Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Sep. 14, 2023 | Oct. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | On September 14, 2023, Connexa Sports Technologies Inc. (the “Company”) filed its annual report on Form 10-K (the “Original 10-K”). The purpose of this Amendment No. 1 to the Original 10-K is to replace the Report of Independent Registered Public Accounting Firm, which in the Original 10-K omitted a reference to its audit for the fiscal year that ended April 30, 2022, which was a typographical error, with an updated version of such report that now refers to both fiscal years covered in the audit, i.e., the fiscal year ended April 30, 2023 and the fiscal year ended April 30, 2022. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Apr. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity File Number | 01-41423 | ||
Entity Registrant Name | CONNEXA SPORTS TECHNOLOGIES INC. | ||
Entity Central Index Key | 0001674440 | ||
Entity Tax Identification Number | 61-1789640 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 2709 NORTH ROLLING ROAD | ||
Entity Address, Address Line Two | SUITE 138 | ||
Entity Address, City or Town | WINDSOR MILL | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21244 | ||
City Area Code | (443) | ||
Local Phone Number | 407-7564 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | CNXA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,920,045.96 | ||
Entity Common Stock, Shares Outstanding | 24,148,532 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 5968 | ||
Auditor Name | OLAYINKA OYEBOLA & CO. | ||
Auditor Location | Lagos, Nigeria |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 202,095 | $ 665,002 |
Accounts receivable, net | 399,680 | 1,033,390 |
Inventories, net | 3,189,766 | 7,861,837 |
Prepaid inventory | 936,939 | 499,353 |
Contract assets | 235,526 | |
Prepaid expenses and other current assets | 263,020 | 272,670 |
Current assets of discontinued operations | 2,258,318 | |
Total Current Assets | 4,991,500 | 12,826,096 |
Non-Current Assets: | ||
Note receivable - former subsidiary | 2,000,000 | |
Fixed assets, net of depreciation | 14,791 | 47,355 |
Intangible assets, net of amortization | 101,281 | 4,842,856 |
Goodwill | 6,781,193 | |
Non-current assets of discontinued operations | 50,365,446 | |
Total Non-Current Assets | 2,116,072 | 62,036,850 |
TOTAL ASSETS | 7,107,572 | 74,862,946 |
Current Liabilities: | ||
Accounts payable | 5,496,629 | 5,252,665 |
Accrued expenses | 4,911,839 | 4,381,901 |
Related party purchase obligation | 500,000 | |
Contract liabilities | 111,506 | |
Current portion of notes payable, net of discount | 1,484,647 | 4,639,376 |
Current portion of convertible notes payable, net of discount | 10,327,778 | |
Derivative liabilities | 10,489,606 | 5,443,779 |
Contingent consideration | 418,455 | 1,334,000 |
Other current liabilities | 22,971 | 156,862 |
Current liabilities of discontinued operations | 5,215,222 | |
Total Current Liabilities | 23,767,491 | 38,980,522 |
Long-Term Liabilities: | ||
Non-current liabilities of discontinued operations | 1,370,492 | |
Total Long-Term Liabilities | 1,953,842 | 3,370,492 |
Total Liabilities | 25,721,333 | 42,351,014 |
Commitments and contingency | ||
SHAREHOLDERS’ EQUITY (DEFICIT) | ||
Common stock, par value, $0.001, 300,000,000 shares authorized, 13,543,155 and 4,194,836 shares issued and outstanding as of April 30, 2023 and 2022, respectively | 13,544 | 4,195 |
Additional paid in capital | 132,980,793 | 113,049,700 |
Accumulated deficit | (151,750,610) | (80,596,925) |
Accumulated other comprehensive income (loss) | 142,512 | 54,962 |
Total Stockholders’ Equity (Deficit) | (18,613,761) | 32,511,932 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 7,107,572 | 74,862,946 |
Nonrelated Party [Member] | ||
Current Liabilities: | ||
Accrued interest | 25,387 | 708,677 |
Related Party [Member] | ||
Current Liabilities: | ||
Accrued interest | 917,957 | 908,756 |
Long-Term Liabilities: | ||
Notes payable related parties, net of current portion | $ 1,953,842 | $ 2,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2023 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 13,543,155 | 4,194,836 |
Common stock, shares outstanding | 13,543,155 | 4,194,836 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
NET SALES | $ 9,922,799 | $ 16,102,672 |
COST OF SALES | 7,144,335 | 11,878,010 |
GROSS PROFIT | 2,778,464 | 4,224,662 |
OPERATING EXPENSES | ||
Selling and marketing expenses | 1,928,198 | 3,477,570 |
General and administrative expenses | 22,743,877 | 46,718,986 |
Research and development costs | 65,164 | 736,141 |
Total Operating Expenses | 24,737,239 | 50,932,697 |
OPERATING LOSS | (21,958,775) | (46,708,035) |
NON-OPERATING INCOME (EXPENSE) | ||
Amortization of debt discounts | (4,095,030) | (8,150,284) |
Loss on extinguishment of debt | (7,096,730) | |
Loss on issuance of convertible notes | (5,889,369) | |
Gain on change in fair value of contingent consideration | 4,847,000 | |
Change in fair value of derivative liability | 10,950,017 | 18,557,184 |
Derivative expense | (8,995,962) | |
Total Non-Operating Income (Expenses) | (3,319,050) | 182,060 |
NET LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (25,277,825) | (46,525,975) |
Loss from discontinued operations | (4,461,968) | (5,247,677) |
Loss on disposal of subsidiaries | (41,413,892) | |
LOSS FROM DISCONTINUED OPERATIONS | (45,875,860) | (5,247,677) |
NET LOSS FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (71,153,685) | (51,773,652) |
Provision for income taxes | ||
NET LOSS | (71,153,685) | (51,773,652) |
Other comprehensive income (loss) | ||
Foreign currency translations adjustment | 87,550 | 75,132 |
Comprehensive income (loss) | $ (71,066,135) | $ (51,698,520) |
Net income (loss) per share - basic and diluted | ||
Continuing operations basic | $ (2.26) | $ (12.09) |
Continuing operations diluted | (2.26) | (12.09) |
Discontinued operations basic | (4.10) | (1.36) |
Discontinued operations diluted | (4.10) | (1.36) |
Net loss per share - basic | (6.36) | (13.46) |
Net loss per share - diluted | $ (6.36) | $ (13.46) |
Weighted average common shares outstanding - basic | 11,195,345 | 3,847,672 |
Weighted average common shares outstanding - diluted | 11,195,345 | 3,847,672 |
Nonrelated Party [Member] | ||
NON-OPERATING INCOME (EXPENSE) | ||
Interest expense | $ (884,985) | $ (1,920,183) |
Related Party [Member] | ||
NON-OPERATING INCOME (EXPENSE) | ||
Interest expense | $ (293,090) | $ (165,558) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Common Stock [Member] Gameface Ltd [Member] | Common Stock [Member] Play Sight Interactive Ltd [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Gameface Ltd [Member] | Additional Paid-in Capital [Member] Play Sight Interactive Ltd [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] Gameface Ltd [Member] | AOCI Attributable to Parent [Member] Play Sight Interactive Ltd [Member] | Retained Earnings [Member] | Retained Earnings [Member] Gameface Ltd [Member] | Retained Earnings [Member] Play Sight Interactive Ltd [Member] | Total | Gameface Ltd [Member] | Play Sight Interactive Ltd [Member] |
Balance - May 1, 2022 at Apr. 30, 2021 | $ 2,764 | $ 10,389,935 | $ (20,170) | $ (28,823,273) | $ (18,450,744) | ||||||||||
Balance, shares at Apr. 30, 2021 | 2,764,283 | ||||||||||||||
Stock issued for: | |||||||||||||||
Conversion of notes payable - related parties | $ 164 | 6,219,838 | 6,220,002 | ||||||||||||
Conversion of notes payable - related parties, shares | 163,694 | ||||||||||||||
Acquisition | $ 54 | 3,549,946 | $ 9,700,000 | $ 39,950,000 | 3,550,000 | $ 9,700,000 | $ 39,950,000 | ||||||||
Acquisitions, shares | 54,000 | ||||||||||||||
Conversion of shares issuanble (liability) | $ 692 | 6,229 | 6,921 | ||||||||||||
Conversion of shares issuable (liability), shares | 692,130 | ||||||||||||||
Fractional share issuance | $ 495 | 2,255 | 2,750 | ||||||||||||
Fractional share issuance, shares | 495,000 | ||||||||||||||
Services | $ 21 | 2,003,362 | 2,003,383 | ||||||||||||
Services, shares | 20,719 | ||||||||||||||
Share-based compensation | $ 5 | 32,473,597 | 32,473,602 | ||||||||||||
Share-based compensation, shares | 5,022 | ||||||||||||||
Elimination of related party derivative liability | 8,754,538 | 8,754,538 | |||||||||||||
Change in comprehensive income (loss) | 75,132 | 75,132 | |||||||||||||
Net loss for the period | (51,773,652) | (51,773,652) | |||||||||||||
Balance - April 30, 2023 at Apr. 30, 2022 | $ 4,195 | 113,049,700 | 54,962 | (80,596,925) | 32,511,932 | ||||||||||
Balance, shares at Apr. 30, 2022 | 4,194,848 | ||||||||||||||
Stock issued for: | |||||||||||||||
Acquisition | $ 2,829 | 912,716 | 915,545 | ||||||||||||
Acquisitions, shares | 2,829,055 | ||||||||||||||
Fractional share issuance | $ 2 | (2) | |||||||||||||
Fractional share issuance, shares | 1,535 | ||||||||||||||
Services | $ 31 | 37,055 | 37,086 | ||||||||||||
Services, shares | 31,000 | ||||||||||||||
Share-based compensation | 746,511 | 746,511 | |||||||||||||
Change in comprehensive income (loss) | 87,550 | 87,550 | |||||||||||||
Net loss for the period | (71,153,685) | (71,153,685) | |||||||||||||
Conversion of notes payable | $ 4,389 | 14,041,911 | 14,046,300 | ||||||||||||
Conversion of notes payable, shares | 4,389,469 | ||||||||||||||
Cash | $ 2,068 | 4,192,932 | 4,195,000 | ||||||||||||
Cash, shares | 2,067,260 | ||||||||||||||
Cashless exercise of warrants | $ 30 | (30) | |||||||||||||
Cashless exercise of warrants, shares | 30,000 | ||||||||||||||
Balance - April 30, 2023 at Apr. 30, 2023 | $ 13,544 | $ 132,980,793 | $ 142,512 | $ (151,750,610) | $ (18,613,761) | ||||||||||
Balance, shares at Apr. 30, 2023 | 13,543,155 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
CASH FLOW FROM OPERTING ACTIVIITES | ||
Net loss | $ (71,153,685) | $ (51,773,652) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation, amortization and impairment expense | 11,555,332 | 43,534 |
Change in fair value of derivartive liability | (10,950,017) | (18,557,184) |
Shares and warrants issued for services | 37,086 | 2,010,304 |
Share-based compensation | 746,511 | 32,473,602 |
Loss on disposal | 41,413,892 | |
Change in fair value of contingent consideration | (4,847,000) | |
Loss on extinguishment of debt | 7,096,730 | |
Amortization of debt discounts | 4,095,030 | 8,150,284 |
Derivative expense | 8,995,962 | |
Non-cash transaction costs | 454,823 | 2,250,000 |
Loss on conversion of convertible notes | 5,889,369 | |
Changes in assets and liabilities, net of acquired amounts | ||
Accounts receivable | (1,368,643) | (268,930) |
Inventories | 4,413,056 | (4,186,493) |
Prepaid inventory | (138,308) | (520,580) |
Prepaid expenses and other current assets | 430,193 | (320,679) |
Accounts payable and accrued expenses | (598,814) | 6,087,601 |
Contract liabilities | (53,287) | (41,451) |
Other current liabilities | 1,126,123 | (2,978,265) |
Accrued interest | 158,187 | 1,813,516 |
Accrued interest - related parties | 9,201 | 161,120 |
Total adjustments | 60,326,327 | 34,255,478 |
Net cash used in operating activities of continuing operations | (10,827,358) | (17,518,174) |
Net cash provided by operating activities of discontinued operations | 4,461,969 | 5,151,474 |
Net cash used in operating activities | (6,365,389) | (12,366,700) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash acquired as part of Gameface acquisition | 125,659 | |
Note receivable issuance | (2,250,000) | |
Net cash used in investing activities of continuing operations | (2,124,341) | |
Net cash provided by operating activities of discontinued operations | 506,000 | |
Net cash used in investing activities | (1,618,341) | |
CASH FLOWS FROM FINANCING ACTIVITES | ||
Proceeds from issuance of common stock for cash | 8,744,882 | |
Debt issuance costs on convertible notes payable and other financing activities | (800,251) | |
Proceeds from notes payable | 2,000,000 | 5,500,000 |
Proceeds from related party notes payable | 2,000,000 | |
Proceeds from convertible notes payable | 11,000,000 | |
Payments of notes payable - related parties | (546,158) | |
Payments of notes payable | (4,377,537) | (3,965,463) |
Net cash provided by financing activities | 5,821,187 | 13,734,286 |
Effect of exchange rate fluctuations on cash and cash equivalents | 81,295 | (193) |
NET DECREASE IN CASH AND RESTRICTED CASH | (462,907) | (250,948) |
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD | 665,002 | 915,950 |
CASH AND RESTRICTED CASH - END OF PERIOD | 202,095 | 665,002 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest expense | 482,687 | 222,210 |
Income taxes | 111,105 | |
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Shares issued in connection with acquisition | 3,550,000 | |
Conversion of convertible notes payable and accrued interest to common stock | 14,046,300 | 6,220,003 |
Shares issued for contingent consideration | 915,545 | |
Elimination of related party derivative liabilities | 8,754,538 | |
Derivative liabilities recorded as debt discounts of convertible notes | 10,199,749 | |
Derivative liability recorded for shares and warrants issued in private placement | 4,999,882 | |
Note receivable issued in sale of PlaySight | $ 2,000,000 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Apr. 30, 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% 2,000,000 332,239 2,000,000 100% 2,000,000 82% 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% On June 21, 2021, Slinger Bag Americas entered into a membership interest purchase agreement with Charles Ruddy to acquire a 100% 75% 3,486,599 On February 2, 2022, the Company entered into a share purchase agreement with Flixsense Pty, Ltd. (“Gameface”). As a result of the share purchase agreement, Gameface would become a wholly owned subsidiary of the Company (refer to Note 5). On February 22, 2022, the Company entered into a merger agreement with PlaySight Interactive Ltd. (“PlaySight”) and Rohit Krishnan (the “Shareholders’ Representative”). As a result of the merger agreement, PlaySight would become a wholly owned subsidiary of the Company (refer to Note 5). In November 2022, the Company sold PlaySight and recorded a loss on the sale. See Note 16 for further details on the sale of PlaySight. On May 16, 2022, the Company changed its domicile from Nevada to Delaware. On April 7, 2022, the Company effected a name change to Connexa Sports Technologies Inc. We also changed our ticker symbol, “CNXA”. The operations of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface are collectively referred to as the “Company.” On June 14, 2022, the Company effected a 1-for-10 reverse stock split For further details on PlaySight and Foundation Sports we refer you to our Annual Report on Form 10-K for the year ended April 30, 2022, filed with the Securities and Exchange Commission on May 17, 2023. This Form 10-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. Basis of Presentation The accompanying 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 years ended April 30, 2023 and 2022. The operations of Foundation Sports and PlaySight are included as discontinued operations in our statements of operations as these entities were sold in November 2022 and December 2022 as disclosed in Note 16. The Company reports Gameface on a one-month calendar lag allowing for the timely preparation of financial statements. Gameface operates on fiscal year end periods as of December 31. This one-month reporting lag is with the exception of significant transactions or events that occur during the intervening period. The Company did not identify any significant transactions during the one month ended April 30, 2023 at Gameface that would need to be disclosed as not included within the Company’s consolidated financial statements. Impact of COVID-19 Pandemic The Company has been carefully monitoring the COVID-19 pandemic and its impact on its business. In that regard, while the Company has continued to sell its products and grow its business it did experience certain disruptions in its supply chains. The Company expects the significance of the COVID-19 pandemic, including the extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, its duration, the success of efforts to contain it and the impact of actions taken in response. While the Company has not experienced any material disruptions to its business and operations as a result of the COVID-19 pandemic, it is possible such disruptions may occur in the future which may impact its financial and operational results, and which could be material. Impact of Russian and Ukrainian Conflict In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. We are closely monitoring the unfolding events due to the Russia-Ukraine conflict and its regional and global ramifications. We have one distributor in Russia, which is not material to our overall financial results. We do not have operations in Ukraine or Belarus. We are monitoring any broader economic impact from the current crisis. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. However, to the extent that such military action spreads to other countries, intensifies, or otherwise remains active, such action could have a material adverse effect on our financial condition, results of operations, and cash flows. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 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 $ 151,750,610 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% 25% 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. Financial Statement Reclassification Certain prior year amounts within accounts payable, accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 209,690 175,000 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 April 30, 2023 and April 30, 2022 consisted of the following: SCHEDULE OF INVENTORY April 30, 2023 April 30, 2022 Finished Goods $ 1,509,985 $ 4,073,791 Component/Replacement Parts 1,712,553 2,559,848 Capitalized Duty/Freight 517,228 1,328,198 Inventory Reserve (550,000 ) (100,000 ) Total $ 3,189,766 $ 7,861,837 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 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 April 30, 2023 and 2022 was $ 418,455 1,334,000 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 year ended April 30, 2023: SCHEDULE OF DERIVATIVE LIABILITIES April 30, 2023 (Gain) loss for the year Note derivative is related to ending balance ended April 30, 2023 4/11/21 profit guaranty $ 1,456,854 $ 395,304 8/6/21 convertible notes 101,924 (2,611,410 ) 6/17/22 underwriter warrants 6,531 (57,951 ) Other derivative liabilities eliminated in uplist - (1,604,413 ) 9/30/22 warrants issued with common stock 6,109,559 (6,170,728 ) 1/6/2023 warrants issued with note payable 2,814,738 (900,819 ) Total $ 10,489,606 $ (10,950,017 ) The Company also recognized derivative expense of $ 7,280,405 1,715,557 SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 3.25 10 1.95 4.3 Stock price volatility 50 150 % 50 % Risk free interest rate 2.90% 4.34 % 2.67% 2.90 % Expected dividends 0 % 0 % Refer to Note 10 and Note 11 for more information regarding the derivative instruments. Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. Intangible Assets Intangible assets relate to the “Slinger” technology trademark, which the Company purchased on November 10, 2020. The Company also acquired intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are included in discontinued operations. Refer to Note 6 for more information. Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of those assets and is recorded in the period in which the determination is made. There was impairment of long-lived assets identified during the year ended April 30, 2023 and 2022 in our continuing operations. Refer to Note 6 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 the remaining $ 6,781,193 Share-Based Payment The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is the vesting period. Warrants The Company grants warrants to key employees and executives as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection with ongoing arrangements are more fully described in Note 11 and Note 14. The warrants granted during the years ended April 30, 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 Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 5 10 5 10 Stock price volatility 50 150 50 148 Risk free interest rate 2.50 4.68 0.77 1.63 Expected dividends 0 0 Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented. Recent Accounting Pronouncements Recently Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes Income Taxes In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for SEC filers and January 1, 2023 for private companies and smaller reporting companies. The Company has not yet adopted this ASU as it qualifies as a smaller reporting company. The Company does not expect this ASU will have a material impact on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material impact on the Company’s financial statements. The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. |
CONCENTRATION OF CREDIT RISK AN
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES | 12 Months Ended |
Apr. 30, 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 April 30, 2023 and 2022, the Company had two customers that accounted for 47% 43 Accounts Payable Concentration As of April 30, 2023 and 2022, the Company had four significant suppliers that accounted for 59% 59 |
ACQUISITIONS AND BUSINESS COMBI
ACQUISITIONS AND BUSINESS COMBINATIONS | 12 Months Ended |
Apr. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND BUSINESS COMBINATIONS | Note 5: ACQUISITIONS AND BUSINESS COMBINATIONS In the year ended April 30, 2022, the Company acquired three entities in accordance with ASC 805. A full description of those transactions are reflected in the audited financial statements contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 17, 2023. The Company has elected to apply pushdown accounting to each of the entities acquired. For Foundation Sports as referred to in Note 16, the Company disposed of 75% 25% 0 For PlaySight as referred to in Note 16, the Company sold back to the original shareholders 100 Pro Forma Results The following pro forma financial information presents the results of operations of the Company as of the year ended April 30, 2022, respectively, as if the acquisitions of Gameface had occurred as of the beginning of the first period presented instead of February 2022. SCHEDULE OF PROFORMA FINANCIAL INFORMATION Revenues $ 16,102,672 Net loss $ (53,069,215 ) Basic and diluted earnings (loss) per share $ (13.79 ) |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Apr. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | Note 6: INTANGIBLE ASSETS Intangible assets reflect only those intangible assets of our continuing operations, and consist of the following: SCHEDULE OF INTANGIBLE ASSETS Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period 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 (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2022 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames 15.26 $ 385,582 $ 9,478 - $ 376,104 Customer relationships 9.92 3,930,000 33,749 - 3,896,251 Internally developed software 4.91 580,000 9,499 - 570,501 Total intangible assets $ 4,895,582 $ 52,726 $ - $ 4,842,856 Amortization expense for the years ended April 30, 2023 and 2022 was approximately $ 100,951 49,983 As of April 30, 2023, the estimated future amortization expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION For the Periods Ended April 30, Amortization Expense 2024 $ 5,780 2025 5,780 2026 5,780 2027 5,780 2028 5,780 Thereafter 72,381 Total $ 101,281 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Apr. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | Note 7 ACCRUED EXPENSES The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES April 30, 2023 April 30, 2022 Accrued payroll $ 1,535,186 $ 921,759 Accrued bonus 1,720,606 1,014,833 Accrued professional fees 490,424 1,706,560 Other accrued expenses 1,165,623 738,749 Total $ 4,911,839 $ 4,381,901 |
NOTE PAYABLE - RELATED PARTY
NOTE PAYABLE - RELATED PARTY | 12 Months Ended |
Apr. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE - RELATED PARTY | Note 8: NOTE PAYABLE - RELATED PARTY The discussion of note payable – related party only includes those that existed as of April 30, 2022. For a discussion of all prior note payable – related party we refer you to the Annual Report on Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022. On January 14, 2022, the Company entered into two loan agreements with related party lenders, each for $ 1,000,000 2,000,000 8 There was $ 1,953,842 2,000,000 293,090 165,558 917,957 908,756 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2023 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | Note 9: CONVERTIBLE NOTES PAYABLE The discussion of convertible notes payable only includes those that existed as of April 30, 2022. For a discussion of all prior convertible notes payable we refer you to the Annual Report on Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022. On August 6, 2021, the Company consummated the closing (the “Closing”) of a private placement offering (the “Offering”) pursuant to the terms and conditions of that certain Securities Purchase Agreement, dated as of August 6, 2021 (the “Purchase Agreement”), between the Company and certain accredited investors (the “Purchasers”). At the Closing, the Company sold to the Purchasers (i) 8 11,000,000 733,333 11,000,000 The Convertible Notes were to mature on August 6, 2022 8 3.00 The Warrants are exercisable for five years August 6, 2021 3.00 The Company evaluated the Warrants and the conversion options under the guidance in ASC 815 and determined they represent derivative liabilities given the variability in the exercise and conversion prices upon the event of an up list to the NASDAQ. The Company also evaluated the other embedded features in the agreement and determined the interest make-whole provision and the subsequent financing redemption represent put features that are also accounted for as derivative liabilities. The derivative liabilities are marked to market at the end of each reporting period with the non-cash gain or loss recorded in the period as a gain or loss on derivative (see Note 3). The Warrants were valued at $ 12,026,668 five 1,862,450 As part of the issuance of the Convertible Notes, the Company incurred and capitalized debt issuance costs of $ 800,251 14,689,369 3,689,369 On December 31, 2021, the Company entered into an Omnibus Amendment Agreement (the “Omnibus Agreement”) with certain Purchasers who are collectively holders of 67% or more of the Securities outstanding related to the August 6, 2021 Convertible Notes, amending each of (i) the Purchase Agreement and (ii) the Registration Rights Agreement. Simultaneously with the execution of the Omnibus Agreement, the Company issued to each Purchaser a Replacement Note (as defined below) in replacement of the Convertible Note held prior to December 31, 2021 by such Purchaser (each, an “Existing Note”). The Purchase Agreement was amended to, among other things, (i) delete Exhibit A and replace it in its entirety with the 8% Senior Convertible Note (the “Replacement Note”) filed as Exhibit 10.2 to the Company’s current report on Form 8-K dated January 5, 2021, (ii) add a new definition of “Inventory Financing”, (iii) amend Section 4.18 to add at the end of Section 4.18 before the final period “, it being agreed that the provisions of this Section 4.18 shall not apply to the Qualified Subsequent Financing expected to occur after the date hereof”, (iv) delete Section 4.20 and replace it in its entirety with substantially the same text, including the following after the period, replacing the period with a semicolon: “; provided that the provisions of this Section 4.20 shall not apply to (i) in respect of any Holder to the extent that such Holder is an investor or a purchaser of the securities offered pursuant such Subsequent Financing, and (ii) with respect to an Inventory Financing.”, and (v) add a new Section 4.21. Most-Favored Nation provision. The Registration Rights Agreement was amended to, among other things, (i) delete the definition “Effectiveness Date” in Section 1 and replace it in its entirety with substantially the same text but revise the definition of “Effectiveness Date” causing the Initial Registration Statement required to be filed by January 31, 2022, and (ii) delete Section 2(d) and replace it in its entirety with substantially the same text but revised to delete the following “(2) no liquidated damages shall accrue or be payable hereunder with respect to any day on which the high price of the Common Stock on the Trading Market on which the Common Stock is then listed or traded is less than the then-applicable Conversion Price,” resulting in renumbering the text that follows as (2) instead of (3). As consideration for entering into the Omnibus Agreement, the outstanding principal balance of the Existing Note held by each Purchaser was increased by twenty percent ( 20 2,200,000 On June 17, 2022, the Company issued 4,389,469 13,200,000 846,301 122,222 Total outstanding borrowings related to the Convertible Notes as of April 30, 2023 and 2022 were $ 0 13,200,000 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | Note 10: NOTES PAYABLE The discussion of notes payable only includes those that existed as of April 30, 2022. For a discussion of all prior notes payable we refer you to the Annual Report on Form 10-K filed May 17, 2023 for the fiscal year end April 30, 2022. On June 30, 2020, the Company entered into a loan agreement with Mont-Saic to borrow $ 120,000 12.6 On December 24, 2020, the Company entered into a promissory note with a third-party to borrow $ 1,000,000 2.25 On April 11, 2021, the Company and the lender entered into an agreement whereby the lender converted the promissory note into 27,233 20 1,500,000 1,500,000 1,500,000 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 1,250,004 1,251,910 The fair value of the derivative liability was $ 1,456,854 1,061,550 On February 15, 2022, for and in consideration of $ 4,000,000 13,000 4,000,000 On April 1, 2022, the Company entered into a $ 500,000 8 500,000 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 $ 1,124,250 750,000 60,000 13,491 44,970 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 $ 1,124,250 750,000 60,000 13,491 44,970 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 1,400,000 0.221 18,099,548 0.221 600,000 3,715,557 0 1,715,557 900,819 2,814,738 1,222,808 6.43 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 11: RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances, amounts paid in satisfaction of liabilities, or accrued compensation that has been deferred. The advances are considered temporary in nature and have not been formalized by a promissory note. The Company has outstanding notes payable of $ 1,953,842 2,000,000 917,957 908,756 The Company recognized net sales of $ 164,661 368,164 28,800 93,535 |
SHAREHOLDERS_ EQUITY (DEFICIT)
SHAREHOLDERS’ EQUITY (DEFICIT) | 12 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY (DEFICIT) | Note 12: SHAREHOLDERS’ EQUITY (DEFICIT) Common Stock The Company has 300,000,000 0.001 13,543,155 4,194,836 Equity Transactions During the Year Ended April 30, 2023 Since May 1, 2022, the Company has issued an aggregate of 6,063,145 On June 15, 2022, the Company issued 4,389,469 On June 15, 2022, the Company issued 1,048,750 On June 27, 2022, the Company issued 25,000 On June 27, 2022, the Company issued 598,396 On August 25, 2022, the Company issued 30,000 On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 1,018,510 11,802,002 0.39 0.3899 5.0 0.00001 12,820,512 0.39 25,641,024 25,641,024 0.43 4,549,882 On October 12, 2022, the Company issued 1,923,920 27,000 279,739 On January 26, 2023, the Company issued 6,000 Equity Transactions During the Year Ended April 30, 2022 On May 26, 2021, the Company issued 163,684 6,220,000 On June 23, 2021, the Company issued 54,000 3,550,000 On July 6, 2021, the Company issued 5,022 187,803 On July 11, 2021, the Company issued 1,875 16,875 During the three months ended July 31, 2021, the Company granted an aggregate total of 9,094 6,000 907,042 On August 6, 2021, the Note payable holder exercised its right to convert its 220,000 495,000 On August 6, 2021, the Company’s related party lender exercised its right to convert its 275,000 692,130 967,130 On October 11, 2021, the Company issued 1,875 16,875 On January 11, 2022, the Company issued 1,875 16,874 During April 2022, the Company granted an aggregate total of 6,000 255,124 Warrants Issued and Expensed During the Years Ended April 30, 2023 and 2022 On October 28, 2020, the Company granted 40,000 0.75 10 214,552 In accordance with the October 29, 2020 agreement with three members of the advisory board mentioned above, 46,077 67,500 87,656 On August 6, 2021, in connection with the Convertible Notes issuance the Company issued warrants to purchase up to 733,333 On August 6, 2021, in connection with the Convertible Notes issuance the Company also granted the lead placement agent for the Offering 26,667 3.30 376,000 On September 3, 2021, the Company granted an aggregate total of 1,010,000 0.001 1,000,000 3.42 10,000 10 32,381,309 On February 2, 2022, in connection with the Gameface acquisition the Company issued warrants to purchase up to 478,225 On September 28, 2022, the Company issued pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 11,802,002 0.39 0.3899 5.0 0.00001 12,820,512 0.39 25,641,024 25,641,024 0.43 0.221 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 4.33 1,400,000 0.221 18,099,548 0.221 600,000 The following represents a summary of the warrants: SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED Year Ended April 30, 2023 Year Ended April 30, 2022 Number Weighted Price Number Weighted Beginning balance 3,882,967 $ 11.1125 1,905,311 $ 5.1289 Granted 68,565,047 0.2924 1,977,656 5.9836 Exercised - - - - Forfeited - - - - Expired (750,000 ) - - - Ending balance 71,698,014 $ 0.8552 3,882,967 $ 11.1125 Intrinsic value of warrants $ 2,344,529 $ 33,752,623 Weighted Average Remaining Contractual Life (Years) 6.45 6.50 As of April 30, 2023, 71,698,014 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 13: COMMITMENTS AND CONTINGENCIES Leases The Company leases office space under short-term leases with terms under a year. Total rent expense for the years ended April 30, 2023 and 2022 amounted to $ 4,900 22,176 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 $ 1,334,000 598,396 418,455 From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any legal proceedings that it currently believes would individually or taken together have a material adverse effect on the Company’s business or financial statements. Nasdaq Compliance On March 21, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022 (collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023, trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023. Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”). Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common stock had closed below the minimum $ 1.00 On January 12, 2023, Nasdaq notified the Company that due to the resignations from the Company’s board, audit committee and compensation committee on November 17, 2022 (“Corporate Governance Deficiencies”), the Company no longer complies with Nasdaq’s independent director, audit committee and compensation committee requirements as set forth in Listing Rule 5605. The Company timely submitted its plan of compliance with respect to the Corporate Governance Deficiencies by February 27, 2023 as required by the Nasdaq. However, pursuant to Listing Rule 5810(c)(2)(A), the Corporate Governance Deficiencies serve as an additional and separate basis for delisting and the Company. On February 21, 2023, consistent with the Company’s previously announced intention to request an appeal of the Staff Determination by requesting a hearing before the Nasdaq Hearings Panel (the “Panel”) to stay the suspension of the Company’s securities and the filing of the Form 25-NSE with the SEC (the “Hearing”), the Company appealed the Staff Determination to the Panel, and requested that the stay of delisting, which otherwise would expire on March 8, 2023, pursuant to Listing Rule 5815(a)(1)(B), be extended until the Panel issued a final decision on the matter. The Nasdaq granted the Company’s request to extend the stay, pending the Hearing scheduled for March 30, 2023, and a final determination regarding the Company’s listing status. The Company is required to address the Additional Delinquency, the Delinquent Filings, and the Corporate Governance Deficiencies before the Panel. Although the Company is working diligently to file the Delinquent Filings and Additional Delinquency, there can be no assurance that they will be filed prior to the Hearing. If the Company’s appeal is denied or the Company fails to timely regain compliance with Nasdaq’s continued listing standards, the Company’s common stock will be subject to delisting on the Nasdaq. On March 21, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s failure to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional Delinquency”) serves as an additional basis for delisting the Company’s securities from Nasdaq. The Company received a letter from the Nasdaq on February 14, 2023, indicating that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to file its (i) Annual Report on Form 10-K with respect to the fiscal year ended April 30, 2022; and (ii) Quarterly Reports on Form 10-Q for the periods ended July 31, 2022 and October 31, 2022 (collectively, the “Delinquent Filings”), by February 13, 2023 (the due date for filing the Delinquent Filings pursuant to an exception to Nasdaq’s Listing Rule previously granted by Nasdaq), absent the submission of a timely appeal by February 21, 2023, trading of the Company’s common stock would have been suspended from the Nasdaq at the opening of business on February 23, 2023. Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange Commission (the “SEC”), which would have resulted in the removal of the Company’s securities from listing and registration on the Nasdaq (the “Staff Determination”). Additionally, on October 10, 2022, the Company received a letter from Nasdaq indicating that the Company’s common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the Company’s common stock had closed below the minimum $ 1.00 On March 30, 2023, the Company had its hearing with the Nasdaq. On April 12, 2023, Nasdaq notified the Company that the Panel had granted the Company’s request for continued listing on the Nasdaq had been granted subject to the following: 1. On or before May 31, 2023, the Company shall file the delinquent Form 10-K for the year ended April 30, 2022, with the SEC; 2. On or before June 30, 2023, the Company shall file all delinquent Forms 10-Q with the SEC; 3. On or before July 15th, the Company will demonstrate compliance with Listing Rules 5605(b)(1), 5605(c)(2) and 5605(d)(2) (majority independent director, audit committee and compensation committee composition requirements). On April 12, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that the Company had not yet regained compliance with the Bid Price Rule, which serves as an additional basis for delisting the Company’s securities from the Nasdaq. The letter further indicated that the Panel will consider this matter in its decision regarding the Company’s continued listing on the Nasdaq Capital Market. In that regard, the Nasdaq indicated that the Company should present its views with respect to this additional delinquency to the Panel in writing no later than April 19, 2023, which it did. On April 26, 2023, Nasdaq notified the Company that the Panel had granted the Company’s request to regain compliance with the Bid Price Rule by October 9, 2023. On June 29, 2023, the Company received an extension until July 25, 2023 to file their delinquent 10-Q’s for the fiscal year ending April 30, 2023. 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 11.7 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 14: INCOME TAXES The Company does business in the US through its subsidiaries Slinger Bag Inc. and Slinger Bag Americas. It also does business in Israel through SBL whose operations are reflected in the Company’s consolidated financial statements. The Company’s operations in Canada, Israel, and the UK were immaterial for the years ended April 30, 2023 and 2022. Net deferred tax assets from operations in the US, using an effective tax rate of 21 SCHEDULE OF NET DEFERRED TAX ASSETS 2023 2022 Deferred tax assets: Loss carryforwards $ 3,049,000 $ 2,166,000 Stock options 8,454,000 8,259,000 Capital loss carryforward/Disposal 11,039,000 — Related party accruals 1,001,000 799,000 Inventory reserve 133,000 100,000 Interest deferral 221,000 191,000 Start-up costs 81,000 84,000 Other 131,000 57,000 Valuation allowance (24,109,000 ) (11,656,000 ) Net deferred tax assets $ — $ — The income tax provision differs from the amount of income tax determined by applying the applicable statutory income tax rate to pretax loss due to the following for the years ended April 30, 2023 and 2022: SCHEDULE OF INCOME TAX PROVISION 2023 2022 Income tax benefit based on book loss at US statutory rate $ (10,983,000 ) $ (10,259,000 ) Share-based compensation and shares for services — — Debt discount amortization 860,000 1,841,000 Related party accruals 226,000 150,000 Stock options (145,000 ) 6,815,000 Interest expense 79,000 5,000 Depreciation (18,000 ) 21,000 Inventory reserve 26,000 55,000 Interest deferral (5,000 ) 13,000 Acquisition costs 260,000 1,268,000 Accrued legal (76,000 ) 76,000 Loss on sale of capital assets 8,713,000 — Accrued payroll — — Change in fair value of derivatives 481,000 (1,298,000 ) Other 40,000 (29,000 Valuation allowance 542,000 1,342,000 Total income tax provision $ — $ — The Company had net operating loss carryforwards of $ 17,038,000 12,366,000 Net deferred tax assets from operations in Israel, using an effective tax rate of 23 SCHEDULE OF NET DEFERRED TAX ASSETS 2023 2022 Deferred tax assets: Loss carryforwards $ 241,000 $ 234,000 Start-up costs — — Research and development costs (113,000 ) (113,000 ) Valuation allowance (128,000 ) (121,000 ) Net deferred tax assets $ — $ — The income tax provision differs from the amount of income tax determined by applying the applicable Israeli statutory income tax rate of 23 SCHEDULE OF INCOME TAX PROVISION 2023 2022 Income tax provision (benefit) based on book income (loss) at Israeli statutory rate $ (54,000 ) $ (56,000 ) Valuation allowance 54,000 56,000 Total income tax provision $ — $ — The Company had net operating loss carryforwards of approximately $ 1,049,000 1,020,000 The Company’s policy is to record interest and penalties on uncertain tax positions as income tax expense. There were no interest or penalties recognized in the accompanying consolidated statements of comprehensive loss for the years ended April 30, 2023 and 2022. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Apr. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTS | Note 15 SEGMENTS With the disposal of Foundation Sports and PlaySight in November 2022 and December 2022, the Company has ceased reporting two segments. The Company now only operates in the equipment segment. For previous segment reporting we refer you to our previously filed Annual Report on Form 10-K filed May 17, 2023. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | Note 16 DISCONTINUED OPERATIONS On November 27, 2022, the Company entered into a share purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and Evgeni Khazanov (together, the “Buyer”) pursuant to which the Buyer purchased 100 (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 2,000,000 On December 5, 2022, the Company assigned 75 25 500,000 500,000 The Company accounted for these sales as a disposal of a business under ASC 205-20-50-1(a). The Company had reclassified the operations of PlaySight and Foundation Sports as discontinued operations as the disposal represents a strategic shift that will have a major effect on the Company’s operations and financial results. Under ASC 855-10-55, the Company has reflected the reclassification of assets and liabilities of these entities as held for sale and the operations as discontinued operations as of and for the year ended April 30, 2022 as well as for the period May 1, 2022 through the date of disposal for each company. As a result of this reclassification, the Company identified the following assets and liabilities that were reclassified from continuing operations to discontinued operations as they are discontinued. Current assets as of April 30, 2022 – Discontinued Operations: SCHEDULE OF DISCONTINUED OPERATIONS April 30, 2022 Cash and restricted cash $ 916,082 Accounts receivable 288,980 Inventory 323,307 Right of use asset – operating leases 239,689 Prepaid expenses 490,260 Current Asset $ 2,258,318 Non-current assets as of April 30, 2022 – Discontinued Operations: April 30, 2022 Goodwill $ 25,862,000 Property and equipment, net 126,862 Intangible assets, net 19,473,646 Contract assets, net of current portion 209,363 Finished products used in operations, net 4,693,575 Non-current Asset $ 50,365,446 Current liabilities as of April 30, 2022 – Discontinued Operations: April 30, 2022 Accounts payable and accrued expenses $ 2,432,818 Lease liability – operating leases 237,204 Contract liabilities 2,545,200 Current Liabilities $ 5,215,222 Non-current liabilities as of April 30, 2022 – Discontinued Operations: April 30, 2022 Contract liabilities, net of current portion $ 1,370,492 Non-Current Liabilities $ 1,370,492 The Company reclassified the following operations to discontinued operations for the years ended April 30, 2023 and 2022, respectively. 2023 2022 Revenue $ 3,954,149 $ 728,805 Operating expenses 8,416,117 5,948,508 Other (income) loss - 27,974 Net loss from discontinued operations $ (4,461,968 ) $ (5,247,677 ) The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports: SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL Note receivable $ 2,000,000 Cash and restricted cash (714,507 ) Accounts receivable (411,249 ) Prepaid expenses (106,031 ) Inventory (296,920 ) Finished products used in operations (4,117,986 ) Contract assets (298,162 ) Right of use asset (103,228 ) Goodwill (25,862,000 ) Property and equipment (116,505 ) Intangible assets (18,576,475 ) Contract liabilities 3,785,408 Lease liabilities 78,016 Accounts payable and accrued expenses 3,325,747 Loss on disposal of discontinued operations $ (41,413,892 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 17: SUBSEQUENT EVENTS From May 1, 2023 through the date hereof, the Company issued 8,830,374 7,500 2,700,000 54,000 2,321,658 3,747,216 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 $ 315,689 210,600 10,580 17,538 UFS Agreement On August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $ 797,500 550,000 50,000 30,000 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, the Company held a special meeting of stockholders in which the following items were approved: (i) the issuance of (i) 1,018,510 0.001 11,802,002 0.00001 12,820,512 5 0.39 25,641,024 7.5 0.43 18,099,548 5.5 0.221 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. |
Financial Statement Reclassification | Financial Statement Reclassification Certain prior year amounts within accounts payable, accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. |
Accounts Receivable | Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 209,690 175,000 |
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 April 30, 2023 and April 30, 2022 consisted of the following: SCHEDULE OF INVENTORY April 30, 2023 April 30, 2022 Finished Goods $ 1,509,985 $ 4,073,791 Component/Replacement Parts 1,712,553 2,559,848 Capitalized Duty/Freight 517,228 1,328,198 Inventory Reserve (550,000 ) (100,000 ) Total $ 3,189,766 $ 7,861,837 |
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 |
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 April 30, 2023 and 2022 was $ 418,455 1,334,000 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 year ended April 30, 2023: SCHEDULE OF DERIVATIVE LIABILITIES April 30, 2023 (Gain) loss for the year Note derivative is related to ending balance ended April 30, 2023 4/11/21 profit guaranty $ 1,456,854 $ 395,304 8/6/21 convertible notes 101,924 (2,611,410 ) 6/17/22 underwriter warrants 6,531 (57,951 ) Other derivative liabilities eliminated in uplist - (1,604,413 ) 9/30/22 warrants issued with common stock 6,109,559 (6,170,728 ) 1/6/2023 warrants issued with note payable 2,814,738 (900,819 ) Total $ 10,489,606 $ (10,950,017 ) The Company also recognized derivative expense of $ 7,280,405 1,715,557 SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 3.25 10 1.95 4.3 Stock price volatility 50 150 % 50 % Risk free interest rate 2.90% 4.34 % 2.67% 2.90 % Expected dividends 0 % 0 % Refer to Note 10 and Note 11 for more information regarding the derivative instruments. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. |
Intangible Assets | Intangible Assets Intangible assets relate to the “Slinger” technology trademark, which the Company purchased on November 10, 2020. The Company also acquired intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are included in discontinued operations. Refer to Note 6 for more information. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of those assets and is recorded in the period in which the determination is made. There was impairment of long-lived assets identified during the year ended April 30, 2023 and 2022 in our continuing operations. Refer to Note 6 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 the remaining $ 6,781,193 |
Share-Based Payment | Share-Based Payment The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is the vesting period. |
Warrants | Warrants The Company grants warrants to key employees and executives as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection with ongoing arrangements are more fully described in Note 11 and Note 14. The warrants granted during the years ended April 30, 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 Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 5 10 5 10 Stock price volatility 50 150 50 148 Risk free interest rate 2.50 4.68 0.77 1.63 Expected dividends 0 0 |
Foreign Currency Translation | Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. |
Earnings Per Share | Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes Income Taxes In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for SEC filers and January 1, 2023 for private companies and smaller reporting companies. The Company has not yet adopted this ASU as it qualifies as a smaller reporting company. The Company does not expect this ASU will have a material impact on its consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company does not expect the adoption of this ASU to have a material impact on the Company’s financial statements. The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY April 30, 2023 April 30, 2022 Finished Goods $ 1,509,985 $ 4,073,791 Component/Replacement Parts 1,712,553 2,559,848 Capitalized Duty/Freight 517,228 1,328,198 Inventory Reserve (550,000 ) (100,000 ) Total $ 3,189,766 $ 7,861,837 |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES April 30, 2023 (Gain) loss for the year Note derivative is related to ending balance ended April 30, 2023 4/11/21 profit guaranty $ 1,456,854 $ 395,304 8/6/21 convertible notes 101,924 (2,611,410 ) 6/17/22 underwriter warrants 6,531 (57,951 ) Other derivative liabilities eliminated in uplist - (1,604,413 ) 9/30/22 warrants issued with common stock 6,109,559 (6,170,728 ) 1/6/2023 warrants issued with note payable 2,814,738 (900,819 ) Total $ 10,489,606 $ (10,950,017 ) |
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD | SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 3.25 10 1.95 4.3 Stock price volatility 50 150 % 50 % Risk free interest rate 2.90% 4.34 % 2.67% 2.90 % Expected dividends 0 % 0 % |
Warrant [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD | SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended April 30, 2023 Year Ended April 30, 2022 Expected life in years 5 10 5 10 Stock price volatility 50 150 50 148 Risk free interest rate 2.50 4.68 0.77 1.63 Expected dividends 0 0 |
ACQUISITIONS AND BUSINESS COM_2
ACQUISITIONS AND BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF PROFORMA FINANCIAL INFORMATION | SCHEDULE OF PROFORMA FINANCIAL INFORMATION Revenues $ 16,102,672 Net loss $ (53,069,215 ) Basic and diluted earnings (loss) per share $ (13.79 ) |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets reflect only those intangible assets of our continuing operations, and consist of the following: SCHEDULE OF INTANGIBLE ASSETS Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period 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 (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2022 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames 15.26 $ 385,582 $ 9,478 - $ 376,104 Customer relationships 9.92 3,930,000 33,749 - 3,896,251 Internally developed software 4.91 580,000 9,499 - 570,501 Total intangible assets $ 4,895,582 $ 52,726 $ - $ 4,842,856 |
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION | As of April 30, 2023, the estimated future amortization expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION For the Periods Ended April 30, Amortization Expense 2024 $ 5,780 2025 5,780 2026 5,780 2027 5,780 2028 5,780 Thereafter 72,381 Total $ 101,281 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES April 30, 2023 April 30, 2022 Accrued payroll $ 1,535,186 $ 921,759 Accrued bonus 1,720,606 1,014,833 Accrued professional fees 490,424 1,706,560 Other accrued expenses 1,165,623 738,749 Total $ 4,911,839 $ 4,381,901 |
SHAREHOLDERS_ EQUITY (DEFICIT)
SHAREHOLDERS’ EQUITY (DEFICIT) (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED | The following represents a summary of the warrants: SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED Year Ended April 30, 2023 Year Ended April 30, 2022 Number Weighted Price Number Weighted Beginning balance 3,882,967 $ 11.1125 1,905,311 $ 5.1289 Granted 68,565,047 0.2924 1,977,656 5.9836 Exercised - - - - Forfeited - - - - Expired (750,000 ) - - - Ending balance 71,698,014 $ 0.8552 3,882,967 $ 11.1125 Intrinsic value of warrants $ 2,344,529 $ 33,752,623 Weighted Average Remaining Contractual Life (Years) 6.45 6.50 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2023 2022 Deferred tax assets: Loss carryforwards $ 3,049,000 $ 2,166,000 Stock options 8,454,000 8,259,000 Capital loss carryforward/Disposal 11,039,000 — Related party accruals 1,001,000 799,000 Inventory reserve 133,000 100,000 Interest deferral 221,000 191,000 Start-up costs 81,000 84,000 Other 131,000 57,000 Valuation allowance (24,109,000 ) (11,656,000 ) Net deferred tax assets $ — $ — |
SCHEDULE OF INCOME TAX PROVISION | SCHEDULE OF INCOME TAX PROVISION 2023 2022 Income tax benefit based on book loss at US statutory rate $ (10,983,000 ) $ (10,259,000 ) Share-based compensation and shares for services — — Debt discount amortization 860,000 1,841,000 Related party accruals 226,000 150,000 Stock options (145,000 ) 6,815,000 Interest expense 79,000 5,000 Depreciation (18,000 ) 21,000 Inventory reserve 26,000 55,000 Interest deferral (5,000 ) 13,000 Acquisition costs 260,000 1,268,000 Accrued legal (76,000 ) 76,000 Loss on sale of capital assets 8,713,000 — Accrued payroll — — Change in fair value of derivatives 481,000 (1,298,000 ) Other 40,000 (29,000 Valuation allowance 542,000 1,342,000 Total income tax provision $ — $ — |
ISRAEL | |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2023 2022 Deferred tax assets: Loss carryforwards $ 241,000 $ 234,000 Start-up costs — — Research and development costs (113,000 ) (113,000 ) Valuation allowance (128,000 ) (121,000 ) Net deferred tax assets $ — $ — |
SCHEDULE OF INCOME TAX PROVISION | SCHEDULE OF INCOME TAX PROVISION 2023 2022 Income tax provision (benefit) based on book income (loss) at Israeli statutory rate $ (54,000 ) $ (56,000 ) Valuation allowance 54,000 56,000 Total income tax provision $ — $ — |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SCHEDULE OF DISCONTINUED OPERATIONS | Current assets as of April 30, 2022 – Discontinued Operations: SCHEDULE OF DISCONTINUED OPERATIONS April 30, 2022 Cash and restricted cash $ 916,082 Accounts receivable 288,980 Inventory 323,307 Right of use asset – operating leases 239,689 Prepaid expenses 490,260 Current Asset $ 2,258,318 Non-current assets as of April 30, 2022 – Discontinued Operations: April 30, 2022 Goodwill $ 25,862,000 Property and equipment, net 126,862 Intangible assets, net 19,473,646 Contract assets, net of current portion 209,363 Finished products used in operations, net 4,693,575 Non-current Asset $ 50,365,446 Current liabilities as of April 30, 2022 – Discontinued Operations: April 30, 2022 Accounts payable and accrued expenses $ 2,432,818 Lease liability – operating leases 237,204 Contract liabilities 2,545,200 Current Liabilities $ 5,215,222 Non-current liabilities as of April 30, 2022 – Discontinued Operations: April 30, 2022 Contract liabilities, net of current portion $ 1,370,492 Non-Current Liabilities $ 1,370,492 The Company reclassified the following operations to discontinued operations for the years ended April 30, 2023 and 2022, respectively. 2023 2022 Revenue $ 3,954,149 $ 728,805 Operating expenses 8,416,117 5,948,508 Other (income) loss - 27,974 Net loss from discontinued operations $ (4,461,968 ) $ (5,247,677 ) |
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL | The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports: SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL Note receivable $ 2,000,000 Cash and restricted cash (714,507 ) Accounts receivable (411,249 ) Prepaid expenses (106,031 ) Inventory (296,920 ) Finished products used in operations (4,117,986 ) Contract assets (298,162 ) Right of use asset (103,228 ) Goodwill (25,862,000 ) Property and equipment (116,505 ) Intangible assets (18,576,475 ) Contract liabilities 3,785,408 Lease liabilities 78,016 Accounts payable and accrued expenses 3,325,747 Loss on disposal of discontinued operations $ (41,413,892 ) |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Jun. 14, 2022 | Sep. 16, 2019 | Aug. 23, 2019 | Dec. 05, 2022 | Apr. 30, 2022 | Jun. 21, 2021 | Feb. 10, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Impaired of intangible assets and goodwill amount | $ 3,486,599 | ||||||
Reverse stock split | 1-for-10 reverse stock split | ||||||
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Number of shares issued for acquisition | 2,000,000 | ||||||
Number of value issued for acquisition | $ 332,239 | ||||||
Sole Shareholder of SBL [Member] | Stock Purchase Agreement [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Number of shares owned | 2,000,000 | ||||||
Slinger Bag Americas Inc [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Percentage of ownership | 100% | 100% | 100% | ||||
Number of shares exchanged | 2,000,000 | ||||||
Sole Shareholder of SBL [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Percentage of ownership | 82% | ||||||
Foundation Sports Systems LLC [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Percentage of ownership | 75% | ||||||
Foundation Sports Systems LLC [Member] | Charles Ruddy [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Percentage of ownership | 100% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Apr. 30, 2022 | |
Multiemployer Plan [Line Items] | ||||
Accumulated deficit | $ 151,750,610 | $ 80,596,925 | ||
Foundation Sports Systems LLC [Member] | ||||
Multiemployer Plan [Line Items] | ||||
Investment retained after disposal, ownership interest after disposal | 25% | |||
Investment amount | $ 0 | |||
Play Sight [Member] | Foundation Sports Systems LLC [Member] | ||||
Multiemployer Plan [Line Items] | ||||
Discontinuing operations percentage | 75% | 75% |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Accounting Policies [Abstract] | ||
Finished Goods | $ 1,509,985 | $ 4,073,791 |
Component/Replacement Parts | 1,712,553 | 2,559,848 |
Capitalized Duty/Freight | 517,228 | 1,328,198 |
Inventory Reserve | (550,000) | (100,000) |
Total | $ 3,189,766 | $ 7,861,837 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Offsetting Assets [Line Items] | ||
Note derivative balance | $ 10,489,606 | |
Note derivative (gain) loss | (10,950,017) | $ (18,557,184) |
Profit Guaranty [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 1,456,854 | |
Note derivative (gain) loss | 395,304 | |
Convertible Notes [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 101,924 | |
Note derivative (gain) loss | (2,611,410) | |
Underwriter Warrants [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 6,531 | |
Note derivative (gain) loss | (57,951) | |
Other Derivative Liabilities [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | ||
Note derivative (gain) loss | (1,604,413) | |
Warrants Issued With Common Stock [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 6,109,559 | |
Note derivative (gain) loss | (6,170,728) | |
Warrants Issued With Notes Payable [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 2,814,738 | |
Note derivative (gain) loss | $ (900,819) |
SCHEDULE OF DERIVATIVE AND WARR
SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details) - Valuation Technique, Option Pricing Model [Member] | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Measurement Input, Price Volatility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 50 | |
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 | 3 years 3 months | 1 year 11 months 12 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 | 2.90 | 2.67 |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liabilities measurement input | 10 years | 4 years 3 months 18 days |
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 | 4.34 | 2.90 |
SCHEDULE OF WARRANTS GRANTED VA
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details) - Warrant [Member] - Valuation Technique, Option Pricing Model [Member] | Apr. 30, 2023 | Apr. 30, 2022 |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, term | 5 years | 5 years |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, term | 10 years | 10 years |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 50 | 50 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 150 | 148 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 2.50 | 0.77 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 4.68 | 1.63 |
Measurement Input, Expected Dividend Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 06, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Platform Operator, Crypto-Asset [Line Items] | |||
Allowance for doubtful accounts | $ 209,690 | $ 175,000 | |
Property plant and equipment, useful life | 5 years | ||
Goodwill impairment charges | $ 6,781,193 | ||
Warrant [Member] | |||
Platform Operator, Crypto-Asset [Line Items] | |||
Recognized derivative expense | $ 1,715,557 | 7,280,405 | |
Fair Value, Inputs, Level 3 [Member] | |||
Platform Operator, Crypto-Asset [Line Items] | |||
Fair value of contingent consideration | $ 418,455 | $ 1,334,000 |
CONCENTRATION OF CREDIT RISK _2
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES (Details Narrative) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 47% | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 43% | |
Accounts Payable [Member] | Lender Concentration Risk [Member] | Customer Four [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 59% | 59% |
SCHEDULE OF PROFORMA FINANCIAL
SCHEDULE OF PROFORMA FINANCIAL INFORMATION (Details) - Play Sight And Game Face [Member] | 12 Months Ended |
Apr. 30, 2023 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ | $ 16,102,672 |
Net loss | $ | $ (53,069,215) |
Basic earnings (loss) per share | $ / shares | $ (13.79) |
Diluted earnings (loss) per share | $ / shares | $ (13.79) |
ACQUISITIONS AND BUSINESS COM_3
ACQUISITIONS AND BUSINESS COMBINATIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
Foundation Sports [Member] | |||
Business Acquisition [Line Items] | |||
Disposal equity interest percentage | 75% | ||
Foundation Sports Systems LLC [Member] | |||
Business Acquisition [Line Items] | |||
Discontinuing operations percentage | 25% | ||
Investments | $ 0 | ||
Play Sight [Member] | |||
Business Acquisition [Line Items] | |||
Disposal equity interest percentage | 100% |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 101,281 | $ 4,842,856 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 385,582 | 385,582 |
Finite-Lived Intangible Assets, Accumulated Amortization | 24,031 | 9,478 |
Impairment of Intangible Assets (Excluding Goodwill) | 260,270 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 101,281 | $ 376,104 |
Weighted average period amortization (in years) | 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 | 33,749 |
Impairment of Intangible Assets (Excluding Goodwill) | 3,879,962 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,896,251 | |
Weighted average period amortization (in years) | 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 | 9,499 |
Impairment of Intangible Assets (Excluding Goodwill) | 500,392 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 570,501 | |
Weighted average period amortization (in years) | 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 | 52,726 |
Impairment of Intangible Assets (Excluding Goodwill) | 4,640,624 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 101,281 | $ 4,842,856 |
SCHEDULE OF ESTIMATED FUTURE AM
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 5,780 | |
2025 | 5,780 | |
2026 | 5,780 | |
2027 | 5,780 | |
2028 | 5,780 | |
Thereafter | 72,381 | |
Total | $ 101,281 | $ 4,842,856 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 100,951 | $ 49,983 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 1,535,186 | $ 921,759 |
Accrued bonus | 1,720,606 | 1,014,833 |
Accrued professional fees | 490,424 | 1,706,560 |
Other accrued expenses | 1,165,623 | 738,749 |
Total | $ 4,911,839 | $ 4,381,901 |
NOTE PAYABLE - RELATED PARTY (D
NOTE PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 14, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Proceeds from related party debt | $ 2,000,000 | ||
Related Party [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Outstanding borrowings | 1,953,842 | 2,000,000 | |
Interest expense | 293,090 | 165,558 | |
Accrued interest | $ 917,957 | $ 908,756 | |
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% |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 17, 2022 | Jun. 17, 2022 | Jun. 15, 2022 | Dec. 31, 2021 | Aug. 06, 2021 | Oct. 31, 2021 | Apr. 30, 2023 | Apr. 30, 2022 | |
Short-Term Debt [Line Items] | ||||||||
Gross proceeds from issuance of senior convertible notes | $ 11,000,000 | |||||||
Warrants | 2,344,529 | 33,752,623 | ||||||
Derivative liabilities | 1,862,450 | |||||||
Debt issuance cost | $ 800,251 | |||||||
Stock issued during period value conversion of units | 14,689,369 | 6,921 | ||||||
Loss on issuance of convertible notes | $ 3,689,369 | |||||||
Convertible note description | On December 31, 2021, the Company entered into an Omnibus Amendment Agreement (the “Omnibus Agreement”) with certain Purchasers who are collectively holders of 67% or more of the Securities outstanding related to the August 6, 2021 Convertible Notes, amending each of (i) the Purchase Agreement and (ii) the Registration Rights Agreement. Simultaneously with the execution of the Omnibus Agreement, the Company issued to each Purchaser a Replacement Note (as defined below) in replacement of the Convertible Note held prior to December 31, 2021 by such Purchaser (each, an “Existing Note”). | |||||||
Debt conversion of convertible notes, shares | 4,389,469 | 4,389,469 | ||||||
Convertiable notes | $ 13,200,000 | $ 13,200,000 | $ 0 | $ 13,200,000 | ||||
Accrued interest | 846,301 | |||||||
Convertible Notes [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt discount | $ 122,222 | $ 122,222 | ||||||
Monte Carlo Simulation [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Warrants term | 5 years | |||||||
Warrants | $ 12,026,668 | |||||||
Securities Purchase Agreement [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt interest rate | 8% | |||||||
Senior convertible notes | $ 11,000,000 | |||||||
Warrants issued to purchase of common stock, shares | 733,333 | |||||||
Gross proceeds from issuance of senior convertible notes | $ 11,000,000 | |||||||
Convertible notes maturity date | Aug. 06, 2022 | |||||||
Conversion price | $ 3 | |||||||
Warrants term | 5 years | |||||||
Warrants rights date from which warrants exercisable | Aug. 06, 2021 | |||||||
Warrants exercise price | $ 3 | |||||||
Omnibus Agreement [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt interest rate | 20% | |||||||
Loss on issuance of convertible notes | $ 2,200,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) | 12 Months Ended | |||||||||||||||
Aug. 07, 2023 USD ($) | Apr. 30, 2023 USD ($) | Jan. 06, 2023 USD ($) $ / shares shares | Jan. 06, 2023 USD ($) $ / shares shares | Aug. 01, 2022 USD ($) | Jul. 29, 2022 USD ($) | May 01, 2022 shares | Feb. 15, 2022 USD ($) Integer | Apr. 11, 2021 USD ($) shares | Apr. 30, 2023 USD ($) | Apr. 30, 2022 USD ($) | Jul. 06, 2023 | Jun. 17, 2022 USD ($) | Apr. 01, 2022 USD ($) | Dec. 24, 2020 USD ($) | Jun. 30, 2020 USD ($) | |
Short-Term Debt [Line Items] | ||||||||||||||||
Aggregate principal amount | $ 0 | $ 0 | $ 13,200,000 | $ 13,200,000 | ||||||||||||
Shares issued | shares | 6,063,145 | |||||||||||||||
Extinguishment of debt | $ 1,501,914 | (7,096,730) | ||||||||||||||
Debt conversion, amount | 1,250,004 | |||||||||||||||
Consideration | $ 4,000,000 | |||||||||||||||
Consignment units | Integer | 13,000 | |||||||||||||||
Repayment of debt | 4,000,000 | $ 500,000 | ||||||||||||||
Proceeds from notes payable | 2,000,000 | 5,500,000 | ||||||||||||||
Derivative expense | 8,995,962 | |||||||||||||||
Amortization of debt discount | 4,095,030 | 8,150,284 | ||||||||||||||
Valuation Technique, Option Pricing Model [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Derivative liability | $ 1,251,910 | |||||||||||||||
Promissory Note Payable [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Shares issued | shares | 27,233 | |||||||||||||||
Interest rate | 20% | |||||||||||||||
Payables | $ 1,500,000 | |||||||||||||||
Fair value of derivative liability | 1,456,854 | 1,456,854 | $ 1,061,550 | |||||||||||||
Promissory Note Payable [Member] | Third Party [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Interest rate | 2.25% | |||||||||||||||
Aggregate principal amount | $ 1,000,000 | |||||||||||||||
Notes Payable [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Notes payable | $ 500,000 | |||||||||||||||
Interest rate | 8% | |||||||||||||||
Loan Agreement [Member] | Montsaic Investments, LLC [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Notes payable | $ 120,000 | |||||||||||||||
Interest rate | 12.60% | |||||||||||||||
UFS Agreement [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Sale of consideration received | $ 1,124,250 | |||||||||||||||
Payment for exchange received amount | 750,000 | |||||||||||||||
Cash less fees | 60,000 | |||||||||||||||
UFS Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Sale of consideration received | $ 797,500 | |||||||||||||||
Payment for exchange received amount | 550,000 | |||||||||||||||
Cash less fees | 50,000 | |||||||||||||||
UFS Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Payment for exchange received amount | 13,491 | |||||||||||||||
UFS Agreement [Member] | Each Week for Next Three Weeks [Member] | Subsequent Event [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Payment for exchange received amount | $ 30,000 | |||||||||||||||
UFS Agreement [Member] | Thereafter Per Week [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Payment for exchange received amount | 44,970 | |||||||||||||||
Cedar Agreement [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Sale of consideration received | 1,124,250 | |||||||||||||||
Payment for exchange received amount | 750,000 | |||||||||||||||
Cash less fees | 60,000 | |||||||||||||||
Cedar Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Payment for exchange received amount | 13,491 | |||||||||||||||
Cedar Agreement [Member] | Thereafter Per Week [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Payment for exchange received amount | $ 44,970 | |||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Proceeds from notes payable | $ 600,000 | |||||||||||||||
Shares issued price per share | $ / shares | $ 0.221 | $ 0.221 | ||||||||||||||
Derivative expense | 1,715,557 | |||||||||||||||
Fair value derivate liability | 900,819 | 900,819 | ||||||||||||||
Derivative liability | $ 2,814,738 | |||||||||||||||
Amortization of debt discount | $ 1,222,808 | |||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||
Interest rate | 6.43% | |||||||||||||||
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 | |||||||||||||||
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 | shares | 18,099,548 | 18,099,548 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - Related Party [Member] - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Outstanding notes payable | $ 1,953,842 | $ 2,000,000 |
Accrued interest - related party | 917,957 | 908,756 |
Revenue from related parties | 164,661 | 368,164 |
Outstanding accounts receivable | $ 28,800 | $ 93,535 |
SCHEDULE OF WARRANTS ISSUED, EX
SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED (Details) | 12 Months Ended | |
Apr. 30, 2023 USD ($) $ / shares shares | Apr. 30, 2022 USD ($) $ / shares shares | |
Equity [Abstract] | ||
Warrants Shares, Beginning Balance | 3,882,967 | 1,905,311 |
Weighted Avg. Exercise Price Warrant, Beginning Balance | $ / shares | $ 11.1125 | $ 5.1289 |
Warrants Shares, Granted | 68,565,047 | 1,977,656 |
Weighted Avg. Exercise Price Warrant, Issued | $ / shares | $ 0.2924 | $ 5.9836 |
Warrants Shares, Exercised | ||
Weighted Avg. Exercise Price Warrant, Exercised | $ / shares | ||
Warrants Shares, Forfeited | ||
Weighted Avg. Exercise Price Warrant, Forfeited | $ / shares | ||
Warrants Shares, Expired | (750,000) | |
Weighted Avg. Exercise Price Warrant, Expired | $ / shares | ||
Warrants Shares, Expired | 750,000 | |
Warrants Shares, Ending Balance | 71,698,014 | 3,882,967 |
Weighted Avg. Exercise Price Warrant, Ending Balance | $ / shares | $ 0.8552 | $ 11.1125 |
Intrinsic value of warrants | $ | $ 2,344,529 | $ 33,752,623 |
Weighted Average Remaining Contractual Life (Years) | 6 years 5 months 12 days | 6 years 6 months |
SHAREHOLDERS_ EQUITY (DEFICIT_2
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jan. 26, 2023 | Jan. 06, 2023 | Nov. 21, 2022 | Oct. 12, 2022 | Sep. 28, 2022 | Aug. 25, 2022 | Jun. 27, 2022 | Jun. 17, 2022 | Jun. 15, 2022 | May 01, 2022 | Feb. 02, 2022 | Jan. 11, 2022 | Oct. 11, 2021 | Sep. 03, 2021 | Aug. 06, 2021 | Jul. 11, 2021 | Jul. 06, 2021 | Jun. 23, 2021 | May 26, 2021 | Oct. 28, 2020 | Jun. 30, 2022 | Apr. 30, 2022 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Oct. 03, 2022 | Oct. 29, 2020 | |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||
Common shares issuable | 4,194,836 | 13,543,155 | 4,194,836 | ||||||||||||||||||||||||||
Common stock, shares outstanding | 4,194,836 | 13,543,155 | 4,194,836 | ||||||||||||||||||||||||||
Number of common stock, shares issued | 6,063,145 | ||||||||||||||||||||||||||||
Debt conversion of convertible notes, shares | 4,389,469 | 4,389,469 | |||||||||||||||||||||||||||
Shares issued for services | 6,000 | ||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 33,752,623 | $ 2,344,529 | $ 33,752,623 | ||||||||||||||||||||||||||
Warrants, exercise price | $ 0.221 | ||||||||||||||||||||||||||||
Proceeds from common stock | 8,744,882 | ||||||||||||||||||||||||||||
Number of stock issued | 279,739 | 27,000 | 1,923,920 | 598,396 | |||||||||||||||||||||||||
Fair value of common stock | 14,046,300 | ||||||||||||||||||||||||||||
Number of stock issued, value | $ 915,545 | $ 3,550,000 | |||||||||||||||||||||||||||
Number of warrants granted | 68,565,047 | 1,977,656 | |||||||||||||||||||||||||||
Operating expenses related | $ 24,737,239 | $ 50,932,697 | |||||||||||||||||||||||||||
Aggregate principal amount | $ 13,200,000 | $ 13,200,000 | 0 | 13,200,000 | |||||||||||||||||||||||||
Borrowing from notes payable | $ 2,000,000 | $ 5,500,000 | |||||||||||||||||||||||||||
Warrants vested | 71,698,014 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 2,067,260 | ||||||||||||||||||||||||||||
Shares issued for services | 31,000 | 20,719 | |||||||||||||||||||||||||||
Warrants, exercise price | $ 0.39 | ||||||||||||||||||||||||||||
Number of stock issued | 2,829,055 | 54,000 | |||||||||||||||||||||||||||
Number of stock issued | 4,389,469 | ||||||||||||||||||||||||||||
Fair value of common stock | $ 4,389 | ||||||||||||||||||||||||||||
Number of stock issued, value | $ 2,829 | $ 54 | |||||||||||||||||||||||||||
Warrants, term | 5 years | ||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.43 | ||||||||||||||||||||||||||||
Related Party Lender [Member] | |||||||||||||||||||||||||||||
Common shares issuable | 692,130 | ||||||||||||||||||||||||||||
Number of warrants issued to purchase common shares | 275,000 | ||||||||||||||||||||||||||||
Convetible shares of common stock | 967,130 | ||||||||||||||||||||||||||||
Note Payable Holder [Member] | |||||||||||||||||||||||||||||
Number of warrants issued to purchase common shares | 220,000 | ||||||||||||||||||||||||||||
Convetible shares of common stock | 495,000 | ||||||||||||||||||||||||||||
As Compensation [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 1,010,000 | ||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||
Warrants issued to purchase of common stock, shares | 733,333 | ||||||||||||||||||||||||||||
Foundation Sports Systems LLC [Member] | |||||||||||||||||||||||||||||
Number of stock issued | 54,000 | ||||||||||||||||||||||||||||
Number of stock issued, value | $ 3,550,000 | ||||||||||||||||||||||||||||
Gameface [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Number of stock issued | 478,225 | ||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||
Warrants, term | 5 years | ||||||||||||||||||||||||||||
Warrants issued to purchase of common stock, shares | 733,333 | ||||||||||||||||||||||||||||
Gameface AI [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 598,396 | ||||||||||||||||||||||||||||
Midcity Capital Ltd [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 30,000 | ||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | |||||||||||||||||||||||||||||
Borrowing from notes payable | $ 600,000 | ||||||||||||||||||||||||||||
Shares issued price per share | $ 0.221 | ||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Notes [Member] | |||||||||||||||||||||||||||||
Borrowing from notes payable | $ 1,400,000 | ||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Aggregate principal amount | $ 2,000,000 | ||||||||||||||||||||||||||||
Debt instrument interest rate effective percentage | 4.33% | ||||||||||||||||||||||||||||
Common stock exercisable, shares | 18,099,548 | ||||||||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 1,048,750 | ||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||
Common stock, par value | $ 0.39 | ||||||||||||||||||||||||||||
Number of common stock, shares issued | 1,018,510 | ||||||||||||||||||||||||||||
Warrants to purchase common stock | 11,802,002 | ||||||||||||||||||||||||||||
Warrant, per share | $ 0.3899 | ||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 5,000,000 | ||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.00001 | $ 0.221 | |||||||||||||||||||||||||||
Proceeds from common stock | $ 4,549,882 | ||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 5-Year Warrants [Member] | |||||||||||||||||||||||||||||
Common stock, par value | $ 0.39 | ||||||||||||||||||||||||||||
Warrants to purchase common stock | 12,820,512 | ||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7-Year Warrants [Member] | |||||||||||||||||||||||||||||
Common stock, par value | $ 0.43 | ||||||||||||||||||||||||||||
Number of common stock, shares issued | 25,641,024 | ||||||||||||||||||||||||||||
Warrants to purchase common stock | 25,641,024 | ||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7.5 -Year Warrants [Member] | |||||||||||||||||||||||||||||
Common stock, par value | $ 0.43 | ||||||||||||||||||||||||||||
Warrants to purchase common stock | 25,641,024 | ||||||||||||||||||||||||||||
Gabriel Goldman [Member] | |||||||||||||||||||||||||||||
Shares issued for services | 25,000 | ||||||||||||||||||||||||||||
Related Party Lender [Member] | |||||||||||||||||||||||||||||
Number of stock issued | 163,684 | ||||||||||||||||||||||||||||
Fair value of common stock | $ 6,220,000 | ||||||||||||||||||||||||||||
Two Employees [Member] | Services rendered in lieu of cash [Member] | |||||||||||||||||||||||||||||
Shares issued for compensation for services, shares | 5,022 | ||||||||||||||||||||||||||||
Shares issued for compensation for services, value | 187,803 | ||||||||||||||||||||||||||||
Vendor [Member] | Marketing And Advisory Services [Member] | |||||||||||||||||||||||||||||
Shares issued for compensation for services, shares | 1,875 | 1,875 | 1,875 | ||||||||||||||||||||||||||
Shares issued for compensation for services, value | 16,875 | ||||||||||||||||||||||||||||
Six New Brand Ambassadors [Member] | As Compensation [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 9,094 | ||||||||||||||||||||||||||||
Six New Brand Ambassadors [Member] | As Compensation [Member] | Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Number of common stock, shares issued | 6,000 | ||||||||||||||||||||||||||||
Brand Ambassadors [Member] | |||||||||||||||||||||||||||||
Share based compensation expenses | 907,042 | ||||||||||||||||||||||||||||
Vendor One [Member] | Marketing And Advisory Services [Member] | |||||||||||||||||||||||||||||
Shares issued for compensation for services, value | 16,874 | ||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Share based compensation expenses | 255,124 | ||||||||||||||||||||||||||||
Number of warrants granted | 6,000 | ||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Share based compensation expenses | 32,381,309 | ||||||||||||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Exercise Price One [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.001 | ||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Exercise Price Two [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Warrants, exercise price | $ 3.42 | ||||||||||||||||||||||||||||
Number of warrants granted | 10,000 | ||||||||||||||||||||||||||||
Service Provider [Member] | |||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.75 | ||||||||||||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||||||||||||
Service Provider [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Number of warrants granted | 40,000 | ||||||||||||||||||||||||||||
Three Members [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Share based compensation expenses | $ 214,552 | ||||||||||||||||||||||||||||
Three Members [Member] | As Compensation [Member] | |||||||||||||||||||||||||||||
Share based compensation expenses | $ 67,500 | 87,656 | |||||||||||||||||||||||||||
Number of warrants granted | $ 46,077 | ||||||||||||||||||||||||||||
Lead Placement Agent [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Warrants to purchase common stock | 26,667 | ||||||||||||||||||||||||||||
Warrants, exercise price | $ 3.30 | ||||||||||||||||||||||||||||
Operating expenses related | $ 376,000 | ||||||||||||||||||||||||||||
Lead Placement Agent [Member] | Exercise Price One [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Number of warrants granted | 1,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Jan. 26, 2023 | Nov. 21, 2022 | Oct. 12, 2022 | Jun. 30, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Mar. 21, 2023 | Jan. 31, 2023 | Apr. 30, 2021 | |
Loss Contingencies [Line Items] | |||||||||
Rent expense | $ 4,900 | $ 22,176 | |||||||
Fair value of common stock | 1,334,000 | $ 1,334,000 | |||||||
Number of stock issued | 279,739 | 27,000 | 1,923,920 | 598,396 | |||||
Balance of contingent consideration | 418,455 | ||||||||
Minimum bid share price | $ 1 | ||||||||
Stockholders equity | $ (18,613,761) | $ 32,511,932 | 11,700,000 | $ (18,450,744) | |||||
Minimum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Stockholders equity | $ 2,500,000 |
SCHEDULE OF NET DEFERRED TAX AS
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Loss carryforwards | $ 3,049,000 | $ 2,166,000 |
Stock options | 8,454,000 | 8,259,000 |
Capital loss carryforward/Disposal | 11,039,000 | |
Related party accruals | 1,001,000 | 799,000 |
Inventory reserve | 133,000 | 100,000 |
Interest deferral | 221,000 | 191,000 |
Start-up costs | 81,000 | 84,000 |
Other | 131,000 | 57,000 |
Valuation allowance | (24,109,000) | (11,656,000) |
Net deferred tax assets | ||
ISRAEL | ||
Valuation allowance | (128,000) | (121,000) |
Net deferred tax assets | ||
Loss carryforwards | 241,000 | 234,000 |
Start-up costs | ||
Research and development costs | $ (113,000) | $ (113,000) |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax provision (benefit) based on book income (loss) at Israeli statutory rate | $ (10,983,000) | $ (10,259,000) |
Share-based compensation and shares for services | ||
Debt discount amortization | 860,000 | 1,841,000 |
Related party accruals | 226,000 | 150,000 |
Stock options | (145,000) | 6,815,000 |
Interest expense | 79,000 | 5,000 |
Depreciation | (18,000) | 21,000 |
Inventory reserve | 26,000 | 55,000 |
Interest deferral | (5,000) | 13,000 |
Acquisition costs | 260,000 | 1,268,000 |
Accrued legal | (76,000) | 76,000 |
Loss on sale of capital assets | 8,713,000 | |
Accrued payroll | ||
Change in fair value of derivatives | 481,000 | (1,298,000) |
Other | 40,000 | (29,000) |
Valuation allowance | 542,000 | 1,342,000 |
Total income tax provision | ||
Total income tax provision | ||
Israel Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax provision (benefit) based on book income (loss) at Israeli statutory rate | (54,000) | (56,000) |
Valuation allowance | 54,000 | 56,000 |
Total income tax provision | ||
Total income tax provision |
SCHEDULE OF NET DEFERRED TAX _2
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) (Parenthetical) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
ISRAEL | ||
Effective tax rate | 23% | 23% |
SCHEDULE OF INCOME TAX PROVIS_2
SCHEDULE OF INCOME TAX PROVISION (Details) (Parenthetical) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
ISRAEL | ||
Effective tax rate | 23% | 23% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Operating loss carryforwards | $ 1,049,000 | $ 1,020,000 |
UNITED STATES | ||
Effective tax rate | 21% | |
Operating loss carryforwards | $ 17,038,000 | $ 12,366,000 |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash and restricted cash | $ 916,082 | |
Accounts receivable | 288,980 | |
Inventory | 323,307 | |
Right of use asset – operating leases | 239,689 | |
Prepaid expenses | 490,260 | |
Current Asset | 2,258,318 | |
Goodwill | 25,862,000 | |
Property and equipment, net | 126,862 | |
Intangible assets, net | 19,473,646 | |
Contract assets, net of current portion | 209,363 | |
Finished products used in operations, net | 4,693,575 | |
Non-current Asset | 50,365,446 | |
Accounts payable and accrued expenses | 2,432,818 | |
Lease liability – operating leases | 237,204 | |
Contract liabilities | 2,545,200 | |
Current Liabilities | 5,215,222 | |
Contract liabilities, net of current portion | 1,370,492 | |
Non-Current Liabilities | 1,370,492 | |
Revenue | 3,954,149 | 728,805 |
Operating expenses | 8,416,117 | 5,948,508 |
Other (income) loss | 27,974 | |
Net loss from discontinued operations | $ (4,461,968) | $ (5,247,677) |
SCHEDULE OF CALCULATION OF THE
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Note receivable | $ 288,980 | |
Cash and restricted cash | $ (916,082) | |
Play Sight And Foundation Sports [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Note receivable | $ 2,000,000 | |
Cash and restricted cash | (714,507) | |
Accounts receivable | (411,249) | |
Prepaid expenses | (106,031) | |
Inventory | (296,920) | |
Finished products used in operations | (4,117,986) | |
Contract assets | (298,162) | |
Right of use asset | (103,228) | |
Goodwill | (25,862,000) | |
Property and equipment | (116,505) | |
Intangible assets | (18,576,475) | |
Contract liabilities | 3,785,408 | |
Lease liabilities | 78,016 | |
Accounts payable and accrued expenses | 3,325,747 | |
Loss on disposal of discontinued operations | $ (41,413,892) |
DISCONTINUED OPERATIONS (Detail
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% | |
Ownership percentage by non-controlling owners | 25% | |
Share Purchase Agreement [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Shares issued and outstanding percentage | 100% | |
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 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 12 Months Ended | |||||||
Sep. 13, 2023 | Aug. 07, 2023 | Jun. 08, 2023 | May 01, 2023 | Oct. 03, 2022 | Jul. 29, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Subsequent Event [Line Items] | ||||||||
Number of shares issued during the period | $ 4,195,000 | |||||||
Exercise of warrants, shares | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.221 | |||||||
Pre Funded Warrant [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 11,802,002 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.00001 | |||||||
Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of shares issued during the period | $ 2,068 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 12,820,512 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.39 | |||||||
Warrants measurement input, term | 5 years | |||||||
Warrant One [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 25,641,024 | |||||||
Warrants measurement input, term | 7 years 6 months | |||||||
Warrant [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.43 | |||||||
Warrant Two [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 18,099,548 | |||||||
Warrants measurement input, term | 5 years 6 months | |||||||
UFS Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of consideration received | $ 1,124,250 | |||||||
Payment for exchange received amount | 750,000 | |||||||
Cash less fees | 60,000 | |||||||
UFS Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payment for exchange received amount | $ 13,491 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares, issued | 8,830,374 | |||||||
Number of shares issued during the period | $ 7,500 | |||||||
Stock issued during period, shares, issued for settlement of accounts payable | 2,700,000 | |||||||
Stock issued during period, shares, issued for settlement with former owners | 54,000 | |||||||
Exercise of warrants, shares | 2,321,658 | |||||||
Profit guarantee on note, shares | 3,747,216 | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Repurchased During Period, Shares | 1,018,510 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||
Subsequent Event [Member] | Meged Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of consideration received | $ 315,689 | |||||||
Payment for exchange received amount | 210,600 | |||||||
Cash less fees | 10,580 | |||||||
Subsequent Event [Member] | Meged Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payment for exchange received amount | $ 17,538 | |||||||
Subsequent Event [Member] | UFS Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of consideration received | $ 797,500 | |||||||
Payment for exchange received amount | 550,000 | |||||||
Cash less fees | 50,000 | |||||||
Subsequent Event [Member] | UFS Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payment for exchange received amount | $ 30,000 |