Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2021 | Mar. 22, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Slinger Bag Inc. | |
Entity Central Index Key | 0001674440 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,346,746 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2021 | Apr. 30, 2020 |
Current assets | ||
Cash | $ 330,441 | $ 79,847 |
Accounts receivable | 1,433,312 | |
Inventory | 2,321,426 | 919,644 |
Prepaid expenses and other current assets | 339,161 | 381,510 |
Total current assets | 4,424,340 | 1,381,001 |
Intangible assets, net | 114,284 | |
Total assets | 4,538,624 | 1,381,001 |
Current liabilities | ||
Accounts payable and accrued expenses | 2,315,614 | 971,612 |
Deferred revenue | 113,292 | 179,366 |
Accrued interest | 19,500 | 17,500 |
Accrued interest - related parties | 592,997 | 138,967 |
Notes payable - related party | 6,065,890 | 2,100,000 |
Notes payable, net | 1,000,000 | |
Convertible note payable , net | 82,128 | |
Derivative liability | 620,238 | |
Due to related parties | 1,085,434 | 377,106 |
Total current liabilities | 11,192,727 | 4,486,917 |
Long-term liabilities | ||
Long-term portion of convertible notes payable , net | 1,493,939 | |
Note payable, net | 393,975 | |
Total liabilities | 11,192,727 | 6,374,831 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Common stock, $0.001 par value, 300,000,000 shares authorized, 27,346,746 and 24,749,354 shares issued and outstanding as of January 31,2021 (unaudited) and April 30, 2020, respectively; 6,921,299 shares issuable as of January 31, 2021 (unaudited) | 27,347 | 24,749 |
Additional paid-in capital | 8,743,458 | 5,214,970 |
Accumulated other comprehensive loss | (7,157) | (5,036) |
Accumulated deficit | (15,417,751) | (10,228,513) |
Total stockholders' deficit | (6,654,103) | (4,993,830) |
Total liabilities and stockholders' deficit | $ 4,538,624 | $ 1,381,001 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2021 | Dec. 03, 2020 | Apr. 30, 2020 | Feb. 25, 2020 | Feb. 24, 2020 |
Statement of Financial Position [Abstract] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 75,000,000 | |
Common stock, shares issued | 27,346,746 | 24,749,354 | |||
Common stock, shares outstanding | 27,346,746 | 24,749,354 | |||
Shares issuable | 6,921,299 | 6,921,299 | 6,921,299 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,123,648 | $ 7,308,701 | ||
Cost of sales | 3,245,493 | 5,762,143 | ||
Gross profit | 878,155 | 1,546,558 | ||
Operating expenses: | ||||
Selling and marketing expenses | 351,845 | 96,870 | 1,051,785 | 229,610 |
General and administrative expenses | 1,121,993 | 512,051 | 2,526,926 | 1,187,650 |
Stock-based compensation | 263,633 | 447,478 | ||
Research and development costs | 137,156 | 19,530 | 180,705 | 153,099 |
Total operating expenses | 1,874,627 | 628,451 | 4,206,894 | 1,570,359 |
Loss from operations | (996,472) | (628,451) | (2,660,336) | (1,570,359) |
Other expenses (income): | ||||
Amortization of debt discount | 39,175 | 602,963 | 325,426 | 924,933 |
Change in value of derivatives | (566,667) | |||
Loss on extinguishment of debt | 95,760 | 2,095,247 | ||
Induced conversion loss | 51,412 | |||
Interest expense - related party | 137,480 | 7,500 | 454,029 | 12,500 |
Interest expense | 22,199 | 107,190 | 169,455 | 553,545 |
Total other expense (income) | 294,614 | 717,653 | 2,528,902 | 1,490,978 |
Loss before income taxes | (1,291,086) | (1,346,104) | (5,189,238) | (3,061,337) |
Provision for (benefit from) income taxes | ||||
Net loss | (1,291,086) | (1,346,104) | (5,189,238) | (3,061,337) |
Other comprehensive loss, net of tax | ||||
Foreign currency translation adjustments | 816 | 1,559 | (2,121) | (4,451) |
Total other comprehensive loss, net of tax | 816 | 1,559 | (2,121) | (4,451) |
Comprehensive loss | $ (1,290,270) | $ (1,344,545) | $ (5,191,359) | $ (3,065,788) |
Net loss per share, basic and diluted | $ (0.05) | $ (0.06) | $ (0.20) | $ (0.13) |
Weighted average number of common shares outstanding, basic and diluted | 26,795,030 | 24,380,000 | 26,497,184 | 24,380,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2019 | $ 24,380 | $ 2,520 | $ (33,091) | $ (6,191) | |
Balance, shares at Apr. 30, 2019 | 24,380,000 | ||||
Contribution of Slinger Bag Limited | (2) | (967,678) | (967,680) | ||
Foreign currency translation | (17) | (17) | |||
Net loss | (265,067) | (265,067) | |||
Balance at Jul. 31, 2019 | $ 24,380 | 2,520 | (19) | (1,265,836) | (1,238,955) |
Balance, shares at Jul. 31, 2019 | 24,380,000 | ||||
Balance at Apr. 30, 2019 | $ 24,380 | 2,520 | (33,091) | (6,191) | |
Balance, shares at Apr. 30, 2019 | 24,380,000 | ||||
Net loss | (3,061,337) | ||||
Balance at Jan. 31, 2020 | $ 24,380 | 1,177,758 | (4,453) | (4,062,106) | (2,864,421) |
Balance, shares at Jan. 31, 2020 | 24,380,000 | ||||
Balance at Jul. 31, 2019 | $ 24,380 | 2,520 | (19) | (1,265,836) | (1,238,955) |
Balance, shares at Jul. 31, 2019 | 24,380,000 | ||||
Foreign currency translation | (5,993) | (5,993) | |||
Shares issued related to note payable | 1,492,188 | 1,492,188 | |||
Shares issued related to note payable, shares | |||||
Distribution to shareholder | (332,239) | (332,239) | |||
Forgiveness of net liabilities owed to former majority shareholder | 15,289 | 15,289 | |||
Net loss | (1,450,166) | (1,450,166) | |||
Balance at Oct. 31, 2019 | $ 24,380 | 1,177,758 | (6,012) | (2,716,002) | (1,519,876) |
Balance, shares at Oct. 31, 2019 | 24,380,000 | ||||
Foreign currency translation | 1,559 | 1,559 | |||
Net loss | (1,346,104) | (1,346,104) | |||
Balance at Jan. 31, 2020 | $ 24,380 | 1,177,758 | (4,453) | (4,062,106) | (2,864,421) |
Balance, shares at Jan. 31, 2020 | 24,380,000 | ||||
Balance at Apr. 30, 2020 | $ 24,749 | 5,214,970 | (5,036) | (10,228,513) | (4,993,830) |
Balance, shares at Apr. 30, 2020 | 24,749,354 | ||||
Foreign currency translation | (1,393) | (1,393) | |||
Shares issued related to note payable | $ 1,217 | (1,217) | |||
Shares issued related to note payable, shares | 1,216,560 | ||||
Shares issued for services | $ 244 | 65,582 | 65,826 | ||
Shares issued for services, shares | 243,800 | ||||
Net loss | (1,374,026) | (1,374,026) | |||
Balance at Jul. 31, 2020 | $ 26,210 | 5,279,335 | (6,429) | (11,602,539) | (6,303,423) |
Balance, shares at Jul. 31, 2020 | 26,209,714 | ||||
Balance at Apr. 30, 2020 | $ 24,749 | 5,214,970 | (5,036) | (10,228,513) | (4,993,830) |
Balance, shares at Apr. 30, 2020 | 24,749,354 | ||||
Net loss | (5,189,238) | ||||
Balance at Jan. 31, 2021 | $ 27,347 | 8,743,458 | (7,157) | (15,417,751) | (6,654,103) |
Balance, shares at Jan. 31, 2021 | 27,346,746 | ||||
Balance at Jul. 31, 2020 | $ 26,210 | 5,279,335 | (6,429) | (11,602,539) | (6,303,423) |
Balance, shares at Jul. 31, 2020 | 26,209,714 | ||||
Foreign currency translation | (1,544) | (1,544) | |||
Shares issued for services | $ 100 | 113,900 | 114,000 | ||
Shares issued for services, shares | 100,000 | ||||
Shares issued for conversion of convertible debt | $ 300 | 238,149 | 238,449 | ||
Shares issued for conversion of convertible debt, shares | 300,000 | ||||
Warrants issued with note payable | 2,069,617 | 2,069,617 | |||
Stock-based compensation | 4,019 | 4,019 | |||
Net loss | (2,524,126) | (2,524,126) | |||
Balance at Oct. 31, 2020 | $ 26,610 | 7,705,020 | (7,973) | (14,126,665) | (6,403,008) |
Balance, shares at Oct. 31, 2020 | 26,609,714 | ||||
Foreign currency translation | 816 | 816 | |||
Warrants issued with note payable | 124,931 | 124,931 | |||
Stock-based compensation | 130,275 | 130,275 | |||
Shares issued in connection with services | $ 202 | 198,184 | 198,386 | ||
Shares issued in connection with services, shares | 202,032 | ||||
Shares issued in connection with purchase of trademark | $ 35 | 35,316 | 35,351 | ||
Shares issued in connection with purchase of trademark, shares | 35,000 | ||||
Shares issued in connection with conversion of debt | $ 500 | 499,500 | 500,000 | ||
Shares issued in connection with conversion of debt, shares | 500,000 | ||||
Warrants issued in connection with purchase of trademark | 50,232 | 50,232 | |||
Net loss | (1,291,086) | (1,291,086) | |||
Balance at Jan. 31, 2021 | $ 27,347 | $ 8,743,458 | $ (7,157) | $ (15,417,751) | $ (6,654,103) |
Balance, shares at Jan. 31, 2021 | 27,346,746 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (5,189,238) | $ (3,061,337) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,299 | 650 |
Change in value of derivatives | (566,667) | |
Stock-based compensation | 447,478 | |
Loss on extinguishment of debt | 2,095,247 | |
Induced conversion loss | 51,412 | |
Non-cash interest expense | 358,855 | |
Amortization of debt discount | 325,426 | 924,933 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,433,312) | |
Inventory | (1,401,782) | (374,376) |
Prepaid expenses and other current assets | 82,099 | (1,823,922) |
Accounts payable and accrued expenses | 1,352,468 | 549,425 |
Deferred revenue | (66,074) | (26,570) |
Accrued interest – related parties | 454,030 | 31,323 |
Due to related parties | 708,328 | (11,319) |
Net cash used in operating activities | (3,139,286) | (3,432,339) |
Cash flows from investing activities | ||
Proceeds from contribution of net assets of SBL | 73,400 | |
Purchase of trademark | (30,000) | |
Net cash provided by investing activities | (30,000) | 73,400 |
Cash flows from financing activities | ||
Distribution to shareholder | (332,239) | |
Proceeds from notes payable - related party | 2,300,000 | 1,900,000 |
Proceeds from note payable | 1,120,000 | 1,700,000 |
Proceeds from convertible note payable | 125,000 | |
Net cash provided by financing activities | 3,420,000 | 3,392,761 |
Effect of exchange rate fluctuations on cash | (120) | (4,451) |
Net change in cash | 250,594 | 29,371 |
Cash, beginning of the period | 79,847 | 1,994 |
Cash, end of the period | 330,441 | 31,365 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 165,900 | 158,367 |
Income taxes paid | 3,668 | |
Supplemental disclosure of non-cash investing and financing information: | ||
Forgiveness of net liabilities owed to former majority shareholder | 15,289 | |
Shares issuable related to convertible note payable | 1,492,188 | |
Transfer of notes payable to notes payable - related party | 1,820,000 | |
Transfer of convertible note payable to notes payable | 1,700,000 | |
Debt discount due to derivative liability | 620,238 | |
Shares and warrants issued in connection with purchase of trademark | 85,583 | |
Conversion of notes payable and accrued interest into common stock | 687,037 | |
Warrants and shares issued with note payable | 195,061 | |
Net assets contributed from Slinger Bag Limited | $ (967,680) |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization Lazex Inc. (“Lazex”) was incorporated under the laws of the State of Nevada on July 12, 2015. On August 23, 2019, the majority owner of Lazex entered into a Stock Purchase Agreement with Slinger Bag Americas Inc., a Delaware corporation (“Slinger Bag Americas”) which was 100% owned by Slinger Bag Ltd. (“SBL”), an Israeli company. In connection with the Stock Purchase Agreement, Slinger Bag Americas acquired 20,000,000 shares of common stock of Lazex for $332,239. On September 16, 2019, SBL transferred its ownership of Slinger Bag Americas to Lazex in exchange for the 20,000,000 shares of Lazex acquired on August 23, 2019. As a result of these transactions, Lazex owned 100% of Slinger Bag Americas and the sole shareholder of SBL now owned 20,000,000 shares of common stock (approximately 82%) of Lazex. Effective September 13, 2019, Lazex changed its name to Slinger Bag Inc. On October 31, 2019, Slinger Bag Americas acquired control of Slinger Bag Canada, Inc., (“Slinger Bag Canada”) a Canadian company incorporated on November 3, 2017. There are no assets or liabilities or historical operational activity of Slinger Bag Canada at the time of acquisition. On February 10, 2020, Slinger Bag Americas became the 100% owner of SBL, along with SBL’s wholly owned subsidiary Slinger Bag International (UK) Limited (“Slinger Bag UK”) formed on April 3, 2019, after Zehava Tepler, the owner of SBL, contributed it to Slinger Bag Americas for no consideration. The operations of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK and SBL are collectively referred to as the “Company.” The Company operates in the sporting and athletic goods business. The Company is the owner of Slinger Launcher, which is a portable tennis ball launcher. Effective February 25, 2020, the Company increased its number of authorized shares of common stock from 75,000,000 to 300,000,000 and effected a four-to-one forward split of the outstanding shares of common stock. All share and per share information contained in this report have been retroactively adjusted to reflect the impact of the stock split. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As a result of the transactions described above, the accompanying consolidated financial statements include the combined results of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK and SBL for the year ended April 30, 2020. The contribution of the net assets of SBL is reflected as an equity contribution at historical cost on May 1, 2019, the beginning of the earliest period in which the entities were under common control. Therefore, the comparative information presented in the unaudited condensed consolidated financial statements for the three and nine months ended January 31, 2020, includes the activity of SBL. There was no historical activity in Slinger Bag Americas, Slinger Bag Canada or Slinger Bag UK prior to May 1, 2019. All intercompany accounts and transactions have been eliminated in consolidation. |
Going Concern
Going Concern | 9 Months Ended |
Jan. 31, 2021 | |
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 $15,417,751 as of January 31, 2021 and more losses are anticipated in the development of the business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or being able to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from related parties, and/or private placement of common stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements These unaudited condensed consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s financial statements and notes thereto for the years ended April 30, 2020 and 2019, respectively, which are included in the Company’s Form 10-K filed with the United States Securities and Exchange Commission on August 24, 2020. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited consolidated financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation of these may be determined in that context. The results of operations for the nine months ended January 31, 2021 are not necessarily indicative of results for the entire year ending April 30, 2021. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reporting amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates. Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less when purchased, to be 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 has no allowance for doubtful accounts as of January 31, 2021 or April 30, 2020. Inventory Inventory is valued at the lower of the cost or net realizable value. The Company’s inventory as of January 31, 2021 consisted $962,771 of finished goods and $1,358,655 of component and replacement parts. The Company’s inventory as of April 30, 2020 consisted of $663,750 of finished goods and $255,894 of component and replacement parts. Intangible asset Intangible asset, represents “Slinger” technology trademark, which the Company purchased on November 10, 2020. The trademark has a definite life, accordingly is amortized over its expected life of 20 years. Concentration of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash or cash equivalents. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606. The Company’s contracts with customers contain one performance obligation. The Company recognizes revenue for its performance obligation at a point in time once products are shipped or physically delivered, depending on the third-party shipping terms. The Company’s sales contracts include a fixed price which becomes payable when performance of the obligation is complete. Amounts collected from customers in advance of revenue being recognized are reflected as deferred revenue on the accompanying unaudited condensed 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. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability. GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: ● Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. ● Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: – Quoted prices for similar assets or liabilities in active markets – Quoted prices for identical or similar assets or liabilities in markets that are not active – Inputs other than quoted prices that are observable for the asset or liability – Inputs that are derived principally from or corroborated by observable market data by correlation or other means ● Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and amounts due to related parties. The carrying amount of these financial instruments approximates fair value due to their short-term maturity. The Company’s derivative liability was calculated using Level 2 assumptions. 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 expected to be realized, but no less than quarterly. 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. 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. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of long-lived assets identified during the three or nine months ended January 31, 2021 or 2020. Share-Based Payment The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation, or 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. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants granted in connection with ongoing arrangements are more fully described in Note 5: Note Payable – Related Party, Note 6: Note Payable and Note 9: Stockholders’ Deficit. The warrants granted during the nine months ended January 31, 2021 and 2020 were valued using the Black-Scholes pricing method on the date of grant using the following assumptions below. 2021 2020 Expected life in years 5-10 years NA Stock price volatility 148.3% - 151.9 % NA Risk free interest rate 0.68% - 0.85 % NA Expected dividends 0 % NA Foreign Exchange A portion of SBL’s operations are conducted in Israel and its functional currency is the Israeli Shekel. In addition, the operations of Slinger Bag Canada are conducted in its functional currency of Canadian Dollars. The accounts of SBL and Slinger Bag Canada have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity. Basic and Diluted Earnings Per Share Basic earnings per share are calculated by dividing income available to stockholders 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. The Company had 6,921,299 and 8,137,859 common shares issuable as of January 31, 2021 and 2020, respectively, (see Note 6) which were not included in the calculation of diluted earnings per share as the effect is antidilutive. The Company also had outstanding warrants exercisable into 16,200,000 shares of common stock as of January 31, 2021 which 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 In December 2019, the FASB issued Accounting Standards Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes Income Taxes Other accounting pronouncements have been issued but deemed by management to be outside the scope of relevance to the Company. |
Intangible Asset
Intangible Asset | 9 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Asset | NOTE 4: INTANGIBLE ASSET On November 10, 2020, the Company entered into a Trademark Assignment Agreement to acquire the “Slinger” trademark for $30,000 in cash, 35,000 shares of the Company’s common stock, and warrants to purchase 50,000 shares of the Company’s common stock at an exercise price of $0.50 per share. The warrants are exercisable immediately and have a contractual life of 10 years. The common stock was valued at the closing stock exchange price on November 10, 2020 and the warrants were valued using the Black-Scholes model, for a fair value of $35,351 and $50,232, respectively. The purchase cost of the trademark was determined to be $115,583 and depreciation expense since the date of acquisition is $1,299. |
Note Payable - Related Party
Note Payable - Related Party | 9 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable - Related Party | NOTE 5: NOTE PAYABLE – RELATED PARTY On October 3, 2019, the Company entered into a loan agreement with a related party entity controlled by the former shareholder of Slinger Bag Canada for borrowings of $500,000 bearing interest at 12% per annum. All principal and accrued interest were due on demand under the original agreement. On December 13, 2019, the Company entered into an Amended and Restated Loan Agreement making all principal and accrued interest and was due on July 15, 2020, later extended to September 1, 2021. On December 3, 2019, the Company entered into a loan agreement with the same related party for borrowings of $500,000 bearing interest at 12% per annum. All principal and accrued interest were due on demand under the original agreement. On December 13, 2019, the Company entered into an Amended and Restated Loan Agreement increasing the interest rate earned from 12% to 24% per annum and making all principal and accrued interest due on July 15, 2020 and was then extended to September 1, 2021. On December 11, 2019, the Company entered into a loan agreement with the same related party for borrowings of $700,000 bearing interest at 24% per annum. All principal and accrued interest were due on July 15, 2020 and was then extended to September 1, 2021. On January 6, 2019, the Company entered into a loan agreement with the same related party for borrowings of $200,000 bearing interest at 24% per annum. All principal and accrued interest were due on January 8, 2021 and was then extended to September 1, 2021. On March 1, 2020, the Company entered into a loan agreement with the same related party for borrowings of $200,000 bearing interest at 24% per annum. All outstanding borrowings and accrued interest under all agreements were due on January 8, 2021 and was then extended to September 1, 2021. On May 12, 2020, the Company borrowed an additional $1,000,000 from the same related party, and on July 3, 2020 the Company borrowed an additional $500,000 from the same related party. The borrowings bear interest at a rate of 24% per annum and were due on January 8, 2021 and was then extended to September 1, 2021. On July 8, 2020, the Company entered into a Purchase Order Financing Agreement (“PO Financing Agreement”) whereby $1,900,000 of the total $3,600,000 in outstanding debt due to the related party as of the date of the agreement has been labeled as inventory financing (“PO Financing Amount”). The PO Financing Amount, along with any accrued interest, is due in full no later than nine months from the effective date of the PO Financing Agreement, or January 8, 2021 and was then extended to September 1, 2021. The outstanding balance of the PO Financing Amount bears interest at a rate of 2% per month. The Company has agreed to repay the PO Financing Amount together with any accrued, but unpaid, interest thereon out proceeds from the sale of its products, licensing activities, revenue to be generated from operations and/or amounts received by the Company from investors, lenders, financiers, financing sources or other persons before making payments of any other nature (including dividends and distributions) except for payments required to finance the Company’s operations. On August 10, 2020, the Company borrowed an additional $250,000 from its existing related party lender subject to the PO Financing Agreement. On September 7, 2020, the outstanding debt from the existing related party lender was amended to reduce the interest rate to 9.5% per annum on all outstanding loans. As consideration for agreeing to reduce the interest rate, the Company issued the related party warrants to purchase 2,500,000 shares of the Company’s common stock at an exercise of $0.001 per share. The warrants vest immediately and have a contractual life of 10 years. The amendment of the outstanding debt was treated as an extinguishment of the debt, and therefore the value of the warrants issued to the lender amounting to $1,999,487 were expensed as loss on extinguishment during the nine months ended January 31, 2021. On September 8, 2020, the related party lender agreed to extend the due date of all outstanding loans to September 1, 2021. On September 15, 2020, the Company borrowed an additional $250,000 existing related party lender. The borrowings bear interest at 9.5% per annum and are due in full on September 15, 2021. In connection with the loan, the Company issued warrants to the related party lender to purchase 125,000 shares of the Company’s common stock at $0.001 per share. The warrants vest immediately and have a contractual life of 10 years. The note was discounted by $70,130 allocated from the valuation of the warrants issued. The discount recorded on the note is being amortized through the maturity date, which amounted to $8,838 and $17,676 for the three and nine months ended January 31, 2021. As of January 31, 2021, the remaining discount was $52,454. On November 24, 2020, the Company borrowed $300,000 from its related party debt holder. The borrowings bear interest at 9.5% per annum and are due in full on November 24, 2021. In connection with the loan, the Company issued warrants to the related party lender to purchase 125,000 shares of the Company’s common stock at $0.001 per share. The warrants vest immediately and have a contractual life of 10 years. This note was discounted by $124,931 allocated from the valuation of the warrants issued. The discount recorded on the note is being amortized through the maturity date, which amounted to $23,275 for the three and nine months ended January 31, 2021. As of January 31, 2021, the remaining discount was $101,656. On December 3, 2020, Montsaic entered into an Assignment and Conveyance Agreement with 2490585 Ontario Inc., the Company’s existing related party lender. In connection with the agreement, Montsaic sold its full right, title and interest in its outstanding notes payable amounting to $1,820,000 to 2490585 Ontario, Inc., along with the 1,216,560 shares of common stock previously issued to Montsaic in connection with the debt agreement and the rights to receive the remaining 6,921,299 shares issuable. Subsequent to this point in time, the outstanding debt of $1,820,000 and all accrued interest is payable to 2490585 Ontario, Inc., and future interest will accrue at a rate of 9.5% per annum consistent with the rate being charged on their other outstanding debt. The scheduled maturity date of the debt remains unchanged and is due June 1, 2021. Total outstanding borrowings from this related party as of January 31, 2021 amounted to $6,220,000. The outstanding amount is net of total discounts of $154,110 for a net book value of $6,065,890 as of January 31, 2021. Interest expense to this related party for three and nine months ended January 31, 2021 amounted to $137,480 and $454,029, respectively. Interest expense to this related party for the three and nine months ended January 31, 2020 amounted to $7,500 and $12,500, respectively. Accrued interest due to this related party as of January 31, 2021 and April 30, 2020 amounted to $592,997 and $138,967, respectively. |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | NOTE 6: CONVERTIBLE NOTES PAYABLE On February 11, 2020, the Company entered into a convertible note payable agreement for borrowings of $125,000 bearing interest at 12% per annum. All outstanding borrowings and accrued interest are due on February 11, 2021. The outstanding principal and accrued interest are convertible into shares of the Company’s common stock at any time at the option of the debtholder at a conversion price equal to 70% of the lowest closing price of the common stock as defined in the agreement. On September 4, 2020, the holder of the outstanding convertible note payable elected to convert the outstanding principal and accrued interest balance into 300,000 shares of the Company’s common stock. The Company evaluated the conversion option under the guidance in ASC 815-10, Derivatives and Hedging, and determined it to have characteristics of a derivative liability. Under this guidance, this derivative liability is marked-to-market at each reporting period with the non-cash gain or loss recorded in the period as a gain or loss on derivatives. The value of the conversion option amounted to $53,571 as of the issuance date on February 11, 2020, which was initially recorded as a discount to the outstanding note balance and a derivative liability. The discount was being amortized over the term of the agreement. On September 4, 2020, to induce the convertible debt holder to promptly convert the outstanding balance into shares of the Company’s common stock, the Company offered the debt holder a one-time reduction in the conversion price. The debt holder subsequently agreed to convert the outstanding convertible note payable balance of $125,000 and accrued interest of $8,466 into 300,000 shares of the Company’s common stock. Under the guidance in ASC 470-20-40-16, the Company recognized an expense at the conversion date equal to the fair value of the stock transferred after the change in terms, less the fair value of securities issuable under the original conversion terms. The excess in value amounted to $51,412, and was reflected as induced conversion loss in the accompanying unaudited condensed consolidated statement of operations in the nine months ended January 31, 2021. At the time of the conversion, the remaining debt discount was fully amortized and the derivative liability amount of $53,571 was reclassified as additional paid-in capital as part of stockholders’ equity. Amortization of debt discounts during the nine months ended January 31, 2021 amounted to $42,872, and is recorded as amortization of debt discount in the accompanying unaudited condensed consolidated statements of operations. |
Note Payable
Note Payable | 9 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable | NOTE 7: NOTE PAYABLE On June 1, 2019, the Company entered into a note payable agreement with Montsaic Investments (“Montsaic”) which provided for borrowings of $1,700,000 bearing interest at a rate of 12.6% per annum. All outstanding amounts were due on the maturity date 360 days after the loan issue date. The Company may repay up to 50% of the outstanding balance on the loan prior to the maturity date at their discretion. The outstanding principal and accrued interest were convertible into shares of the Company’s common stock at any time at the option of the debtholder at a conversion price equal to 75% of the lowest closing price of the common stock as defined in the agreement. Effective June 1, 2020, the Company and Montsaic entered into an amendment to the note payable agreement to eliminate the conversion right contained in the original agreement and extend the maturity date to June 1, 2021. The note payable agreement, as amended on September 11, 2019, also provides Montsaic with a warrant giving them the right to acquire 33% of the outstanding shares of SBL on a fully-diluted basis for no consideration up through the maturity date. On September 16, 2019, Montsaic and Slinger Bag Inc. entered into a warrant assignment and conveyance agreement which transferred the right to acquire 33% of the outstanding common stock shares of SBL to Slinger Bag Inc., resulting in a total of 8,137,859 shares of common stock issuable to Montsaic. The allocated value of the warrant amounted to $1,492,188, which has been reflected as a discount to the outstanding note balance. On May 6, 2020, the Company issued 1,216,560 shares of common stock as partial satisfaction of the shares issuable. As of January 31, 2021, the Company has 6,921,299 shares of common stock that are issuable. The Company evaluated the conversion option under the guidance in ASC 815-10, Derivatives and Hedging, and determined it to have characteristics of a derivative liability. Under this guidance, this derivative liability is marked-to-market at each reporting period with the non-cash gain or loss recorded in the period as a gain or loss on derivatives. The value of the conversion option amounted to $566,667 as of the issuance date on September 11, 2019, which has been recorded as a discount to the outstanding note balance, less $358,855 representing the amount of the conversion option exceeding the face value of the note payable which was recorded immediately as interest expense, and a derivative liability. Effective June 1, 2020, the Company and Montsaic entered into an amendment to the note payable agreement to eliminate the conversion right contained in the original agreement. As a result, the value of the derivative liability was $0 as of January 31, 2021 and the Company has recorded a gain on the change in value of derivative of $566,667 during the nine months ended January 31, 2021. On June 30, 2020, the Company entered into a loan agreement with Montsaic to borrow an additional $120,000. This loan bears interest at an annual rate of 12.6% and is required to be repaid in full, together with all accrued, but unpaid, interest by June 30, 2021. On December 3, 2020, Montsaic sold its full right, title and interest in its outstanding notes payable amounting to $1,820,000 to 2490585 Ontario, Inc., the Company’s existing related party lender, along with the 1,216,560 shares of common stock previously issued in connection with the debt agreement and the rights to receive the remaining 6,921,299 shares issuable. On March 16, 2020, the Company entered into a promissory note payable whereby the Company borrowed $500,000 bearing interest at 12% per annum. Interest on the note is payable monthly and outstanding principal on the note is due in full on March 16, 2022. In connection with the promissory note payable on March 16, 2020, the Company issued warrants to purchase 500,000 shares of the Company’s common stock at an exercise price equal to a 40% discount of the market price of the Company’s stock, as defined in the agreement. The warrants expire on March 16, 2022 and are fully vested upon issuance. The note was discounted by $112,990 allocated from the valuation of the warrants issued. The discount recorded on the note is being amortized through the maturity date, which amounted to $7,415 and $35,895, respectively, for the three and nine months ended January 31, 2021. On December 15, 2020, the debt holder agreed to convert the outstanding note payable of $500,000 into 500,000 shares of the Company’s common stock as full settlement of the promissory note payable. Accrued interest on the note was paid in cash. As a result of this settlement, the Company recognized the unamortized debt discount of $70,483 as a loss on loan extinguishment in the statement of operations in the three- and nine-month period ended January 31, 2021. On December 24, 2020, the Company entered into a promissory note with a third party to borrow $1,000,000. The promissory note bears interest at 2.25% and is due February 8, 2021. On February 2, 2021, the Company extended its promissory note to April 30, 2021. As of January 31, 2021, the outstanding amount of $1,000,000 is due and payable on April 30, 2021. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8: 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 or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Amounts due to related parties were $1,085,434 and $377,106 as of January 31, 2021 and April 30, 2020, respectively, which represented unpaid salaries and reimbursable expenses due to officers of the Company. The Company has outstanding notes payable of $6,220,000 and $2,100,000 and accrued interest of $592,997 and $138,967 due to a related party as of January 31, 2021 and April 30, 2020, respectively (see Note 5). |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Jan. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | NOTE 9: STOCKHOLDERS’ DEFICIT Common Stock The Company has 300,000,000 shares of common stock authorized with a par value of $0.001 per share. As of January 31, 2021, the Company had 27,346,746 shares of common stock issued and outstanding. On May 6, 2020, the Company issued 1,216,560 shares of its common stock to Montsaic as partial satisfaction of the shares issuable under this note payable agreement. On May 15, 2020, the Company issued 243,800 shares of its common stock to a vendor as compensation for business advisory services performed which resulted in $65,826 of operating expenses during the nine-month period ended January 31, 2021. On September 4, 2020, the Company issued 300,000 shares of its common stock for the conversion of debt (see Note 6). The fair value of the common stock was $238,449. On October 8, 2020, the Company issued 100,000 shares of its common stock to a vendor as compensation for business advisory services performed which resulted in $114,000 of operating expenses during the nine months ended January 31, 2021. On November 24, 2020 and on January 11, 2021, the Company issued 46,087 and 100,000 shares of its common stock to two vendors as compensation for marketing and other advisory services, which resulted in an expense of $103,250 during the nine-month period ended January 31, 2021. The Company also issued 55,945 shares of its common stock on November 24, 2020 to a third-party vendor as full settlement of payables of $30,000 related to consulting services, which resulted in a $25,278 loss on extinguishment of debt. The total fair value of the common stock was $198,386, of which $39,750 has been recognized in prepaids and other assets and will be recognized over the period that the related services are rendered. On November 10, 2020, the Company issued 35,000 common stock of the Company as partial payment for the purchase of Slinger trademark. The common stock had a fair value of $35,351 on the date of issuance which has been capitalized as an intangible asset on the balance sheet. On December 15, 2020, the Company issued 500,000 common stock of the Company as full payment of its $500,000 notes payable to a third party (see Note 7). The fair value of the common stock was $500,000. Common Stock Issuable As discussed in Note 7, on September 16, 2019, the Company entered into a warrant assignment and conveyance agreement with Montsaic, pursuant to which the Company allows Montsaic to acquire 33% of the outstanding common stock shares of the Company on a fully-diluted basis for no consideration. As of January 31, 2021, there are 6,921,299 shares of common stock that are issuable under this agreement. Warrants Issued for Compensation On April 30, 2020, the Company granted an aggregate total of 12,500,000 warrants to key employees and officers of the Company as compensation. The warrants have an exercise price of $0.001 per share, a contractual life of 10 years from the date of issuance, and are vested immediately upon grant. On October 28, 2020, the Company granted 400,000 warrants to a services provider for advertising services over the next year. The warrants have an exercise price of $0.75 per share, a contractual life of 10 years from the date of issuance, and vest quarterly over a year from the grant date. As of January 31, 2021, none of the award has vested or is exercisable. On October 29, 2020, the Company granted a stock-based compensation award to three members of its advisory board, whereby they receive an aggregate number of warrants equal to $90,000 divided by the average closing price of the Company’s stock for the previous five days prior to the most recently completed fiscal quarter. The award vests quarterly over a year from the grant date. The warrants have exercise price of $0.001 per share and a contractual life of 10 years from the date of issuance. The Company recorded a total stock-based compensation expense of $130,275 and $134,294 for the three and nine months ended January 31, 2021. The Company expects to record an additional $382,559 of stock-based compensation expense associated with these warrants through October 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10: COMMITMENTS AND CONTINGENCIES Leases The Company leases its office space under short-term leases with terms under a year. Total rent expense for the three months ended January 31, 2021 and 2020 amounted to $2,100 and $4,200, respectively. Total rent expense for the nine months ended January 31, 2021 and 2020 amounted to $8,400 and $4,200, respectively. Contingencies 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. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements These unaudited condensed consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly the financial position, results of operations, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s financial statements and notes thereto for the years ended April 30, 2020 and 2019, respectively, which are included in the Company’s Form 10-K filed with the United States Securities and Exchange Commission on August 24, 2020. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited consolidated financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation of these may be determined in that context. The results of operations for the nine months ended January 31, 2021 are not necessarily indicative of results for the entire year ending April 30, 2021. |
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reporting amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates. |
Financial Statement Reclassification | Financial Statement Reclassification Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less when purchased, to be 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 has no allowance for doubtful accounts as of January 31, 2021 or April 30, 2020. |
Inventory | Inventory Inventory is valued at the lower of the cost or net realizable value. The Company’s inventory as of January 31, 2021 consisted $962,771 of finished goods and $1,358,655 of component and replacement parts. The Company’s inventory as of April 30, 2020 consisted of $663,750 of finished goods and $255,894 of component and replacement parts. |
Intangible Asset | Intangible asset Intangible asset, represents “Slinger” technology trademark, which the Company purchased on November 10, 2020. The trademark has a definite life, accordingly is amortized over its expected life of 20 years. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash or cash equivalents. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606. The Company’s contracts with customers contain one performance obligation. The Company recognizes revenue for its performance obligation at a point in time once products are shipped or physically delivered, depending on the third-party shipping terms. The Company’s sales contracts include a fixed price which becomes payable when performance of the obligation is complete. Amounts collected from customers in advance of revenue being recognized are reflected as deferred revenue on the accompanying unaudited condensed 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in the absence of a principal, most advantageous market for the specific asset or liability. GAAP provides for a three-level hierarchy of inputs to valuation techniques used to measure fair value, defined as follows: ● Level 1 — Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access. ● Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: – Quoted prices for similar assets or liabilities in active markets – Quoted prices for identical or similar assets or liabilities in markets that are not active – Inputs other than quoted prices that are observable for the asset or liability – Inputs that are derived principally from or corroborated by observable market data by correlation or other means ● Level 3 — Inputs that are unobservable and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and amounts due to related parties. The carrying amount of these financial instruments approximates fair value due to their short-term maturity. The Company’s derivative liability was calculated using Level 2 assumptions. |
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 expected to be realized, but no less than quarterly. |
Long-Lived Assets | 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. 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. Impairment, if any, is based on the excess of the carrying amount over the fair value, based on market value when available, or discounted expected cash flows, of those assets and is recorded in the period in which the determination is made. There was no impairment of long-lived assets identified during the three or nine months ended January 31, 2021 or 2020. |
Share-Based Payment | Share-Based Payment The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation, or 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. The Company measures the fair value of the awards using the Black-Scholes option pricing model as of the measurement date. Warrants granted in connection with ongoing arrangements are more fully described in Note 5: Note Payable – Related Party, Note 6: Note Payable and Note 9: Stockholders’ Deficit. The warrants granted during the nine months ended January 31, 2021 and 2020 were valued using the Black-Scholes pricing method on the date of grant using the following assumptions below. 2021 2020 Expected life in years 5-10 years NA Stock price volatility 148.3% - 151.9 % NA Risk free interest rate 0.68% - 0.85 % NA Expected dividends 0 % NA |
Foreign Exchange | Foreign Exchange A portion of SBL’s operations are conducted in Israel and its functional currency is the Israeli Shekel. In addition, the operations of Slinger Bag Canada are conducted in its functional currency of Canadian Dollars. The accounts of SBL and Slinger Bag Canada have been translated into U.S. dollars (“USD”). Assets and liabilities are translated into USD at the applicable exchange rates at period-end. Stockholders’ equity is translated using historical exchange rates. Revenue and expenses are translated at the average exchange rates for the period. Any translation adjustments are included as foreign currency translation adjustments in accumulated other comprehensive income in the Company’s stockholders’ equity. |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Basic earnings per share are calculated by dividing income available to stockholders 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. The Company had 6,921,299 and 8,137,859 common shares issuable as of January 31, 2021 and 2020, respectively, (see Note 6) which were not included in the calculation of diluted earnings per share as the effect is antidilutive. The Company also had outstanding warrants exercisable into 16,200,000 shares of common stock as of January 31, 2021 which 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 In December 2019, the FASB issued Accounting Standards Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes Income Taxes Other accounting pronouncements have been issued but deemed by management to be outside the scope of relevance to the Company. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Warrants Granted Valuation using Black-Scholes Pricing Method | The warrants granted during the nine months ended January 31, 2021 and 2020 were valued using the Black-Scholes pricing method on the date of grant using the following assumptions below. 2021 2020 Expected life in years 5-10 years NA Stock price volatility 148.3% - 151.9 % NA Risk free interest rate 0.68% - 0.85 % NA Expected dividends 0 % NA |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) - USD ($) | Sep. 16, 2019 | Aug. 23, 2019 | Jan. 31, 2021 | Apr. 30, 2020 | Feb. 25, 2020 | Feb. 24, 2020 | Feb. 10, 2020 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 75,000,000 | |||
Stock split, description | four-to-one forward split of the outstanding shares of common stock | ||||||
Sole Shareholder of SBL [Member] | |||||||
Ownership percentage | 82.00% | ||||||
Number of shares owned | 20,000,000 | ||||||
Slinger Bag Americas Inc [Member] | |||||||
Ownership percentage | 100.00% | ||||||
Number of shares exchanged | 20,000,000 | ||||||
Slinger Bag Ltd [Member] | |||||||
Ownership percentage | 100.00% | ||||||
Stock Purchase Agreement [Member] | Slinger Bag Americas Inc [Member] | |||||||
Ownership percentage | 100.00% | ||||||
Number of shares issued for acquisition | 20,000,000 | ||||||
Number of shares issued for acquisition, value | $ 332,239 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jan. 31, 2021 | Apr. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (15,417,751) | $ (10,228,513) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | |
Accounts receivable, allowance for doubtful accounts | |||
Inventory finished goods | 2,962,771 | 663,750 | |
Inventory component and replacement parts | $ 13,586,559 | $ 255,894 | |
Expected life for trademarks | 20 years | ||
Impairment of long-lived assets | |||
Antidilutive securities earnings per share | 6,921,299 | 8,137,859 | |
Warrants [Member] | |||
Antidilutive securities earnings per share | 16,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Warrants Granted Valuation using Black-Scholes Pricing Method (Details) - Warrant [Member] - Valuation Technique, Option Pricing Model [Member] | 9 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Expected Life in Years [Member] | ||
Measurement input, term | 0 years | |
Expected Life in Years [Member] | Minimum [Member] | ||
Measurement input, term | 5 years | |
Expected Life in Years [Member] | Maximum [Member] | ||
Measurement input, term | 10 years | |
Stock Price Volatility [Member] | ||
Measurement input, rate | 0 | |
Stock Price Volatility [Member] | Minimum [Member] | ||
Measurement input, rate | 148.3 | |
Stock Price Volatility [Member] | Maximum [Member] | ||
Measurement input, rate | 151.9 | |
Risk Free Interest Rate [Member] | ||
Measurement input, rate | 0 | |
Risk Free Interest Rate [Member] | Minimum [Member] | ||
Measurement input, rate | 0.68 | |
Risk Free Interest Rate [Member] | Maximum [Member] | ||
Measurement input, rate | 0.85 | |
Expected Dividends [Member] | ||
Measurement input, rate | 0 | 0 |
Intangible Asset (Details Narra
Intangible Asset (Details Narrative) - USD ($) | Nov. 10, 2020 | Nov. 10, 2020 | Jan. 31, 2021 | Jan. 31, 2020 |
Purchase of trademark | $ 30,000 | |||
Shares issued in connection with purchase of trademark, shares | 35,000 | |||
Fair value of warrants | $ 35,351 | $ 50,232 | ||
Trademark Assignment Agreement [Member] | ||||
Purchase of trademark | $ 30,000 | |||
Shares issued in connection with purchase of trademark, shares | 35,000 | |||
Warrants to purchase common stock | 50,000 | 50,000 | ||
Warrants exercise price | $ 0.50 | $ 0.50 | ||
Warrants term | 10 years | 10 years | ||
Purchase price for trademark | $ 115,583 | $ 115,583 | ||
Depreciation expense | $ 1,299 | $ 1,299 |
Note Payable - Related Party (D
Note Payable - Related Party (Details Narrative) - USD ($) | Dec. 03, 2020 | Nov. 24, 2020 | Sep. 15, 2020 | Sep. 07, 2020 | May 12, 2020 | Mar. 02, 2020 | Dec. 13, 2019 | Dec. 11, 2019 | Jan. 06, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Aug. 10, 2020 | Jul. 08, 2020 | Jul. 03, 2020 | Apr. 30, 2020 | Dec. 03, 2019 | Oct. 03, 2019 |
Borrowings | $ 6,065,890 | $ 6,065,890 | $ 2,100,000 | ||||||||||||||||
Outstanding amount is net of total discounts | 154,110 | 154,110 | |||||||||||||||||
Outstanding debt | $ 6,065,890 | $ 6,065,890 | |||||||||||||||||
Shares issuable | 6,921,299 | 6,921,299 | 6,921,299 | 6,921,299 | |||||||||||||||
Interest expenses related party debt | $ 137,480 | $ 7,500 | $ 454,029 | $ 12,500 | |||||||||||||||
Accrued interest - related parties | 592,997 | 592,997 | $ 138,967 | ||||||||||||||||
Ontario Inc. [Member] | |||||||||||||||||||
Borrowings | $ 1,820,000 | ||||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||||
Number of common stock previously issued | 1,216,560 | ||||||||||||||||||
Shares issuable | 6,921,299 | ||||||||||||||||||
Former Shareholder [Member] | |||||||||||||||||||
Borrowings | 3,600,000 | 3,600,000 | |||||||||||||||||
Lender [Member] | |||||||||||||||||||
Borrowings | $ 250,000 | $ 250,000 | |||||||||||||||||
Interest rate | 95.00% | ||||||||||||||||||
Debt instrument maturity date | Sep. 15, 2021 | Sep. 30, 2021 | |||||||||||||||||
Number of warrants issued to purchase common shares | 125,000 | 2,500,000 | |||||||||||||||||
Warrants, exercise price | $ 0.001 | $ 0.001 | |||||||||||||||||
Warrants, term | 10 years | 10 years | |||||||||||||||||
Extinguishment of the debt | 1,999,487 | 1,999,487 | |||||||||||||||||
Valuation of the warrants issued discounted | $ 70,130 | 8,838 | 17,676 | ||||||||||||||||
Remaining warrant issued discount | 52,454 | 52,454 | |||||||||||||||||
Lender [Member] | Interest Rate Reduction [Member] | |||||||||||||||||||
Interest rate | 95.00% | ||||||||||||||||||
Related Party Debt Holder [Member] | |||||||||||||||||||
Borrowings | $ 300,000 | ||||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||||
Debt instrument maturity date | Nov. 24, 2021 | ||||||||||||||||||
Number of warrants issued to purchase common shares | 125,000 | ||||||||||||||||||
Warrants, exercise price | $ 0.001 | ||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||
Valuation of the warrants issued discounted | 23,275 | 23,275 | |||||||||||||||||
Remaining warrant issued discount | $ 101,656 | $ 101,656 | |||||||||||||||||
Debt discount | $ 124,931 | ||||||||||||||||||
Loan Agreement [Member] | Former Shareholder [Member] | |||||||||||||||||||
Borrowings | $ 1,000,000 | $ 200,000 | $ 700,000 | $ 200,000 | $ 500,000 | $ 500,000 | $ 500,000 | ||||||||||||
Interest rate | 24.00% | 24.00% | 24.00% | 24.00% | 24.00% | 12.00% | 12.00% | ||||||||||||
Debt instrument maturity date | Jan. 8, 2021 | Jan. 8, 2021 | Jul. 15, 2020 | Jan. 8, 2021 | |||||||||||||||
Debt instrument extended maturity date | Sep. 1, 2021 | Sep. 1, 2021 | Sep. 1, 2021 | Sep. 1, 2021 | |||||||||||||||
Amended and Restated Loan Agreement [Member] | |||||||||||||||||||
Debt instrument maturity date | Jul. 15, 2020 | ||||||||||||||||||
Debt instrument extended maturity date | Sep. 1, 2021 | ||||||||||||||||||
Amended and Restated Loan Agreement [Member] | Minimum [Member] | |||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||
Amended and Restated Loan Agreement [Member] | Maximum [Member] | |||||||||||||||||||
Interest rate | 24.00% | ||||||||||||||||||
Purchase Order Financing Agreement [Member] | |||||||||||||||||||
Borrowings | $ 1,900,000 | ||||||||||||||||||
Interest rate | 2.00% |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) - USD ($) | Dec. 03, 2020 | Sep. 04, 2020 | Sep. 04, 2020 | May 06, 2020 | Feb. 11, 2020 | Jan. 31, 2021 | Apr. 30, 2020 |
Company common stock | 1,216,560 | 300,000 | 1,216,560 | ||||
Outstanding convertible note payable | $ 125,000 | $ 125,000 | |||||
Accrued interest | $ 8,466 | $ 8,466 | $ 19,500 | $ 17,500 | |||
Excess in value amounted to conversion loss | 51,412 | ||||||
Derivative liability | 53,571 | ||||||
Amortization of debt discount | $ 42,872 | ||||||
Convertible Note Payable Agreement [Member] | |||||||
Convertible note payable | $ 125,000 | ||||||
Debt instrument interest rate | 12.00% | ||||||
Debt instrument due date | Feb. 11, 2021 | ||||||
Options for debtholders conversion price percentage | 70.00% | ||||||
Amount of conversion option | $ 53,571 | ||||||
Convertible Note Payable Agreement [Member] | Conversion of Outstanding Debt and Accrued Interest [Member] | |||||||
Debt conversion converted instrument, shares | 300,000 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | Feb. 02, 2021 | Dec. 24, 2020 | Dec. 15, 2020 | Dec. 03, 2020 | Sep. 04, 2020 | Jun. 30, 2020 | May 06, 2020 | Mar. 16, 2020 | Sep. 11, 2019 | Jun. 02, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Apr. 30, 2020 | Sep. 16, 2019 |
Shares issuable | 6,921,299 | 6,921,299 | 6,921,299 | 6,921,299 | ||||||||||||
Number of common shares issued during period, shares | 1,216,560 | 300,000 | 1,216,560 | |||||||||||||
Debt conversion converted instrument, value | $ 687,037 | |||||||||||||||
Derivative liability | $ 0 | 0 | ||||||||||||||
Gain on derivative liability | 566,667 | |||||||||||||||
Amortization of debt discount | 39,175 | $ 602,963 | 325,426 | $ 924,933 | ||||||||||||
Unamortized debt discount | 70,483 | 70,483 | ||||||||||||||
Debt principal amount outstanding | 6,065,890 | 6,065,890 | ||||||||||||||
Promissory Note Payable [Member] | ||||||||||||||||
Note payable | $ 500,000 | |||||||||||||||
Debt instrument interest rate | 12.00% | |||||||||||||||
Options for debtholders conversion price percentage | 40.00% | |||||||||||||||
Debt instrument maturity date | Mar. 16, 2022 | |||||||||||||||
Debt conversion converted instrument, value | $ 500,000 | |||||||||||||||
Amortization of debt discount | 7,415 | 35,895 | ||||||||||||||
Number of warrants issued to purchase common shares | 500,000 | |||||||||||||||
Valuation of warrants issued | $ 112,990 | |||||||||||||||
Debt instrument converted shares | 500,000 | |||||||||||||||
Debt principal amount outstanding | 1,000,000 | 1,000,000 | ||||||||||||||
Promissory Note [Member] | ||||||||||||||||
Debt instrument interest rate | 2.25% | |||||||||||||||
Debt instrument maturity date | Feb. 8, 2021 | |||||||||||||||
Debt principal amount outstanding | $ 1,000,000 | |||||||||||||||
Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt instrument maturity date | Apr. 30, 2021 | |||||||||||||||
Warrant [Member] | ||||||||||||||||
Value of warrant | $ 1,492,188 | $ 1,492,188 | ||||||||||||||
Montsaic Investments [Member] | ||||||||||||||||
Shares issuable | 8,137,859 | 8,137,859 | ||||||||||||||
Ontario Inc. [Member] | ||||||||||||||||
Debt instrument interest rate | 9.50% | |||||||||||||||
Shares issuable | 6,921,299 | |||||||||||||||
Outstanding notes payable | $ 1,820,000 | |||||||||||||||
Note Payable Agreement [Member] | ||||||||||||||||
Debt conversion converted instrument, value | $ 566,667 | |||||||||||||||
Debt issuance date | Sep. 11, 2019 | |||||||||||||||
Amount of conversion option | $ 358,855 | |||||||||||||||
Note Payable Agreement [Member] | Montsaic Investments [Member] | ||||||||||||||||
Note payable | $ 1,700,000 | |||||||||||||||
Debt instrument interest rate | 12.60% | |||||||||||||||
Debt instrument maturity date, description | All outstanding amounts were due on the maturity date 360 days after the loan issue date. | |||||||||||||||
Maximum percentage of payment on outstanding debt | 50.00% | |||||||||||||||
Debt instrument maturity date | Jun. 1, 2021 | |||||||||||||||
Ownership percentage | 33.00% | |||||||||||||||
Number of common shares issued during period, shares | 1,216,560 | |||||||||||||||
Note Payable Agreement [Member] | Montsaic Investments [Member] | Debtholder [Member] | ||||||||||||||||
Options for debtholders conversion price percentage | 75.00% | |||||||||||||||
Warrant Assignment and Conveyance Agreement [Member] | Montsaic Investments [Member] | ||||||||||||||||
Ownership percentage | 33.00% | |||||||||||||||
Shares issuable | 6,921,299 | 6,921,299 | ||||||||||||||
Loan Agreement [Member] | Montsaic Investments [Member] | ||||||||||||||||
Note payable | $ 120,000 | |||||||||||||||
Debt instrument interest rate | 12.60% | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2021 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jan. 31, 2021 | Apr. 30, 2020 |
Due to related parties | $ 1,085,434 | $ 377,106 |
Accrued interest - related parties | 592,997 | 138,967 |
Related Party [Member] | ||
Outstanding notes payable | $ 6,220,000 | $ 2,100,000 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | Jan. 11, 2021 | Dec. 15, 2020 | Dec. 03, 2020 | Nov. 24, 2020 | Nov. 10, 2020 | Oct. 29, 2020 | Oct. 28, 2020 | Oct. 08, 2020 | Sep. 04, 2020 | Sep. 04, 2020 | May 15, 2020 | May 06, 2020 | Apr. 30, 2020 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2021 | Feb. 25, 2020 | Feb. 24, 2020 | Sep. 16, 2019 | Sep. 11, 2019 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 75,000,000 | ||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Common stock, shares issued | 24,749,354 | 27,346,746 | 27,346,746 | ||||||||||||||||||
Common stock, shares outstanding | 24,749,354 | 27,346,746 | 27,346,746 | ||||||||||||||||||
Number of common shares issued during period, shares | 1,216,560 | 300,000 | 1,216,560 | ||||||||||||||||||
Shares issued for services | $ 114,000 | $ 65,826 | |||||||||||||||||||
Shares issued for conversion of convertible debt, shares | 300,000 | ||||||||||||||||||||
Shares issued for conversion of convertible debt | $ 238,449 | $ 238,449 | |||||||||||||||||||
Shares issued in connection with purchase of trademark, shares | 35,000 | ||||||||||||||||||||
Shares issued in connection with purchase of trademark | $ 35,351 | $ 35,351 | |||||||||||||||||||
Shares issuable | 6,921,299 | 6,921,299 | 6,921,299 | 6,921,299 | |||||||||||||||||
Share based compensation expenses | $ 130,275 | $ 134,294 | |||||||||||||||||||
October 2021 [Member] | |||||||||||||||||||||
Share based compensation expenses | 382,559 | ||||||||||||||||||||
Third Party [Member] | |||||||||||||||||||||
Fair value of common stock | $ 500,000 | ||||||||||||||||||||
Shares issued for conversion of convertible debt, shares | 500,000 | ||||||||||||||||||||
Shares issued for conversion of convertible debt | $ 500,000 | ||||||||||||||||||||
Vendor [Member] | |||||||||||||||||||||
Shares issued for services, shares | 100,000 | 243,800 | |||||||||||||||||||
Vendor [Member] | Operating Expense [Member] | |||||||||||||||||||||
Shares issued for services | 65,826 | ||||||||||||||||||||
Vendor [Member] | Operating Expense [Member] | |||||||||||||||||||||
Shares issued for services | 114,000 | ||||||||||||||||||||
Two Vendor [Member] | |||||||||||||||||||||
Shares issued for services, shares | 100,000 | 46,087 | |||||||||||||||||||
Shares issued for services | 103,250 | ||||||||||||||||||||
Third Party Vendor [Member] | |||||||||||||||||||||
Number of common shares issued during period, shares | 55,945 | ||||||||||||||||||||
Shares issued for services | $ 30,000 | 198,386 | |||||||||||||||||||
Capitalized service cost | $ 39,750 | ||||||||||||||||||||
Extinguishment of debt | $ 25,278 | ||||||||||||||||||||
Key Employees and Officers [Member] | As Compensation [Member] | |||||||||||||||||||||
Warrant issued for employees and officers compensation | 12,500,000 | ||||||||||||||||||||
Warrants, exercise price | $ 0.001 | ||||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||||
Service Provider [Member] | |||||||||||||||||||||
Warrants, exercise price | $ 0.75 | ||||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||||
Service Provider [Member] | Warrant [Member] | |||||||||||||||||||||
Number of warrants granted | 400,000 | ||||||||||||||||||||
Three Members [Member] | As Compensation [Member] | |||||||||||||||||||||
Warrants, exercise price | $ 0.001 | ||||||||||||||||||||
Warrants, term | 10 years | ||||||||||||||||||||
Number of warrants granted | 90,000 | ||||||||||||||||||||
Montsaic Investments [Member] | |||||||||||||||||||||
Shares issuable | 8,137,859 | 8,137,859 | |||||||||||||||||||
Montsaic Investments [Member] | Note Payable Agreement [Member] | |||||||||||||||||||||
Number of common shares issued during period, shares | 1,216,560 | ||||||||||||||||||||
Equity ownership, percentage | 33.00% | ||||||||||||||||||||
Montsaic Investments [Member] | Warrant Assignment and Conveyance Agreement [Member] | |||||||||||||||||||||
Equity ownership, percentage | 33.00% | ||||||||||||||||||||
Shares issuable | 6,921,299 | 6,921,299 |
Commitments And Contingencies (
Commitments And Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ 2,100 | $ 4,200 | $ 8,400 | $ 4,200 |