Cover
Cover | 12 Months Ended |
Apr. 30, 2024 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 2 |
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 ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 229,705 | $ 202,095 |
Investment, at cost | 16,500,000 | |
Accounts receivable, net | 273,874 | 399,680 |
Inventories, net | 1,609,196 | 3,189,766 |
Prepaid inventory | 810,978 | 936,939 |
Prepaid expenses and other current assets | 197,871 | 263,020 |
Total Current Assets | 19,621,624 | 4,991,500 |
Non-Current Assets: | ||
Note receivable - former subsidiary | 2,000,000 | 2,000,000 |
Fixed assets, net of depreciation | 14,791 | |
Intangible assets, net of amortization | 1,000 | 101,281 |
Total Non-Current Assets | 2,001,000 | 2,116,072 |
TOTAL ASSETS | 21,622,624 | 7,107,572 |
Current Liabilities: | ||
Accounts payable | 4,704,596 | 5,496,629 |
Accrued expenses | 3,405,372 | 4,911,839 |
Derivative liabilities | 5,433 | 10,489,606 |
Contingent consideration | 418,455 | |
Other current liabilities | 255,648 | 22,971 |
Total Current Liabilities | 12,022,810 | 23,767,491 |
Long-Term Liabilities: | ||
Total Long-Term Liabilities | 1,953,842 | |
Total Liabilities | 12,022,810 | 25,721,333 |
Commitments and contingency | ||
SHAREHOLDERS’ EQUITY (DEFICIT) | ||
Common stock, par value, $0.001, 300,000,000 shares authorized, 1,828,541 and 16,929 shares issued and outstanding as of April 30, 2024 and April 30, 2023, respectively | 1,828 | 17 |
Additional paid in capital | 176,801,473 | 132,994,320 |
Accumulated deficit | (167,387,028) | (151,750,610) |
Accumulated other comprehensive income | 183,541 | 142,512 |
Total Stockholders’ Equity (Deficit) | 9,599,814 | (18,613,761) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 21,622,624 | 7,107,572 |
Nonrelated Party [Member] | ||
Current Liabilities: | ||
Accrued interest | 25,387 | |
Current portion of notes payable | 1,564,513 | 1,484,647 |
Related Party [Member] | ||
Current Liabilities: | ||
Accrued interest | 917,957 | 917,957 |
Current portion of notes payable | 1,169,291 | |
Long-Term Liabilities: | ||
Notes payable related parties, net of current portion | $ 1,953,842 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2024 | Apr. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 1,828,541 | 16,929 |
Common stock, shares outstanding | 1,828,541 | 16,929 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
NET SALES | $ 8,398,049 | $ 9,922,799 |
COST OF SALES | 5,004,375 | 7,144,335 |
GROSS PROFIT | 3,393,674 | 2,778,464 |
OPERATING EXPENSES | ||
Selling and marketing expenses | 1,565,006 | 1,928,198 |
General and administrative expenses | 8,271,823 | 22,743,877 |
Research and development costs | 65,164 | |
Total Operating Expenses | 9,836,829 | 24,737,239 |
OPERATING LOSS | (6,443,155) | (21,958,775) |
NON-OPERATING INCOME (EXPENSE) | ||
Amortization of debt discounts | (1,067,806) | (4,095,030) |
Loss on conversion of accounts payable to common stock | (289,980) | |
Change in fair value of derivative liability | 7,635,612 | 10,950,017 |
Derivative expense | (14,119,784) | (8,995,962) |
Total Non-Operating Income (Expenses) | (9,193,263) | (3,319,050) |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (15,636,418) | (25,277,825) |
DISCONTINUED OPERATIONS | ||
Loss from discontinued operations | (4,461,968) | |
Loss on disposal of subsidiaries | (41,413,892) | |
LOSS FROM DISCONTINUED OPERATIONS | (45,875,860) | |
NET INCOME (LOSS) FROM OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (15,636,418) | (71,153,685) |
Provision for income taxes | ||
NET INCOME (LOSS) | (15,636,418) | (71,153,685) |
Other comprehensive income (loss) | ||
Foreign currency translations adjustment | 41,029 | 87,550 |
Comprehensive income (loss) | $ (15,595,389) | $ (71,066,135) |
Net income (loss) per share - basic and diluted (see Note 3) | ||
Continuing operations basic | $ (32.44) | $ (1,806.33) |
Continuing operations diluted | (32.44) | (1,806.33) |
Discontinued operations basic | (3,278.25) | |
Discontinued operations diluted | (3,278.25) | |
Net loss per share - basic | (32.44) | (5,084.58) |
Net loss per share - diluted | $ (32.44) | $ (5,084.58) |
Weighted average common shares outstanding - basic | 482,005 | 13,994 |
Weighted average common shares outstanding - diluted | 482,005 | 13,994 |
Nonrelated Party [Member] | ||
NON-OPERATING INCOME (EXPENSE) | ||
Interest expense | $ (1,351,305) | $ (884,985) |
Related Party [Member] | ||
NON-OPERATING INCOME (EXPENSE) | ||
Interest expense | $ (293,090) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Apr. 30, 2022 | $ 5 | $ 113,053,890 | $ 54,962 | $ (80,596,925) | $ 32,511,932 |
Balance, shares at Apr. 30, 2022 | 5,243 | ||||
Stock issued for: | |||||
Conversion of notes payable | $ 5 | 14,046,295 | 14,046,300 | ||
Conversion of notes payable, shares | 5,487 | ||||
Acquisition/Contingent Consideration | $ 4 | 915,541 | 915,545 | ||
Acquisition / Contingent consideration, shares | 3,537 | ||||
Services | 37,086 | 37,086 | |||
Services, shares | 39 | ||||
Cash | $ 3 | 4,194,997 | $ 4,195,000 | ||
Cash, shares | 2,584 | 11,686 | |||
Cashless exercise of warrants | |||||
Cashless exercise of warrants, shares | 37 | ||||
Fractional share issuance | |||||
Fractional share issuance, shares | 2 | ||||
Share-based compensation | 746,511 | 746,511 | |||
Change in comprehensive income (loss) | 87,550 | 87,550 | |||
Net loss for the period | (71,153,685) | (71,153,685) | |||
Balance at Apr. 30, 2023 | $ 17 | 132,994,320 | 142,512 | (151,750,610) | (18,613,761) |
Balance, shares at Apr. 30, 2023 | 16,929 | ||||
Stock issued for: | |||||
Acquisition/Contingent Consideration | 418,454 | 418,454 | |||
Acquisition / Contingent consideration, shares | 168 | ||||
Services | $ 38 | 295,920 | $ 295,958 | ||
Services, shares | 38,499 | ||||
Cash, shares | 1,811,612 | ||||
Cashless exercise of warrants, shares | 232,489 | ||||
Change in comprehensive income (loss) | $ 41,029 | ||||
Net loss for the period | (15,636,418) | (15,636,418) | |||
Cash (including warrants) | $ 598 | 17,961,230 | 17,961,828 | ||
Cash (including warrants), shares | 598,140 | ||||
Accounts payable | $ 224 | 559,755 | 559,979 | ||
Accounts payable, shares | 223,639 | ||||
Cashless exercise of warrants | $ 232 | (232) | |||
Satisfaction of profit guarantee on note payable | $ 717 | 5,125,569 | 5,126,286 | ||
Satisfaction of profit guarantee on note payable, shares | 716,893 | ||||
Fractional adjustment in reverse split | $ 2 | (2) | |||
Fractional adjustment in reverse split, shares | 1,784 | ||||
Reclassification of derivative liability upon amendment of agreement | 17,258,959 | 17,258,959 | |||
Conversion of deferred compensation to warrants (equity) | 2,187,500 | 2,187,500 | |||
Change in comprehensive income | 41,029 | 41,029 | |||
Balance at Apr. 30, 2024 | $ 1,828 | 176,801,473 | 183,541 | (167,387,028) | 9,599,814 |
Balance, shares at Apr. 30, 2024 | 1,828,541 | ||||
Balance at Apr. 30, 2024 | $ 1,828 | $ 176,801,473 | $ 183,541 | $ (167,387,028) | $ 9,599,814 |
Balance, shares at Apr. 30, 2024 | 1,828,541 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
CASH FLOW FROM OPERTING ACTIVITIES | ||
Net (loss) | $ (15,636,418) | $ (71,153,685) |
Adjustments to reconcile net (loss) to net cash used in operating activities | ||
Depreciation, amortization and impairment expense | 115,072 | 11,555,332 |
Change in fair value of derivative liability | (7,635,612) | (10,950,017) |
Shares and warrants issued for services | 295,958 | 37,086 |
Share-based compensation | 746,511 | |
Loss on disposal | 41,413,892 | |
Derivative expense | 14,119,784 | 8,995,962 |
Non-cash transaction costs | 454,823 | |
Amortization of debt discounts | 1,067,806 | 4,095,030 |
Settlement expense | 1,928,948 | |
Loss on settlement of accounts payable | 289,980 | |
Changes in assets and liabilities, net of acquired amounts | ||
Accounts receivable | 127,448 | (1,368,643) |
Inventories | 1,580,570 | 4,413,056 |
Prepaid inventory | 125,961 | (138,308) |
Prepaid expenses and other current assets | 100,047 | 430,193 |
Accounts payable and accrued expenses | (1,114,312) | (598,814) |
Other current liabilities | 1,461,386 | 1,072,836 |
Accrued interest | 171,949 | 158,187 |
Accrued interest | 9,201 | |
Total adjustments | 12,634,985 | 60,326,327 |
Net cash used in operating activities of continuing operations | (3,001,433) | (10,827,358) |
Net cash provided by operating activities of discontinued operations | 4,461,969 | |
Net cash used in operating activities | (3,001,433) | (6,365,389) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment, at cost | (16,500,000) | |
Net cash used in investing activities of continuing operations | (16,500,000) | |
Net cash provided by operating activities of discontinued operations | ||
Net cash used in investing activities | (16,500,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants for cash | 17,961,828 | 8,744,882 |
Proceeds from notes payable | 3,728,000 | 2,000,000 |
Payments of notes payable - related parties | (785,509) | (546,158) |
Payments of notes payable | (1,425,326) | (4,377,537) |
Net cash provided by financing activities | 19,478,993 | 5,821,187 |
Effect of exchange rate fluctuations on cash and cash equivalents | 50,050 | 81,295 |
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH | 27,610 | (462,907) |
CASH AND RESTRICTED CASH - BEGINNING OF PERIOD | 202,095 | 665,002 |
CASH AND RESTRICTED CASH - END OF PERIOD | 229,705 | 202,095 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest expense | 706,942 | 482,687 |
Income taxes | ||
SUPPLEMENTAL INFORMATION - NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Conversion of convertible notes payable and accrued interest to common stock | 14,046,300 | |
Shares issued for contingent consideration | 418,455 | 915,545 |
Warrants granted for deferred compensation | 2,187,500 | |
Derivative liability recorded for shares and warrants issued in private placement | 4,999,882 | |
Note receivable issued in sale of PlaySight | $ 2,000,000 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | Note 1: ORGANIZATION AND NATURE OF BUSINESS Organization Lazex Inc. (“Lazex”) was incorporated under the laws of the State of Nevada on July 12, 2015. On August 23, 2019, the majority owner of Lazex entered into a Stock Purchase Agreement with Slinger Bag Americas Inc., a Delaware corporation (“Slinger Bag Americas”), which was 100 2,500 332,239 2,500 100 2,500 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 Effective February 25, 2020, the Company increased the number of authorized shares of common stock from 75,000,000 300,000,000 300,000,000 1,000,000,000 On June 21, 2021, Slinger Bag Americas entered into a membership interest purchase agreement with Charles Ruddy to acquire a 100 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 became 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. During April 2022, the Company determined that the technology utilized in the Foundation Sports acquired entity would take substantially more financial resources and more time to bring to market and achieve profitability than originally anticipated. As a result, the goodwill and intangible assets related to Foundation Sports were fully impaired as of April 30, 2022, resulting in an impairment loss of $ 3,486,599 75 In April 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”. Connexa is now the holding company under which Slinger Bag and Gameface reside. 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 On November 17, 2022, Gabriel Goldman and Rohit Krishnan resigned from the Board of Directors of the Company. Gabriel and Rohit were members of the audit and compensation committees. Gabriel Goldman was a member of the Company’s Nominating and Corporate Governance Committee. Neither Gabriel nor Rohit advised the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. On 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 100 100 600,000 800,000 2 (i) a promissory note in the amount of U.S. $ 2 (ii) The maturity due date of the Promissory Note is December 31, 2023 subject to a one year extension in the discretion of the Buyer until December 31, 2024. The Buyer timely elected to extend the maturity date of the Promissory Note to December 31, 2024. (iii) The Promissory Note can be partially paid over the time, but in the event it is not paid in full by December 31, 2024, then the remaining amount due (i.e. U.S. $ 2 (iv) The number of the Deposited Shares shall be determined according to the post-money valuation of the last investment round of the Company, and in the absence of such investment round, the total number of the Deposited Shares shall be $ 2 The Company has also released PlaySight from all of its obligations (except for those created by the Agreement) in respect of the Company, including any inter-company debts on the books, and the Buyer has released the Company from all of its obligations (except for those created by the Agreement) in respect of PlaySight and the Buyer. The reason for the entry into the Agreement and the transactions contemplated thereby was to eliminate the need for the Company to provide further financing for PlaySight’s operations. On December 5, 2022, the Company assigned 75 25 500,000 500,000 7 On March 7, 2023, Slinger Bag entered into an exclusive distribution agreement for Padel Tennis with a company located in Valencia, Spain called with Desarrollo y Promocion de Padel S.L. This agreement is contracted to deliver approximately $ 15 On September 13, 2023 the Company held a special meeting of stockholders in which the following items were approved: (i) the issuance of (i) 1,274 shares of the our common stock, par value $0.001 per share, that were issued on October 3, 2023, and, (ii) 14,753 shares of our common stock issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.00002 per share, (iii) 16,026 shares of common stock issuable upon the exercise of 5-Year Warrants at an exercise price of $312 per share, (iv) 32,052 shares of common stock issuable upon the exercise of 7.5 Year Warrants at an exercise price of $344 per share and (v) 22,625 shares of our common stock issuable upon the exercise of 5.5 Year Warrants at an at an exercise price per share equal to $1,768per share to Armistice Capital Master Fund Ltd and (ii) a reverse stock split of our common stock within a range of 1-for-10 to 1-fo-40 (“Reverse Stock Split”), with the Board of Directors of the Company to set the specific ratio and determine the date for the reverse split to be effective and any other action deemed necessary to effectuate the Reverse Stock Split, without further approval or authorization of stockholders, at any time within 12 months of the special meeting date. On September 25, 2023, as a result of the shareholder approval obtained at the special meeting of stockholders on September 13, 2023 and the Reverse Stock Split, the aggregate number of Pre-Funded Warrants, 5-Year Warrants, 5.5-Year Warrants and 7-Year Warrants increased from 85,455 to 471,348 due to certain adjustments that were required to be made by the terms of the relevant warrants in the event of receipt of shareholder approval and the occurrence of the Reverse Stock Split. On 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. As previously disclosed on the Current Report on Form 8-K furnished with the SEC on September 9, 2020, the Company entered into a service agreement dated September 7, 2020 (the “YK Employment Agreement”) with Yonah Kalfa, the Company’s chief innovation officer and member of the Company’s board of directors. Pursuant to Sections 2.1(a) and 2.1(b) of the YK Employment Agreement, the Company owes Mr. Kalfa $ 1,137 The Company was unable to pay Mr. Kalfa any of the compensation in cash and, given Mr. Kalfa’s extraordinary contribution to the Company, pursuant to Section 2.1(b) of the YK Employment Agreement, on January 20, 2024 the Company agreed to pay $ 1 1.137 137,000 267,380 3.74 Due to administrative delays, the Company did not issue the shares in January. Rather, on March 15, 2024, the Company issued 220,265 1 4.54 No shareholder approval was required for the issuance of the 220,265 4.54 The Company sought and obtained shareholder approval, pursuant to Nasdaq Listing Rule 5635(c), to issue the balance of 47,115 267,380 220,265 The Shares were issued on May 24, 2024 without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering. On January 20, 2024, the Company agreed to issue to Mike Ballardie, the Company’s chairman of the board and chief executive officer, warrants to purchase 317,514 0.02 10 Acquisition and Recent Transactions On March 18, 2024, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) and a share exchange agreement (the “Share Exchange Agreement,” and together with the Share Purchase Agreement, the “Agreements”) to acquire a total of 70 56 82.4 The Acquisition Structure Pursuant to the Share Purchase Agreement, the Company agreed to purchase, and the Seller agreed to sell, 2,000 20 16,500,000 Pursuant to the Exchange Agreement, the Company has agreed to purchase, and the Seller has agreed to sell, 5,000 50 8,127,572 82.4 The Exchange Shares will be issued without registration under the Securities Act, in reliance upon a safe harbor for offshore transactions or an exemption from registration for transactions not involving a public offering and, as such, will constitute “restricted securities” within the meaning of Rule 144 under the Securities Act. Under Rule 144, the Exchange Shares generally may not be offered or sold publicly unless they have been held for at least six months and subject to other conditions. Separation Agreement In connection with the Exchange Transaction, the Company has agreed that at or prior to the closing date of the Acquisition (the “Closing Date”), it will enter into a separation agreement to sell, transfer and assign all or substantially all of its legacy business, assets and liabilities related to or necessary for the operations of its “Slinger Bag” business or products (the “Legacy Business”) to a newly established entity (“NewCo”), and that after the Closing Date, NewCo will have the sole right to and obligations of the Legacy Business and will be liable to the Company for any losses arising from third-party claims against the Company that arise from liabilities related to the Legacy Business (the “Separation”). NewCo will be owned by Yonah Kalfa and Mike Ballardie. On a pro forma basis, as of April 30, 2024, the Legacy Business’ assets were approximately $ 5.1 million (which represents the assets of the Company as of January 31, 2024, minus, on a pro forma basis, the $ 16.5 million used for the purchase of 20 % ownership of YYEM in April 2024), and the liabilities of the Legacy Business were $ 12.0 million (which represents the liabilities of the Company as of April 30, 2024). Financial Accommodations As an inducement to the Company to complete the Transactions, the Agreements provide that aggregate payments of (a) $4,500,000 shall be made to the Company in cash by YYEM and (b) $500,000 shall be made to NewCo (as defined under the header “The Separation Agreement”) in cash by YYEM, as follows: (i) $800,000 payable within two (2) business days of the date of the Agreements; (ii) $1,200,000 payable within three (3) business days of the Company changing its ticker symbol from “CNXA” to “YYAI,” or such other symbol as the parties may agree; (iii) $2,000,000 payable at the Closing and (iv) $500,000 to be paid within 30 days from the Closing Date and paid to NewCo. Out of the $4,500,000, the Company paid $2,142,857 to certain companies for arranging the Transactions. Management following the Acquisition At or after the Closing, the board of directors of Connexa (the “Board of Directors” or the “Board”) shall comprise those individuals designated by YYEM Seller, and all current members of the Board shall resign with such resignation being effective on the later of the Closing or the appointment or election of the new directors. Closing Conditions The Share Exchange, as amended, provides that: ● on or before the Closing Date, the Company shall obtain approval from holders of shares of Common Stock for the Share Exchange Transaction and other matters related to the Share Exchange Transaction. Such stockholder approval was received on May 15, 2024; ● on or before the Closing Date, the Company shall obtain approval from Nasdaq for the Reverse Stock Split of the Common Stock at a ratio to be determined by the parties; ● as a condition to Closing, from the date of the Exchange Agreement through the Closing Date, the existing shares of Common Stock shall have been continually listed on Nasdaq, and the Company shall have not received a determination from Nasdaq indicating that the Common Stock will be delisted from Nasdaq; and ● the Company and YYEM shall cooperate to effectuate a reverse stock split, obtain approval from Nasdaq of a new listing application to be submitted to Nasdaq in connection with the Share Exchange Transaction, and provide such information as is necessary for the Company to obtain shareholder approval of the Share Exchange Transaction and other matters relating thereto. The shareholder approval was obtained on May 15, 2024, and a new listing application was submitted to Nasdaq in May 2024, which is currently under review by Nasdaq. We cannot provide assurance as to when, or if, all of the closing conditions will be satisfied or waived by the relevant party. As of the date of this prospectus, we have no reason to believe that any of the conditions will not be satisfied. Closing Deliverables At the Closing, the Company shall deliver to YYEM Seller the following: ● copies of all resolutions of the Board of Directors authorizing the execution, delivery, and performance of the Exchange Agreement and the other agreements, instruments, and documents required to be delivered in connection with the Exchange Agreement or at the Closing to which the Company is a party and the consummation of the transactions contemplated hereby and thereby; ● the Exchange Shares; ● all documents, instruments, agreements and certificates that may be deliverable in connection with the performance or fulfilment of the conditions under Section 6.01 and Section 6.03 of the Exchange Agreement that are relevant to the Company; ● a duly executed bought and sold note, as applicable; and ● all other documents, instruments and writings which may be reasonably requested by YYEM Seller to be delivered by the Company at or prior to the Closing pursuant to the Exchange Agreement. At the Closing, YYEM Seller shall deliver to the Company the following: ● payment of the Closing Cash Payment (as defined in the Exchange Agreement); ● a good standing certificate (or its equivalent) for YYEM from the relevant governmental authority of Hong Kong, if applicable, and each other jurisdiction where YYEM is qualified, registered, or authorized to do business, if any; ● if the YYEM shares are represented by certificates, such certificates duly endorsed for transfer by YYEM Seller, as applicable; ● a counterpart to any consents required in connection with the transactions contemplated by the Exchange Agreement; ● all documents, instruments, agreements and certificates that may be deliverable in connection with the performance or fulfilment of the conditions under Section 6.01 and Section 6.02 of the Exchange Agreement that are relevant to YYEM Seller; ● a duly executed bought and sold note as may be required under the law of Hong Kong; and ● all other documents, instruments and writings which may be reasonably requested by YYEM Buyer to be delivered by YYEM Seller and YYEM at or prior to the Closing pursuant to the Exchange Agreement. Termination The Exchange Agreement may be terminated by mutual written consent of the Company and the YYEM Seller at any time before the Closing or by either the Company or the YYEM Seller at any time before the Closing if the Share Exchange Transaction has not been consummated by the date that is 180 days from the date of the Exchange Agreement (the “Termination Date”) or if any party breaches the Exchange Agreement with respect to the closing conditions and such breaches cannot be cured by the Termination Date. If the Exchange Agreement is terminated by the Company unilaterally and of its own volition other than due to the aforementioned termination conditions, the Company shall be liable for a termination fee in the amount of three times the fees and costs incurred by the YYEM Seller in connection with the Share Exchange Transaction up to a maximum amount in the aggregate of $ 600,000 Reverse Stock Split The Company’s Board of Directors and stockholders have approved the Proposed Reverse Stock Split of its Common Stock within a range of 1-for-10 to 1-for-100 , with the Board having set the specific ratio at 1-20 and determined the date for the Proposed Reverse Stock Split to be effective to be June 27, 2024. Meged Agreements 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 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 15,107 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 all accounts receivable and all proceeds therefrom as such term is defined by Article 9 of the Uniform Commercial Code (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 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 all accounts receivable and all proceeds therefrom as such term is defined by Article 9 of the Uniform Commercial Code (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. Special Meeting of Stockholders On September 13, 2023 the Company held a special meeting of stockholders in which the following items were approved: (i) the issuance of (i) 1,274 shares of the our common stock, par value $0.001 per share, that were issued on October 3, 2023, and, (ii) 14,753 shares of our common stock issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.00002 per share, (iii) 16,026 shares of common stock issuable upon the exercise of 5-Year Warrants at an exercise price of $312 per share, (iv) 32,052 shares of common stock issuable upon the exercise of 7.5 Year Warrants at an exercise price of $344 per share and (v) 22,625 shares of our common stock issuable upon the exercise of 5.5 Year Warrants at an at an exercise price per share equal to $1,768per share to Armistice Capital Master Fund Ltd and (ii) a reverse stock split of our common stock within a range of one (1)-for-ten (10) to one (1)-for-forty (40) (“Reverse Stock Split”), with the Board of Directors of the Company to set the specific ratio and determine the date for the reverse split to be effective and any other action deemed necessary to effectuate the Reverse Stock Split, without further approval or authorization of stockholders, at any time within 12 months of the special meeting date. On September 25, 2023, as a result of the shareholder approval obtained at the special meeting of stockholders on September 13, 2023 and the Reverse Stock Split, the aggregate number of Pre-Funded Warrants, 5-Year Warrants, 5.5-Year Warrants and 7-Year Warrants increased from 85,455 to 471,348 due to certain adjustments that were required to be made by the terms of the relevant warrants in the event of receipt of shareholder approval and the occurrence of the Reverse Stock Split. Armistice Transactions from September 2023 to April 2024 From September 18, 2023 through April 30, 2024, the Company issued Armistice 473,935 On October 11, 2023, the Company, the Lenders and the Agent (as defined in the LSA) entered into a loan and security modification agreement to allow for an additional loan of $ 1,000,000 8,460 138 On December 6, 2023, the Company entered into an inducement offer letter agreement (the “Inducement Letter”) with Armistice with regard to certain of the Company’s existing warrants to purchase up to a total of 248,611 70,508 35.46 155,479 70.92 22,625 Pursuant to the Inducement Letter, Armistice agreed to exercise for cash the 2022 and 2023 Warrants to purchase an aggregate of 248,611 5.88 497,221 1,461,827.68 The resale of the shares of the Common Stock underlying the 2022 and 2023 Warrants and 224,472 As of February 21, 2024, the total amount owed pursuant to the Note was $ 3,197,335.65 3 On February 21, 2024, the Company and the Lenders and the Agent entered into a Waiver, Warrant Amendment and Second Loan and Security Modification Agreement (the “Waiver, Amendment, and Modification Agreement”). Pursuant to the Waiver, Amendment, and Modification Agreement, the Lenders and the Agent agreed to waive certain events of default with regard to certain covenants and obligations the Company had pursuant to (a) that certain registration rights agreement between the Company and the Lenders and the Agent entered into in September 2022, (b) the LSA (as modified), and (c) the Inducement Letter. Pursuant to the Waiver, Amendment, and Modification Agreement, the Company and the Lenders and the Agent agreed to modify the Loan and Security Agreement such that the Note is now convertible into up to 499,584 6.40 6.40 Pursuant to the Waiver, Amendment, and Modification Agreement, the Lenders and the Agent agreed to use their reasonable best efforts to voluntarily convert all amounts owed under the Note on or prior to the last trading day before the trading day on which the next meeting of the Company’s shareholders would take place. Pursuant to the Waiver, Amendment, and Modification Agreement, the Company and the Lenders and the Agent agreed that following shareholder approval, which the Company obtained on May 15, 2024, the October Warrants and December Warrants have been amended to lower the exercise price of such warrants to $ 3.20 Pursuant to the Waiver, Amendment, and Modification Agreement, the Company agreed that Slinger Bag Americas Inc., a Delaware subsidiary of the Company (“Slinger”) would, within ten (10) business days of the six month anniversary of the effectiveness of the registration statement on Form S-1 registering the shares of Common Stock issuable pursuant to the conversion of the Note (the “Effectiveness Date”), pay in cash to the Lenders and the Agent the difference, if any, between (i) $ 6 2 Pursuant to the Waiver, Amendment, and Modification Agreement, the Company and the Lenders and the Agent agreed that once the Note was fully repaid (either via a combination of cash payments and conversions into shares of Common Stock or just via conversions into shares of Common Stock) all liens and security interests of the Lenders and the Agent in any and all of the property of the Company and the Guarantors (as defined in the Waiver, Amendment, and Modification Agreement) would be automatically released and terminated, including without limitation, any liens and security interests evidenced by Uniform Commercial Code financing statements. Pursuant to the Waiver, Amendment, and Modification Agreement, the Company agreed to prepare and file a registration statement on Form S-1 registering the shares of Common Stock issuable pursuant to the conversion of the Note with the SEC within five (5) business days of February 21, 2024 and use commercially reasonable best efforts to cause such registration statement to be declared effective by the SEC as soon as practical thereafter and, in any event, within thirty (30) calendar days of February 21, 2024. A registration statement was filed and became effective on March 1, 2024 in compliance with this obligation. On April 15, 2024, the Company acknowledged and agreed to the entrance into a warrant purchase agreement (the “Morgan WPA”) by Armistice and Morgan Capital LLC (“Morgan”) pursuant to which Armistice sold the October and December 2023 Warrants to Morgan for $ 2,500,000 6 2,000,000 Amendment to Bylaws On October 12, 2023, the Board of Directors of the Company approved an amendment to the Bylaws of the Company to reduce the percentage of shares of stock, issued and outstanding and entitled to vote, to be present in person or represented by proxy in order to constitute a quorum for the transaction of any business from a majority to thirty-three and one third percent (33 1/3%) Share Issuance to Sapir On November 14, 2023, the Company issued 11,224 127,500 127,500 8,017 3,207 Nasdaq Compliance On January 30, 2024, the Company received a letter from the staff of the Nasdaq Stock Market confirming that following the receipt of a an investment of $ 16.5 It is further reported that, in application of Listing Rule 5815(d)(4)(B), the Company is also subject to a mandatory panel monitor in respect of its periodic filing requirements in Listing Rule 5250(c)(1) (the “Periodic Filing Rule”) for a period of one year from October 11, 2023. If, within that one-year monitoring period, the Staff finds the Company again out of compliance with the Periodic Filing Rule, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide Staff with a plan of compliance with respect to that deficiency and Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, Staff will issue a Delist Determination Letter and the Company will have an opportunity to request a new hearing with the initial Panel or a newly convened Hearings Panel if the initial Panel is unavailable. The Company will have the opportunity to respond/present to the hearing panel as provided by Listing Rule 5815(d)(4)(C) and the Company’s securities may at that time be delisted from Nasdaq. On December 12, 2023, the Company received a letter (the “Notice”) from the Staff informing the Company that because the closing bid price for the Common Stock listed on Nasdaq was below $ 1.00 30 On June 11, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq 5,000,000 SEC Delisting Determination The Company appealed of the Delisting Determination on June 18, 2024 by requesting a hearing before the Panel to stay the suspension of the Company’s securities. The hearing panel date was set for July 25, 2024. Through the subsequent filing of the Form 25-NSE with the SEC. On June 27, 2024, the Company effected a 1-20 reverse stock split, which brought its share price to $ 8.31 1 There can be no assurance that the Company will be able to satisfy Nasdaq’s continued listing requirements. The January 2024 Offering On January 19, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with three investors (the “January 2024 Investors”) for the issuance and sale to each investor of (i) 116,510 1,258,490 0.40 16.5 0.0002 349,530 3,775,470 From April 2024 through May 2024, the Company acknowledged and agreed to the entrance into certain warrant purchase agreements (the “WPAs”) by the January 2024 Investors and 10 purchasers (the “Pre-Funded Warrants Purchasers”) pursuant to which the January 2024 Investors sold all of the 3,775,470 18,877,350 Share Issuance to Smartsports On January 23, 2024, the Company issued 10,000 10,000 Agile Capital LLC Agreement On January 10, 2024, the Company entered into an agreement with Agile Capital Funding, LLC (the “Agile Jan Agreement”) pursuant to which the Company sold $ 1,460,000 1,000,000 52,142.86 Cedar Advance Agreement No.1 On January 29, 2024, the Company entered into an agreement with Cedar Advance LLC (the “Cedar Agreement”) pursuant to which the Company sold $ 1,183,200 752,000 39,440 Unique Funding Solutions Agreement On March 6, 2024, the Company entered into an agreement (the “UFS Agreement”) with Unique Funding Solutions (“UFS”) pursuant to which the Company sold $ 323,350 200,000 9,798.49 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 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. Cedar Advance Agreement No. 2 On April 3, 2024, the Company entered into an agreement with Cedar (the “Second Cedar Agreement”) pursuant to which the Company sold $ 438,000 285,000 14,600 In order to secure payment and performance of the Company’s obligations to Cedar under the Second Cedar Agreement, the Company granted to Cedar a security interest in 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. Cedar Advance Agreement No. 3 On April 22, 2024, the Company entered into an agreement with Cedar (the “Third Cedar Agreement”) pursuant to which the Company sold $ 481,800 310,200 18,530.77 In order to secure payment and performance of the Company’s obligations to Cedar under the Third Cedar Agreement, the Company granted to Cedar a security interest in 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. Operations The Company operates in the sports equipment and technology business. The Company is the owner of the Slinger Launcher, which is comprised of a portable tennis ball launcher, a portable padel tennis ball launcher and a portable pickleball launcher and Gameface, providing AI technology and performance analytics. From inception to date, we have been focused on the ball sport market globally. Our first product, the Slinger Bag Launcher, is a patented, highly portable, versatile and affordable ball launcher built into an easy to transport wheeled trolley bag. Tennis ball machines have been around since the 1950’s when they were introduced by Rene Lacoste. Improvements to performance were made in the 1970’s when Prince started its tennis business on the back of its first product - Little Prince - which was a vacuum operated ball machine. In the 1990’s the first battery operated machines came to the market and since that time very little, if anything, has changed in the structure of ball machines products outside of added computerization. Typically, the machines being marketed by traditional ball machine brands are large, cumbersome and awkward to operate. They are also generally expensive - often well above U.S. $ 1,000 700 Recent Events On May 15, 2024, the Company held its 2024 annual general meeting of stockholders at which the following items were approved: 1. The nominations of Mike Ballardie, Yonah Kalfa, Kirk Taylor, Stephen Crummey, and Rodney Rapson for election as directors at the Annual Meeting until the 2025 annual meeting of stockholders and until their respective successors are duly elected and qualified. 2. The appointment of Olayinka Oyebola & Co. to continue as our independent registered public accounting firm for the fiscal year ended April 30, 2024. 3. The approval of the issuance of shares of our common stock pursuant to that certain Share Exchange Agreement dated March 18, 2024 (the “Exchange Agreement”) among the Company, Mr. Hongyu Zhou (the “YYEM Seller”), and Yuanyu Enterprise Management Co., Limited (“YYEM”), in exchange for 50 70 82.4 17.6 4. The amendment to the Company’s certificate of incorporation to increase the authorized shares of its common stock from 300,000,000 1,000,000,000 5. The approval of an amendment to the Company’s certificate of incorporation to authorize a reverse stock split of its common stock within a range of 1-for-10 1-for-100 6. The approval of the separation of the Company’s “Slinger Bag” business and products and the transactions contemplated by the separation agreement related to the transaction contemplated by the Exchange Agreement (the “Share Exchange Transaction”) Once the Share Exchange Transaction is closed, the current board of directors of the Company will resign and will appoint YYEM’s slate of directors to the board, which will |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 2024 | |
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 $ 167,387,028 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 20 16,500,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. Financial Statement Reclassification Certain prior year amounts within accounts payable, accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 40,000 209,690 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 April 30, 2024 and April 30, 2023 consisted of the following: SCHEDULE OF INVENTORY April 30, 2024 April 30, 2023 Finished Goods $ 995,533 $ 1,509,985 Component/Replacement Parts 770,737 1,712,553 Capitalized Duty/Freight 26,171 517,228 Inventory Reserve (183,245 ) (550,000 ) Total $ 1,609,196 $ 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 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, investments 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, 2024 and 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 investment, at cost of $ 16,500,000 0 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, 2024: SCHEDULE OF DERIVATIVE LIABILITIES Note derivative is related to April 30, 2024 balance (Gain) loss for the year ended 8/6/21 warrants $ 4,898 $ (97,026 ) 6/17/22 underwriter warrants 535 (5,996 ) 9/30/22 warrants issued with common stock - (16,484,486 ) 1/6/2023 warrants issued with note payable - (2,720,053 ) 10/11/2023 warrants issued with note payable - (46,909 ) 12/7/2023 warrants issued with note payable - 11,718,858 Total $ 5,433 $ (7,635,612 ) 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: Note derivative is related to April 30, 2023 ending balance (Gain) loss for the year ended 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 $ 14,119,784 8,995,962 SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended Year Ended Expected life in years 2.5 10 3.25 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.08 5.37 2.90 4.34 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, 2024 and 2023 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 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 and Note 14. The warrants granted during the years ended April 30, 2024 and 2023 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, 2024 Year Ended April 30, 2023 Expected life in years 5 10 5 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.59 % 2.50 4.68 Expected dividends 0 % 0 % Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented. |
CONCENTRATION OF CREDIT RISK AN
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES | 12 Months Ended |
Apr. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES | Note 4 CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES Accounts Receivable Concentration As of April 30, 2024, the Company had two customers that accounted for 100 47 Accounts Payable Concentration As of April 30, 2024 and 2023, the Company had four significant suppliers that accounted for 63 59 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Apr. 30, 2024 | |
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 Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2024 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 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 expense for the years ended April 30, 2024 and 2023 was approximately $ 1,000 101,281 100,281 1,000 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | Note 6 ACCRUED EXPENSES The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES April 30, 2024 April 30, 2023 Accrued payroll $ 1,304,363 $ 1,535,186 Accrued bonus 1,022,751 1,720,606 Accrued professional fees 37,212 490,424 Other accrued expenses 1,041,046 1,165,623 Total $ 3,405,372 $ 4,911,839 |
NOTE PAYABLE - RELATED PARTY
NOTE PAYABLE - RELATED PARTY | 12 Months Ended |
Apr. 30, 2024 | |
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 $ 1,169,291 1,953,842 0 293,090 917,957 917,957 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 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2024 | |
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, 2024, 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 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2024 | |
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 April 30, 2023 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 13,000 On April 1, 2022, the Company entered into a $ 500,000 July 1, 2022 8 500,000 Cash Advance Agreements UFS Agreements 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 March 6, 2024, the Company entered into an agreement (the “UFS Agreement”) with Unique Funding Solutions (“UFS”) pursuant to which the Company sold $ 323,350 200,000 9,798.49 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 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. Cedar Agreements On January 29, 2024, the Company entered into an agreement with Cedar Advance LLC (the “Cedar Agreement”) pursuant to which the Company sold $ 1,183,200 752,000 39,440 On April 3, 2024, the Company entered into an agreement with Cedar (the “Second Cedar Agreement”) pursuant to which the Company sold $ 438,000 285,000 14,600 In order to secure payment and performance of the Company’s obligations to Cedar under the Second Cedar Agreement, the Company granted to Cedar a security interest in 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. On April 22, 2024, the Company entered into an agreement with Cedar (the “Third Cedar Agreement”) pursuant to which the Company sold $ 481,800 310,200 18,530.77 In order to secure payment and performance of the Company’s obligations to Cedar under the Third Cedar Agreement, the Company granted to Cedar a security interest in 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. Meged Agreements 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 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. Agile Capital Funding Agreements 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. On January 10, 2024, the Company entered into an agreement with Agile Capital Funding, LLC (the “Agile Jan Agreement”) pursuant to which the Company sold $ 1,460,000 1,000,000 52,142.86 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2024 | |
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 $ 1,169,291 1,953,842 917,957 917,957 The Company recognized net sales of $ 177,219 164,661 during the years ended 17,720 28,800 |
SHAREHOLDERS_ EQUITY (DEFICIT)
SHAREHOLDERS’ EQUITY (DEFICIT) | 12 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY (DEFICIT) | Note 11: SHAREHOLDERS’ EQUITY (DEFICIT) Common Stock The Company had 300,000,000 1,000,000,000 0.001 1,828,541 16,929 Equity Transactions During the Year Ended April 30, 2024 The Company issued an aggregate of 1,811,612 For the period May 1, 2023 through July 31, 2023, the Company issued 9,486 10 3,375 168 1,350 4,819 For the period August 1, 2023 through October 31, 2023, the Company issued 192,226 686 99 185,408 4,250 1,785 1 for 40 reverse split For the period November 1, 2023 through January 31, 2024, the Company issued 909,983 598,141 3 128,375 37,804 2,145,661 For the period February 1, 2024 through April 30, 2024, the Company issued 799,919 71 579,584 220,265 Equity Transactions During the Year Ended April 30, 2023 The Company issued an aggregate of 11,686 On June 15, 2022, the Company issued 5,485 On June 15, 2022, the Company issued 1,311 On June 27, 2022, the Company issued 32 On June 27, 2022, the Company issued 748 On August 25, 2022, the Company issued 1,500 On September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a single institutional investor (the “Investor”) for the issuance and sale of (i) 1,274 14,753 312 311.92 5.0 0.008 16,026 312 32,052 344 4,549,882 On October 12, 2022, the Company issued 2,405 34 350 On January 26, 2023, the Company issued 8 There were 2 The Company granted the following warrants for the year ended April 30, 2024: The Company granted 2,500 50,873 The Company granted an investor an additional 38,590 11,398,589 The Company granted 846 On December 6, 2023, the “Company entered into an inducement offer letter agreement (the “Inducement Letter”) with the Armistice Selling Shareholder of certain of the Company’s existing warrants to purchase up to a total of 24,862 0.001 7,051 709.20 15,548 3709.20 2,263 Pursuant to the Inducement Letter, Armistice agreed to exercise for cash the 2022 and 2023 Warrants to purchase an aggregate of 248,611 5.88 497,221 1,461,827.68 On January 19, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with three investors (the “January 2024 Investors”) for the issuance and sale to each investor of (i) 116,510 1,258,490 0.40 16.5 0.0002 349,530 3,775,470 The resale of the shares of the Common Stock underlying the Existing Warrants and 11,224 The Company also agreed to file a registration statement on Form S-1 (or other appropriate form if it is not then Form S-1 eligible) providing for the resale of the New Warrant Shares issued or issuable upon the exercise of the New Warrants (the “Resale Registration Statement”), within sixty (60) days after the Closing Date, and to use commercially reasonable efforts to have such Resale Registration Statement declared effective by the SEC within 120 days following the Closing Date and to keep the Resale Registration Statement effective at all times until no holder of the New Warrants owns any New Warrants or New Warrant Shares. The Company will have to pay partial liquidated damages pursuant to the Resale Registration Statement provision of the Inducement Letter if certain deadlines and requirements are not met. In the Inducement Letter, the Company agreed not to issue any shares of Common Stock or Common Stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until sixty (60) days after the Closing Date. The Company also agreed not to effect or agree to effect any Variable Rate Transaction (as defined in the Inducement Letter) until one (1) year after the Closing Date (subject to an exception). In addition, the Company agreed in the Inducement Letter to grant the Holder a participation right in future financings until the date the principal amount of a promissory note issued to the Holder in January 2023 and as modified in October 2023 has been fully repaid. On January 20, 2024 the Company granted an officer 317,514 0.02 ten years 1,187,500 Warrants Granted During the Year Ended April 30, 2024 and 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) 1,274 14,753 312 311.92 5.0 0.008 16,026 312 32,052 344 4,549,882 176.80 70.92 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 1,400,000 176.80 90,498 4.42 600,000 The following represents a summary of the warrants: SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED Year Ended April 30, 2024 Year Ended April 30, 2023 Number Weighted Price Number Weighted Beginning balance 89,615 $ 684.20 4,853 $ 8,890.00 Granted 5,254,438 0.59 85,706 234.00 Exercised (472,651 ) - - - Forfeited - - - - Expired (179 ) - (944 ) - Ending balance 4,871,223 $ 1.44 89,615 $ 684.20 Intrinsic value of warrants $ 3,712,223 $ 2,344,529 Weighted Average Remaining Contractual Life (Years) 9.25 6.45 As of April 30, 2024, 4,871,223 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2024 | |
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 nine months ended April 30, 2024 and 2023 amounted to $ 9,426 4,900 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 8 600,000 225,000 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 16,500,000 4,045,326 16.5 On December 12, 2023, the Company received a letter (the “Notice”) from the Staff informing the Company that because the closing bid price for the Common Stock listed on Nasdaq was below $ 1.00 30 On June 11, 2024, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq 5,000,000 SEC Delisting Determination The Company appealed of the Delisting Determination on June 18, 2024 by requesting a hearing before the Panel to stay the suspension of the Company’s securities and the filing of the Form 25-NSE with the SEC. On June 27, 2024, the Company effected a 1-20 reverse stock split 8.71 |
YYEM PURCHASE AGREEMENT
YYEM PURCHASE AGREEMENT | 12 Months Ended |
Apr. 30, 2024 | |
Yyem Purchase Agreement | |
YYEM PURCHASE AGREEMENT | Note 13: YYEM PURCHASE AGREEMENT On March 18, 2024, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) and a share exchange agreement (the “Share Exchange Agreement,” and together with the Share Purchase Agreement, the “Agreements”) to acquire a total of 70 56 82.4 The Acquisition Structure Pursuant to the Share Purchase Agreement, the Company agreed to purchase, and the Seller agreed to sell, 2,000 20 16,500,000 16,500,000 Pursuant to the Share Exchange Agreement, the Company has agreed to purchase, and the Seller has agreed to sell, 5,000 50 8,127,572 82.4 The Exchange Shares will be issued without registration under the Securities Act, in reliance upon a safe harbor for offshore transactions or an exemption from registration for transactions not involving a public offering and, as such, will constitute “restricted securities” within the meaning of Rule 144 under the Securities Act. Under Rule 144, the Exchange Shares generally may not be offered or sold publicly unless they have been held for at least six months and subject to other conditions. Separation Agreement In connection with the Exchange Transaction, the Company has agreed that at or prior to the closing date of the Acquisition (the “Closing Date”), it will enter into a separation agreement to sell, transfer and assign all or substantially all of its legacy business, assets and liabilities related to or necessary for the operations of its “Slinger Bag” business or products (the “Legacy Business”) to a newly established entity (“NewCo”), and that after the Closing Date, NewCo will have the sole right to and obligations of the Legacy Business and will be liable to the Company for any losses arising from third-party claims against the Company that arise from liabilities related to the Legacy Business (the “Separation”). NewCo will be owned by Yonah Kalfa and Mike Ballardie. On a pro forma basis, as of April 30, 2024, the Legacy Business’ assets were approximately $ 5.1 million (which represents the assets of the Company as of January 31, 2024, minus, on a pro forma basis, the $ 16.5 million used for the purchase of 20 % ownership of YYEM in April 2024), and the liabilities of the Legacy Business were $ 12.0 million (which represents the liabilities of the Company as of April 30, 2024). Financial Accommodations As an inducement to the Company to complete the Transactions, the Agreements provide that aggregate payments of (a) $4,500,000 shall be made to the Company in cash by YYEM and (b) $500,000 shall be made to NewCo (as defined under the header “The Separation Agreement”) in cash by YYEM, as follows: (i) $800,000 payable within two (2) business days of the date of the Agreements; (ii) $1,200,000 payable within three (3) business days of the Company changing its ticker symbol from “CNXA” to “YYAI,” or such other symbol as the parties may agree; (iii) $2,000,000 payable at the Closing and (iv) $500,000 to be paid within 30 days from the Closing Date and paid to NewCo. Out of the $4,500,000, the Company paid $2,142,857 to certain companies for arranging the Transactions. Management following the Acquisition At or after the Closing, the Board of Directors shall comprise those individuals designated by YYEM Seller, and all current members of the Board of Directors shall resign with such resignation being effective on the later of the Closing or the appointment or election of the new directors. Closing Conditions The Share Exchange, as amended, provides that: ● on or before the Closing Date, the Company shall obtain approval from holders of shares of Common Stock for the Share Exchange Transaction and other matters related to the Share Exchange Transaction. Such stockholder approval was received on May 15, 2024; ● on or before the Closing Date, the Company shall obtain approval from Nasdaq for the Reverse Stock Split of the Common Stock at a ratio to be determined by the parties; ● as a condition to Closing, from the date of the Exchange Agreement through the Closing Date, the existing shares of Common Stock shall have been continually listed on Nasdaq, and the Company shall have not received a determination from Nasdaq indicating that the Common Stock will be delisted from Nasdaq; and ● the Company and YYEM shall cooperate to effectuate a reverse stock split, obtain approval from Nasdaq of a new listing application to be submitted to Nasdaq in connection with the Share Exchange Transaction, and provide such information as is necessary for the Company to obtain shareholder approval of the Share Exchange Transaction and other matters relating thereto. The shareholder approval was obtained on May 15, 2024, and a new listing application was submitted to Nasdaq in May 2024, which is currently under review by Nasdaq and the 1:20 reverse split took place on 27 June 2024. We cannot provide assurance as to when, or if, all of the closing conditions will be satisfied or waived by the relevant party. As of the date of this prospectus, we have no reason to believe that any of the conditions will not be satisfied. Closing Deliverables At the Closing, the Company shall deliver to YYEM Seller the following: ● copies of all resolutions of the Board of Directors authorizing the execution, delivery, and performance of the Exchange Agreement and the other agreements, instruments, and documents required to be delivered in connection with the Exchange Agreement or at the Closing to which the Company is a party and the consummation of the transactions contemplated hereby and thereby; ● the Exchange Shares; ● all documents, instruments, agreements and certificates that may be deliverable in connection with the performance or fulfillment of the conditions under Section 6.01 and Section 6.03 of the Exchange Agreement that are relevant to the Company; ● a duly executed bought and sold note, as applicable; and ● all other documents, instruments and writings which may be reasonably requested by YYEM Seller to be delivered by the Company at or prior to the Closing pursuant to the Exchange Agreement. At the Closing, YYEM Seller shall deliver to the Company the following: ● payment of the Closing Cash Payment (as defined in the Exchange Agreement); ● a good standing certificate (or its equivalent) for YYEM from the relevant governmental authority of Hong Kong, if applicable, and each other jurisdiction where YYEM is qualified, registered, or authorized to do business, if any; ● if the YYEM shares are represented by certificates, such certificates duly endorsed for transfer by YYEM Seller, as applicable; ● a counterpart to any consents required in connection with the transactions contemplated by the Exchange Agreement; ● all documents, instruments, agreements and certificates that may be deliverable in connection with the performance or fulfillment of the conditions under Section 6.01 and Section 6.02 of the Exchange Agreement that are relevant to YYEM Seller; ● a duly executed bought and sold note as may be required under the law of Hong Kong; and ● all other documents, instruments and writings which may be reasonably requested by YYEM Buyer to be delivered by YYEM Seller and YYEM at or prior to the Closing pursuant to the Exchange Agreement. Termination The Exchange Agreement may be terminated by mutual written consent of the Company and the YYEM Seller at any time before the Closing or by either the Company or the YYEM Seller at any time before the Closing if the Share Exchange Transaction has not been consummated by the date that is 180 days from the date of the Exchange Agreement (the “Termination Date”) or if any party breaches the Exchange Agreement with respect to the closing conditions and such breaches cannot be cured by the Termination Date. If the Exchange Agreement is terminated by the Company unilaterally and of its own volition other than due to the aforementioned termination conditions, the Company shall be liable for a termination fee in the amount of three times the fees and costs incurred by the YYEM Seller in connection with the Share Exchange Transaction up to a maximum amount in the aggregate of $ 600,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2024 | |
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, 2024 and 2023. Net deferred tax assets from operations in the US, using an effective tax rate of 21 SCHEDULE OF NET DEFERRED TAX ASSETS 2024 2023 Deferred tax assets: Loss carryforwards $ 6,298,000 $ 3,049,000 Research and development costs Stock options 7,606,000 8,454,000 Capital loss carryforward/Disposal 186,000 11,039,000 Related party accruals 1,013,000 1,001,000 Inventory reserve 63,000 133,000 Interest deferral 223,000 221,000 Start-up costs 66,000 81,000 Other 138,000 131,000 Valuation allowance (15,593,000 ) (24,109,000 ) 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, 2024 and 2023: SCHEDULE OF INCOME TAX PROVISION 2024 2023 Income tax benefit based on book loss at US statutory rate $ 2,808,000 $ (10,983,000 ) Share-based compensation and shares for services - - Debt discount amortization 3,250,000 860,000 Related party accruals (94,000 ) 226,000 Stock options - (145,000 ) Interest expense 132,000 79,000 Depreciation 20,000 (18,000 ) Inventory reserve (107,000 ) 26,000 Interest deferral - (5,000 ) Acquisition costs 24,000 260,000 Accrued legal - (76,000 ) Loss on sale of capital assets - 8,713,000 Accrued payroll - - Change in fair value of derivatives (1,603,000 ) 481,000 Other (274,000 ) 40,000 Valuation allowance 1,460,000 542,000 Total income tax provision $ - $ - The Company had net operating loss carryforwards of $ 37,481,805 17,038,000 Net deferred tax assets from operations in Israel, using an effective tax rate of 23 SCHEDULE OF NET DEFERRED TAX ASSETS 2024 2023 Deferred tax assets: Loss carryforwards $ 295,000 $ 241,000 Start-up costs - - Research and development costs (113,000 ) (113,000 ) Valuation allowance (182,000 ) (128,000 ) 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 2024 2023 Income tax provision (benefit) based on book income (loss) at Israeli statutory rate $ (54,000 ) $ (54,000 ) Valuation allowance 54,000 54,000 Total income tax provision $ - $ - The Company had net operating loss carryforwards of approximately $ 6,298,000 3,049,000 as of April 30, 2024 and 2023, respectively, which may be available to be used to offset future taxable income in Israel. All of the Company’s tax years since inception are open for examination. 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, 2024 and 2023. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2024 | |
DISCONTINUED OPERATIONS | |
DISCONTINUED OPERATIONS | Note 15 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 Current reclassified the following operations as discontinued operations for the year ended April 30, 2023 - SCHEDULE OF DISCONTINUED OPERATIONS 2023 Revenue $ 3,954,149 Operating expenses 8,416,117 Other (income) loss - Net loss from discontinued operations $ (4,461,968 ) The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports for the year ended April 30, 2023: SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL Note receivable $ 2,000,000 Cash and restricted cash (714,507 ) Accounts receivable (411,249 ) Prepaid expenses (106,031 ) Inventory (296,920 ) Finished products used in operations (4,117,986 ) Contract assets (298,162 ) Right of use asset (103,228 ) Goodwill (25,862,000 ) Property and equipment (116,505 ) Intangible assets (18,576,475 ) Contract liabilities 3,785,408 Lease liabilities 78,016 Accounts payable and accrued expenses 3,325,747 Loss on disposal of discontinued operations $ (41,413,892 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 16: SUBSEQUENT EVENTS From May 1, 2024 through the date hereof, the Company issued the following shares of common stock: On May 24, 2024, the Company issued 47,116 On May 24, 2024, the Company issued 150,000 50,000 0.02 10 On May 24, 2024, the Company issued 33,500 16,750 On June 27, 2024, the Company issued 511,214 On July 8, 2024, the Company issued 110,665 1-20 reverse split On July 23, 2024, the Company issued 10 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. |
Financial Statement Reclassification | Financial Statement Reclassification Certain prior year amounts within accounts payable, accrued expenses, and certain operating expenses have been reclassified for consistency with the current year presentation and had no effect on the Company’s balance sheet, net loss, shareholders’ deficit or cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The majority of payments due from banks for credit card transactions process within 24 to 48 hours and are accordingly classified as cash and cash equivalents. |
Accounts Receivable | Accounts Receivable The Company’s accounts receivable are non-interest bearing trade receivables resulting from the sale of products and payable over terms ranging from 15 to 60 days. The Company provides an allowance for doubtful accounts at the point when collection is considered doubtful. Once all collection efforts have been exhausted, the Company charges-off the receivable with the allowance for doubtful accounts. The Company recorded $ 40,000 209,690 |
Inventory | Inventory Inventory is valued at the lower of the cost (determined principally on a first-in, first-out basis) or net realizable value. The Company’s valuation of inventory includes inventory reserves for inventory that will be sold below cost and the impact of inventory shrink. Inventory reserves are based on historical information and assumptions about future demand and inventory shrink trends. The Company’s inventory as of April 30, 2024 and April 30, 2023 consisted of the following: SCHEDULE OF INVENTORY April 30, 2024 April 30, 2023 Finished Goods $ 995,533 $ 1,509,985 Component/Replacement Parts 770,737 1,712,553 Capitalized Duty/Freight 26,171 517,228 Inventory Reserve (183,245 ) (550,000 ) Total $ 1,609,196 $ 3,189,766 |
Prepaid Inventory | Prepaid Inventory Prepaid inventory represents inventory that is in-transit that has been paid for but not received from the Company’s third-party vendors. The Company typically prepays for the purchase of materials and receives the products within three months after making payments. The Company continuously monitors delivery from, and payments to, the vendors. If the Company has difficulty receiving products from a vendor, the Company would cease purchasing products from such vendors in future periods. The Company has not had difficulty receiving products during the reporting periods. |
Property and equipment | Property and equipment Property and equipment acquired through business combinations are stated at the estimated fair value at the date of the acquisition. Purchases of property and equipment are stated at cost, net of accumulated depreciation and impairment losses. Expenditures that materially increase the useful life of the assets are capitalized. Ordinary repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, which is an average of 5 |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. While we may be exposed to credit risk, we consider the risk remote and do not expect that any such risk would result in a significant effect on our results of operations or financial condition. See Note 4 for further details on the Company’s concentration of credit risk as well as other risks and uncertainties. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue for their continuing operations in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its performance obligation associated with its contracts with customers at a point in time once products are shipped. Amounts collected from customers in advance of shipping products ordered are reflected as contract liabilities on the accompanying consolidated balance sheets. The Company’s standard terms are non-cancelable and do not provide for the right-of-return, other than for defective merchandise covered under the Company’s standard warranty. The Company has not historically experienced any significant returns or warranty issues. The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of this revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customer The Company determines that it has a contract with a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. Step 2: Identify the performance obligations in the contract The Company’s customers are buying an integrated system. In evaluating whether the equipment is a separate performance obligation, the Company’s management considered the customer’s ability to benefit from the equipment on its own or together with other readily available resources and if so, whether the service and equipment are separately identifiable (i.e., is the service highly dependent on, or highly interrelated with the equipment). Because the Products and Services included in the customer’s contract are integrated and highly interdependent, and because they must work together to deliver the Solution, the Company has concluded that Products installed on customer’s premise and Services contracted for by the customer are generally not distinct within the context of the contract and, therefore, constitute a single, combined performance obligation. Step 3: Determine the transaction price The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer includes predetermined fixed amounts, variable amounts, or both. The Company’s contracts do not include any rights of returns or refunds. The Company collects each year’s service fees in advance and should therefore consider the existence of a significant financing component. However, due to the fact that the payments are provided for the service of a one-year term, the Company elected to apply the practical expedient under ASC 606 which exempts the adjustment of the consideration for the existence of a significant financing component when the period between the transfer of the services and the payment for such services is one year or less. Step 4: Allocate the transaction price to the performance obligations in the contract Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price (“SSP”). The Company has identified a single performance obligation in the contract, and therefore, the allocation provisions under ASC 606 do not apply to the Company’s contracts. Step 5: Recognize revenue when the Company satisfies a performance obligation Revenues for the Company’s single, combined performance obligation are recognized on a straight-line basis over the customer’s contract term, which is the period in which the parties to the contract have enforceable rights and obligations (Typically 3-4 years). |
Business Combinations | Business Combinations Upon acquisition of a company, we determine if the transaction is a business combination, which is accounted for using the acquisition method of accounting. Under the acquisition method, once control is obtained of a business, the assets acquired, and liabilities assumed, are recorded at fair value. We use our best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. One of the most significant estimates relates to the determination of the fair value of these assets and liabilities. The determination of the fair values is based on estimates and judgments made by management. Our estimates of fair value are based upon assumptions we believe to be reasonable, but which are inherently uncertain and unpredictable. Measurement period adjustments are reflected at the time identified, up through the conclusion of the measurement period, which is the time at which all information for determination of the values of assets acquired and liabilities assumed is received and is not to exceed one year from the acquisition date. We may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. The Company elected to apply pushdown accounting to all entities acquired. Additionally, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. We continue to collect information and reevaluate these estimates and assumptions periodically and record any adjustments to preliminary estimates to goodwill, provided we are within the measurement period. If outside of the measurement period, any subsequent adjustments are recorded to the consolidated statement of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 - Unobservable pricing inputs in the market Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their categorization within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments 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, 2024 and 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 investment, at cost of $ 16,500,000 0 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, 2024: SCHEDULE OF DERIVATIVE LIABILITIES Note derivative is related to April 30, 2024 balance (Gain) loss for the year ended 8/6/21 warrants $ 4,898 $ (97,026 ) 6/17/22 underwriter warrants 535 (5,996 ) 9/30/22 warrants issued with common stock - (16,484,486 ) 1/6/2023 warrants issued with note payable - (2,720,053 ) 10/11/2023 warrants issued with note payable - (46,909 ) 12/7/2023 warrants issued with note payable - 11,718,858 Total $ 5,433 $ (7,635,612 ) 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: Note derivative is related to April 30, 2023 ending balance (Gain) loss for the year ended 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 $ 14,119,784 8,995,962 SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended Year Ended Expected life in years 2.5 10 3.25 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.08 5.37 2.90 4.34 Expected dividends 0 % 0 % Refer to Note 10 and Note 11 for more information regarding the derivative instruments. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. |
Intangible Assets | Intangible Assets Intangible assets relate to the “Slinger” technology trademark, which the Company purchased on November 10, 2020. The Company also acquired intangible assets as a part of the Gameface acquisition. These intangible assets include tradenames, internally developed software, and customer relationships. The acquired intangible assets are amortized based on the estimated present value of cash flows of each class of intangible assets in order to determine their economic useful life. All intangible assets acquired with the PlaySight transaction are included in discontinued operations. Refer to Note 6 for more information. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. Factors which could trigger impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for the overall business, a significant decrease in the market value of the assets or significant negative industry or economic trends. When such factors and circumstances exist, the Company compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amount. If those net undiscounted cash flows do not exceed the carrying amount, impairment, if any, is based on the excess of the carrying amount over the fair value based on the market value or discounted expected cash flows of those assets and is recorded in the period in which the determination is made. There was impairment of long-lived assets identified during the year ended April 30, 2024 and 2023 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. |
Share-Based Payment | Share-Based Payment The Company accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation (ASC 718). Under the fair value recognition provisions of this topic, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is the vesting period. |
Warrants | Warrants The Company grants warrants to key employees and executives as compensation on a discretionary basis. The Company also grants warrants in connection with certain note payable agreements and other key arrangements. The Company is required to estimate the fair value of share-based awards on the measurement date and recognize as expense that value of the portion of the award that is ultimately expected to vest over the requisite service period. Warrants granted in connection with ongoing arrangements are more fully described in Note 11 and Note 14. The warrants granted during the years ended April 30, 2024 and 2023 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, 2024 Year Ended April 30, 2023 Expected life in years 5 10 5 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.59 % 2.50 4.68 Expected dividends 0 % 0 % |
Foreign Currency Translation | Foreign Currency Translation Our functional currency is the U.S. dollar. The functional currency of our foreign operations, generally, is the respective local currency for each foreign subsidiary. Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable reporting date. Our consolidated statements of comprehensive loss are translated at the weighted average rate of exchange during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in other income (loss) in the period in which they occur. |
Earnings Per Share | Earnings Per Share Basic earnings per share are calculated by dividing income available to shareholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. All common stock equivalents such as shares to be issued for the conversion of notes payable and warrants were excluded from the calculation of diluted earnings per share as the effect is antidilutive. As a result, the basic and diluted earnings per share are the same for each of the periods presented. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY April 30, 2024 April 30, 2023 Finished Goods $ 995,533 $ 1,509,985 Component/Replacement Parts 770,737 1,712,553 Capitalized Duty/Freight 26,171 517,228 Inventory Reserve (183,245 ) (550,000 ) Total $ 1,609,196 $ 3,189,766 |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES Note derivative is related to April 30, 2024 balance (Gain) loss for the year ended 8/6/21 warrants $ 4,898 $ (97,026 ) 6/17/22 underwriter warrants 535 (5,996 ) 9/30/22 warrants issued with common stock - (16,484,486 ) 1/6/2023 warrants issued with note payable - (2,720,053 ) 10/11/2023 warrants issued with note payable - (46,909 ) 12/7/2023 warrants issued with note payable - 11,718,858 Total $ 5,433 $ (7,635,612 ) 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: Note derivative is related to April 30, 2023 ending balance (Gain) loss for the year ended 4/11/21 profit guaranty $ 1,456,854 $ 395,304 8/6/21 convertible notes 101,924 (2,611,410 ) 6/17/22 underwriter warrants 6,531 (57,951 ) Other derivative liabilities eliminated in uplist - (1,604,413 ) 9/30/22 warrants issued with common stock 6,109,559 (6,170,728 ) 1/6/2023 warrants issued with note payable 2,814,738 (900,819 ) Total $ 10,489,606 $ (10,950,017 ) |
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD | SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended Year Ended Expected life in years 2.5 10 3.25 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.08 5.37 2.90 4.34 Expected dividends 0 % 0 % |
Warrant [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD | SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD Year Ended April 30, 2024 Year Ended April 30, 2023 Expected life in years 5 10 5 10 Stock price volatility 150 % 50 150 Risk free interest rate 4.59 % 2.50 4.68 Expected dividends 0 % 0 % |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets reflect only those intangible assets of our continuing operations, and consist of the following: SCHEDULE OF INTANGIBLE ASSETS Amortization (in years) Carrying Value Accumulated Amortization Impairment Loss Net Carrying Value Weighted Average Period April 30, 2024 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 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 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | The composition of accrued expenses is summarized below: SCHEDULE OF ACCRUED EXPENSES April 30, 2024 April 30, 2023 Accrued payroll $ 1,304,363 $ 1,535,186 Accrued bonus 1,022,751 1,720,606 Accrued professional fees 37,212 490,424 Other accrued expenses 1,041,046 1,165,623 Total $ 3,405,372 $ 4,911,839 |
SHAREHOLDERS_ EQUITY (DEFICIT)
SHAREHOLDERS’ EQUITY (DEFICIT) (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED | The following represents a summary of the warrants: SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED Year Ended April 30, 2024 Year Ended April 30, 2023 Number Weighted Price Number Weighted Beginning balance 89,615 $ 684.20 4,853 $ 8,890.00 Granted 5,254,438 0.59 85,706 234.00 Exercised (472,651 ) - - - Forfeited - - - - Expired (179 ) - (944 ) - Ending balance 4,871,223 $ 1.44 89,615 $ 684.20 Intrinsic value of warrants $ 3,712,223 $ 2,344,529 Weighted Average Remaining Contractual Life (Years) 9.25 6.45 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2024 2023 Deferred tax assets: Loss carryforwards $ 6,298,000 $ 3,049,000 Research and development costs Stock options 7,606,000 8,454,000 Capital loss carryforward/Disposal 186,000 11,039,000 Related party accruals 1,013,000 1,001,000 Inventory reserve 63,000 133,000 Interest deferral 223,000 221,000 Start-up costs 66,000 81,000 Other 138,000 131,000 Valuation allowance (15,593,000 ) (24,109,000 ) Net deferred tax assets $ - $ - |
SCHEDULE OF INCOME TAX PROVISION | 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, 2024 and 2023: SCHEDULE OF INCOME TAX PROVISION 2024 2023 Income tax benefit based on book loss at US statutory rate $ 2,808,000 $ (10,983,000 ) Share-based compensation and shares for services - - Debt discount amortization 3,250,000 860,000 Related party accruals (94,000 ) 226,000 Stock options - (145,000 ) Interest expense 132,000 79,000 Depreciation 20,000 (18,000 ) Inventory reserve (107,000 ) 26,000 Interest deferral - (5,000 ) Acquisition costs 24,000 260,000 Accrued legal - (76,000 ) Loss on sale of capital assets - 8,713,000 Accrued payroll - - Change in fair value of derivatives (1,603,000 ) 481,000 Other (274,000 ) 40,000 Valuation allowance 1,460,000 542,000 Total income tax provision $ - $ - |
ISRAEL | |
SCHEDULE OF NET DEFERRED TAX ASSETS | SCHEDULE OF NET DEFERRED TAX ASSETS 2024 2023 Deferred tax assets: Loss carryforwards $ 295,000 $ 241,000 Start-up costs - - Research and development costs (113,000 ) (113,000 ) Valuation allowance (182,000 ) (128,000 ) Net deferred tax assets $ - $ - |
SCHEDULE OF INCOME TAX PROVISION | SCHEDULE OF INCOME TAX PROVISION 2024 2023 Income tax provision (benefit) based on book income (loss) at Israeli statutory rate $ (54,000 ) $ (54,000 ) Valuation allowance 54,000 54,000 Total income tax provision $ - $ - |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2024 | |
DISCONTINUED OPERATIONS | |
SCHEDULE OF DISCONTINUED OPERATIONS | Current reclassified the following operations as discontinued operations for the year ended April 30, 2023 - SCHEDULE OF DISCONTINUED OPERATIONS 2023 Revenue $ 3,954,149 Operating expenses 8,416,117 Other (income) loss - Net loss from discontinued operations $ (4,461,968 ) |
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL | The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports for the year ended April 30, 2023: SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL Note receivable $ 2,000,000 Cash and restricted cash (714,507 ) Accounts receivable (411,249 ) Prepaid expenses (106,031 ) Inventory (296,920 ) Finished products used in operations (4,117,986 ) Contract assets (298,162 ) Right of use asset (103,228 ) Goodwill (25,862,000 ) Property and equipment (116,505 ) Intangible assets (18,576,475 ) Contract liabilities 3,785,408 Lease liabilities 78,016 Accounts payable and accrued expenses 3,325,747 Loss on disposal of discontinued operations $ (41,413,892 ) |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul. 23, 2024 shares | Jul. 08, 2024 | Jun. 27, 2024 $ / shares shares | May 24, 2024 $ / shares shares | May 18, 2024 USD ($) $ / shares shares | Apr. 22, 2024 USD ($) | Apr. 15, 2024 USD ($) | Apr. 03, 2024 USD ($) | Mar. 18, 2024 USD ($) shares | Mar. 15, 2024 USD ($) shares | Mar. 14, 2024 USD ($) $ / shares | Mar. 06, 2024 USD ($) | Feb. 21, 2024 USD ($) $ / shares shares | Jan. 31, 2024 USD ($) $ / shares shares | Jan. 29, 2024 USD ($) | Jan. 23, 2024 shares | Jan. 20, 2024 USD ($) $ / shares shares | Jan. 19, 2024 USD ($) $ / shares shares | Jan. 10, 2024 USD ($) | Dec. 12, 2023 Integer $ / shares | Dec. 06, 2023 USD ($) $ / shares shares | Dec. 04, 2023 shares | Nov. 30, 2023 USD ($) | Nov. 16, 2023 USD ($) | Nov. 14, 2023 shares | Oct. 12, 2023 | Sep. 25, 2023 | Sep. 19, 2023 USD ($) | Sep. 13, 2023 | Aug. 07, 2023 USD ($) | Jun. 08, 2023 USD ($) | Mar. 07, 2023 USD ($) | Jan. 26, 2023 shares | Jan. 06, 2023 shares | Dec. 06, 2022 USD ($) $ / shares shares | Dec. 05, 2022 USD ($) | Nov. 27, 2022 USD ($) | Sep. 28, 2022 USD ($) $ / shares shares | Jun. 15, 2022 shares | Jun. 14, 2022 | Apr. 11, 2021 USD ($) | Sep. 16, 2019 shares | Aug. 23, 2019 USD ($) shares | Apr. 30, 2024 USD ($) $ / shares shares | Jan. 31, 2024 USD ($) $ / shares | Dec. 26, 2023 shares | Apr. 30, 2022 USD ($) | Apr. 30, 2024 USD ($) $ / shares shares | Jan. 31, 2024 USD ($) $ / shares shares | Oct. 31, 2023 $ / shares shares | Jul. 31, 2023 USD ($) shares | Apr. 30, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2024 USD ($) | Sep. 30, 2024 shares | Jul. 11, 2024 $ / shares | Jun. 11, 2024 USD ($) | May 15, 2024 $ / shares | Mar. 13, 2024 $ / shares | Jan. 30, 2024 USD ($) | Jan. 22, 2024 USD ($) | Nov. 27, 2023 USD ($) | Oct. 11, 2023 USD ($) $ / shares shares | Sep. 28, 2023 $ / shares | Jan. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Jun. 30, 2022 | Jun. 21, 2021 | Feb. 25, 2020 shares | Feb. 10, 2020 | |
Common stock shares authorized | shares | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss | $ 3,486,599 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales rate | 75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1-for-10 to 1-for-100 | 1 for 40 reverse split | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 3,197,335.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 220,265 | $ 220,265 | $ 10 | $ 4,195,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 500,000 | $ 16,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | $ 500,000 | $ 16,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross revenue percentage | 7% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ 15,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders equity description | (i) the issuance of (i) 1,274 shares of the our common stock, par value $0.001 per share, that were issued on October 3, 2023, and, (ii) 14,753 shares of our common stock issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.00002 per share, (iii) 16,026 shares of common stock issuable upon the exercise of 5-Year Warrants at an exercise price of $312 per share, (iv) 32,052 shares of common stock issuable upon the exercise of 7.5 Year Warrants at an exercise price of $344 per share and (v) 22,625 shares of our common stock issuable upon the exercise of 5.5 Year Warrants at an at an exercise price per share equal to $1,768per share to Armistice Capital Master Fund Ltd and (ii) a reverse stock split of our common stock within a range of 1-for-10 to 1-fo-40 (“Reverse Stock Split”), with the Board of Directors of the Company to set the specific ratio and determine the date for the reverse split to be effective and any other action deemed necessary to effectuate the Reverse Stock Split, without further approval or authorization of stockholders, at any time within 12 months of the special meeting date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salary ompensation | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ompensation owned | 1,137,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 4.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued during period, value, conversion | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 192,226 | 9,486 | 1,811,612 | 11,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | $ 21,622,624 | $ 21,622,624 | $ 21,622,624 | $ 7,107,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | $ 12,022,810 | $ 12,022,810 | 12,022,810 | 25,721,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separation agreement description | the Agreements provide that aggregate payments of (a) $4,500,000 shall be made to the Company in cash by YYEM and (b) $500,000 shall be made to NewCo (as defined under the header “The Separation Agreement”) in cash by YYEM, as follows: (i) $800,000 payable within two (2) business days of the date of the Agreements; (ii) $1,200,000 payable within three (3) business days of the Company changing its ticker symbol from “CNXA” to “YYAI,” or such other symbol as the parties may agree; (iii) $2,000,000 payable at the Closing and (iv) $500,000 to be paid within 30 days from the Closing Date and paid to NewCo. Out of the $4,500,000, the Company paid $2,142,857 to certain companies for arranging the Transactions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Termination fee | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds from notes | $ 3,000,000 | 3,728,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock issued during period, shares, conversion | shares | 499,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, convertible, conversion price | $ / shares | $ 6.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, convertible, conversion price decrease | $ / shares | $ 6.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed Benefit Liability, Net | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Escrow deposit | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | 6,000,000 | $ 17,961,828 | $ 8,744,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Voteing shares issued and outstanding percentage description | On October 12, 2023, the Board of Directors of the Company approved an amendment to the Bylaws of the Company to reduce the percentage of shares of stock, issued and outstanding and entitled to vote, to be present in person or represented by proxy in order to constitute a quorum for the transaction of any business from a majority to thirty-three and one third percent (33 1/3%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting fees | $ 127,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discretionary compensation | $ 127,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares isued | shares | 1,828,541 | 1,828,541 | 1,828,541 | 16,929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bit price | $ / shares | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Threshold consecutive trading days | Integer | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum stockholders equity requirement amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 3,712,223 | $ 3,712,223 | $ 3,712,223 | $ 2,344,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares, issued | shares | 10,000 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares, issued for services | shares | 10,000 | 8 | 686 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of assets | $ 1,000 | $ 1,000 | $ 1,000 | 101,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entry price | $ 700 | $ 700 | $ 700 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issueance and outstanding percentage | 17.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting Fee Compensation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares isued | shares | 8,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discretionary Compensation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares isued | shares | 3,207 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr Hongyu Zhou [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 56,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding ordinary shares | 70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yuanyu Enterprise Management Co Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding ordinary shares | 82.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders equity description | (i) the issuance of (i) 1,274 shares of the our common stock, par value $0.001 per share, that were issued on October 3, 2023, and, (ii) 14,753 shares of our common stock issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.00002 per share, (iii) 16,026 shares of common stock issuable upon the exercise of 5-Year Warrants at an exercise price of $312 per share, (iv) 32,052 shares of common stock issuable upon the exercise of 7.5 Year Warrants at an exercise price of $344 per share and (v) 22,625 shares of our common stock issuable upon the exercise of 5.5 Year Warrants at an at an exercise price per share equal to $1,768per share to Armistice Capital Master Fund Ltd and (ii) a reverse stock split of our common stock within a range of one (1)-for-ten (10) to one (1)-for-forty (40) (“Reverse Stock Split”), with the Board of Directors of the Company to set the specific ratio and determine the date for the reverse split to be effective and any other action deemed necessary to effectuate the Reverse Stock Split, without further approval or authorization of stockholders, at any time within 12 months of the special meeting date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mr Hongyu Zhou And Yuanyu Enterprise Management Co Limited [Member] | Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issueance and outstanding percentage | 50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Y Y E M Seller And Y Y E M [Member] | Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issueance and outstanding percentage | 70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Y Y E M Seller [Member] | Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issueance and outstanding percentage | 82.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant description | the shareholder approval obtained at the special meeting of stockholders on September 13, 2023 and the Reverse Stock Split, the aggregate number of Pre-Funded Warrants, 5-Year Warrants, 5.5-Year Warrants and 7-Year Warrants increased from 85,455 to 471,348 due to certain adjustments that were required to be made by the terms of the relevant warrants in the event of receipt of shareholder approval and the occurrence of the Reverse Stock Split. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 473,935 | 473,935 | 473,935 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares, issued for services | shares | 38,590 | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 2,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares, issued for services | shares | 38,499 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Sapir L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 11,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Sapir L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 11,224 | 224,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Sports To Charles Ruddy [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage by parrent | 75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage by non-controlling owners | 25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agile Capital Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 1,460,000 | $ 693,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of loans receivable | 1,000,000 | 450,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument periodic payment | $ 52,142.86 | $ 28,895.83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yonah Kalfa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 3,740,000 | $ 47,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salary ompensation | $ 1,137 | $ 137,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 4.54 | $ 267,380 | $ 267,380 | $ 267,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mike Ballardie [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | shares | 317,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
warrants term | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 1,311 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | shares | 1,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse stock split | 1-20 reverse split | 1-20 reverse stock split | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 8.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 3.20 | $ 3.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 8.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bid price | $ / shares | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in cash | $ 16,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of share issueance under award plan | shares | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining amount due | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Yonah Kalfa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 47,116 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Mike Ballardie [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
warrants term | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Mr Kalfa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salary ompensation | $ 1,137,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Yonah Kalfa Mike Ballardie And Kirk Taylor [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Director [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Chief Marketing Officer [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 16,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | shares | 75,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum stockholders equity requirement amount | $ 5,000,000,000,000 | $ 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Yonah Kalfa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | 220,265 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | shares | 300,000,000 | 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, stock split | 1-for-10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | shares | 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Yonah Kalfa [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value of issued and outstanding ordinary shares | $ 267,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | shares | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, stock split | 1-for-100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued and outstanding percentage | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Purchase Agreement [Member] | Yuanyu Enterprise Management Co Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding ordinary shares | 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of consideration received | $ 16,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash consideration | $ 600,000 | $ 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding ordinary shares | 82.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Exchange Agreement [Member] | Yuanyu Enterprise Management Co Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of issued and outstanding ordinary shares | 50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of consideration received | $ 8,127,572 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | shares | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meged Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of consideration received | $ 423,000 | $ 315,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for exchange received amount | 70,153 | 210,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash less fees | 10,580 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meged Agreements [Member] | Thereafter Per Week [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for exchange received amount | $ 15,107 | $ 17,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UFS Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of consideration received | 323,350 | $ 797,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for exchange received amount | 550,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash less fees | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UFS Agreement [Member] | Each Week Payments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for exchange received amount | 9,798.49 | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan And Security Modification Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | shares | 8,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | shares | 248,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | shares | 22,625 | 155,479 | 70,508 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | September Two Thousand Twenty Two Five Year Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 709.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | shares | 2,263 | 15,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | September Two Thousand Twenty Two Seven And Half Year Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 70.92 | $ 3,709.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 248,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Warrant [Member] | September Two Thousand Twenty Two Five Year Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 35.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | December Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | shares | 497,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 5.88 | $ 5.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 497,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants | $ 1,461,827.68 | $ 1,461,827.68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 24,862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | shares | 7,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 799,919 | 909,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants | $ 4,549,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares, issued for services | shares | 220,265 | 3.74 | 220,265 | 37,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares to be issued | shares | 349,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Pre Funded Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | shares | 16,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.0002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 349,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 3,775,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants | $ 18,877,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants issued | shares | 3,775,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.008 | $ 70.92 | $ 176.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | shares | 116,510 | 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 1,258,490 | 14,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | $ 4,549,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | Pre Funded Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.0002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | shares | 1,258,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 16,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Agreement [Member] | Cedar Advance L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 1,183,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of loans receivable | 752,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument periodic payment | $ 39,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unique Funding Solutions [Member] | Cedar Advance L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | 323,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of loans receivable | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument periodic payment | $ 9,798.49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second Agreement [Member] | Cedar Advance L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 438,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of loans receivable | 285,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument periodic payment | $ 14,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Agreement [Member] | Cedar Advance L L C [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 481,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of loans receivable | 310,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument periodic payment | $ 18,530.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Slinger Bag Americas Inc [Member] | Stock Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for acquisition | shares | 2,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of value issued for acquisition | $ 332,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sole Shareholder of SBL [Member] | Stock Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares owned | shares | 2,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Co [Member] | Yuanyu Enterprise Management Co Limited [Member] | Pro Forma [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | $ 16,500,000 | $ 5,100,000 | $ 16,500,000 | $ 5,100,000 | $ 16,500,000 | $ 5,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20% | 20% | 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Slinger Bag Americas Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of ownership | 100% | 100% | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares exchanged | shares | 2,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sole Shareholder of SBL [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of ownership | 82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Sports Systems LLC [Member] | Charles Ruddy [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of ownership | 100% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
Multiemployer Plan [Line Items] | ||||
Accumulated deficit | $ 167,387,028 | $ 151,750,610 | ||
Investment retained after disposal, ownership interest after disposal | 20% | |||
Investment amount | $ 165,000 | |||
Foundation Sports Systems LLC [Member] | ||||
Multiemployer Plan [Line Items] | ||||
Investment retained after disposal, ownership interest after disposal | 25% | |||
Investment amount | $ 0 | |||
Play Sight [Member] | Foundation Sports Systems LLC [Member] | ||||
Multiemployer Plan [Line Items] | ||||
Discontinuing operations percentage | 75% | 75% |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Accounting Policies [Abstract] | ||
Finished Goods | $ 995,533 | $ 1,509,985 |
Component/Replacement Parts | 770,737 | 1,712,553 |
Capitalized Duty/Freight | 26,171 | 517,228 |
Inventory Reserve | (183,245) | (550,000) |
Total | $ 1,609,196 | $ 3,189,766 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Offsetting Assets [Line Items] | ||
Note derivative balance | $ 5,433 | $ 10,489,606 |
Note derivative (gain) loss | (7,635,612) | (10,950,017) |
Warrant [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 4,898 | |
Note derivative (gain) loss | (97,026) | |
Underwriter Warrants [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 535 | 6,531 |
Note derivative (gain) loss | (5,996) | (57,951) |
Warrants Issued With Common Stock [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 6,109,559 | |
Note derivative (gain) loss | (16,484,486) | (6,170,728) |
Warrants Issued With Notes Payable One [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 2,814,738 | |
Note derivative (gain) loss | (2,720,053) | (900,819) |
Warrants Issued With Notes Payable Two [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | ||
Note derivative (gain) loss | (46,909) | |
Warrants Issued With Notes Payable Three [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | ||
Note derivative (gain) loss | $ 11,718,858 | |
Profit Guaranty [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 1,456,854 | |
Note derivative (gain) loss | 395,304 | |
Convertible Notes [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | 101,924 | |
Note derivative (gain) loss | (2,611,410) | |
Other Derivative Liabilities [Member] | ||
Offsetting Assets [Line Items] | ||
Note derivative balance | ||
Note derivative (gain) loss | $ (1,604,413) |
SCHEDULE OF DERIVATIVE AND WARR
SCHEDULE OF DERIVATIVE AND WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details) - Valuation Technique, Option Pricing Model [Member] | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Measurement Input, Price Volatility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 150 | |
Measurement Input, Expected Dividend Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 0 | 0 |
Minimum [Member] | Measurement Input, Expected Term [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liabilities Measurement input, term | 2 years 6 months | 3 years 3 months |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 50 | |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 4.08 | 2.90 |
Maximum [Member] | Measurement Input, Expected Term [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liabilities Measurement input, term | 10 years | 10 years |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 150 | |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Derivative liability measurement input | 5.37 | 4.34 |
SCHEDULE OF WARRANTS GRANTED VA
SCHEDULE OF WARRANTS GRANTED VALUATION USING BLACK-SCHOLES PRICING METHOD (Details) - Warrant [Member] - Valuation Technique, Option Pricing Model [Member] | Apr. 30, 2024 | Apr. 30, 2023 |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, term | 5 years | 5 years |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, term | 10 years | 10 years |
Measurement Input, Price Volatility [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 150 | |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 50 | |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 150 | |
Measurement Input, Risk Free Interest Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 4.59 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 2.50 | |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 4.68 | |
Measurement Input, Expected Dividend Rate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Warrants measurement input, rate | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Jan. 30, 2024 | Dec. 05, 2022 | |
Platform Operator, Crypto Asset [Line Items] | ||||
Allowance for doubtful accounts | $ 40,000 | $ 209,690 | ||
Property plant and equipment, useful life | 5 years | |||
Investment at cost | $ 16,500,000 | $ 500,000 | ||
Warrant [Member] | ||||
Platform Operator, Crypto Asset [Line Items] | ||||
Recognized derivative expense | $ 14,119,784 | 8,995,962 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Platform Operator, Crypto Asset [Line Items] | ||||
Fair value of contingent consideration | 0 | 418,455 | ||
Investment at cost | $ 16,500,000 | $ 0 |
CONCENTRATION OF CREDIT RISK _2
CONCENTRATION OF CREDIT RISK AND OTHER RISKS AND UNCERTAINTIES (Details Narrative) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100% | 47% |
Accounts Payable [Member] | Lender Concentration Risk [Member] | Customer Four [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 63% | 59% |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Value | $ 4,895,582 | $ 4,895,582 |
Accumulated Amortization | 153,677 | 153,677 |
Impairment Loss | 4,740,905 | 4,640,624 |
Net Carrying Value | 1,000 | 101,281 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Value | 385,582 | 385,582 |
Accumulated Amortization | 24,031 | 24,031 |
Impairment Loss | 360,551 | 260,270 |
Net Carrying Value | $ 1,000 | $ 101,281 |
Weighted average amortization | 15 years 3 months 3 days | 15 years 3 months 3 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Value | $ 3,930,000 | $ 3,930,000 |
Accumulated Amortization | 50,038 | 50,038 |
Impairment Loss | 3,879,962 | 3,879,962 |
Net Carrying Value | ||
Weighted average amortization | 9 years 11 months 1 day | 9 years 11 months 1 day |
Computer Software, Intangible Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying Value | $ 580,000 | $ 580,000 |
Accumulated Amortization | 79,608 | 79,608 |
Impairment Loss | 500,392 | 500,392 |
Net Carrying Value | ||
Weighted average amortization | 4 years 10 months 28 days | 4 years 10 months 28 days |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 1,000 | $ 101,281 |
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 ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Payables and Accruals [Abstract] | ||
Accrued payroll | $ 1,304,363 | $ 1,535,186 |
Accrued bonus | 1,022,751 | 1,720,606 |
Accrued professional fees | 37,212 | 490,424 |
Other accrued expenses | 1,041,046 | 1,165,623 |
Total | $ 3,405,372 | $ 4,911,839 |
NOTE PAYABLE - RELATED PARTY (D
NOTE PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | 12 Months Ended | ||||
Jan. 06, 2023 | Jan. 14, 2022 | Apr. 30, 2024 | Apr. 30, 2023 | Feb. 21, 2024 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Debt instrumental | $ 3,197,335.65 | ||||
Related Party [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Outstanding borrowings | $ 1,169,291 | $ 1,953,842 | |||
Interest expense | 293,090 | ||||
Accrued interest | $ 917,957 | $ 917,957 | |||
Payment of exchange | $ 103 | ||||
Debt instrumental | $ 2,092,700 | ||||
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 ($) | Jun. 17, 2022 | Jun. 15, 2022 | Apr. 30, 2023 |
Debt Disclosure [Abstract] | |||
Debt conversion | 109,737 | 5,485 | |
Debt conversion shares issued | 13,200,000 | ||
Interest payable | $ 846,301 | ||
Unamortizated discount | $ 122,222 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 22, 2024 USD ($) | Apr. 03, 2024 USD ($) | Mar. 06, 2024 USD ($) | Jan. 29, 2024 USD ($) | Jan. 10, 2024 USD ($) | Nov. 16, 2023 USD ($) | Sep. 19, 2023 USD ($) | Aug. 21, 2023 shares | Aug. 07, 2023 USD ($) | Jun. 08, 2023 USD ($) | Aug. 01, 2022 USD ($) | Apr. 01, 2022 USD ($) | Feb. 15, 2022 USD ($) Integer | Apr. 11, 2021 USD ($) shares | Oct. 31, 2023 shares | Jul. 31, 2023 shares | Apr. 30, 2024 USD ($) shares | Apr. 30, 2023 USD ($) shares | Jan. 22, 2024 USD ($) | Dec. 05, 2022 USD ($) | |
Short-Term Debt [Line Items] | ||||||||||||||||||||
Shares issued | shares | 192,226 | 9,486 | 1,811,612 | 11,686 | ||||||||||||||||
Derivative liability | $ 5,433 | $ 10,489,606 | ||||||||||||||||||
Consideration | $ 4,000,000 | |||||||||||||||||||
Consignment units | Integer | 13,000 | |||||||||||||||||||
Repayments of notes - related party | $ 785,509 | 546,158 | ||||||||||||||||||
Cash | $ 16,500,000 | $ 500,000 | ||||||||||||||||||
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 | $ 323,350 | $ 797,500 | ||||||||||||||||||
Payment for exchange received amount | 550,000 | |||||||||||||||||||
Cash less fees | 50,000 | |||||||||||||||||||
Cash | 200,000 | |||||||||||||||||||
UFS Agreement [Member] | Each Week Payments [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | $ 9,798.49 | $ 30,000 | ||||||||||||||||||
Cedar Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Sale of consideration received | $ 1,183,200 | |||||||||||||||||||
Cash | 752,000 | |||||||||||||||||||
Cedar Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | $ 39,440 | |||||||||||||||||||
Second Cedar Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Sale of consideration received | $ 438,000 | |||||||||||||||||||
Cash | $ 310,200 | 285,000 | ||||||||||||||||||
Second Cedar Agreement [Member] | Each Week for Next Three Weeks [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | 18,530.77 | $ 14,600 | ||||||||||||||||||
Third Cedar Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Sale of consideration received | $ 481,800 | |||||||||||||||||||
Meged Agreement [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Sale of consideration received | $ 423,000 | $ 315,689 | ||||||||||||||||||
Payment for exchange received amount | 70,153.20 | 210,600 | ||||||||||||||||||
Cash less fees | 10,580 | |||||||||||||||||||
Meged Agreement [Member] | Meged Receivables Amount [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | $ 17,538 | |||||||||||||||||||
Meged Agreement [Member] | Meged Second Receivable Amount [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | $ 15,107.14 | |||||||||||||||||||
Agile Capital Funding [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Sale of consideration received | $ 1,460,000 | $ 693,500 | ||||||||||||||||||
Payment for exchange received amount | 1,000,000 | 450,000 | ||||||||||||||||||
Agile Capital Funding [Member] | Each Week Until Receivable Amount [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Payment for exchange received amount | $ 52,142.86 | $ 28,895.83 | ||||||||||||||||||
Valuation Technique, Option Pricing Model [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Derivative liability | $ 1,251,910 | |||||||||||||||||||
Promissory Note Payable [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Shares issued | shares | 681 | |||||||||||||||||||
Interest rate | 20% | |||||||||||||||||||
Payables | $ 1,500,000 | |||||||||||||||||||
Extinguishment of debt | 1,501,914 | |||||||||||||||||||
Debt conversion, amount | $ 1,250,004 | |||||||||||||||||||
Fair value of derivative liability | $ 1,456,854 | |||||||||||||||||||
Notes Payable [Member] | ||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||
Note payable | $ 500,000 | |||||||||||||||||||
Debt maturity date | Jul. 01, 2022 | |||||||||||||||||||
Interest rate | 8% | |||||||||||||||||||
Repayments of notes - related party | $ 500,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |||
Mar. 07, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Jun. 17, 2022 | |
Related Party Transaction [Line Items] | ||||
Accrued interest - related party | $ 846,301 | |||
Revenue from related parties | $ 15,000,000 | |||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding notes payable | $ 1,169,291 | $ 1,953,842 | ||
Accrued interest - related party | 917,957 | 917,957 | ||
Revenue from related parties | 177,219 | 164,661 | ||
Outstanding accounts receivable | $ 17,720 | $ 28,800 |
SCHEDULE OF WARRANTS ISSUED, EX
SCHEDULE OF WARRANTS ISSUED, EXERCISED AND EXPIRED (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2024 | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Equity [Abstract] | |||||
Warrants Shares, Beginning Balance | 89,615 | 89,615 | 4,853 | ||
Weighted Avg. Exercise Price Warrant, Beginning Balance | $ 684.20 | $ 684.20 | $ 8,890 | ||
Warrants Shares, Granted | 5,254,438 | 85,706 | |||
Weighted Avg. Exercise Price Warrant, Granted | $ 0.59 | $ 234 | |||
Warrants Shares, Exercised | (71) | (185,408) | (1,350) | (472,651) | |
Weighted Avg. Exercise Price Warrant, Exercised | |||||
Warrants Shares, Forfeited | |||||
Weighted Avg. Exercise Price Warrant, Forfeited | |||||
Warrants Shares, Expired | (179) | (944) | |||
Weighted Avg. Exercise Price Warrant, Expired | |||||
Warrants Shares, Ending Balance | 4,871,223 | 4,871,223 | 89,615 | ||
Weighted Avg. Exercise Price Warrant, Ending Balance | $ 1.44 | $ 1.44 | $ 684.20 | ||
Intrinsic value of warrants | $ 3,712,223 | $ 3,712,223 | $ 2,344,529 | ||
Weighted Average Remaining Contractual Life (Years) | 9 years 3 months | 6 years 5 months 12 days |
SHAREHOLDERS_ EQUITY (DEFICIT_2
SHAREHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jul. 23, 2024 | Jul. 08, 2024 | Jun. 27, 2024 | Apr. 15, 2024 | Mar. 15, 2024 | Mar. 14, 2024 | Feb. 21, 2024 | Jan. 31, 2024 | Jan. 23, 2024 | Jan. 20, 2024 | Jan. 19, 2024 | Dec. 06, 2023 | Dec. 04, 2023 | Oct. 01, 2023 | Jan. 26, 2023 | Jan. 06, 2023 | Dec. 06, 2022 | Nov. 21, 2022 | Oct. 12, 2022 | Sep. 28, 2022 | Aug. 25, 2022 | Jun. 27, 2022 | Jun. 17, 2022 | Jun. 15, 2022 | Jun. 14, 2022 | Apr. 30, 2024 | Dec. 26, 2023 | Jun. 30, 2022 | Apr. 30, 2024 | Jan. 31, 2024 | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | Sep. 30, 2024 | May 18, 2024 | May 15, 2024 | Sep. 28, 2023 | Jan. 31, 2023 | Apr. 30, 2022 | Feb. 25, 2020 | |
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||||||
Common stock, shares issued | 1,828,541 | 1,828,541 | 1,828,541 | 16,929 | |||||||||||||||||||||||||||||||||||||
Common stock, shares outstanding | 1,828,541 | 1,828,541 | 1,828,541 | 16,929 | |||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 192,226 | 9,486 | 1,811,612 | 11,686 | |||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 220,265 | $ 220,265 | $ 10 | $ 4,195,000 | |||||||||||||||||||||||||||||||||||||
Stock issued during period, shares, issued for settlement of accounts payable | 3,375 | ||||||||||||||||||||||||||||||||||||||||
Stock issued during period, shares, issued for settlement | $ 168 | ||||||||||||||||||||||||||||||||||||||||
Exercise of warrants, shares | 71 | 185,408 | 1,350 | 472,651 | |||||||||||||||||||||||||||||||||||||
Profit guarantee on note, shares | 4,250 | 4,819 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 10,000 | 8 | 686 | ||||||||||||||||||||||||||||||||||||||
Stock issued for contingent consideration | $ 99 | ||||||||||||||||||||||||||||||||||||||||
Reverse stock split | 1,785 | ||||||||||||||||||||||||||||||||||||||||
Reverse stock split description | 1-for-10 reverse stock split | 1-for-10 to 1-for-100 | 1 for 40 reverse split | ||||||||||||||||||||||||||||||||||||||
Debt conversion of convertible notes, shares | 109,737 | 5,485 | |||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 3,712,223 | $ 3,712,223 | $ 3,712,223 | $ 2,344,529 | |||||||||||||||||||||||||||||||||||||
Proceeds from common stock | $ 6,000,000 | $ 17,961,828 | 8,744,882 | ||||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 350 | 34 | 2,405 | 14,960 | |||||||||||||||||||||||||||||||||||||
Shares issued | 10,000 | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 295,958 | 37,086 | |||||||||||||||||||||||||||||||||||||||
Derivative expense | $ 14,119,784 | $ 8,995,962 | |||||||||||||||||||||||||||||||||||||||
Warrants granted | 5,254,438 | 85,706 | |||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 3,197,335.65 | ||||||||||||||||||||||||||||||||||||||||
Borrowing from notes payable | $ 3,000,000 | $ 3,728,000 | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||
Warrants vested | 4,871,223 | ||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 300,000,000 | ||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 38,590 | 2,500 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 473,935 | 473,935 | 473,935 | ||||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 50,873 | ||||||||||||||||||||||||||||||||||||||||
Derivative expense | $ 11,398,589 | ||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 2,584 | ||||||||||||||||||||||||||||||||||||||||
Number of shares issued during the period | $ 3 | ||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 38,499 | 39 | |||||||||||||||||||||||||||||||||||||||
Shares owed to shareholders | 1,828,541 | 1,828,541 | 1,828,541 | 16,929 | 5,243 | ||||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 168 | 3,537 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services | $ 38 | ||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Sapir L L C [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Sale of stock, number of shares issued in transaction | 11,224 | 224,472 | |||||||||||||||||||||||||||||||||||||||
Gameface AI [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 748 | ||||||||||||||||||||||||||||||||||||||||
Midcity Capital Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 1,500 | ||||||||||||||||||||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 1,311 | ||||||||||||||||||||||||||||||||||||||||
Gabriel Goldman [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 32 | ||||||||||||||||||||||||||||||||||||||||
Officer [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.02 | ||||||||||||||||||||||||||||||||||||||||
Warrants granted | 317,514 | ||||||||||||||||||||||||||||||||||||||||
Warrants term | 10 years | ||||||||||||||||||||||||||||||||||||||||
Deferred compensation | $ 1,187,500 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 799,919 | 909,983 | |||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 220,265 | 3.74 | 220,265 | 37,804 | |||||||||||||||||||||||||||||||||||||
Shares owed to shareholders | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Shares, issued for settlements | 128,375 | 579,584 | 579,584 | 128,375 | 579,584 | ||||||||||||||||||||||||||||||||||||
Cashless exercises of warrants | 2,145,661 | ||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 4,549,882 | ||||||||||||||||||||||||||||||||||||||||
Number of shares to be issued | 349,530 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Pre Funded Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 349,530 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 3,775,470 | ||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.0002 | ||||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 18,877,350 | ||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 0.40 | ||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | 16,500,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants issued | 3,775,470 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 312 | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 116,510 | 1,274 | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 1,258,490 | 14,753 | |||||||||||||||||||||||||||||||||||||||
Warrant, per share | $ 311.92 | ||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.008 | $ 70.92 | $ 176.80 | ||||||||||||||||||||||||||||||||||||||
Proceeds from common stock | $ 4,549,882 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | Pre Funded Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.40 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 1,258,490 | ||||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | $ 16,500,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.0002 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | 5-Year Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 312 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 16,026 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | 7-Year Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 32,052 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | 7.5 -Year Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 344 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 32,052 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | January Two Thousand Twenty Four Investors [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 116,510 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 1,258,490 | ||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 598,141 | ||||||||||||||||||||||||||||||||||||||||
Amended Loan Agreement [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants granted for services, shares | 846 | ||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | 22,625 | 155,479 | 70,508 | ||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | 248,611 | ||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | September Two Thousand Twenty Two Five Year Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 709.20 | ||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | 2,263 | 15,548 | |||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | September Two Thousand Twenty Two Seven And Half Year Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 70.92 | $ 3,709.20 | |||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 248,611 | ||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Warrant [Member] | September Two Thousand Twenty Two Five Year Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 35.46 | ||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 24,862 | ||||||||||||||||||||||||||||||||||||||||
Common stock issuable exercise of warrant | 7,051 | ||||||||||||||||||||||||||||||||||||||||
Inducement Letter [Member] | December Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Warrants to purchase common stock | 497,221 | ||||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 5.88 | $ 5.88 | |||||||||||||||||||||||||||||||||||||||
Net proceeds | $ 1,461,827.68 | $ 1,461,827.68 | |||||||||||||||||||||||||||||||||||||||
Common stock warrants aggregate amount | 497,221 | ||||||||||||||||||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 4.42 | ||||||||||||||||||||||||||||||||||||||||
Borrowing from notes payable | $ 600,000 | ||||||||||||||||||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Notes [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Borrowing from notes payable | $ 1,400,000 | ||||||||||||||||||||||||||||||||||||||||
Share price | $ 176.80 | ||||||||||||||||||||||||||||||||||||||||
Loan and Security Agreement [Member] | Armistice Capital Master Fund Ltd [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Common stock exercisable, shares | 90,498 | ||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||
Number of common stock, shares issued | 10 | ||||||||||||||||||||||||||||||||||||||||
Reverse stock split | 110,665 | ||||||||||||||||||||||||||||||||||||||||
Reverse stock split description | 1-20 reverse split | 1-20 reverse stock split | |||||||||||||||||||||||||||||||||||||||
Warrants exercise price | $ 3.20 | $ 3.20 | |||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.31 | ||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jul. 08, 2024 | Jun. 27, 2024 $ / shares | Jan. 22, 2024 USD ($) | Dec. 12, 2023 Integer $ / shares | Feb. 08, 2023 USD ($) | Jan. 26, 2023 shares | Nov. 21, 2022 shares | Oct. 12, 2022 shares | Jun. 14, 2022 | Jun. 30, 2022 shares | Apr. 30, 2024 | Oct. 31, 2023 | Apr. 30, 2024 USD ($) | Apr. 30, 2023 USD ($) | Jun. 11, 2024 USD ($) | Mar. 13, 2024 $ / shares | Feb. 28, 2024 USD ($) | Feb. 21, 2024 USD ($) | Jan. 30, 2024 USD ($) | Oct. 23, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 05, 2022 USD ($) | Feb. 02, 2022 USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Rent expense | $ 9,426 | $ 4,900 | |||||||||||||||||||||
Fair value of common stock | $ 1,334,000 | ||||||||||||||||||||||
Number of stock issued | shares | 350 | 34 | 2,405 | 14,960 | |||||||||||||||||||
Balance of contingent consideration | $ 418,455 | ||||||||||||||||||||||
Debt instrument, face amount | $ 3,197,335.65 | ||||||||||||||||||||||
Cash | $ 16,500,000 | $ 500,000 | |||||||||||||||||||||
Minimum stockholders equity requirement amount | $ 5,000,000 | ||||||||||||||||||||||
Stockholders equity | $ 4,045,326 | ||||||||||||||||||||||
Investments | $ 16,500,000 | $ 500,000 | |||||||||||||||||||||
Bit price per share | $ / shares | $ 1 | ||||||||||||||||||||||
Threshold consecutive trading days | Integer | 30 | ||||||||||||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1-for-10 to 1-for-100 | 1 for 40 reverse split | ||||||||||||||||||||
Share price | $ / shares | $ 4.54 | ||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Reverse stock split | 1-20 reverse split | 1-20 reverse stock split | |||||||||||||||||||||
Share price | $ / shares | $ 8.71 | ||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Minimum stockholders equity requirement amount | $ 5,000,000,000,000 | $ 2,500,000 | |||||||||||||||||||||
Oasis Capital L L C [Member] | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Cash | $ 225,000 | ||||||||||||||||||||||
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 instrument, face amount | $ 600,000 |
YYEM PURCHASE AGREEMENT (Detail
YYEM PURCHASE AGREEMENT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 18, 2024 | Mar. 15, 2024 | Mar. 14, 2024 | Apr. 30, 2024 | Jul. 31, 2023 | Apr. 30, 2023 | |
Value of issued and outstanding ordinary shares | $ 220,265 | $ 220,265 | $ 10 | $ 4,195,000 | ||
Investment, at cost | $ 16,500,000 | |||||
Assets | 21,622,624 | 7,107,572 | ||||
Liabilities | 12,022,810 | $ 25,721,333 | ||||
Separation agreement description | the Agreements provide that aggregate payments of (a) $4,500,000 shall be made to the Company in cash by YYEM and (b) $500,000 shall be made to NewCo (as defined under the header “The Separation Agreement”) in cash by YYEM, as follows: (i) $800,000 payable within two (2) business days of the date of the Agreements; (ii) $1,200,000 payable within three (3) business days of the Company changing its ticker symbol from “CNXA” to “YYAI,” or such other symbol as the parties may agree; (iii) $2,000,000 payable at the Closing and (iv) $500,000 to be paid within 30 days from the Closing Date and paid to NewCo. Out of the $4,500,000, the Company paid $2,142,857 to certain companies for arranging the Transactions. | |||||
Termination fee | $ 600,000 | |||||
Pro Forma [Member] | Legacy Business [Member] | ||||||
Assets | 5,100,000 | |||||
Liabilities | 12,000,000 | |||||
Share Exchange Agreement [Member] | ||||||
Percentage of issued and outstanding ordinary shares | 82.40% | |||||
Mr Hongyu Zhou [Member] | ||||||
Percentage of issued and outstanding ordinary shares | 70% | |||||
Value of issued and outstanding ordinary shares | $ 56,000,000 | |||||
Yuanyu Enterprise Management Co Limited [Member] | ||||||
Percentage of issued and outstanding ordinary shares | 82.40% | |||||
Yuanyu Enterprise Management Co Limited [Member] | Pro Forma [Member] | Legacy Business [Member] | ||||||
Sale of Stock, Consideration Received on Transaction | $ 16,500,000 | |||||
Sale of Stock, Percentage of Ownership after Transaction | 20% | |||||
Yuanyu Enterprise Management Co Limited [Member] | Share Purchase Agreement [Member] | ||||||
Percentage of issued and outstanding ordinary shares | 20% | |||||
Issued and outstanding ordinary shares | 2,000 | |||||
Sale of consideration received | $ 16,500,000 | |||||
Investment, at cost | $ 16,500,000 | |||||
Yuanyu Enterprise Management Co Limited [Member] | Share Exchange Agreement [Member] | ||||||
Percentage of issued and outstanding ordinary shares | 50% | |||||
Issued and outstanding ordinary shares | 5,000 | |||||
Sale of consideration received | $ 8,127,572 |
SCHEDULE OF NET DEFERRED TAX AS
SCHEDULE OF NET DEFERRED TAX ASSETS (Details) - USD ($) | Apr. 30, 2024 | Apr. 30, 2023 |
Deferred tax assets: | ||
Loss carryforwards | $ 6,298,000 | $ 3,049,000 |
Stock options | 7,606,000 | 8,454,000 |
Capital loss carryforward/Disposal | 186,000 | 11,039,000 |
Related party accruals | 1,013,000 | 1,001,000 |
Inventory reserve | 63,000 | 133,000 |
Interest deferral | 223,000 | 221,000 |
Start-up costs | 66,000 | 81,000 |
Other | 138,000 | 131,000 |
Valuation allowance | (15,593,000) | (24,109,000) |
Net deferred tax assets | ||
ISRAEL | ||
Deferred tax assets: | ||
Loss carryforwards | 295,000 | 241,000 |
Research and development costs | (113,000) | (113,000) |
Start-up costs | ||
Valuation allowance | (182,000) | (128,000) |
Net deferred tax assets |
SCHEDULE OF INCOME TAX PROVISIO
SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax provision (benefit) based on book income (loss) at Israeli statutory rate | $ 2,808,000 | $ (10,983,000) |
Share-based compensation and shares for services | ||
Debt discount amortization | 3,250,000 | 860,000 |
Related party accruals | (94,000) | 226,000 |
Stock options | (145,000) | |
Interest expense | 132,000 | 79,000 |
Depreciation | 20,000 | (18,000) |
Inventory reserve | (107,000) | 26,000 |
Interest deferral | (5,000) | |
Acquisition costs | 24,000 | 260,000 |
Accrued legal | (76,000) | |
Loss on sale of capital assets | 8,713,000 | |
Accrued payroll | ||
Change in fair value of derivatives | (1,603,000) | 481,000 |
Other | (274,000) | 40,000 |
Valuation allowance | 1,460,000 | 542,000 |
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) | (54,000) |
Valuation allowance | 54,000 | 54,000 |
Total income tax provision |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Operating loss carryforwards | $ 6,298,000 | $ 3,049,000 |
UNITED STATES | ||
Effective tax rate | 21% | |
Operating loss carryforwards | $ 37,481,805 | $ 17,038,000 |
ISRAEL | ||
Effective tax rate | 23% | 23% |
SCHEDULE OF DISCONTINUED OPERAT
SCHEDULE OF DISCONTINUED OPERATIONS (Details) | 12 Months Ended |
Apr. 30, 2023 USD ($) | |
DISCONTINUED OPERATIONS | |
Revenue | $ 3,954,149 |
Operating expenses | 8,416,117 |
Other (income) loss | |
Net loss from discontinued operations | $ (4,461,968) |
SCHEDULE OF CALCULATION OF THE
SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL (Details) - Play Sight And Foundation Sports [Member] | Apr. 30, 2024 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Note receivable | $ 2,000,000 |
Cash and restricted cash | (714,507) |
Accounts receivable | (411,249) |
Prepaid expenses | (106,031) |
Inventory | (296,920) |
Finished products used in operations | (4,117,986) |
Contract assets | (298,162) |
Right of use asset | (103,228) |
Goodwill | (25,862,000) |
Property and equipment | (116,505) |
Intangible assets | (18,576,475) |
Contract liabilities | 3,785,408 |
Lease liabilities | 78,016 |
Accounts payable and accrued expenses | 3,325,747 |
Loss on disposal of discontinued operations | $ (41,413,892) |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details Narrative) - USD ($) | Nov. 27, 2022 | Jan. 30, 2024 | Jan. 22, 2024 | Dec. 31, 2022 | Dec. 05, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Cash | $ 16,500,000 | $ 500,000 | |||
Investments | $ 16,500,000 | $ 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 was to mature 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 | $ 800,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 23, 2024 | Jul. 08, 2024 | Jun. 27, 2024 | May 24, 2024 | Jun. 14, 2022 | Apr. 30, 2024 | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | May 18, 2024 | May 15, 2024 | Jan. 20, 2024 | |
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 192,226 | 9,486 | 1,811,612 | 11,686 | |||||||||
Common stock issued on reverse stock split | 1,785 | ||||||||||||
Reverse stock split | 1-for-10 reverse stock split | 1-for-10 to 1-for-100 | 1 for 40 reverse split | ||||||||||
Mike Ballardie [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Warrants exercise price | $ 0.02 | ||||||||||||
Warrants term | 10 years | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 10 | ||||||||||||
Warrants exercise price | $ 3.20 | $ 3.20 | |||||||||||
Exercise of warrants | 511,214 | ||||||||||||
Common stock issued on reverse stock split | 110,665 | ||||||||||||
Reverse stock split | 1-20 reverse split | 1-20 reverse stock split | |||||||||||
Subsequent Event [Member] | Yonah Kalfa [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 47,116 | ||||||||||||
Subsequent Event [Member] | Director [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 150,000 | ||||||||||||
Subsequent Event [Member] | Mike Ballardie [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Warrants to purchase shares | 50,000 | ||||||||||||
Warrants exercise price | $ 0.02 | ||||||||||||
Warrants term | 10 years | ||||||||||||
Subsequent Event [Member] | Juda Honickman [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 33,500 | ||||||||||||
Subsequent Event [Member] | Mark Radom [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Number of common stock, shares issued | 16,750 |