$ 101,281
|
Trade Names And Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Assets, Gross |
385,582
|
385,582
|
Finite-Lived Intangible Assets, Accumulated Amortization |
24,031
|
24,031
|
Impairment of Intangible Assets, Finite-Lived |
360,551
|
260,270
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 1,000
|
$ 101,281
|
Weighted average amortization |
15 years 3 months 3 days
|
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 |
50,038
|
50,038
|
Impairment of Intangible Assets, Finite-Lived |
3,879,962
|
3,879,962
|
Finite-Lived Intangible Assets, Net, Ending Balance |
|
|
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 |
79,608
|
79,608
|
Impairment of Intangible Assets, Finite-Lived |
500,392
|
500,392
|
Finite-Lived Intangible Assets, Net, Ending Balance |
|
|
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 |
153,677
|
153,677
|
Impairment of Intangible Assets, Finite-Lived |
4,740,905
|
4,640,624
|
Finite-Lived Intangible Assets, Net, Ending Balance |
$ 1,000
|
$ 101,281
|
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v3.23.3
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($)
|
Oct. 31, 2023 |
Apr. 30, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll |
$ 1,929,686
|
$ 1,535,186
|
Accrued bonus |
1,983,178
|
1,720,606
|
Accrued professional fees |
35,000
|
490,424
|
Other accrued expenses |
1,099,254
|
1,165,623
|
Total |
$ 5,047,118
|
$ 4,911,839
|
X |
- DefinitionAmount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer.
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v3.23.3
NOTE PAYABLE - RELATED PARTY (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
6 Months Ended |
|
Jan. 06, 2023 |
Jan. 14, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Debt instrumental |
$ 2,092,700
|
|
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Outstanding borrowings |
|
|
$ 1,398,775
|
|
$ 1,398,775
|
|
$ 1,953,842
|
Interest expense |
|
|
|
$ 21,293
|
|
$ 82,414
|
|
Accrued interest |
|
|
$ 917,957
|
|
$ 917,957
|
|
$ 917,957
|
Payment of exchange |
$ 103
|
|
|
|
|
|
|
Loan Agreements [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%
|
|
|
|
|
|
X |
- DefinitionPayment for exchange of notes payable.
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v3.23.3
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Sep. 19, 2023 |
Aug. 21, 2023 |
Aug. 07, 2023 |
Jun. 08, 2023 |
Jan. 06, 2023 |
Jan. 06, 2023 |
Sep. 28, 2022 |
Aug. 01, 2022 |
Jul. 29, 2022 |
Apr. 01, 2022 |
Feb. 15, 2022 |
Apr. 11, 2021 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Oct. 11, 2023 |
Aug. 20, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
1,844,506
|
|
|
|
151,579
|
|
|
Extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
$ 1,501,914
|
|
|
|
|
|
|
|
Debt conversion, amount |
|
|
|
|
|
|
|
|
|
|
|
1,250,004
|
|
|
|
|
|
|
|
Consideration |
|
|
|
|
|
|
|
|
|
|
$ 4,000,000
|
|
|
|
|
|
|
|
|
Repayments of notes - related party |
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
$ 4,000,000
|
$ 4,000,000
|
|
|
Debt maturity date |
|
|
|
|
|
|
|
|
|
Jul. 01, 2022
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
$ 2,092,700
|
$ 2,092,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,276,000
|
|
|
|
|
Derivative expense |
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,398,589
|
$ 7,280,405
|
$ 11,398,589
|
$ 7,280,405
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative expense |
|
|
|
|
|
|
$ 11,398,589
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid City [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
42,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock |
|
|
$ 797,500
|
|
|
|
|
|
$ 1,124,250
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
550,000
|
|
|
|
|
|
750,000
|
|
|
|
|
|
|
|
|
|
|
Cash less fees |
|
|
50,000
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] | Each Week for Next Three Weeks Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
|
|
|
|
13,491
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] | Thereafter Per Week Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
|
|
|
|
|
|
44,970
|
|
|
|
|
|
|
|
|
|
|
UFS Agreement [Member] | Each Week Payments [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for exchange received amount |
|
|
$ 30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock |
|
|
|
|
|
|
|
|
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] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
|
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
$ 8.84
|
$ 8.84
|
|
|
|
|
|
|
$ 1.90
|
|
$ 1.90
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
$ 0
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted |
|
|
|
|
|
3,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative expense |
|
|
|
|
|
1,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds 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 |
|
|
|
|
452,489
|
452,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Security Modification Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
Shares issued price per share |
|
|
|
|
$ 1.90
|
$ 1.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock exercisable, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
169,196
|
|
Fair value derivate liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 290,514
|
|
Meged Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock |
$ 423,000
|
|
|
$ 315,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock redeemed value |
70,153.20
|
|
|
210,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal fees |
|
|
|
10,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt repayment |
$ 15,107.14
|
|
|
$ 17,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
681
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
|
20.00%
|
|
|
|
|
|
|
|
Payables |
|
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
Fair value of derivative liability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,456,854
|
Notes Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
New Loan [Member] | Loan and Security Modification Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,000,000
|
|
X |
- DefinitionAdjustment for noncash service expenses paid for by granting of warrants.
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v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
6 Months Ended |
|
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Jun. 17, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Accrued interest - related party |
|
|
|
$ 846,301
|
Related Party [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Outstanding notes payable |
$ 1,398,775
|
|
$ 1,953,842
|
|
Accrued interest - related party |
917,957
|
|
$ 917,957
|
|
Revenue from related parties |
55,500
|
$ 92,887
|
|
|
Outstanding accounts receivable |
$ 33,338
|
$ 91,857
|
|
|
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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X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
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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
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+ Details
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Data Type: |
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Balance Type: |
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Period Type: |
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|
v3.23.3
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Oct. 01, 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 |
Jun. 14, 2022 |
Jun. 30, 2022 |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
300,000,000
|
|
|
|
300,000,000
|
|
300,000,000
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
$ 0.001
|
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,372,803
|
|
|
|
2,372,803
|
|
338,579
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,372,803
|
|
|
|
2,372,803
|
|
338,579
|
|
Shares, issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189,718
|
|
|
|
|
|
|
Number of shares issued during the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 188
|
|
$ 4,195,000
|
|
|
|
|
Stock issued during period, shares, issued for settlement of accounts payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,500
|
|
|
|
|
|
|
Stock issued during period, shares, issued for settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350
|
|
|
|
|
|
|
Exercise of warrants, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,708,152
|
27,000
|
|
|
|
|
|
|
Profit guarantee on note, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
85,000
|
93,680
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,844,506
|
|
|
|
|
|
151,579
|
|
Warrants granted for services, shares |
|
150
|
|
|
|
|
|
|
|
|
|
|
|
13,707
|
|
|
|
|
|
|
|
Stock issued for contingent consideration |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,964
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
|
|
|
|
|
|
|
|
|
35,683
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
|
|
|
|
|
|
|
1-for-10 reverse stock split
|
|
1 for 40 reverse
split
|
|
|
|
|
|
|
|
Debt conversion of convertible notes, shares |
|
|
|
|
|
|
|
|
|
109,737
|
109,737
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 9,194,882
|
|
|
Shares issued for acquisition |
|
6,993
|
|
|
675
|
48,098
|
|
|
|
|
|
|
14,960
|
|
|
|
|
|
|
|
|
Warrants granted for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 28,062
|
|
|
$ 35,250
|
|
|
|
|
Derivative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 11,398,589
|
|
$ 7,280,405
|
|
11,398,589
|
7,280,405
|
|
|
Aggregate principal amount |
|
|
$ 2,092,700
|
$ 2,092,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,276,000
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted for services, shares |
|
|
|
|
|
|
7,717,874
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
Warrants granted for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,873
|
|
|
|
Derivative expense |
|
|
|
|
|
|
$ 11,398,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended Loan Agreement [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted for services, shares |
169,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gameface AI [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
14,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Midcity Capital Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 8.84
|
$ 8.84
|
|
|
|
|
|
|
|
|
|
$ 1.90
|
|
|
|
$ 1.90
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from notes payable |
|
|
$ 1,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
$ 2,000,000
|
$ 2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate effective percentage |
|
|
4.33%
|
4.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock exercisable, shares |
|
|
452,489
|
452,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative expense |
|
|
|
$ 1,715,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
26,219
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 15.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
25,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
295,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant, per share |
|
|
|
|
|
|
$ 15.596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock warrants aggregate amount |
|
|
|
|
|
|
$ 5,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants, exercise price |
|
|
|
|
|
|
$ 0.0004
|
|
|
|
|
|
|
$ 3.546
|
|
|
|
$ 3.546
|
|
|
$ 8.84
|
Proceeds from common stock |
|
|
|
|
|
|
$ 4,549,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] | 5-Year Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 15.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
320,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] | 7-Year Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
641,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] | 7.5 -Year Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
$ 17.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
641,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase common stock |
|
|
|
|
|
|
641,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gabriel Goldman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants granted for services, shares |
|
|
|
|
|
|
|
|
625
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
Feb. 08, 2023 |
Jan. 26, 2023 |
Nov. 21, 2022 |
Oct. 12, 2022 |
Jun. 30, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 23, 2023 |
Jul. 31, 2023 |
Jul. 26, 2023 |
Apr. 30, 2023 |
Jan. 31, 2023 |
Jan. 06, 2023 |
Jul. 31, 2022 |
Apr. 30, 2022 |
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent expense |
|
|
|
|
|
$ 4,548
|
$ 17,000
|
|
|
|
|
|
|
|
|
Fair value of common stock |
|
|
|
|
|
|
|
|
|
|
|
$ 1,334,000
|
|
|
|
Number of stock issued |
|
6,993
|
675
|
48,098
|
14,960
|
|
|
|
|
|
|
|
|
|
|
Balance of contingent consideration |
|
|
|
|
|
|
|
$ 418,455
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,092,700
|
|
|
Stockholders equity |
|
|
|
|
|
$ (14,397,643)
|
$ 37,141,015
|
|
$ (18,369,272)
|
|
$ (18,613,761)
|
11,700,000
|
|
$ 47,773,360
|
$ 32,511,932
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity |
|
|
|
|
|
|
|
|
|
$ 2,500,000
|
|
$ 2,500,000
|
|
|
|
Alleged Breach Senior Convertible Note [Member] | Oasis Capital L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss contingency damages seeking value |
$ 764,647.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2023 |
Discontinued Operations and Disposal Groups [Abstract] |
|
|
Revenue |
$ 1,510,558
|
$ 2,873,671
|
Operating expenses |
3,422,259
|
6,700,528
|
Other (income) loss |
(7,935)
|
(163,377)
|
Net loss from discontinued operations |
$ (1,903,766)
|
$ (3,663,480)
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v3.23.3
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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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
12 Months Ended |
|
Nov. 16, 2023 |
Nov. 01, 2023 |
Jan. 26, 2023 |
Aug. 25, 2022 |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Apr. 30, 2023 |
Jan. 06, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
1,844,506
|
|
|
|
151,579
|
|
Number of common stock, serive shares issued |
|
|
150
|
|
13,707
|
|
|
|
|
|
Debt instrumental |
|
|
|
|
|
|
|
|
|
$ 2,092,700
|
Midcity Capital Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
750
|
|
|
|
|
|
|
Subsequent Event [Member] | Agile Capital Funding [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrumental |
$ 693,500
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of loans receivable |
450,000
|
|
|
|
|
|
|
|
|
|
Debt instrument periodic payment |
$ 28,895.83
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
|
|
|
|
|
25,463
|
26,219
|
|
|
Number of common stock, serive shares issued |
|
|
|
|
13,707
|
188
|
|
625
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
796,399
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Sapir L L C [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, serive shares issued |
|
224,472
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] | Midcity Capital Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of common stock, shares issued |
|
42,500
|
|
|
|
|
|
|
|
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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