Cover
Cover | 6 Months Ended |
Oct. 31, 2023 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
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 N. 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 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1013 Centre Road |
Entity Address, Address Line Two | Suite 403-B |
Entity Address, City or Town | Wilmington |
Entity Address, State or Province | DE |
Entity Address, Postal Zip Code | 19805 |
City Area Code | (888) |
Local Phone Number | 528-2677 |
Contact Personnel Name | Vcorp Services LLC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Current Assets: | |||
Cash and cash equivalents | $ 285,861 | $ 202,095 | $ 665,002 |
Accounts receivable, net | 527,998 | 399,680 | 1,033,390 |
Inventories, net | 1,668,189 | 3,189,766 | 7,861,837 |
Prepaid inventory | 707,612 | 936,939 | 499,353 |
Contract assets | 235,526 | ||
Prepaid expenses and other current assets | 272,949 | 263,020 | 272,670 |
Current assets of discontinued operations | 2,258,318 | ||
Total Current Assets | 3,462,609 | 4,991,500 | 12,826,096 |
Non-Current Assets: | |||
Note receivable - former subsidiary | 2,000,000 | 2,000,000 | |
Fixed assets, net of depreciation | 14,791 | 47,355 | |
Intangible assets, net of amortization | 1,000 | 101,281 | 4,842,856 |
Goodwill | 6,781,193 | ||
Non-current assets of discontinued operations | 50,365,446 | ||
Total Non-Current Assets | 2,001,000 | 2,116,072 | 62,036,850 |
TOTAL ASSETS | 5,463,609 | 7,107,572 | 74,862,946 |
Current Liabilities: | |||
Accounts payable | 5,113,362 | 5,496,629 | 5,252,665 |
Accrued expenses | 5,047,118 | 4,911,839 | 4,381,901 |
Related party purchase obligation | 500,000 | ||
Contract liabilities | 111,506 | ||
Current portion of notes payable, net of discount | 3,194,799 | 1,484,647 | 4,639,376 |
Current portion of convertible notes payable, net of discount | 10,327,778 | ||
Derivative liabilities | 3,777,148 | 10,489,606 | 5,443,779 |
Contingent consideration | 418,455 | 1,334,000 | |
Other current liabilities | 361,804 | 22,971 | 156,862 |
Current liabilities of discontinued operations | 5,215,222 | ||
Total Current Liabilities | 18,462,477 | 23,767,491 | 38,980,522 |
Long-Term Liabilities: | |||
Non-current liabilities of discontinued operations | 1,370,492 | ||
Total Long-Term Liabilities | 1,398,775 | 1,953,842 | 3,370,492 |
Total Liabilities | 19,861,252 | 25,721,333 | 42,351,014 |
Commitments and contingency | |||
SHAREHOLDERS’ EQUITY (DEFICIT) | |||
Common stock value | 2,373 | 339 | 4,195 |
Additional paid in capital | 136,224,410 | 132,993,998 | |
Accumulated deficit | (150,835,256) | (151,750,610) | (80,596,925) |
Accumulated other comprehensive income (loss) | 210,830 | 142,512 | 54,962 |
Total Stockholders’ Equity (Deficit) | (14,397,643) | (18,613,761) | 32,511,932 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 5,463,609 | 7,107,572 | 74,862,946 |
Previously Reported [Member] | |||
SHAREHOLDERS’ EQUITY (DEFICIT) | |||
Common stock value | 13,544 | ||
Additional paid in capital | 132,980,793 | 113,049,700 | |
Total Stockholders’ Equity (Deficit) | (18,613,761) | 32,511,932 | |
Nonrelated Party [Member] | |||
Current Liabilities: | |||
Accrued interest | 50,289 | 25,387 | 708,677 |
Related Party [Member] | |||
Current Liabilities: | |||
Accrued interest | 917,957 | 917,957 | 908,756 |
Long-Term Liabilities: | |||
Notes payable related parties, net of current portion | $ 1,398,775 | $ 1,953,842 | $ 2,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, shares issued | 2,372,803 | 338,579 | 4,194,836 |
Common stock, shares outstanding | 2,372,803 | 338,579 | 4,194,836 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
NET SALES | $ 2,295,918 | $ 2,443,821 | $ 5,416,149 | $ 6,027,157 | $ 9,922,799 | $ 16,102,672 |
COST OF SALES | 1,648,955 | 2,156,780 | 3,876,437 | 4,718,824 | 7,144,335 | 11,878,010 |
GROSS PROFIT | 646,963 | 287,041 | 1,539,712 | 1,308,333 | 2,778,464 | 4,224,662 |
OPERATING EXPENSES | ||||||
Selling and marketing expenses | 305,037 | 347,129 | 547,390 | 1,103,952 | 1,928,198 | 3,477,570 |
General and administrative expenses | 1,616,325 | 4,436,860 | 4,121,385 | 7,751,470 | 22,743,877 | 46,718,986 |
Research and development costs | 14,980 | 34,405 | 65,164 | 736,141 | ||
Total Operating Expenses | 1,921,362 | 4,798,969 | 4,668,775 | 8,889,827 | 24,737,239 | 50,932,697 |
OPERATING LOSS | (1,274,399) | (4,511,928) | (3,129,063) | (7,581,494) | (21,958,775) | (46,708,035) |
NON-OPERATING INCOME (EXPENSE) | ||||||
Amortization of debt discounts | (13,070) | (790,262) | (2,872,222) | (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 | |||||
Loss on conversion of accounts payable to common stock | (289,980) | |||||
Change in fair value of derivative liability | 14,800,253 | 3,100,102 | 16,944,807 | 6,787,597 | 10,950,017 | 18,557,184 |
Derivative expense | (11,398,589) | (7,280,405) | (11,398,589) | (7,280,405) | (8,995,962) | |
Total Non-Operating Income (Expenses) | 3,036,518 | (4,607,873) | 4,044,417 | (4,045,024) | (3,319,050) | 182,060 |
NET LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES | 1,762,119 | (9,119,801) | 915,354 | (11,626,518) | (25,277,825) | (46,525,975) |
Loss from discontinued operations | (1,903,766) | (3,663,480) | (4,461,968) | (5,247,677) | ||
Loss on disposal of subsidiaries | (41,413,892) | |||||
LOSS FROM DISCONTINUED OPERATIONS | (1,903,766) | (3,663,480) | (45,875,860) | (5,247,677) | ||
NET LOSS FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES | 1,762,119 | (11,023,567) | 915,354 | (15,289,998) | (71,153,685) | (51,773,652) |
Provision for income taxes | ||||||
NET LOSS | 1,762,119 | (11,023,567) | 915,354 | (15,289,998) | (71,153,685) | (51,773,652) |
Other comprehensive income (loss) | ||||||
Foreign currency translations adjustment | 95,338 | (34,630) | 68,318 | 58,139 | 87,550 | 75,132 |
Comprehensive income (loss) | $ 1,857,457 | $ (11,058,197) | $ 983,672 | $ (15,231,859) | $ (71,066,135) | $ (51,698,520) |
Net income (loss) per share - basic and diluted | ||||||
Continuing operations basic | $ (14.29) | $ (3,211.20) | $ (23.13) | $ (2,708.25) | $ (2.26) | $ (12.09) |
Continuing operations diluted | (14.29) | (3,211.20) | (23.13) | (2,708.25) | (2.26) | (12.09) |
Discontinued operations basic | (670.34) | (853.36) | (4.10) | (1.36) | ||
Discontinued operations diluted | (670.34) | (853.36) | (4.10) | (1.36) | ||
Net loss per share - basic | (14.29) | (3,881.54) | (23.13) | (3,561.61) | (6.36) | (13.46) |
Net loss per share - diluted | $ (14.29) | $ (3,881.54) | $ (23.13) | $ (3,561.61) | $ (6.36) | $ (13.46) |
Weighted average common shares outstanding - basic | 912,147 | 2,840 | 693,092 | 4,293 | 11,195,345 | 3,847,672 |
Weighted average common shares outstanding - diluted | 912,147 | 2,840 | 693,092 | 4,293 | 11,195,345 | 3,847,672 |
Nonrelated Party [Member] | ||||||
NON-OPERATING INCOME (EXPENSE) | ||||||
Interest expense | $ (352,076) | $ (406,277) | $ (421,559) | $ (597,580) | $ (884,985) | $ (1,920,183) |
Related Party [Member] | ||||||
NON-OPERATING INCOME (EXPENSE) | ||||||
Interest expense | $ (21,293) | $ (82,414) | $ (293,090) | $ (165,558) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Common Stock [Member] Previously Reported [Member] | Common Stock [Member] Previously Reported [Member] Gameface Ltd [Member] | Common Stock [Member] Previously Reported [Member] Play Sight Interactive Ltd [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Previously Reported [Member] | Additional Paid-in Capital [Member] Previously Reported [Member] Gameface Ltd [Member] | Additional Paid-in Capital [Member] Previously Reported [Member] Play Sight Interactive Ltd [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] Previously Reported [Member] | AOCI Attributable to Parent [Member] Previously Reported [Member] Gameface Ltd [Member] | AOCI Attributable to Parent [Member] Previously Reported [Member] Play Sight Interactive Ltd [Member] | Retained Earnings [Member] | Retained Earnings [Member] Previously Reported [Member] | Retained Earnings [Member] Previously Reported [Member] Gameface Ltd [Member] | Retained Earnings [Member] Previously Reported [Member] Play Sight Interactive Ltd [Member] | Total | Previously Reported [Member] | Previously Reported [Member] Gameface Ltd [Member] | Previously Reported [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 | 69,108 | |||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Conversion of shares issuable (liability) | $ 692 | 6,229 | 6,921 | |||||||||||||||||
Conversion of shares issuable (liability), shares | 17,304 | |||||||||||||||||||
Acquisition | $ 54 | 3,549,946 | $ 9,700,000 | $ 39,950,000 | 3,550,000 | $ 9,700,000 | $ 39,950,000 | |||||||||||||
Acquisitions, shares | 1,350 | |||||||||||||||||||
Services | $ 21 | 2,003,362 | 2,003,383 | |||||||||||||||||
Services, shares | 518 | |||||||||||||||||||
Fractional share issuance | $ 495 | 2,255 | 2,750 | |||||||||||||||||
Fractional share issuance, shares | 12,375 | |||||||||||||||||||
Share-based compensation | $ 5 | 32,473,597 | 32,473,602 | |||||||||||||||||
Net loss for the period | (51,773,652) | $ (51,773,652) | (51,773,652) | |||||||||||||||||
Conversion of notes payable - related parties | $ 164 | 6,219,838 | 6,220,002 | |||||||||||||||||
Conversion of notes payable - related parties, shares | 4,093 | |||||||||||||||||||
Share-based compensation, shares | 126 | |||||||||||||||||||
Elimination of related party derivative liability | 8,754,538 | 8,754,538 | ||||||||||||||||||
Change in comprehensive income (loss) | 75,132 | 75,132 | 75,132 | |||||||||||||||||
Balance - April 30, 2023 at Apr. 30, 2022 | $ 105 | $ 4,195 | $ 113,053,790 | 113,049,700 | $ 54,962 | 54,962 | $ (80,596,925) | (80,596,925) | 32,511,932 | 32,511,932 | ||||||||||
Balance, shares at Apr. 30, 2022 | 104,871 | 104,872 | ||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Conversion of shares issuable (liability) | $ 110 | 14,046,190 | 14,046,300 | |||||||||||||||||
Conversion of shares issuable (liability), shares | 109,737 | |||||||||||||||||||
Acquisition | $ 15 | 915,530 | 915,545 | |||||||||||||||||
Acquisitions, shares | 14,960 | |||||||||||||||||||
Services | $ 1 | 35,249 | 35,250 | |||||||||||||||||
Services, shares | 625 | |||||||||||||||||||
Cash | $ 26 | 4,194,974 | 4,195,000 | |||||||||||||||||
Cash, shares | 26,219 | |||||||||||||||||||
Fractional share issuance | ||||||||||||||||||||
Fractional share issuance, shares | 38 | |||||||||||||||||||
Share-based compensation | 277,625 | 277,625 | ||||||||||||||||||
Change in comprehensive income | 58,139 | 58,139 | ||||||||||||||||||
Net loss for the period | (4,266,431) | (4,266,431) | ||||||||||||||||||
Balance - April 30, 2023 at Jul. 31, 2022 | $ 257 | 132,523,358 | 113,101 | (84,863,356) | 47,773,360 | |||||||||||||||
Balance, shares at Jul. 31, 2022 | 256,450 | |||||||||||||||||||
Balance - May 1, 2022 at Apr. 30, 2022 | $ 105 | $ 4,195 | 113,053,790 | 113,049,700 | 54,962 | 54,962 | (80,596,925) | (80,596,925) | 32,511,932 | 32,511,932 | ||||||||||
Balance, shares at Apr. 30, 2022 | 104,871 | 104,872 | ||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Net loss for the period | (15,289,998) | |||||||||||||||||||
Change in comprehensive income (loss) | 58,139 | |||||||||||||||||||
Balance - April 30, 2023 at Oct. 31, 2022 | $ 331 | 132,800,909 | 226,698 | (95,886,923) | 37,141,015 | |||||||||||||||
Balance, shares at Oct. 31, 2022 | 330,761 | |||||||||||||||||||
Balance - May 1, 2022 at Apr. 30, 2022 | $ 105 | $ 4,195 | 113,053,790 | 113,049,700 | 54,962 | 54,962 | (80,596,925) | (80,596,925) | $ 32,511,932 | 32,511,932 | ||||||||||
Balance, shares at Apr. 30, 2022 | 104,871 | 104,872 | ||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Acquisition | $ 2,829 | 912,716 | 915,545 | |||||||||||||||||
Acquisitions, shares | 70,727 | |||||||||||||||||||
Services | $ 31 | 37,055 | 37,086 | |||||||||||||||||
Services, shares | 775 | |||||||||||||||||||
Cash | $ 2,068 | 4,192,932 | 4,195,000 | |||||||||||||||||
Cash, shares | 51,682 | 151,579 | ||||||||||||||||||
Fractional share issuance | $ 2 | (2) | ||||||||||||||||||
Fractional share issuance, shares | 39 | |||||||||||||||||||
Share-based compensation | 746,511 | 746,511 | ||||||||||||||||||
Net loss for the period | (71,153,685) | $ (71,153,685) | (71,153,685) | |||||||||||||||||
Cashless exercise of warrants, shares | 750 | |||||||||||||||||||
Change in comprehensive income (loss) | 87,550 | 87,550 | 87,550 | |||||||||||||||||
Conversion of notes payable | $ 4,389 | 14,041,911 | 14,046,300 | |||||||||||||||||
Conversion of notes payable, shares | 109,737 | |||||||||||||||||||
Cashless exercise of warrants | $ 30 | (30) | ||||||||||||||||||
Balance - April 30, 2023 at Apr. 30, 2023 | $ 339 | $ 13,544 | 132,993,998 | 132,980,793 | 142,512 | 142,512 | (151,750,610) | (151,750,610) | (18,613,761) | (18,613,761) | ||||||||||
Balance, shares at Apr. 30, 2023 | 338,579 | 338,579 | ||||||||||||||||||
Balance - May 1, 2022 at Jul. 31, 2022 | $ 257 | 132,523,358 | 113,101 | (84,863,356) | 47,773,360 | |||||||||||||||
Balance, shares at Jul. 31, 2022 | 256,450 | |||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Acquisition | $ 48 | (48) | ||||||||||||||||||
Acquisitions, shares | 48,098 | |||||||||||||||||||
Cash | $ 25 | (25) | ||||||||||||||||||
Cash, shares | 25,463 | |||||||||||||||||||
Share-based compensation | 277,625 | 277,625 | ||||||||||||||||||
Change in comprehensive income | 113,597 | 113,597 | ||||||||||||||||||
Net loss for the period | (11,023,567) | (11,023,567) | ||||||||||||||||||
Cashless exercise of warrants | $ 1 | (1) | ||||||||||||||||||
Cashless exercise of warrants, shares | 750 | |||||||||||||||||||
Change in comprehensive income (loss) | (34,630) | |||||||||||||||||||
Balance - April 30, 2023 at Oct. 31, 2022 | $ 331 | 132,800,909 | 226,698 | (95,886,923) | 37,141,015 | |||||||||||||||
Balance, shares at Oct. 31, 2022 | 330,761 | |||||||||||||||||||
Balance - May 1, 2022 at Apr. 30, 2023 | $ 339 | $ 13,544 | 132,993,998 | 132,980,793 | 142,512 | 142,512 | (151,750,610) | (151,750,610) | (18,613,761) | (18,613,761) | ||||||||||
Balance, shares at Apr. 30, 2023 | 338,579 | 338,579 | ||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Acquisition | $ 1 | (1) | ||||||||||||||||||
Acquisitions, shares | 1,350 | |||||||||||||||||||
Services | ||||||||||||||||||||
Services, shares | 188 | |||||||||||||||||||
Cash | 188 | |||||||||||||||||||
Share-based compensation | ||||||||||||||||||||
Change in comprehensive income | (27,020) | (27,020) | ||||||||||||||||||
Net loss for the period | (846,765) | (846,765) | ||||||||||||||||||
Cashless exercise of warrants | $ 27 | (27) | ||||||||||||||||||
Cashless exercise of warrants, shares | 27,000 | |||||||||||||||||||
Accounts payable | $ 67 | 559,913 | 559,980 | |||||||||||||||||
Accounts payable, shares | 67,500 | |||||||||||||||||||
Satisfaction of profit guarantee on note payable | $ 94 | 558,200 | 558,294 | |||||||||||||||||
Satisfaction of profit guarantee on note payable, shares | 93,680 | |||||||||||||||||||
Balance - April 30, 2023 at Jul. 31, 2023 | $ 528 | 134,112,083 | 115,492 | (152,597,375) | (18,369,272) | |||||||||||||||
Balance, shares at Jul. 31, 2023 | 528,297 | |||||||||||||||||||
Balance - May 1, 2022 at Apr. 30, 2023 | $ 339 | $ 13,544 | 132,993,998 | $ 132,980,793 | 142,512 | $ 142,512 | (151,750,610) | $ (151,750,610) | (18,613,761) | $ (18,613,761) | ||||||||||
Balance, shares at Apr. 30, 2023 | 338,579 | 338,579 | ||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Net loss for the period | 915,354 | |||||||||||||||||||
Change in comprehensive income (loss) | 68,318 | |||||||||||||||||||
Balance - April 30, 2023 at Oct. 31, 2023 | $ 2,373 | 136,224,410 | 210,830 | (150,835,256) | (14,397,643) | |||||||||||||||
Balance, shares at Oct. 31, 2023 | 2,372,803 | |||||||||||||||||||
Balance - May 1, 2022 at Jul. 31, 2023 | $ 528 | 134,112,083 | 115,492 | (152,597,375) | (18,369,272) | |||||||||||||||
Balance, shares at Jul. 31, 2023 | 528,297 | |||||||||||||||||||
Stock issued for: | ||||||||||||||||||||
Acquisition | $ 2 | 418,453 | 418,455 | |||||||||||||||||
Acquisitions, shares | 1,964 | |||||||||||||||||||
Services | $ 14 | 28,048 | $ 28,062 | |||||||||||||||||
Services, shares | 13,707 | 13,707 | ||||||||||||||||||
Cash, shares | 1,844,506 | |||||||||||||||||||
Change in comprehensive income | 95,338 | $ 95,338 | ||||||||||||||||||
Net loss for the period | 1,762,119 | 1,762,119 | ||||||||||||||||||
Cashless exercise of warrants | $ 1,708 | (1,708) | ||||||||||||||||||
Cashless exercise of warrants, shares | 1,708,152 | |||||||||||||||||||
Satisfaction of profit guarantee on note payable | $ 85 | 210,716 | 210,801 | |||||||||||||||||
Satisfaction of profit guarantee on note payable, shares | 85,000 | |||||||||||||||||||
Fractional adjustment in reverse split | $ 36 | (36) | ||||||||||||||||||
Fractional adjustment in reverse split, shares | 35,683 | |||||||||||||||||||
Reclassification of derivative liability upon amendment of agreement | 1,456,854 | 1,456,854 | ||||||||||||||||||
Change in comprehensive income (loss) | 95,338 | |||||||||||||||||||
Balance - April 30, 2023 at Oct. 31, 2023 | $ 2,373 | $ 136,224,410 | $ 210,830 | $ (150,835,256) | $ (14,397,643) | |||||||||||||||
Balance, shares at Oct. 31, 2023 | 2,372,803 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
CASH FLOW FROM OPERTING ACTIVIITES | ||||
Net loss | $ 915,354 | $ (15,289,998) | $ (71,153,685) | $ (51,773,652) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation, amortization and impairment expense | 115,072 | 71,336 | 11,555,332 | 43,534 |
Change in fair value of derivative liability | (10,950,017) | (18,557,184) | ||
Loss on disposal | 41,413,892 | |||
Loss on extinguishment of debt | 7,096,730 | |||
Change in fair value of contingent consideration | (4,847,000) | |||
Non-cash transaction costs | 454,823 | 2,250,000 | ||
Loss on conversion of convertible notes | 5,889,369 | |||
Change in fair value of derivative liability | (16,944,807) | (6,787,597) | (10,950,017) | (18,557,184) |
Shares and warrants issued for services | 28,062 | 35,250 | 37,086 | 2,010,304 |
Share-based compensation | 555,250 | 746,511 | 32,473,602 | |
Derivative expense | 11,398,589 | 7,280,405 | 8,995,962 | |
Amortization of debt discounts | 790,262 | 2,872,222 | 4,095,030 | 8,150,284 |
Settlement expense | 769,095 | |||
Loss on settlement of accounts payable | 289,980 | |||
Changes in assets and liabilities, net of acquired amounts | ||||
Accounts receivable | 214,355 | 396,322 | (1,368,643) | (268,930) |
Inventories | 1,521,577 | 3,550,026 | 4,413,056 | (4,186,493) |
Prepaid inventory | 229,327 | (311,972) | (138,308) | (520,580) |
Prepaid expenses and other current assets | (6,573) | (228,861) | 430,193 | (320,679) |
Accounts payable and accrued expenses | (648,122) | (617,142) | (598,814) | 6,087,601 |
Contract liabilities | (53,287) | (41,451) | ||
Other current liabilities | 654,871 | 10,974 | 1,126,123 | (2,978,265) |
Accrued interest | 24,902 | 160,963 | 158,187 | 1,813,516 |
Accrued interest - related parties | 4,818 | 9,201 | 161,120 | |
Total adjustments | (1,563,410) | 6,991,994 | 60,326,327 | 34,255,478 |
Net cash used in operating activities of continuing operations | (648,056) | (8,298,004) | (10,827,358) | (17,518,174) |
Net cash provided by operating activities of discontinued operations | 2,298,552 | 4,461,969 | 5,151,474 | |
Net cash used in operating activities | (648,056) | (5,999,452) | (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 | 9,194,882 | 8,744,882 | ||
Debt issuance costs on convertible notes payable and other financing activities | (800,251) | |||
Proceeds from notes payable | 1,276,000 | 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 | (556,025) | (14,133) | (546,158) | |
Payments of notes payable | (65,496) | (3,835,676) | (4,377,537) | (3,965,463) |
Net cash provided by financing activities | 654,479 | 5,345,073 | 5,821,187 | 13,734,286 |
Effect of exchange rate fluctuations on cash and cash equivalents | 77,343 | 181,249 | 81,295 | (193) |
NET DECREASE IN CASH AND RESTRICTED CASH | 83,766 | (473,130) | (462,907) | (250,948) |
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD | 202,095 | 665,002 | 665,002 | 915,950 |
CASH AND RESTRICTED CASH - END OF PERIOD | 285,861 | 191,872 | 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: | ||||
Conversion of convertible notes payable and accrued interest to common stock | 14,046,300 | 14,046,300 | 6,220,003 | |
Shares issued in connection with acquisition | 3,550,000 | |||
Elimination of related party derivative liabilities | 8,754,538 | |||
Derivative liabilities recorded as debt discounts of convertible notes | 10,199,749 | |||
Note receivable issued in sale of PlaySight | 2,000,000 | |||
Shares issued for contingent consideration | 418,455 | 915,545 | 915,545 | |
Derivative liability recorded for shares and warrants issued in private placement | $ 4,999,882 | $ 4,999,882 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | 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 50,000 332,239 50,000 100 50,000 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 On February 2, 2022, the Company entered into a share purchase agreement with Flixsense Pty, Ltd. (“Gameface”). As a result of the share purchase agreement, Gameface would become a wholly owned subsidiary of the Company. On February 22, 2022, the Company entered into a merger agreement with PlaySight Interactive Ltd. (“PlaySight”) and Rohit Krishnan (the “Shareholders’ Representative”). As a result of the merger agreement, PlaySight would become a wholly owned subsidiary of the Company. In November 2022, the Company sold PlaySight and recorded a loss on the sale. On May 16, 2022, the Company changed its domicile from Nevada to Delaware. On April 7, 2022, the Company effected a name change to Connexa Sports Technologies Inc. We also changed our ticker symbol, “CNXA.” On June 14, 2022, the Company effected a 1-for-10 reverse stock split 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 There can be no assurance that the Company will be able to satisfy the Nasdaq’s continued listing requirements, regain compliance with the Rule, the Minimum Stockholders’ Equity Requirement, and the Minimum Bid Price Requirement, and maintain compliance with other Nasdaq listing requirements. For further details on PlaySight and Foundation Sports we refer you to our Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 2023. This Form 10-K and the consolidated financial statements will concentrate on our existing business as reflected in the following paragraph. The Company operates in the sport equipment and technology business. The Company is the owner of the Slinger Launcher, which is a portable tennis ball launcher as well as other associated tennis accessories and Gameface an Australian artificial intelligence sports software company. The operations of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface are collectively referred to as the “Company.” Basis of Presentation The accompanying condensed consolidated financial statements of the Company are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As a result of the transactions described above, the accompanying consolidated financial statements include the combined results of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, and Gameface for the periods ended October 31, 2023 and 2022. The operations of Foundation Sports and PlaySight are included as discontinued operations in our statements of operations as these entities were sold in November 2022 and December 2022 for the period ended July 31, 2022. Impact of COVID-19 Pandemic The Company continues to carefully monitor the global COVID-19 pandemic status and its impact on its business. In that regard, while the Company has continued to sell its products it has previously experienced certain minor disruptions in its supply chains. The Company expects the significance of the COVID-19 pandemic, including the extent of its effect on the Company’s financial and operational results, to be dictated by, among other things, the on-going global efforts to contain it. While the Company has not experienced any material disruptions to its business and operations as a result of the COVID-19 pandemic, it is possible such disruptions may occur in the future which may impact its financial and operational results, and which could be material. Impact of Russian and Ukrainian Conflict In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. We are closely monitoring the unfolding events due to the Russia-Ukraine conflict and its regional and global ramifications. We have one distributor in Russia, which is not material to our overall financial results. We do not currently have operations in Ukraine or Belarus. We are monitoring any broader economic impact from the current crisis. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. However, to the extent that such military action spreads to other countries, intensifies, or otherwise remains active, such action could have a material adverse effect on our financial condition, results of operations, and cash flows. Impact of Israel and Hamas Conflict Because we develop products in Israel and our chief marketing officer is located in Israel, our business and operations are directly affected by economic, political, geopolitical and military conditions affecting Israel. Since the establishment of the State of Israel in 1948, a number of armed conflicts have occurred between Israel and its neighboring countries and other hostile non-state actors. These conflicts have involved missile strikes, hostile infiltrations and terrorism against civilian targets in various parts of Israel, which have negatively affected business conditions in Israel. On October 7, 2023, Hamas militants and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of terror attacks on civilian and military targets. Thereafter, these terrorists launched extensive rocket attacks on the Israeli population and industrial centers located along the Israeli border with the Gaza Strip. As of October 11, 2023, such attacks collectively resulted in over 1,200 deaths and over 2,600 injured people, in addition to the kidnapping of a currently indefinite number of civilians, including women and children. Shortly following the attack, Israel’s security cabinet declared war against Hamas. The intensity and duration of Israel’s current war against Hamas is difficult to predict, and as are such war’s economic implications on the Company’s business and operations and on Israel’s economy in general. On October 9, 2023, the Central Bank of Israel announced its intent to sell up to $30 billion order to protect the New Israeli Shekel (“NIS”) from collapse, however despite the foregoing announcement the NIS weakened to approximately 3.92 NIS for one US dollar as of the same day. In addition, on October 9, 2023, the Tel Aviv-35 stock index of blue-chip companies dropped by 6.4% whereas the benchmark TA-125 index fell by 6.2%. It is possible that other terrorist organizations will join the hostilities as well, including Hezbollah in Lebanon, and Palestinian military organizations in the West Bank. In the event that hostilities disrupt the development of our products, our ability to deliver products to customers in a timely manner to meet our contractual obligations with customers and vendors could be materially and adversely affected. Our commercial insurance does not cover losses that may occur as a result of events associated with war and terrorism. Although the Israeli government currently covers the reinstatement value of direct damages that are caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or that it will sufficiently cover our potential damages. Any losses or damages incurred by us could have a material adverse effect on our business. As a result of the Israeli security cabinet’s decision to declare war against Hamas, several hundred thousand Israeli reservists were drafted to perform immediate military service. If any of our employees and consultants in Israel are called for service in the current war with Hamas, our operations may be disrupted by such absences, which may materially and adversely affect our business and results of operations. Additionally, the absence of employees of our Israeli suppliers and contract manufacturers due to their military service in the current war or future wars or other armed conflicts may disrupt their operations, in which event our ability to deliver products to customers may be materially and adversely affected. In addition, popular uprisings in various countries in the Middle East and North Africa have affected the political stability of those countries. Such instability may lead to a deterioration in the political and trade relationships that exist between the State of Israel and these countries, such as Turkey. Moreover, some countries around the world restrict doing business with Israel and Israeli companies, and additional countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political instability in the region continues or increases. These restrictions may limit materially our ability to obtain raw materials from these countries or sell our products to companies and customers in these countries. In addition, there have been increased efforts by activists to cause companies and consumers to boycott Israeli goods. Such efforts, particularly if they become more widespread, may materially and adversely impact our ability to sell our products outside of Israel. Prior to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel’s judicial system, which sparked extensive political debate and unrest. In response to such initiative, many individuals, organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively impact the business environment in Israel including due to reluctance of foreign investors to invest or transact business in Israel as well as to increased currency fluctuations, downgrades in credit rating, increased interest rates, increased volatility in security markets, and other changes in macroeconomic conditions. The risk of such negative developments has increased in light of the recent Hamas attacks and the war against Hamas declared by Israel. To the extent that any of these negative developments do occur, they may have an adverse effect on our business, our results of operations and our ability to raise additional funds, if deemed necessary by our management and board of directors. | Note 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 , where the Company’s common stock began to trade on a reverse split adjusted basis. No fractional shares were issued in connection with the reverse stock split and all such fractional interests were rounded up to the nearest whole number of shares of common stock. All references herein to the outstanding stock have been retrospectively adjusted to reflect this reverse stock split. The Company also consummated a public offering of shares of its common stock and the listing of its common stock on the Nasdaq. 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, 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | 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 $ 150,835,256 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 | 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying condensed financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the Company for the period presented. The results of operations for the six months ended October 31, 2023, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending April 30, 2024 and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 2023. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. Financial Statement Reclassification Certain prior year amounts within accounts payable, accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 200,000 209,690 Inventory Inventory is valued at the lower of the cost (determined principally on a first-in, first-out basis) or net realizable value. The Company’s valuation of inventory includes inventory reserves for inventory that will be sold below cost and the impact of inventory shrink. Inventory reserves are based on historical information and assumptions about future demand and inventory shrink trends. The Company’s inventory as of October 31, 2023 and April 30, 2023 consisted of the following: SCHEDULE OF INVENTORY October 31, 2023 April 30, 2023 Finished Goods $ 400,147 $ 1,509,985 Component/Replacement Parts 1,593,591 1,712,553 Capitalized Duty/Freight 24,451 517,228 Inventory Reserve (350,000 ) (550,000 ) Total $ 1,668,189 $ 3,189,766 Prepaid Inventory Prepaid inventory represents inventory that is in-transit that has been paid for but not received from the Company’s third-party vendors. The Company typically prepays for the purchase of materials and receives the products within three months after making payments. The Company continuously monitors delivery from, and payments to, the vendors. If the Company has difficulty receiving products from a vendor, the Company would cease purchasing products from such vendors in future periods. The Company has not had difficulty receiving products during the reporting periods. Property and equipment Property and equipment acquired through business combinations are stated at the estimated fair value at the date of the acquisition. Purchases of property and equipment are stated at cost, net of accumulated depreciation and impairment losses. Expenditures that materially increase the useful life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which is an average of 5 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 The fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — Unobservable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximates fair value due to their short-term maturity. The Company’s contingent consideration in connection with the acquisition of Gameface was calculated using Level 3 inputs. The fair value of contingent consideration as of October 31, 2023 and April 30, 2023 was $ 0 418,455 The Company estimates the fair value of its intangible assets using Level 3 assumptions, primarily based on the income approach utilizing the discounted cash flow method. The Company’s derivative liabilities were calculated using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following ending balances and gain amounts as of and for the six months ended October 31, 2023: The Company’s derivative liabilities were calculated using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following ending balances and gain amounts as of and for the six months ended October 31, 2023: SCHEDULE OF DERIVATIVE LIABILITIES October 31, 2023 (Gain) for the Note derivative is related to balance ended October 31, 2023 8/6/21 convertible notes $ 7,679 $ (94,245) 6/17/22 underwriter warrants 664 (5,867 ) 9/30/22 warrants issued with common stock 3,326,235 (2,783,324 ) 1/6/2023 warrants issued with note payable 315,768 (14,181,913 ) 10/11/2023 warrants issued with note payable 126,802 (163,812 ) Total $ 3,777,148 $ (17,229,161 ) The Black-Scholes option pricing model assumptions for the derivative liabilities during the periods ended October 31, 2023 and 2022 consisted of the following: SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 2.75 10 3.76 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.08 5.37 % 2.90 4.34 % Expected dividends 0 % 0 % Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. Intangible Assets Intangible assets relate to the “Slinger” technology trademark, which the Company purchased on November 10, 2020. The Company also acquired intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class of intangible assets in order to determine their economic useful life. During the six months ended October 31, 2023, the Company impaired their intangible assets down to a nominal value of $ 1,000 Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of those assets and is recorded in the period in which the determination is made. The Company impaired $ 100,281 14,791 Goodwill The Company accounts for goodwill in accordance with ASC 350, Intangibles - Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill not be amortized, but reviewed for impairment if impairment indicators arise and, at a minimum, annually. The Company records goodwill as the excess purchase price over assets acquired and includes any work force acquired as goodwill. Goodwill is evaluated for impairment on an annual basis. With the adoption of the ASU 2017-04, which eliminates the second step of the goodwill impairment test, the Company tests impairment of goodwill in one step. In this step, the Company compares the fair value of each reporting unit with goodwill to its carrying value. The Company determines the fair value of its reporting units with goodwill using a combination of a discounted cash flow and a market value approach. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the Company will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and the Company will not record an impairment charge. The Company impaired all goodwill as of April 30, 2023. Share-Based Payment The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is the vesting period. Warrants The Company grants warrants to key employees and executives as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection with ongoing arrangements are more fully described in Note 11. The warrants granted during the periods ended October 31, 2023 and 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following assumptions: SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 5 5 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.59 % 2.50 4.27 % Expected dividends 0 % 0 % Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. The Company has adjusted the diluted EPS for the six and three months ended October 31, 2023 for warrants classified as derivative liabilities in accordance with ASC 260-10-45 as follows. No calculation is necessary for the six and three months ended October 31, 2022 because to do so would be anti-dilutive. SCHEDULE OF EARNINGS PER SHARE Six months ended October 31, 2023 Diluted EPS: Net income $ 915,354 Change in fair value of derivative liability (16,944,807 ) Adjusted net loss $ (16,029,453 ) Weighted Average Shares Outstanding 693,092 Adjusted loss per share $ (23.13 ) Three months ended October 31, 2023 Diluted EPS: Net income to controlling interest $ 1,762,119 Change in fair value of derivative liability (14,800,253 ) Adjusted net loss $ (13,038,134 ) Weighted Average Shares Outstanding 912,147 Adjusted loss per share $ (14.29 ) Recent Accounting Pronouncements Recently Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2017-04 effective May 1, 2021. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update (“ASU”), 2019-12, Simplifying the Accounting for Income Taxes 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 adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. | Note 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 the 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | 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 October 31, 2023 and April 30, 2023, the Company had two customers that accounted for 77 47 Accounts Payable Concentration As of October 31, 2023 and April 30, 2023, the Company had four significant suppliers that accounted for 69 59 | 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 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
INTANGIBLE ASSETS | Note 5: INTANGIBLE ASSETS Intangible assets reflect only those intangible assets of our continuing operations, and consist of the following: SCHEDULE OF INTANGIBLE ASSETS (in years) Carrying Value Amortization Loss Value Weighted Average Period October 31, 2023 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames and patents 15.26 $ 385,582 $ 24,031 $ 360,551 $ 1,000 Customer relationships 9.92 3,930,000 50,038 3,879,962 - Internally developed software 4.91 580,000 79,608 500,392 - Total intangible assets $ 4,895,582 $ 153,677 $ 4,740,905 $ 1,000 (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2023 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames and patents 15.26 $ 385,582 $ 24,031 260,270 $ 101,281 Customer relationships 9.92 3,930,000 50,038 3,879,962 - Internally developed software 4.91 580,000 79,608 500,392 - Total intangible assets $ 4,895,582 $ 153,677 $ 4,640,624 $ 101,281 Amortization expense for the six months ended October 31, 2023 and 2022 was approximately $ 0 2,890 100,281 1,000 | 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Payables and Accruals [Abstract] | ||
ACCRUED EXPENSES | Note 6 ACCRUED EXPENSES The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES October 31, 2023 April 30, 2023 Accrued payroll $ 1,929,686 $ 1,535,186 Accrued bonus 1,983,178 1,720,606 Accrued professional fees 35,000 490,424 Other accrued expenses 1,099,254 1,165,623 Total $ 5,047,118 $ 4,911,839 | 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Debt Disclosure [Abstract] | ||
NOTE PAYABLE - RELATED PARTY | Note 7: NOTE PAYABLE - RELATED PARTY The discussion of note payable – related party only includes those that existed as of April 30, 2023. For a discussion of all prior note payable – related party we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023. On January 14, 2022, the Company entered into two loan agreements with related party lenders, each for $ 1,000,000 2,000,000 8 There was $ 1,398,775 1,953,842 0 82,414 917,957 917,957 On January 6, 2023, we sold certain of our inventory including all components, parts, additions and accessions thereto to Yonah Kalfa and Naftali Kalfa who immediately consigned it back to us in exchange for a payment of $ 103 2,092,700 | 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Debt Disclosure [Abstract] | ||
CONVERTIBLE NOTES PAYABLE | Note 8: CONVERTIBLE NOTES PAYABLE The discussion of convertible notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior convertible notes payable we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023. As of April 30, 2023, all outstanding convertible notes payable had been fully converted into outstanding common shares. On June 17, 2022, the Company issued 109,737 13,200,000 846,301 122,222 | 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 109,737 shares of common stock in conversion of the $ 13,200,000 in convertible notes payable and $ 846,301 in accrued interest. In addition, the remaining $ 122,222 of unamortized discount on the convertible notes payable was amortized and included in our consolidated statements of operations for the three months ended July 31, 2022. Total outstanding borrowings related to the Convertible Notes as of April 30, 2023 and 2022 were $ 0 13,200,000 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Debt Disclosure [Abstract] | ||
NOTES PAYABLE | Note 9: NOTES PAYABLE The discussion of notes payable only includes those that existed as of April 30, 2023. For a discussion of all prior notes payable we refer you to the Annual Report on Form 10-K filed September 14, 2023 for the fiscal year end April 30, 2023. On April 11, 2021, the Company and the lender entered into an agreement whereby the lender converted the promissory note into 681 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 On August 21, 2023, the Company amended its arrangement with MidCity and agreed to issue 42,500 On February 15, 2022, for and in consideration of $ 4,000,000 4,000,000 On April 1, 2022, the Company entered into a $ 500,000 July 1, 2022 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. UFS Agreement #2 On August 7, 2023, the Company entered into an agreement with UFS (the “UFS Agreement”) pursuant to which the Company sold $ 797,500 550,000 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. 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 8.84 452,489 8.84 600,000 3,715,557 0 1,715,557 On October 11, 2023, the Company entered into a loan and security modification agreement (the “Loan and Security Modification Agreement”) with the Lenders and the Agent amending the terms of the Loan and Security Agreement dated January 6, 2023 (the “LSA”) by and among the Company, the Lenders and the Agent to make an additional loan of $ 1,000,000 3,000,000 In connection with the Loan and Security Modification Agreement, the Company agreed to issue to the investor warrants (the “Common Warrants”) to purchase up to 169,196 1.90 The Company recorded a derivative liability related to the warrants granted with the October 11, 2023 amendment in the amount of $ 290,514 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 Meged Agreement #2 On September 19, 2023, the Company entered into an agreement with Meged (the “Second Meged Agreement”) pursuant to which the Company sold $ 423,000 70,153.20 15,107.14 In order to secure payment and performance of the Company’s obligations to Meged under the Second Meged Agreement, the Company granted to Meged a security interest in the following collateral: all accounts receivable and all proceeds as such term is defined by Article 9 of the UCC. The Company also agreed not to create, incur, assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral. | Note 10: 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 (the “Note”) with the initial advance under the Loan and Security Agreement being $ 1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of the Company on the date of the issuance of the Notes (collectively, the “Initial Issuance”). The closing price of the Company’s common stock on January 6, 2023, as reported by Nasdaq, was $ 0.221 per share (or 8.84 per share after adjusting for the one-for-forty (1-for-40) reverse stock split ), so the Warrants in respect of the initial advance under the Note are exercisable for up to 452,489 shares of the Company’s common stock. The Warrants have an exercise price per share equal to the closing price of the common stock of the Company on the date of the issuance of the Note, or $ 8.84 per share (which has subsequently been reset to $3.55 per share) and a term of five- and one-half (5½) years following the initial exercise date. The initial exercise date of the Warrants will be the date stockholder approval is received and effective allowing exercisability of the Warrants under Nasdaq rules. Pursuant to the terms of the Loan and Security Agreement, an additional advance of $ 600,000 may be made to the Company under the Note. The Company’s obligations under the terms of the Loan and Security Agreement are fully and unconditionally guaranteed by all of the Company’s subsidiaries (the “Guarantors”). The Company measured the warrants granted on January 6, 2023 at $ 3,715,557 , and discounted the note payable to $ 0 and recorded a derivative expense of $ 1,715,557 . The Company recognized a gain on the change in fair value of the derivative liability when remeasured through April 30, 2023 of $ 900,819 to bring the derivative liability to $ 2,814,738 at April 30, 2023. In addition, the Company recognized $ 1,222,808 in amortization of debt discount for the year ended April 30, 2023. On July 6, 2023, the Company failed to repay the note and is currently in default. The interest rate has since increased to 6.43 % per annum. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | Note 10: RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances, amounts paid in satisfaction of liabilities, or accrued compensation that has been deferred. The advances are considered temporary in nature and have not been formalized by a promissory note. The Company has outstanding notes payable of $ 1,398,775 1,953,842 917,957 917,957 The Company recognized net sales of $ 55,500 92,887 33,338 91,857 | 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) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Equity [Abstract] | ||
SHAREHOLDERS’ EQUITY (DEFICIT) | Note 11: SHAREHOLDERS’ EQUITY (DEFICIT) Common Stock The Company has 300,000,000 0.001 2,372,803 338,579 For the period May 1, 2023 through July 31, 2023, the Company issued 189,718 188 67,500 1,350 27,000 93,680 For the period August 1, 2023 through October 31, 2023, the Company issued 1,844,506 13,707 1,964 1,708,152 85,000 35,683 1 for 40 reverse split Equity Transactions During the Year Ended April 30, 2023 The Company has issued an aggregate of 151,579 On June 15, 2022, the Company issued 109,737 On June 15, 2022, the Company issued 26,219 On June 27, 2022, the Company issued 625 On June 27, 2022, the Company issued 14,960 On August 25, 2022, the Company issued 750 On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 25,463 295,050 15.60 15.596 5.0 0.0004 320,513 15.60 641,026 641,026 17.20 4,549,882 On October 12, 2022, the Company issued 48,098 675 6,993 On January 26, 2023, the Company issued 150 The Company granted the following warrants for the six months ended October 31, 2023: The Company granted 50,000 50,873 The Company granted their investor an additional 7,717,874 11,398,589 The Company granted 169,196 Warrants Granted During the Year Ended April 30, 2023 On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 25,463 295,050 15.60 15.596 5.0 0.0004 320,513 15.60 641,026 641,026 17.20 8.84 3.546 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 1,400,000 452,489 8.84 1.90 600,000 | Note 12: SHAREHOLDERS’ EQUITY (DEFICIT) Common Stock The Company has 300,000,000 shares of common stock authorized with a par value of $ 0.001 per share. As of April 30, 2023 and 2022, the Company had 338,579 and 104,871 shares of common stock issued and outstanding, respectively. Equity Transactions During the Year Ended April 30, 2023 Since May 1, 2022, the Company has issued an aggregate of 151,579 shares of its common stock consisting of the following: On June 15, 2022, the Company issued 109,740 shares of common stock to the Convertible Noteholders upon conversion of convertible notes. On June 15, 2022, the Company issued 26,219 shares to investors who participated in the Company’s Nasdaq uplist round. On June 27, 2022, the Company issued 625 shares of common stock to Gabriel Goldman for consulting services performed in the first quarter of calendar 2022. Gabriel Goldman became a director of the Company on June 15, 2022. On June 27, 2022, the Company issued 14,960 shares of common stock to the former Gameface shareholders in connection with the purchase of Gameface. On August 25, 2022, the Company issued 750 shares of common stock to Midcity Capital Ltd (“Midcity”) pursuant to a cashless conversion of warrants Midcity received from its warrant agreement with the Company dated March 2020. On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 25,463 shares of common stock and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together with accompanying common stock warrants, at a combined purchase price of $ 15.60 per share of the common stock and associated common stock warrant and $ 15.596 per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $ 5.0 million (the “Offering”). The Pre-Funded Warrants have an exercise price of $ 0.0004 per share of common stock and are exercisable until the Pre-Funded Warrants are exercised in full. The shares of common stock and Pre-Funded Warrants were sold in the offering together with common stock warrants to purchase 320,513 shares of common stock at an exercise price of $ 15.60 per share and a term of five years following the initial exercise date (the “5-Year Warrants”) and 641,026 common stock warrants to purchase 641,026 shares of common stock at an exercise price of $ 17.20 per share and a term of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date (collectively, the “Warrants”). The Warrants issued in the Offering contain variable pricing features. The Warrants and Pre-Funded Warrants became exercisable beginning on the date stockholder approval was received and effective allowing exercisability of the Warrants and Pre-Funded Warrants under Nasdaq rules. The exercise price of the Warrants was reset in October 2023 to $ 3.55 per share. Net proceeds to the Company were $ 4,549,882 . On October 12, 2022, the Company issued 48,098 shares of common stock, on November 21, 2022 issued 675 shares of common stock and January 26, 2023 issued 6,994 shares of common stock in connection with the acquisition of PlaySight. On January 26, 2023, the Company issued 150 shares of common stock for services rendered to their ambassadors. Equity Transactions During the Year Ended April 30, 2022 On May 26, 2021, the Company issued 4,093 shares of its common stock for the conversion of related party notes payable (see Note 8). The fair value of the common stock was $ 6,220,000 . On June 23, 2021, the Company issued 1,350 shares of its common stock as partial consideration for the acquisition of Foundation Sports (see Note 5). The fair value of the total shares of common stock to be issued related to the acquisition was $ 3,550,000 . On July 6, 2021, the Company issued 126 shares of its common stock to two employees as compensation for services rendered in lieu of cash, which resulted in $ 187,803 in share-based compensation expense for the year ended April 30, 2022. On July 11, 2021, the Company issued 47 shares of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $ 16,875 of operating expenses for the year ended April 30, 2022. During the three months ended July 31, 2021, the Company granted an aggregate total of 228 shares of its common stock and equity options to purchase up to 150 shares (which are now expired) to six new brand ambassadors as compensation for services. The expense related to the issuance of the shares and equity options is being recognized over the service agreements, similar to the warrants and equity options issued to the four other brand ambassadors in the prior year. During the year ended April 30, 2022, the Company recognized $ 907,042 of operating expenses related to the shares, warrants and equity options granted to brand ambassadors. On August 6, 2021, the Note payable holder exercised its right to convert its 5,500 outstanding warrants into 12,375 shares of common stock of the Company. On August 6, 2021, the Company’s related party lender exercised its right to convert its 688 outstanding warrants and 17,304 common shares issuable into 17,992 shares of common stock of the Company. On October 11, 2021, the Company issued 47 shares of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $ 16,875 of operating expenses during the year ended April 30, 2022. On January 11, 2022, the Company issued 47 shares of its common stock to a vendor as compensation for marketing and other services rendered, which resulted in $ 16,874 of operating expenses during the year ended April 30, 2022. During April 2022, the Company granted an aggregate total of 150 shares of its common stock to 6 new brand ambassadors as compensation for services. During the year ended April 30, 2022, the Company recognized $ 255,124 of operating expenses related to the shares granted to brand ambassadors. Warrants Issued and Expensed During the Years Ended April 30, 2023 and 2022 On October 28, 2020, the Company granted 1,000 warrants to a service provider for advertising services over the next year. The warrants have an exercise price of $ 30 per share, a contractual life of 10 years from the date of issuance, and vest quarterly over a year from the grant date. The warrants were valued using a Black-Scholes option pricing model and the expense related to the issuance of the warrants is being recognized over the service agreement. The Company recognized $ 214,552 of operating expenses related to this agreement during the nine months ended January 31, 2022. In accordance with the October 29, 2020 agreement with three members of the advisory board mentioned above, 1,152 warrants were issued during the year ended April 30, 2022. The warrants were valued using a Black-Scholes option pricing model on the grant date, which resulted in operating expenses of $ 67,500 and $ 87,656 during the nine months ended January 31, 2023 and year ended April 30, 2022, respectively. On August 6, 2021, in connection with the Convertible Notes issuance the Company issued warrants to purchase up to 18.334 shares of common stock of the Company to the Purchasers. On August 6, 2021, in connection with the Convertible Notes issuance the Company also granted the lead placement agent for the Offering 667 warrants that are exercisable for five years from August 6, 2021, at an exercise price of $ 1.90 (subject to adjustment as set forth in the Convertible Notes per the terms of the agreement) and are vested immediately. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company recognized $ 376,000 of operating expenses related to them during the year ended April 30, 2022. On September 3, 2021, the Company granted an aggregate total of 2,525 warrants to key employees and officers of the Company as compensation. The warrants have an exercise price of $ 0.4 per share for 1,000,000 of the warrants and $ 1,368 for 10,000 of the warrants, a contractual life of 10 years from the date of issuance and are vested immediately upon grant. The warrants were valued using a Black-Scholes option pricing model on the grant date and the Company recognized $ 32,381,309 of share-based compensation expense related to them during the year ended April 30, 2022. On February 2, 2022, in connection with the Gameface acquisition the Company issued warrants to purchase up to 1,196 shares of common stock of the Company. On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 25,463 shares of common stock and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 295,050 shares of its common stock, together with accompanying common stock warrants, at a combined purchase price of $ 15.60 per share of the common stock and associated common stock warrant and $ 15.596 per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $ 5.0 million (the “Offering”). The Pre-Funded Warrants have an exercise price of $ 0.0004 per share of common stock and are exercisable until the Pre-Funded Warrants are exercised in full. The shares of common stock and Pre-Funded Warrants were sold in the offering together with common stock warrants to purchase 320,513 shares of common stock at an exercise price of $ 15.60 per share and a term of five years following the initial exercise date (the “5-Year Warrants”) and 641,026 common stock warrants to purchase 641,026 shares of common stock at an exercise price of $ 17.20 per share and a term of seven and one half years (the “7.5-Year Warrants”) following the initial exercise date (collectively, the “Warrants”). The Warrants issued in the Offering contain variable pricing features. The exercise price of the Warrants was reset in October 2023 to $ 3.55 per share. 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 97,075 $ 444.50 47,633 $ 205.156 Granted 1,714,127 11.696 49,442 139.344 Exercised - - - - Forfeited - - - - Expired (18,750 ) - - - Ending balance 1,792,451 $ 34.208 97,075 $ 444.50 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | Note 12: COMMITMENTS AND CONTINGENCIES Leases The Company leases office space under short-term leases with terms under a year. Total rent expense for the six months ended October 31, 2023 and 2022 amounted to $ 4,548 17,000 Contingencies In connection with the Gameface acquisition on February 2, 2022, the Company agreed to earn-out consideration of common shares of the Company’s common stock with a fair value of $ 1,334,000 The Company issued 14,960 418,455 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. On February 8, 2023, Oasis Capital, LLC (“Oasis”) filed a complaint against the Company in the United States District Court for the Southern District of New York seeking damages (i) in the amount of $ 764,647.53 8 600,000 Except for the Oasis lawsuit against Mike Ballardie, we know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has a material interest adverse to us. Nasdaq Compliance On July 26, 2023, the Company received a letter from the Listing Qualifications Department of Nasdaq indicating that the Company’s stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarterly period ended January 31, 2023 did not satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’ equity be at least $ 2.5 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. | 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 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 Minimum Stockholders’ Equity Requirement and/or any other delinquency in a timely manner. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
DISCONTINUED OPERATIONS | Note 13 DISCONTINUED OPERATIONS On November 27, 2022, the Company entered into a share purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and Evgeni Khazanov (together, the “Buyer”) pursuant to which the Buyer purchased 100 (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. The Company reclassified the following operations to discontinued operations for the six and three months ended October 31, 2022. SCHEDULE OF DISCONTINUED OPERATIONS Six months ended October 31, 2022 Revenue $ 2,873,671 Operating expenses 6,700,528 Other (income) loss (163,377 ) Net loss from discontinued operations $ (3,663,480 ) Three months ended October 31, 2022 Revenue $ 1,510,558 Operating expenses 3,422,259 Other (income) loss (7,935 ) Net loss from discontinued operations $ (1,903,766 ) | 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 | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | Note 14: SUBSEQUENT EVENTS From November 1, 2023 through the date hereof, the Company issued the following shares of common stock: - 796,399 - 42,500 - 224,472 On November 16, 2023, the Company entered into an agreement with Agile Capital Funding (the “ACF Agreement”) pursuant to which the Company sold $ 693,500 450,000 28,895.83 In order to secure payment and performance of the Company’s obligations to ACF under the ACF Agreement, the Company granted to ACF a security interest in the following collateral: all present and future accounts receivable. The Company also agreed not to create, incur, assume, or permit to exist, directly or indirectly, any lien on or with respect to any of such collateral. | Note 17: SUBSEQUENT EVENTS From May 1, 2023 through the date hereof, the Company issued 220,760 shares of common stock to ambassadors under their agreements ( 188 ), to vendors in settlement of accounts payable ( 67,500 ), for settlement with former owners of FSS ( 1,3500 ), for the exercise of warrants ( 58,042 ) and to satisfy the profit guarantee on a note ( 93,681 ). 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 |
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 is 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 ) |
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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Accounting Policies [Abstract] | ||
Interim Financial Statements | Interim Financial Statements The accompanying condensed financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures required by accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the results of operations of the Company for the period presented. The results of operations for the six months ended October 31, 2023, are not necessarily indicative of the results that may be expected for any future period or the fiscal year ending April 30, 2024 and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended April 30, 2023, filed with the Securities and Exchange Commission on September 14, 2023. | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. | 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. | 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. | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. |
Accounts Receivable | Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 200,000 209,690 | 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 October 31, 2023 and April 30, 2023 consisted of the following: SCHEDULE OF INVENTORY October 31, 2023 April 30, 2023 Finished Goods $ 400,147 $ 1,509,985 Component/Replacement Parts 1,593,591 1,712,553 Capitalized Duty/Freight 24,451 517,228 Inventory Reserve (350,000 ) (550,000 ) Total $ 1,668,189 $ 3,189,766 | 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. | 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 | 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. | 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). | 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. | 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 The fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 — Unobservable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, and accounts payable. The carrying amount of these financial instruments approximates fair value due to their short-term maturity. The Company’s contingent consideration in connection with the acquisition of Gameface was calculated using Level 3 inputs. The fair value of contingent consideration as of October 31, 2023 and April 30, 2023 was $ 0 418,455 The Company estimates the fair value of its intangible assets using Level 3 assumptions, primarily based on the income approach utilizing the discounted cash flow method. The Company’s derivative liabilities were calculated using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following ending balances and gain amounts as of and for the six months ended October 31, 2023: The Company’s derivative liabilities were calculated using Level 2 assumptions on the issuance and balance sheet dates via a Black-Scholes option pricing model and consisted of the following ending balances and gain amounts as of and for the six months ended October 31, 2023: SCHEDULE OF DERIVATIVE LIABILITIES October 31, 2023 (Gain) for the Note derivative is related to balance ended October 31, 2023 8/6/21 convertible notes $ 7,679 $ (94,245) 6/17/22 underwriter warrants 664 (5,867 ) 9/30/22 warrants issued with common stock 3,326,235 (2,783,324 ) 1/6/2023 warrants issued with note payable 315,768 (14,181,913 ) 10/11/2023 warrants issued with note payable 126,802 (163,812 ) Total $ 3,777,148 $ (17,229,161 ) The Black-Scholes option pricing model assumptions for the derivative liabilities during the periods ended October 31, 2023 and 2022 consisted of the following: SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 2.75 10 3.76 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.08 5.37 % 2.90 4.34 % Expected dividends 0 % 0 % | 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. | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. |
Intangible Assets | Intangible Assets Intangible assets relate to the “Slinger” technology trademark, which the Company purchased on November 10, 2020. The Company also acquired intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class of intangible assets in order to determine their economic useful life. During the six months ended October 31, 2023, the Company impaired their intangible assets down to a nominal value of $ 1,000 | 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. The Company impaired $ 100,281 14,791 | 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 all goodwill as of April 30, 2023. | 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. | Share-Based Payment The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is the vesting period. |
Warrants | Warrants The Company grants warrants to key employees and executives as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection with ongoing arrangements are more fully described in Note 11. The warrants granted during the periods ended October 31, 2023 and 2022 were valued using a Black-Scholes option pricing model on the date of grant using the following assumptions: SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 5 5 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.59 % 2.50 4.27 % Expected dividends 0 % 0 % | 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. | Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. |
Earnings Per Share | Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. The Company has adjusted the diluted EPS for the six and three months ended October 31, 2023 for warrants classified as derivative liabilities in accordance with ASC 260-10-45 as follows. No calculation is necessary for the six and three months ended October 31, 2022 because to do so would be anti-dilutive. SCHEDULE OF EARNINGS PER SHARE Six months ended October 31, 2023 Diluted EPS: Net income $ 915,354 Change in fair value of derivative liability (16,944,807 ) Adjusted net loss $ (16,029,453 ) Weighted Average Shares Outstanding 693,092 Adjusted loss per share $ (23.13 ) Three months ended October 31, 2023 Diluted EPS: Net income to controlling interest $ 1,762,119 Change in fair value of derivative liability (14,800,253 ) Adjusted net loss $ (13,038,134 ) Weighted Average Shares Outstanding 912,147 Adjusted loss per share $ (14.29 ) | Earnings Per Share Basic earnings per share are calculated by dividing the 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 adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations - Accounting for Contract Assets and Contract Liabilities (Topic 805)”. The amendments in this Update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The amendments in this Update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted for all entities, including adoption in an interim period. The adoption of the new standard did not have a material effect on the Company’s consolidated financial statements. Other recently issued accounting pronouncements did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements. | 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) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY October 31, 2023 April 30, 2023 Finished Goods $ 400,147 $ 1,509,985 Component/Replacement Parts 1,593,591 1,712,553 Capitalized Duty/Freight 24,451 517,228 Inventory Reserve (350,000 ) (550,000 ) Total $ 1,668,189 $ 3,189,766 | SCHEDULE OF 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 October 31, 2023 (Gain) for the Note derivative is related to balance ended October 31, 2023 8/6/21 convertible notes $ 7,679 $ (94,245) 6/17/22 underwriter warrants 664 (5,867 ) 9/30/22 warrants issued with common stock 3,326,235 (2,783,324 ) 1/6/2023 warrants issued with note payable 315,768 (14,181,913 ) 10/11/2023 warrants issued with note payable 126,802 (163,812 ) Total $ 3,777,148 $ (17,229,161 ) | SCHEDULE OF 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 Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 2.75 10 3.76 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.08 5.37 % 2.90 4.34 % Expected dividends 0 % 0 % | 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 % |
SCHEDULE OF EARNINGS PER SHARE | SCHEDULE OF EARNINGS PER SHARE Six months ended October 31, 2023 Diluted EPS: Net income $ 915,354 Change in fair value of derivative liability (16,944,807 ) Adjusted net loss $ (16,029,453 ) Weighted Average Shares Outstanding 693,092 Adjusted loss per share $ (23.13 ) Three months ended October 31, 2023 Diluted EPS: Net income to controlling interest $ 1,762,119 Change in fair value of derivative liability (14,800,253 ) Adjusted net loss $ (13,038,134 ) Weighted Average Shares Outstanding 912,147 Adjusted loss per share $ (14.29 ) | |
Warrant [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD | SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Period Ended October 31, 2023 Period Ended October 31, 2022 Expected life in years 5 5 10 Stock price volatility 150 % 50 150 % Risk free interest rate 4.59 % 2.50 4.27 % Expected dividends 0 % 0 % | 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 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | 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 (in years) Carrying Value Amortization Loss Value Weighted Average Period October 31, 2023 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames and patents 15.26 $ 385,582 $ 24,031 $ 360,551 $ 1,000 Customer relationships 9.92 3,930,000 50,038 3,879,962 - Internally developed software 4.91 580,000 79,608 500,392 - Total intangible assets $ 4,895,582 $ 153,677 $ 4,740,905 $ 1,000 (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2023 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Tradenames and patents 15.26 $ 385,582 $ 24,031 260,270 $ 101,281 Customer relationships 9.92 3,930,000 50,038 3,879,962 - Internally developed software 4.91 580,000 79,608 500,392 - Total intangible assets $ 4,895,582 $ 153,677 $ 4,640,624 $ 101,281 | 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) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Payables and Accruals [Abstract] | ||
SCHEDULE OF ACCRUED EXPENSES | The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES October 31, 2023 April 30, 2023 Accrued payroll $ 1,929,686 $ 1,535,186 Accrued bonus 1,983,178 1,720,606 Accrued professional fees 35,000 490,424 Other accrued expenses 1,099,254 1,165,623 Total $ 5,047,118 $ 4,911,839 | 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 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
SCHEDULE OF DISCONTINUED OPERATIONS | The Company reclassified the following operations to discontinued operations for the six and three months ended October 31, 2022. SCHEDULE OF DISCONTINUED OPERATIONS Six months ended October 31, 2022 Revenue $ 2,873,671 Operating expenses 6,700,528 Other (income) loss (163,377 ) Net loss from discontinued operations $ (3,663,480 ) Three months ended October 31, 2022 Revenue $ 1,510,558 Operating expenses 3,422,259 Other (income) loss (7,935 ) Net loss from discontinued operations $ (1,903,766 ) | 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 ) |
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 ) |
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 97,075 $ 444.50 47,633 $ 205.156 Granted 1,714,127 11.696 49,442 139.344 Exercised - - - - Forfeited - - - - Expired (18,750 ) - - - Ending balance 1,792,451 $ 34.208 97,075 $ 444.50 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 $ — $ — |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 3 Months Ended | |||||||||||||||
Jun. 14, 2022 | Sep. 16, 2019 | Aug. 23, 2019 | Oct. 31, 2023 | Oct. 09, 2023 | Jul. 31, 2023 | Jul. 26, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Dec. 05, 2022 | Oct. 31, 2022 | Jul. 31, 2022 | Apr. 30, 2022 | Jun. 21, 2021 | Apr. 30, 2021 | Feb. 10, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1 for 40 reverse split | ||||||||||||||
Stockholders equity | $ (14,397,643) | $ (18,369,272) | $ (18,613,761) | $ 11,700,000 | $ 37,141,015 | $ 47,773,360 | $ 32,511,932 | |||||||||
Impact of israel and hamas conflict, description | the Central Bank of Israel announced its intent to sell up to $30 billion order to protect the New Israeli Shekel (“NIS”) from collapse, however despite the foregoing announcement the NIS weakened to approximately 3.92 NIS for one US dollar as of the same day. In addition, on October 9, 2023, the Tel Aviv-35 stock index of blue-chip companies dropped by 6.4% whereas the benchmark TA-125 index fell by 6.2%. | |||||||||||||||
Impaired of intangible assets and goodwill amount | 3,486,599 | |||||||||||||||
Previously Reported [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Stockholders equity | $ (18,613,761) | $ 32,511,932 | $ (18,450,744) | |||||||||||||
Minimum [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Stockholders equity | $ 2,500,000 | $ 2,500,000 | ||||||||||||||
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Number of shares issued for acquisition | 50,000 | |||||||||||||||
Number of value issued for acquisition | $ 332,239 | |||||||||||||||
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] | Previously Reported [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Number of shares issued for acquisition | 2,000,000 | |||||||||||||||
Sole Shareholder of SBL [Member] | Stock Purchase Agreement [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
Number of shares owned | 50,000 | |||||||||||||||
Sole Shareholder of SBL [Member] | Stock Purchase Agreement [Member] | Previously Reported [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 | 50,000 | |||||||||||||||
Slinger Bag Americas Inc [Member] | Previously Reported [Member] | ||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||||||
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 ($) | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Apr. 30, 2022 | |
Multiemployer Plan [Line Items] | |||||
Accumulated deficit | $ 150,835,256 | $ 151,750,610 | $ 80,596,925 | ||
Foundation Sports Systems LLC [Member] | |||||
Multiemployer Plan [Line Items] | |||||
Investment retained after disposal, ownership interest after disposal | 25% | 25% | |||
Investment amount | $ 0 | $ 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 ($) | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Accounting Policies [Abstract] | |||
Finished Goods | $ 400,147 | $ 1,509,985 | $ 4,073,791 |
Component/Replacement Parts | 1,593,591 | 1,712,553 | 2,559,848 |
Capitalized Duty/Freight | 24,451 | 517,228 | 1,328,198 |
Inventory Reserve | (350,000) | (550,000) | (100,000) |
Total | $ 1,668,189 | $ 3,189,766 | $ 7,861,837 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Apr. 30, 2023 | |
Offsetting Assets [Line Items] | ||
Note derivative balance | $ 3,777,148 | $ 10,489,606 |
Note derivative (gain) loss | (17,229,161) | (10,950,017) |
Convertible Notes [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 7,679 | 101,924 |
Note derivative (gain) loss | (94,245) | (2,611,410) |
Underwriter Warrants [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 664 | 6,531 |
Note derivative (gain) loss | (5,867) | (57,951) |
Warrants Issued With Common Stock [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 3,326,235 | 6,109,559 |
Note derivative (gain) loss | (2,783,324) | (6,170,728) |
Warrants Issued With Notes Payable One [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 315,768 | |
Note derivative (gain) loss | (14,181,913) | |
Warrants Issued With Notes Payable Two [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 126,802 | |
Note derivative (gain) loss | $ (163,812) | |
Profit Guaranty [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 1,456,854 | |
Note derivative (gain) loss | 395,304 | |
Other Derivative Liabilities [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | ||
Note derivative (gain) loss | (1,604,413) | |
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] | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Measurement Input, Price Volatility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liability measurement input | 150 | 50 | ||
Measurement Input, Expected Dividend Rate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liability measurement input | 0 | 0 | 0 | 0 |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liabilities measurement input | 2 years 9 months | 3 years 9 months 3 days | 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 | 50 | ||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liability measurement input | 4.08 | 2.90 | 2.90 | 2.67 |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liabilities measurement input | 10 years | 10 years | 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 | 150 | ||
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Derivative liability measurement input | 5.37 | 4.34 | 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] | Oct. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Measurement Input, Expected Term [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, term | 5 years | |||
Measurement Input, Expected Term [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, term | 5 years | 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 | 10 years | |
Measurement Input, Price Volatility [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 150 | |||
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 50 | 50 | 50 | |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 150 | 150 | 148 | |
Measurement Input, Risk Free Interest Rate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 4.59 | |||
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 2.50 | 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 | 4.27 | 1.63 | |
Measurement Input, Expected Dividend Rate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Warrants measurement input, rate | 0 | 0 | 0 | 0 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 | Jul. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Accounting Policies [Abstract] | ||||||||
Net income to controlling interest | $ 1,762,119 | $ (846,765) | $ (11,023,567) | $ (4,266,431) | $ 915,354 | $ (15,289,998) | $ (71,153,685) | $ (51,773,652) |
Change in fair value of derivative liability | (14,800,253) | $ (3,100,102) | (16,944,807) | $ (6,787,597) | $ (10,950,017) | $ (18,557,184) | ||
Adjusted net loss | $ (13,038,134) | $ (16,029,453) | ||||||
Weighted Average Shares Outstanding | 912,147 | 2,840 | 693,092 | 4,293 | 11,195,345 | 3,847,672 | ||
Adjusted loss per share | $ (14.29) | $ (3,881.54) | $ (23.13) | $ (3,561.61) | $ (6.36) | $ (13.46) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jan. 06, 2023 | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Platform Operator, Crypto-Asset [Line Items] | ||||
Allowance for doubtful accounts | $ 200,000 | $ 209,690 | $ 175,000 | |
Property plant and equipment, useful life | 5 years | 5 years | ||
Impaired intangible assets | $ 1,000 | $ 101,281 | 4,842,856 | |
Impairment of intangible assets | 100,281 | |||
Impairment of fixed assets | 14,791 | |||
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 | $ 0 | $ 418,455 | $ 1,334,000 |
CONCENTRATION OF CREDIT RISK _2
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES (Details Narrative) | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Two [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 77% | 47% | 43% |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 47% | ||
Accounts Payable [Member] | Lender Concentration Risk [Member] | Customer Four [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 69% | 59% | 59% |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-Lived | $ 100,281 | ||
Finite-Lived Intangible Assets, Net, Ending Balance | 1,000 | $ 101,281 | $ 4,842,856 |
Trade Names And Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 385,582 | 385,582 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 24,031 | 24,031 | |
Impairment of Intangible Assets, Finite-Lived | 360,551 | 260,270 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,000 | $ 101,281 | |
Weighted average 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 | 3,930,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 50,038 | 50,038 | 33,749 |
Impairment of Intangible Assets, Finite-Lived | 3,879,962 | 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 | 9 years 11 months 1 day |
Impairment of Intangible Assets (Excluding Goodwill) | $ 3,879,962 | ||
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 580,000 | 580,000 | 580,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 79,608 | 79,608 | 9,499 |
Impairment of Intangible Assets, Finite-Lived | 500,392 | 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 | 4 years 10 months 28 days |
Impairment of Intangible Assets (Excluding Goodwill) | $ 500,392 | ||
Intangiable Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 4,895,582 | 4,895,582 | 4,895,582 |
Finite-Lived Intangible Assets, Accumulated Amortization | 153,677 | 153,677 | 52,726 |
Impairment of Intangible Assets, Finite-Lived | 4,740,905 | 4,640,624 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,000 | 101,281 | 4,842,856 |
Impairment of Intangible Assets (Excluding Goodwill) | 4,640,624 | ||
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 | |
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 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 260,270 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 0 | $ 2,890 | $ 100,951 | $ 49,983 |
Impairment loss | (100,281) | |||
Patents [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other intangible assets | 1,000 | |||
Foundation Sports Systems LLC [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment loss | $ 100,281 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Payables and Accruals [Abstract] | |||
Accrued payroll | $ 1,929,686 | $ 1,535,186 | $ 921,759 |
Accrued bonus | 1,983,178 | 1,720,606 | 1,014,833 |
Accrued professional fees | 35,000 | 490,424 | 1,706,560 |
Other accrued expenses | 1,099,254 | 1,165,623 | 738,749 |
Total | $ 5,047,118 | $ 4,911,839 | $ 4,381,901 |
NOTE PAYABLE - RELATED PARTY (D
NOTE PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jan. 06, 2023 | Jan. 14, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Jun. 17, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Proceeds from related party debt | $ 2,000,000 | ||||||||
Debt instrumental | $ 2,092,700 | 0 | 13,200,000 | $ 13,200,000 | |||||
Related Party [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Outstanding borrowings | $ 1,398,775 | $ 1,398,775 | 1,953,842 | 2,000,000 | |||||
Interest expense | $ 21,293 | $ 82,414 | 293,090 | 165,558 | |||||
Accrued interest | $ 917,957 | $ 917,957 | $ 917,957 | $ 908,756 | |||||
Payment of exchange | $ 103 | ||||||||
Loan Agreements [Member] | Related Party [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Loans payable | $ 1,000,000 | ||||||||
Proceeds from related party debt | $ 2,000,000 | ||||||||
Interest rate | 8% |
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 | Apr. 01, 2022 | Dec. 31, 2021 | Aug. 06, 2021 | Jul. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2023 | Apr. 30, 2022 | Jan. 06, 2023 | Oct. 31, 2022 | |
Short-Term Debt [Line Items] | ||||||||||||
Debt conversion | 109,737 | 109,737 | 109,737 | |||||||||
Debt conversion shares issued | 13,200,000 | |||||||||||
Interest payable | $ 846,301 | $ 846,301 | ||||||||||
Unamortizated discount | $ 122,222 | |||||||||||
Gross proceeds from issuance of senior convertible notes | $ 11,000,000 | |||||||||||
Convertible notes maturity date | Jul. 01, 2022 | |||||||||||
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 | $ 14,046,300 | 14,689,369 | ||||||||||
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”). | |||||||||||
Convertiable notes | 13,200,000 | 13,200,000 | $ 0 | $ 13,200,000 | $ 2,092,700 | |||||||
Debt Instrument, Increase, Accrued Interest | 846,301 | |||||||||||
Convertible Notes [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Unamortizated 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) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 19, 2023 USD ($) | Aug. 21, 2023 shares | Aug. 07, 2023 USD ($) | Jun. 08, 2023 USD ($) | Apr. 30, 2023 USD ($) | Jan. 06, 2023 USD ($) $ / shares shares | Jan. 06, 2023 USD ($) $ / shares shares | Sep. 28, 2022 USD ($) | Aug. 01, 2022 USD ($) | Jul. 29, 2022 USD ($) | May 01, 2022 shares | Apr. 01, 2022 USD ($) | Feb. 15, 2022 USD ($) Integer | Apr. 11, 2021 USD ($) shares | Oct. 31, 2023 USD ($) $ / shares shares | Oct. 31, 2022 USD ($) | Oct. 31, 2023 USD ($) $ / shares | Oct. 31, 2022 USD ($) | Apr. 30, 2023 USD ($) shares | Apr. 30, 2022 USD ($) | Oct. 11, 2023 USD ($) shares | Aug. 20, 2023 USD ($) | Jul. 06, 2023 | Jun. 17, 2022 USD ($) | Dec. 24, 2020 USD ($) | Jun. 30, 2020 USD ($) | |
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Shares issued | shares | 151,579 | 1,844,506 | 151,579 | |||||||||||||||||||||||
Extinguishment of debt | $ 1,501,914 | $ (7,096,730) | ||||||||||||||||||||||||
Debt conversion, amount | 1,250,004 | |||||||||||||||||||||||||
Consideration | $ 4,000,000 | |||||||||||||||||||||||||
Repayments of notes - related party | $ 500,000 | $ 4,000,000 | 4,000,000 | |||||||||||||||||||||||
Debt maturity date | Jul. 01, 2022 | |||||||||||||||||||||||||
Note payable | $ 0 | $ 2,092,700 | $ 2,092,700 | 0 | 13,200,000 | $ 13,200,000 | ||||||||||||||||||||
Proceeds from notes payable | $ 1,276,000 | 2,000,000 | 5,500,000 | |||||||||||||||||||||||
Derivative expense | $ 11,398,589 | $ 7,280,405 | 11,398,589 | 7,280,405 | 8,995,962 | |||||||||||||||||||||
Consignment units | Integer | 13,000 | |||||||||||||||||||||||||
Repayment of debt | 4,000,000 | $ 500,000 | ||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 790,262 | $ 2,872,222 | 4,095,030 | 8,150,284 | ||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Derivative expense | $ 11,398,589 | |||||||||||||||||||||||||
Mid City [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Shares issued | shares | 42,500 | |||||||||||||||||||||||||
UFS Agreement [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Sale of consideration received | $ 797,500 | $ 1,124,250 | ||||||||||||||||||||||||
Payment for exchange received amount | 550,000 | 750,000 | ||||||||||||||||||||||||
Cash less fees | 50,000 | 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 Payments [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Payment for exchange received amount | 13,491 | |||||||||||||||||||||||||
UFS Agreement [Member] | Thereafter Per Week Payments [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Payment for exchange received amount | 44,970 | |||||||||||||||||||||||||
UFS Agreement [Member] | Each Week Payments [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Payment for exchange received amount | 30,000 | |||||||||||||||||||||||||
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 | $ 8.84 | $ 8.84 | $ 1.90 | $ 1.90 | ||||||||||||||||||||||
Derivative expense | 1,715,557 | |||||||||||||||||||||||||
Increase (Decrease) in Derivative Liabilities | 2,814,738 | |||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | 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] | Previously Reported [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Shares issued price per share | $ / shares | 0.221 | $ 0.221 | ||||||||||||||||||||||||
Fair value derivate liability | 900,819 | 900,819 | ||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split | 8.84 per share after adjusting for the one-for-forty (1-for-40) reverse stock split | |||||||||||||||||||||||||
[custom:SharesIssuedPricePerShares-0] | $ / shares | $ 8.84 | $ 8.84 | ||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Warrant [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 0 | $ 0 | ||||||||||||||||||||||||
Warrants granted | 3,715,557 | |||||||||||||||||||||||||
Derivative expense | 1,715,557 | |||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Notes [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Proceeds from notes payable | 1,400,000 | |||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||
Common stock exercisable, shares | shares | 452,489 | 452,489 | ||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Maximum [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Common stock exercisable, shares | shares | 452,489 | 452,489 | ||||||||||||||||||||||||
Loan And Security Modification Agreement [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 1,000,000 | |||||||||||||||||||||||||
Shares issued price per share | $ / shares | $ 1.90 | $ 1.90 | ||||||||||||||||||||||||
Common stock exercisable, shares | shares | 169,196 | |||||||||||||||||||||||||
Fair value derivate liability | $ 290,514 | |||||||||||||||||||||||||
Meged Agreement [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Sale of consideration received | $ 423,000 | $ 315,689 | ||||||||||||||||||||||||
Stock redeemed value | 70,153.20 | 210,600 | ||||||||||||||||||||||||
Legal fees | 10,580 | |||||||||||||||||||||||||
Debt repayment | $ 15,107.14 | 17,538 | ||||||||||||||||||||||||
Meged Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Sale of consideration received | 315,689 | |||||||||||||||||||||||||
Payment for exchange received amount | 210,600 | |||||||||||||||||||||||||
Cash less fees | 10,580 | |||||||||||||||||||||||||
Meged Agreement [Member] | Each Week for Next Three Weeks [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Payment for exchange received amount | $ 17,538 | |||||||||||||||||||||||||
Loan Agreement [Member] | Montsaic Investments, LLC [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 120,000 | |||||||||||||||||||||||||
Interest rate | 12.60% | |||||||||||||||||||||||||
Valuation Technique, Option Pricing Model [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Derivative liability | 1,251,910 | |||||||||||||||||||||||||
Derivative liability | $ 1,251,910 | |||||||||||||||||||||||||
Promissory Note Payable [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Shares issued | shares | 681 | |||||||||||||||||||||||||
Interest rate | 20% | |||||||||||||||||||||||||
Payables | $ 1,500,000 | |||||||||||||||||||||||||
Fair value of derivative liability | $ 1,456,854 | $ 1,456,854 | $ 1,456,854 | |||||||||||||||||||||||
Promissory Note Payable [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Shares issued | shares | 27,233 | |||||||||||||||||||||||||
Fair value of derivative liability | $ 1,061,550 | |||||||||||||||||||||||||
Promissory Note Payable [Member] | Third Party [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 2.25% | |||||||||||||||||||||||||
Note payable | $ 1,000,000 | |||||||||||||||||||||||||
Notes Payable [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 500,000 | |||||||||||||||||||||||||
Interest rate | 8% | |||||||||||||||||||||||||
New Loan [Member] | Loan And Security Modification Agreement [Member] | ||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||
Note payable | $ 3,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Jun. 17, 2022 | |
Related Party Transaction [Line Items] | |||||
Accrued interest - related party | $ 846,301 | ||||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Outstanding notes payable | $ 1,398,775 | $ 1,953,842 | $ 2,000,000 | ||
Accrued interest - related party | 917,957 | 917,957 | 908,756 | ||
Revenue from related parties | 55,500 | $ 92,887 | 164,661 | 368,164 | |
Outstanding accounts receivable | $ 33,338 | $ 91,857 | $ 28,800 | $ 93,535 |
SHAREHOLDERS_ EQUITY (DEFICIT)
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Oct. 01, 2023 | Apr. 30, 2023 | Jan. 26, 2023 | Jan. 06, 2023 | Jan. 06, 2023 | Nov. 21, 2022 | Oct. 12, 2022 | Sep. 28, 2022 | Aug. 25, 2022 | Jun. 27, 2022 | Jun. 17, 2022 | Jun. 17, 2022 | Jun. 15, 2022 | Jun. 14, 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 | Oct. 31, 2023 | Jul. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2023 | Oct. 31, 2022 | 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 | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||
Common stock, shares issued | 338,579 | 4,194,836 | 2,372,803 | 2,372,803 | 338,579 | 4,194,836 | ||||||||||||||||||||||||||||||||||
Common stock, shares outstanding | 338,579 | 4,194,836 | 2,372,803 | 2,372,803 | 338,579 | 4,194,836 | ||||||||||||||||||||||||||||||||||
Shares, issued | 189,718 | |||||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 188 | $ 4,195,000 | ||||||||||||||||||||||||||||||||||||||
Stock issued during period, shares, issued for settlement of accounts payable | 67,500 | |||||||||||||||||||||||||||||||||||||||
Stock issued during period, shares, issued for settlement | $ 1,350 | |||||||||||||||||||||||||||||||||||||||
Exercise of warrants, shares | 1,708,152 | 27,000 | ||||||||||||||||||||||||||||||||||||||
Profit guarantee on note, shares | 85,000 | 93,680 | ||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 151,579 | 1,844,506 | 151,579 | |||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 150 | 13,707 | ||||||||||||||||||||||||||||||||||||||
Stock issued for contingent consideration | $ 1,964 | |||||||||||||||||||||||||||||||||||||||
Reverse stock split | 35,683 | |||||||||||||||||||||||||||||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1 for 40 reverse split | ||||||||||||||||||||||||||||||||||||||
Debt conversion of convertible notes, shares | 109,737 | 109,737 | 109,737 | |||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 2,344,529 | $ 33,752,623 | $ 2,344,529 | $ 33,752,623 | ||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.221 | |||||||||||||||||||||||||||||||||||||||
Proceeds from common stock | $ 9,194,882 | 8,744,882 | ||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 6,993 | 675 | 48,098 | 14,960 | ||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 28,062 | 35,250 | ||||||||||||||||||||||||||||||||||||||
Derivative expense | 11,398,589 | 7,280,405 | 11,398,589 | 7,280,405 | 8,995,962 | |||||||||||||||||||||||||||||||||||
Debt instrumental | 0 | $ 2,092,700 | $ 2,092,700 | $ 13,200,000 | $ 13,200,000 | $ 13,200,000 | 0 | 13,200,000 | ||||||||||||||||||||||||||||||||
Borrowing from notes payable | 1,276,000 | $ 2,000,000 | $ 5,500,000 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 418,455 | 915,545 | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 1,714,127 | 49,442 | ||||||||||||||||||||||||||||||||||||||
Operating Expenses | $ 1,921,362 | 4,798,969 | $ 4,668,775 | $ 8,889,827 | $ 24,737,239 | $ 50,932,697 | ||||||||||||||||||||||||||||||||||
Warrants vested | 71,698,014 | |||||||||||||||||||||||||||||||||||||||
Related Party Lender [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 17,304 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 688 | |||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 17,992 | |||||||||||||||||||||||||||||||||||||||
Note Payable Holder [Member] | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 5,500 | |||||||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 12,375 | |||||||||||||||||||||||||||||||||||||||
As Compensation [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 2,525 | |||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
[custom:WarrantsIssuedToPurchaseOfCommonStockShares-0] | 18.334 | |||||||||||||||||||||||||||||||||||||||
Foundation Sports Systems LLC [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 1,350 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 3,550,000 | |||||||||||||||||||||||||||||||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 4,195,000 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 150 | |||||||||||||||||||||||||||||||||||||||
Debt conversion of convertible notes, shares | 109,740 | |||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 6,994 | 675 | 48,098 | 598,396 | ||||||||||||||||||||||||||||||||||||
Warrants granted for services | 37,086 | 2,003,383 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 14,046,300 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | 915,545 | $ 3,550,000 | ||||||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 7,717,874 | 50,000 | ||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | 0.43 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 50,873 | |||||||||||||||||||||||||||||||||||||||
Derivative expense | $ 11,398,589 | |||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 25 | $ 26 | ||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 25,463 | 26,219 | ||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 13,707 | 188 | 625 | |||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.39 | |||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 1,964 | 1,350 | 48,098 | 14,960 | ||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 14 | $ 1 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 2 | $ 1 | $ 48 | $ 15 | ||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Gameface [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 1,196 | |||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 2,068 | |||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 51,682 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 775 | 518 | ||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 70,727 | 1,350 | ||||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 31 | $ 21 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 109,737 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 4,389 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 2,829 | 54 | ||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.0004 | |||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||||||||||||||||||||||||||||
[custom:WarrantsIssuedToPurchaseOfCommonStockShares-0] | 733,333 | |||||||||||||||||||||||||||||||||||||||
Amended Loan Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 169,196 | |||||||||||||||||||||||||||||||||||||||
Gameface AI [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 14,960 | |||||||||||||||||||||||||||||||||||||||
Gameface AI [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 14,960 | |||||||||||||||||||||||||||||||||||||||
Midcity Capital Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 750 | |||||||||||||||||||||||||||||||||||||||
Midcity Capital Ltd [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 750 | |||||||||||||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Derivative expense | $ 1,715,557 | |||||||||||||||||||||||||||||||||||||||
Borrowing from notes payable | $ 600,000 | |||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.84 | $ 8.84 | $ 1.90 | $ 1.90 | ||||||||||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 0.221 | $ 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] | ||||||||||||||||||||||||||||||||||||||||
Debt instrumental | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||
Debt instrument interest rate effective percentage | 4.33% | 4.33% | ||||||||||||||||||||||||||||||||||||||
Common stock exercisable, shares | 452,489 | 452,489 | ||||||||||||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Maximum [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock exercisable, shares | 452,489 | 452,489 | ||||||||||||||||||||||||||||||||||||||
Armistice Capital Master Fund Ltd [Member] | Loan and Security Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Derivative expense | $ 1,715,557 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 26,219 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 26,219 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 15.60 | |||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 25,463 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 295,050 | |||||||||||||||||||||||||||||||||||||||
Warrant, per share | $ 15.596 | |||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.0004 | 3.546 | 3.546 | $ 8.84 | ||||||||||||||||||||||||||||||||||||
Proceeds from common stock | $ 4,549,882 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 15.60 | |||||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 25,463 | |||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 25,463 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 295,050 | |||||||||||||||||||||||||||||||||||||||
Warrant, per share | $ 15.596 | |||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 3.55 | $ 3.55 | ||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 5-Year Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 15.60 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 320,513 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 5-Year Warrants [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 15.60 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 320,513 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7-Year Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 17.20 | |||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 641,026 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 641,026 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7-Year Warrants [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 641,026 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7.5 -Year Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 17.20 | |||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 641,026 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 641,026 | |||||||||||||||||||||||||||||||||||||||
Investor [Member] | Securities Purchase Agreement [Member] | 7.5 -Year Warrants [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 17.20 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 641,026 | |||||||||||||||||||||||||||||||||||||||
Gabriel Goldman [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 625 | |||||||||||||||||||||||||||||||||||||||
Gabriel Goldman [Member] | Previously Reported [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 625 | |||||||||||||||||||||||||||||||||||||||
Related Party Lender [Member] | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 4,093 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6,220,000 | |||||||||||||||||||||||||||||||||||||||
Two Employees [Member] | Services rendered in lieu of cash [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 126 | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | 187,803 | |||||||||||||||||||||||||||||||||||||||
Vendor [Member] | Marketing And Advisory Services [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture | 47 | 47 | 47 | |||||||||||||||||||||||||||||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | 16,875 | |||||||||||||||||||||||||||||||||||||||
Six New Brand Ambassadors [Member] | As Compensation [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 228 | |||||||||||||||||||||||||||||||||||||||
Six New Brand Ambassadors [Member] | Maximum [Member] | As Compensation [Member] | Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 150 | |||||||||||||||||||||||||||||||||||||||
Brand Ambassadors [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expense | 907,042 | |||||||||||||||||||||||||||||||||||||||
Vendor One [Member] | Marketing And Advisory Services [Member] | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, before Forfeiture | 16,874 | |||||||||||||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expense | 32,381,309 | |||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 10 years | |||||||||||||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Warrant [Member] | Exercise Price One [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 0.4 | |||||||||||||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Warrant [Member] | Exercise Price Two [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 1,368 | |||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 10,000 | |||||||||||||||||||||||||||||||||||||||
Key Employees and Officers [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expense | 255,124 | |||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 150 | |||||||||||||||||||||||||||||||||||||||
Service Provider [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 30 | |||||||||||||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 10 years | |||||||||||||||||||||||||||||||||||||||
Service Provider [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 1,000 | |||||||||||||||||||||||||||||||||||||||
Three Members [Member] | As Compensation [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 67,500 | 87,656 | ||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,152 | |||||||||||||||||||||||||||||||||||||||
Three Members [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 214,552 | |||||||||||||||||||||||||||||||||||||||
Lead Placement Agent [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 667 | |||||||||||||||||||||||||||||||||||||||
Warrants, exercise price | $ 1.90 | |||||||||||||||||||||||||||||||||||||||
Operating Expenses | $ 376,000 | |||||||||||||||||||||||||||||||||||||||
Lead Placement Agent [Member] | Warrant [Member] | Exercise Price One [Member] | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 1,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 08, 2023 | Jan. 26, 2023 | Nov. 21, 2022 | Oct. 12, 2022 | Jun. 30, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2023 | Apr. 30, 2022 | Oct. 23, 2023 | Jul. 31, 2023 | Jul. 26, 2023 | Jan. 31, 2023 | Jan. 06, 2023 | Jul. 31, 2022 | Jun. 17, 2022 | Apr. 30, 2021 | |
Loss Contingencies [Line Items] | |||||||||||||||||
Rent expense | $ 4,548 | $ 17,000 | $ 4,900 | $ 22,176 | |||||||||||||
Fair value of common stock | 1,334,000 | $ 1,334,000 | |||||||||||||||
Number of stock issued | 6,993 | 675 | 48,098 | 14,960 | |||||||||||||
Balance of contingent consideration | 418,455 | $ 418,455 | |||||||||||||||
Debt instrumental | 0 | 13,200,000 | $ 2,092,700 | $ 13,200,000 | |||||||||||||
Stockholders equity | $ (14,397,643) | $ 37,141,015 | (18,613,761) | 32,511,932 | $ (18,369,272) | 11,700,000 | $ 47,773,360 | ||||||||||
Previously Reported [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of stock issued | 6,994 | 675 | 48,098 | 598,396 | |||||||||||||
Stockholders equity | $ (18,613,761) | $ 32,511,932 | $ (18,450,744) | ||||||||||||||
Minimum [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Stockholders equity | $ 2,500,000 | $ 2,500,000 | |||||||||||||||
Alleged Breach Senior Convertible Note [Member] | Oasis Capital L L C [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Loss contingency damages seeking value | $ 764,647.53 | ||||||||||||||||
Debt instrument interest rate stated percentage | 8% | ||||||||||||||||
Debt instrumental | $ 600,000 |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenue | $ 1,510,558 | $ 2,873,671 | $ 3,954,149 | $ 728,805 |
Operating expenses | 3,422,259 | 6,700,528 | 8,416,117 | 5,948,508 |
Other (income) loss | (7,935) | (163,377) | 27,974 | |
Net loss from discontinued operations | $ (1,903,766) | $ (3,663,480) | (4,461,968) | (5,247,677) |
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 |
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 ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Nov. 16, 2023 | Nov. 01, 2023 | Sep. 19, 2023 | Sep. 13, 2023 | Aug. 07, 2023 | Jun. 08, 2023 | May 01, 2023 | Jan. 26, 2023 | Oct. 03, 2022 | Sep. 28, 2022 | Aug. 25, 2022 | Jul. 29, 2022 | May 01, 2022 | Oct. 31, 2023 | Jul. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | Jan. 06, 2023 | Jun. 17, 2022 | |
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, shares issued | 151,579 | 1,844,506 | 151,579 | |||||||||||||||||||
Number of common stock, serive shares issued | 150 | 13,707 | ||||||||||||||||||||
Debt instrumental | $ 0 | $ 13,200,000 | $ 2,092,700 | $ 13,200,000 | ||||||||||||||||||
Shares, Issued | 189,718 | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 188 | $ 4,195,000 | ||||||||||||||||||||
[custom:StockIssuedDuringPeriodSharesIssuedSettlementOfAccountsPayable] | 67,500 | |||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | 1,708,152 | 27,000 | ||||||||||||||||||||
[custom:StockIssuedDuringPeriodSharesIssuedProfitGuaranteeOnNote] | 85,000 | 93,680 | ||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||
Warrants exercise price | $ 0.221 | |||||||||||||||||||||
Pre Funded Warrant [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares issued on exercise | 11,802,002 | |||||||||||||||||||||
Warrants exercise price | $ 0.00001 | |||||||||||||||||||||
Meged Agreement [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Sale of consideration received | $ 423,000 | $ 315,689 | ||||||||||||||||||||
UFS Agreement [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Sale of consideration received | $ 797,500 | $ 1,124,250 | ||||||||||||||||||||
Payment for exchange received amount | 550,000 | 750,000 | ||||||||||||||||||||
Cash less fees | 50,000 | 60,000 | ||||||||||||||||||||
UFS Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Payment for exchange received amount | $ 13,491 | |||||||||||||||||||||
Midcity Capital Ltd [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, shares issued | 750 | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares, Issued | 220,760 | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 188 | |||||||||||||||||||||
[custom:StockIssuedDuringPeriodSharesIssuedSettlementOfAccountsPayable] | 67,500 | |||||||||||||||||||||
[custom:StockIssuedDuringPeriodSharesIssuedSettlementWithFormerOwners] | 1.3500 | |||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | 58,042 | |||||||||||||||||||||
[custom:StockIssuedDuringPeriodSharesIssuedProfitGuaranteeOnNote] | 93,681 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Subsequent Event [Member] | Agile Capital Funding [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Debt instrumental | $ 693,500 | |||||||||||||||||||||
Proceeds from sale of loans receivable | 450,000 | |||||||||||||||||||||
Debt instrument periodic payment | $ 28,895.83 | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, shares issued | 25,463 | 26,219 | ||||||||||||||||||||
Number of common stock, serive shares issued | 13,707 | 188 | 625 | |||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 25 | $ 26 | ||||||||||||||||||||
Shares issued on exercise | 12,820,512 | |||||||||||||||||||||
Warrants exercise price | $ 0.39 | |||||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, shares issued | 796,399 | |||||||||||||||||||||
Shares of common stock | 1,018,510 | |||||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | Sapir L L C [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, serive shares issued | 224,472 | |||||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | Midcity Capital Ltd [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, shares issued | 42,500 | |||||||||||||||||||||
Warrant One [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares issued on exercise | 25,641,024 | |||||||||||||||||||||
Warrants term | 7 years 6 months | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of common stock, serive shares issued | 7,717,874 | 50,000 | ||||||||||||||||||||
Warrants exercise price | $ 0.43 | |||||||||||||||||||||
Warrant Two [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Shares issued on exercise | 18,099,548 | |||||||||||||||||||||
Warrants term | 5 years 6 months |
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) |
SCHEDULE OF ESTIMATED FUTURE AM
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION (Details) - USD ($) | Oct. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 |
Business Combination and Asset Acquisition [Abstract] | |||
2024 | $ 5,780 | ||
2025 | 5,780 | ||
2026 | 5,780 | ||
2027 | 5,780 | ||
2028 | 5,780 | ||
Thereafter | 72,381 | ||
Total | $ 1,000 | $ 101,281 | $ 4,842,856 |
SCHEDULE OF WARRANTS ISSUED, EX
SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Apr. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | ||||
Warrants Shares, Beginning Balance | 1,792,451 | 97,075 | 47,633 | |
Weighted Avg. Exercise Price Warrant, Beginning Balance | $ 34.208 | $ 444.50 | $ 205.156 | |
Warrants Shares, Granted | 1,714,127 | 49,442 | ||
Weighted Avg. Exercise Price Warrant, Issued | $ 11.696 | $ 139.344 | ||
Warrants Shares, Exercised | 1,708,152 | 27,000 | ||
Weighted Avg. Exercise Price Warrant, Exercised | ||||
Warrants Shares, Forfeited | ||||
Weighted Avg. Exercise Price Warrant, Forfeited | ||||
Warrants Shares, Expired | (18,750) | |||
Weighted Avg. Exercise Price Warrant, Expired | ||||
Warrants Shares, Expired | 18,750 | |||
Warrants Shares, Ending Balance | 1,792,451 | 97,075 | ||
Weighted Avg. Exercise Price Warrant, Ending Balance | $ 34.208 | $ 444.50 | ||
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 |
ACQUISITIONS AND BUSINESS COM_3
ACQUISITIONS AND BUSINESS COMBINATIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | 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% | 25% | ||
Investments | $ 0 | $ 0 | ||
Play Sight [Member] | ||||
Business Acquisition [Line Items] | ||||
Disposal equity interest percentage | 100% |
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 ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | 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 CALCULATION OF THE
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL (Details) - USD ($) | Apr. 30, 2023 | Apr. 30, 2022 |
Multiemployer Plan [Line Items] | ||
Note receivable | $ 288,980 | |
Cash and restricted cash | $ (916,082) | |
Play Sight And Foundation Sports [Member] | ||
Multiemployer Plan [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) |