As Filed with Securities and Exchange Commission on November 8, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CONNEXA SPORTS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 3949 61-1789640 (I.R.S. Employer Identification Number) 2709 N. Rolling Road, Suite 138 Windso ...

FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CONNEXA SPORTS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) As Filed with Securities and Exchange Commission on November 8, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Copies to: Joseph M. Lucosky, Esq. Seth A. Brookman, Esq. Lucosky Brookman LLP 101 Wood Avenue South, 5th Floor Woodbridge, New Jersey 08830 Tel: (732) 395-4402 Approximate date of commencement o ...

Financial Losses and Impairments - The total loss on disposal of Foundation Sports and PlaySight amounted to $41,413,892 for the year ended April 30, 2023[209]. - The Company recorded an impairment loss of $11,421,817 related to goodwill and intangible assets associated with Gameface as of April 30, 2023[210]. - The total loss from discontinued operations was $0 for the three months ended July 31, 2023, compared to a loss of $1,759,714 in the same period in 2022[231]. Receivables and Financing - The Company sold $797,500 in future receivables to UFS for $550,000 in cash, agreeing to pay UFS $30,000 weekly until the amount is settled[215]. - The Company sold $315,689 in future receivables to Meged for $210,600 in cash, with weekly payments of $17,538 until the amount is paid in full[213]. - The Company issued a promissory note for $2 million as part of the sale of PlaySight, with a maturity date of December 31, 2023[206]. Stock and Shareholder Actions - The Company increased the number of authorized shares of common stock from 75,000,000 to 300,000,000 via a four-to-one forward split[201]. - The Company completed a 1-40 reverse stock split of its common stock on September 25, 2023[211]. - The company issued 6,809 shares of common stock to the lender in connection with the conversion on June 20, 2023[233]. - The company issued 42,500 shares of common stock to the lender in connection with the conversion on August 31, 2023[235]. Operating Expenses and Cash Flow - The total rent expense for the three months ended July 31, 2023, was $1,969 compared to $700 for the same period in 2022[225]. - Total other expenses increased by $445,050 for the three months ended July 31, 2023, compared to the same period in 2022, with other expenses totaling $1,136,655[230]. - Net cash provided by operating activities was $803,363 for the three months ended July 31, 2023, compared to a net cash used of $3,122,519 in the same period in 2022[238]. - The company had net cash used in financing activities of $601,002 for the three months ended July 31, 2023, compared to a net cash used of $3,406,129 in the same period in 2022[238]. Future Financing and Going Concern - The company plans to finance operating costs over the next twelve months with existing cash, loans from related parties, and/or private placements of debt and/or common stock[237]. - The company had an accumulated deficit of $152,597,375 as of July 31, 2023, indicating substantial doubt about its ability to continue as a going concern[232]. Market and Compliance Issues - The company is subject to potential delisting from Nasdaq due to its common stock bid price closing below the minimum requirement of $1.00 per share for 30 consecutive business days[228]. Derivatives and Fair Value - The company recorded a gain in fair value of derivatives of $2,144,554 for the three months ended July 31, 2023, compared to $3,687,495 in the same period in 2022[230]. Earn-out Consideration - The Company agreed to earn-out consideration of common shares with a fair value of $1,334,000 in connection with the Gameface acquisition[227]. Warrants - The Company has not granted any warrants for the three months ended July 31, 2023[219].

PART I [Item 1. Business](index=5&type=section&id=Item%201%20Business) The company operates in sports equipment and technology, focusing on ball launchers and AI analytics while undergoing significant corporate restructuring - Connexa Sports Technologies Inc, formerly Slinger Bag Inc, operates in the sports equipment and technology business, owning the Slinger Launcher and Gameface AI for performance analytics[156](index=156&type=chunk)[254](index=254&type=chunk)[455](index=455&type=chunk) - The company completed a **1-for-10 reverse stock split** and uplisted its common stock to the Nasdaq Capital Market on June 14, 2022[115](index=115&type=chunk)[251](index=251&type=chunk)[389](index=389&type=chunk) - In late 2022, the company divested PlaySight and 75% of Foundation Sports to reduce cash burn, recording a **total loss on disposal of $41,413,892** for the fiscal year[117](index=117&type=chunk)[119](index=119&type=chunk)[123](index=123&type=chunk)[325](index=325&type=chunk)[387](index=387&type=chunk)[955](index=955&type=chunk)[956](index=956&type=chunk) - The company's strategy focuses on global racquet sports markets through a direct-to-consumer model in North America and an international distributor network[162](index=162&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[207](index=207&type=chunk) - Manufacturing of Slinger Bag Launchers is based in southern China with an estimated monthly capacity of **5,000 units** across its product lines[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - The company faces intense competition in both sports equipment and AI-based sports technology markets, requiring continuous innovation[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk)[470](index=470&type=chunk) [Item 1A. Risk Factors](index=20&type=section&id=Item%201A%20Risk%20Factors) The company faces substantial risks including going concern uncertainty, operational challenges, and financial volatility - There is **substantial doubt about the company's ability to continue as a going concern** due to an accumulated deficit of **$151,750,610** as of April 30, 2023[124](index=124&type=chunk)[187](index=187&type=chunk)[259](index=259&type=chunk)[323](index=323&type=chunk)[326](index=326&type=chunk)[492](index=492&type=chunk)[493](index=493&type=chunk)[494](index=494&type=chunk)[496](index=496&type=chunk)[500](index=500&type=chunk)[501](index=501&type=chunk) - The company's stock price may be volatile due to variations in operating results, market conditions, and competitor actions[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The company has received delinquency notices from Nasdaq for failing to meet minimum bid price and stockholders' equity requirements, **facing potential delisting**[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[599](index=599&type=chunk)[603](index=603&type=chunk)[605](index=605&type=chunk)[632](index=632&type=chunk)[633](index=633&type=chunk) - Operations are susceptible to increasing costs for raw materials, labor, and freight, which could negatively affect gross margins[332](index=332&type=chunk)[333](index=333&type=chunk)[343](index=343&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk)[399](index=399&type=chunk)[400](index=400&type=chunk)[485](index=485&type=chunk)[486](index=486&type=chunk)[487](index=487&type=chunk) - The business is exposed to risks from international operations, including foreign currency exchange rates and political instability[98](index=98&type=chunk)[140](index=140&type=chunk)[258](index=258&type=chunk)[292](index=292&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk)[338](index=338&type=chunk)[339](index=339&type=chunk)[340](index=340&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk)[411](index=411&type=chunk)[462](index=462&type=chunk)[464](index=464&type=chunk)[489](index=489&type=chunk)[490](index=490&type=chunk)[491](index=491&type=chunk)[498](index=498&type=chunk)[499](index=499&type=chunk) - Failure to adequately protect intellectual property and combat counterfeit products could harm brand image and sales[37](index=37&type=chunk)[230](index=230&type=chunk)[271](index=271&type=chunk)[537](index=537&type=chunk)[538](index=538&type=chunk) [Item 1B. Unresolved Staff Comments](index=47&type=section&id=Item%201B%20Unresolved%20Staff%20Comments) This section is not applicable as the company is a smaller reporting company - This item is not applicable to smaller reporting companies[65](index=65&type=chunk) [Item 2. Properties](index=47&type=section&id=Item%202%20Properties) The company does not own any properties and leases its principal office from a related party without rent - The company does not own any properties and its principal office is used without rent or fee from a company owned by a related party[66](index=66&type=chunk)[288](index=288&type=chunk) [Item 3. Legal Proceedings](index=47&type=section&id=Item%203%20Legal%20Proceedings) The company is defending against a lawsuit from Oasis Capital, LLC, alleging breach of a convertible note - Oasis Capital, LLC filed a complaint against the company and its CEO for alleged breach of a convertible note and securities law violations[67](index=67&type=chunk) - The company believes the claims are without merit and is vigorously defending itself[67](index=67&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - This item is not applicable to the company[70](index=70&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on Nasdaq, has experienced significant price volatility, and no cash dividends are anticipated - The company's common stock, ticker symbol 'CNXA', uplisted to the Nasdaq Capital Market on June 15, 2022[73](index=73&type=chunk) Common Stock Bid Price History (High/Low) | Quarter Ended | High Bid ($) | Low Bid ($) | |:--------------|:-------------|:------------| | April 30, 2023| 0.18 | 0.15 | | January 31, 2023| 0.25 | 0.22 | | October 31, 2022| 0.27 | 0.23 | | July 31, 2022 | 1.08 | 0.87 | | April 30, 2022| 13.50 | 13.50 | | January 31, 2022| 15.80 | 14.30 | | October 31, 2021| 30.80 | 29.00 | | July 31, 2021 | 33.90 | 30.80 | | April 30, 2021| 52.30 | 50.30 | - As of September 14, 2023, there were **239 holders of record** of the company's common stock[75](index=75&type=chunk) - The company has never declared or paid cash dividends and does not anticipate doing so, intending to retain earnings for operations[30](index=30&type=chunk)[31](index=31&type=chunk)[76](index=76&type=chunk) - The 2020 Global Share Incentive Plan reserves **1,500,000 shares** for awards to key employees, directors, and consultants[78](index=78&type=chunk)[111](index=111&type=chunk)[587](index=587&type=chunk) - Since May 1, 2022, the company issued **6,881,655 shares** of common stock for various purposes, including a securities purchase agreement for approximately **$5.0 million**[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[89](index=89&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[614](index=614&type=chunk)[615](index=615&type=chunk)[616](index=616&type=chunk)[617](index=617&type=chunk)[618](index=618&type=chunk)[619](index=619&type=chunk)[637](index=637&type=chunk)[638](index=638&type=chunk)[639](index=639&type=chunk)[640](index=640&type=chunk)[641](index=641&type=chunk)[642](index=642&type=chunk)[691](index=691&type=chunk) - The company used net proceeds from a registered offering (**$4,195,000**) for working capital and debt repayment[92](index=92&type=chunk)[106](index=106&type=chunk) [Item 6. Selected Financial Data](index=50&type=section&id=Item%206%20Selected%20Financial%20Data) This section is not applicable as the company is a smaller reporting company - This item is not applicable to smaller reporting companies[107](index=107&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation](index=51&type=section&id=Item%207%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Financial performance shows a significant reduction in net sales and a substantial net loss, with ongoing liquidity concerns - The company's history includes multiple name changes, acquisitions, and recent divestitures to focus on its core business[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - Critical accounting policies include revenue recognition, inventory valuation, business combinations, and fair value of financial instruments[11](index=11&type=chunk)[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk)[262](index=262&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk)[412](index=412&type=chunk)[413](index=413&type=chunk)[456](index=456&type=chunk)[457](index=457&type=chunk)[458](index=458&type=chunk)[459](index=459&type=chunk)[460](index=460&type=chunk)[461](index=461&type=chunk) Consolidated Statements of Operations (Continuing Operations) | Metric | Year Ended April 30, 2023 ($) | Year Ended April 30, 2022 ($) | Change ($) | Change (%) | |:-----------------------------------------|:------------------------------|:------------------------------|:-----------|:-----------| | Net sales | 9,922,799 | 16,102,672 | (6,179,873)| -38% | | Cost of sales | 7,144,335 | 11,878,010 | (4,733,675)| -40% | | Gross profit | 2,778,464 | 4,224,662 | (1,446,198)| -34% | | Selling and marketing expenses | 1,928,198 | 3,447,570 | (1,549,372)| -45% | | General and administrative expenses | 22,743,877 | 46,718,986 | (23,975,109)| -49% | | Research and development costs | 65,164 | 736,141 | (670,977) | -91% | | Total operating expenses | 24,737,239 | 50,932,697 | (26,195,458)| -49% | | Loss from operations | (21,958,775) | (46,708,035) | 24,749,260 | -53% | | Total other (income) expense | (3,319,050) | (182,060) | (3,501,110)| -1,923% | | Net loss from Continuing Operations | (25,227,825) | (46,525,975) | 21,248,150 | -46% | | Loss from discontinued operations | (45,875,860) | (5,247,677) | (40,628,183)| 774% | | NET LOSS | (71,153,685) | (51,773,652) | (19,380,033)| 37% | - **Net sales decreased by 38% YoY** to $9,922,799 in 2023, while **gross profit margin improved to 28.00%** from 26.24%[430](index=430&type=chunk)[431](index=431&type=chunk) - Operating expenses decreased significantly, with **general and administrative expenses down 49%** and **R&D costs down 91%**[99](index=99&type=chunk)[100](index=100&type=chunk)[432](index=432&type=chunk)[433](index=433&type=chunk) Cash Flow Summary | Activity | Year Ended April 30, 2023 ($) | Year Ended April 30, 2022 ($) | |:------------------------------------|:------------------------------|:------------------------------| | Net cash used in operating activities | (6,365,389) | (12,366,700) | | Net cash used in investing activities | 0 | (1,618,341) | | Net cash provided by financing activities | 5,821,178 | 13,734,286 | | Cash and cash equivalents (end of period) | 202,095 | 665,002 | - **Net cash used in operating activities decreased by 48.5%** to $6,365,389 in 2023, while **net cash from financing activities decreased by 57.6%** to $5,821,178[127](index=127&type=chunk)[130](index=130&type=chunk) - The company entered into several merchant cash advance agreements to secure working capital by selling future receivables[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[174](index=174&type=chunk)[660](index=660&type=chunk)[662](index=662&type=chunk)[687](index=687&type=chunk)[688](index=688&type=chunk)[959](index=959&type=chunk)[960](index=960&type=chunk)[961](index=961&type=chunk) - Outstanding borrowings from related parties were **$1,953,842** as of April 30, 2023, with accrued interest of **$917,957**[137](index=137&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[385](index=385&type=chunk)[663](index=663&type=chunk)[681](index=681&type=chunk)[689](index=689&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%207A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, these disclosures are not required - As a smaller reporting company, Connexa Sports Technologies Inc is not required to provide quantitative and qualitative disclosures about market risk[180](index=180&type=chunk) [Item 8. Financial Statements and Supplementary Data.](index=61&type=section&id=Item%208%20Financial%20Statements%20and%20Supplementary%20Data%2E) Audited financial statements are presented, with the independent auditor's report highlighting a going concern uncertainty - The independent auditor's report expresses a **going concern uncertainty** due to an accumulated deficit of **$(151,750,610)** and negative working capital of **$(18,775,991)**[187](index=187&type=chunk) - A critical audit matter involved the complex debt and equity transactions related to the disposal of PlaySight[193](index=193&type=chunk)[194](index=194&type=chunk) Consolidated Balance Sheets (Summary) | Metric | April 30, 2023 ($) | April 30, 2022 ($) | |:-----------------------------------|:-------------------|:-------------------| | Total Current Assets | 4,991,500 | 12,826,096 | | Total Non-Current Assets | 2,116,072 | 62,036,850 | | TOTAL ASSETS | 7,107,572 | 74,862,946 | | Total Current Liabilities | 23,767,491 | 38,980,522 | | Total Long-Term Liabilities | 1,953,842 | 3,370,492 | | Total Liabilities | 25,721,333 | 42,351,014 | | Total Stockholders' Equity (Deficit)| (18,613,761) | 32,511,932 | Consolidated Statements of Operations and Comprehensive Loss (Summary) | Metric | Year Ended April 30, 2023 ($) | Year Ended April 30, 2022 ($) | |:-----------------------------------|:------------------------------|:------------------------------| | NET SALES | 9,922,799 | 16,102,672 | | GROSS PROFIT | 2,778,464 | 4,224,662 | | Total Operating Expenses | 24,737,239 | 50,932,697 | | OPERATING LOSS | (21,958,775) | (46,708,035) | | NET LOSS | (71,153,685) | (51,773,652) | | Comprehensive income (loss) | (71,066,135) | (51,698,520) | | Net loss per share - basic and diluted | (6.36) | (13.46) | Consolidated Statements of Cash Flows (Summary) | Activity | Year Ended April 30, 2023 ($) | Year Ended April 30, 2022 ($) | |:------------------------------------|:------------------------------|:------------------------------| | Net cash used in operating activities | (6,365,389) | (12,366,700) | | Net cash used in investing activities | 0 | (1,618,341) | | Net cash provided by financing activities | 5,821,187 | 13,734,286 | | NET DECREASE IN CASH AND RESTRICTED CASH | (462,907) | (250,948) | | CASH AND RESTRICTED CASH - END OF PERIOD | 202,095 | 665,002 | - The company reclassified PlaySight and Foundation Sports as discontinued operations, recording a **total loss on disposal of $41,413,892** in 2023[123](index=123&type=chunk)[235](index=235&type=chunk)[255](index=255&type=chunk)[613](index=613&type=chunk)[630](index=630&type=chunk) Intangible Assets (Continuing Operations) | Asset Category | Carrying Value (April 30, 2023) ($) | Carrying Value (April 30, 2022) ($) | |:-----------------------------------|:------------------------------------|:------------------------------------| | Tradenames and patents | 101,281 | 376,104 | | Customer relationships | - | 3,896,251 | | Internally developed software | - | 570,501 | | Total intangible assets | 101,281 | 4,842,856 | - Goodwill related to Gameface was fully impaired as of April 30, 2023, resulting in an **impairment loss of $11,421,817**[415](index=415&type=chunk)[453](index=453&type=chunk) Accrued Expenses | Category | April 30, 2023 ($) | April 30, 2022 ($) | |:--------------------------|:-------------------|:-------------------| | Accrued payroll | 1,535,186 | 921,759 | | Accrued bonus | 1,720,606 | 1,014,833 | | Accrued professional fees | 490,442 | 1,706,560 | | Other accrued expenses | 1,165,623 | 738,749 | | Total | 4,911,839 | 4,381,901 | Deferred Tax Assets (US Operations) | Category | 2023 ($) | 2022 ($) | |:-----------------------------------|:---------|:---------| | Loss carryforwards | 3,049,000| 2,166,000| | Stock options | 8,454,000| 8,259,000| | Capital loss carryforward/Disposal | 11,039,000| — | | Related party accruals | 1,001,000| 799,000 | | Inventory reserve | 133,000 | 100,000 | | Interest deferral | 221,000 | 191,000 | | Start-up costs | 81,000 | 84,000 | | Other | 131,000 | 57,000 | | Valuation allowance | (24,109,000)| (11,656,000)| | Net deferred tax assets | — | — | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=97&type=section&id=Item%209%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company changed its independent registered public accounting firm twice during the fiscal year with no reported disagreements - On August 28, 2022, the company re-engaged Mac Accounting Group, LLP, replacing WithumSmith + Brown, PC[626](index=626&type=chunk) - On March 21, 2023, the company engaged Olayinka Oyebola & Co, replacing Mac Accounting Group, LLP[668](index=668&type=chunk) - There were no disagreements on accounting principles or reportable events during the engagements of the former accountants[667](index=667&type=chunk)[693](index=693&type=chunk) [Item 9A. Controls and Procedures](index=97&type=section&id=Item%209A%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective due to material weaknesses in internal control over financial reporting - The company's disclosure controls and procedures were **not effective** as of April 30, 2023[670](index=670&type=chunk) - Management concluded that internal control over financial reporting was **not effective** as of April 30, 2023, due to material weaknesses[673](index=673&type=chunk) - Identified material weaknesses include a lack of a CFO and public company accounting expertise, inadequate segregation of duties, and insufficient accounting resources[673](index=673&type=chunk)[697](index=697&type=chunk)[725](index=725&type=chunk) - The company is implementing compensating controls and enhancing existing controls to remediate these material weaknesses[698](index=698&type=chunk) [Item 9B. Other Information](index=98&type=section&id=Item%209B%20Other%20Information) This section refers to acquisitions detailed elsewhere in the report - This section refers to acquisitions, which are detailed in other parts of the report[726](index=726&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=100&type=section&id=Item%2010%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section outlines the company's leadership, board composition, committee structure, and corporate governance framework - The executive officers and directors include Mike Ballardie (CEO), Juda Honickman (CMO), Mark Radom (General Counsel), and Yonah Kalfa (CIO)[700](index=700&type=chunk) - The board of directors is composed of five members, with **three identified as independent directors** under Nasdaq rules[714](index=714&type=chunk)[715](index=715&type=chunk) - The company has an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee[738](index=738&type=chunk)[739](index=739&type=chunk)[740](index=740&type=chunk)[741](index=741&type=chunk) - The Board oversees a company-wide approach to risk management, with committees overseeing specific risk areas[575](index=575&type=chunk)[745](index=745&type=chunk) - A Code of Business Conduct and Ethics has been adopted for directors, officers, and employees[766](index=766&type=chunk) - Jalaluddin Shaik, President of Gameface, is identified as a significant employee[577](index=577&type=chunk)[747](index=747&type=chunk) [Item 11. Executive Compensation](index=106&type=section&id=Item%2011%20Executive%20Compensation) Details compensation for executive officers and directors, including salaries, bonuses, awards, and service agreements Summary Compensation Table for Executive Officers | Name and Principal Position | Year Ended April 30 | Salary ($) | Bonus ($) | Share Awards ($) | Non-Equity Incentive Plan Compensation ($) | All other compensation ($) | Total ($) | |:----------------------------|:--------------------|:-----------|:----------|:-----------------|:-------------------------------------------|:---------------------------|:----------| | Mike Ballardie | 2023 | 570,169 | 300,000 | - | 285,000 | 105,318 | 1,260,487 | | | 2022 | 571,123 | 277,500 | 16,100,000 | | 375,748 | 17,324,371| | Judah Honickman | 2023 | 179,502 | 87,400 | | | 27,144 | 294,046 | | | 2022 | 179,312 | 72,150 | 190,000 | | 10,454 | 451,916 | | Paul McKeown | 2023 | 366,023 | 77,411 | | | | 443,434 | | | 2022 | 344,048 | 83,250 | | | - | 427,298 | | Tom Dye | 2023 | 160,000 | 40,000 | | | 16,902 | 216,902 | | | 2022 | 160,000 | 37,000 | 25,647 | | - | 222,647 | | Mark Radom | 2023 | 150,000 | 28,500 | | | | 178,500 | | | 2022 | 114,000 | 23,241 | | | | 137,241 | | Yonah Kalfa | 2023 | | - | | | 495,000 | 495,000 | | | 2022 | - | - | 16,100,000 | | 593,250 | 16,693,250| | Jason Seifert | 2023 | 35,833 | | | | 8,442 | 44,275 | - Executive officers have service agreements outlining base salaries, bonus payments, and termination clauses[108](index=108&type=chunk)[580](index=580&type=chunk)[581](index=581&type=chunk)[724](index=724&type=chunk)[750](index=750&type=chunk)[751](index=751&type=chunk)[770](index=770&type=chunk)[772](index=772&type=chunk) - Non-employee directors are expected to receive **150,000 shares of common stock annually** as compensation[582](index=582&type=chunk)[718](index=718&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=109&type=section&id=Item%2012%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Details the beneficial ownership of common stock by principal shareholders, directors, and executive officers Beneficial Ownership of Common Stock (as of September 14, 2023) | Name | of Shares (1) | % of Class (1) | |:-----------------------------------|:----------------|:---------------| | Yonah Kalfa | 2,289,470 | 2.16% | | 2672237 Ontario Ltd. | 1,252,471 | 1.18% | | Mike Ballardie | 790,000 | 0.74% | | Judah Honickman | 350,000 | 0.33% | | Paul McKeown | 275,000 | 0.25% | | Tom Dye | 275,000 | 0.25% | | Mark Radom | 277,603 | 0.25% | | All current officers and directors as a group (6 persons) | 5,509,544 | 5.19% | - Beneficial ownership percentages are based on **24,148,532 common shares outstanding** as of September 14, 2023[584](index=584&type=chunk)[755](index=755&type=chunk) - The 2020 Global Share Incentive Plan has **15,000,000 shares reserved** for issuance, with 1,500,000 shares remaining available[111](index=111&type=chunk)[587](index=587&type=chunk)[756](index=756&type=chunk)[757](index=757&type=chunk) [Item 13. Certain Relationships and Related Transactions and Director Independence](index=111&type=section&id=Item%2013%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) This section primarily presents the fees incurred to the principal independent accountants - This section primarily presents the fees incurred to the principal independent accountants[779](index=779&type=chunk) [Item 14. Principal Accountant Fees and Services](index=111&type=section&id=Item%2014%20Principal%20Accountant%20Fees%20and%20Services) The company's audit fees decreased significantly in fiscal year 2023 compared to the prior year Principal Accountant Fees and Services | Category | Fiscal 2023 ($) | Fiscal 2022 ($) | |:-------------------|:----------------|:----------------| | Audit Fees | 34,000 | 331,690 | | Tax Fees | - | - | | All Other Fees | - | - | | Total | 34,000 | 331,690 | PART IV [Item 15. Exhibit and Financial Statement Schedules](index=112&type=section&id=Item%2015%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed as part of the annual report - The section includes a list of exhibits such as loan agreements, warrants, securities purchase agreements, and corporate bylaws[591](index=591&type=chunk)[592](index=592&type=chunk)[760](index=760&type=chunk) - The financial statements required by Item 8 are incorporated by reference[781](index=781&type=chunk) [SIGNATURES](index=114&type=section&id=SIGNATURES) The report is duly signed by authorized representatives affirming compliance with the Securities Exchange Act of 1934 - The report is signed by the Principal Executive Officer, Principal Financial Officer, and other directors[761](index=761&type=chunk)[785](index=785&type=chunk) - Signatures confirm compliance with the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934[593](index=593&type=chunk)[762](index=762&type=chunk)

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements, management's analysis, and key risk disclosures [Item 1. Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements and notes for the periods ended January 31, 2023, and April 30, 2022 [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows a significant decrease in total assets and a shift to a stockholders' deficit, indicating a worsening financial position Total Assets | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 19,507,622 | | Apr 30, 2022 | 74,862,946 | | **Change** | **-55,355,324 (-73.95%)** | Total Liabilities | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 31,212,005 | | Apr 30, 2022 | 42,351,014 | | **Change** | **-11,139,009 (-26.30%)** | Total Stockholders' Equity (Deficit) | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | (11,704,383) | | Apr 30, 2022 | 32,511,932 | | **Change** | **-44,216,315 (-136.00%)** | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a significantly higher net loss for the nine months ended January 31, 2023, driven by a substantial loss on disposal of subsidiaries Net Sales (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 7,632,940 | | 2022 | 12,107,666 | | **Change** | **-4,474,726 (-36.96%)** | Gross Profit (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 2,378,159 | | 2022 | 3,805,745 | | **Change** | **-1,427,586 (-37.51%)** | Net Loss (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | (64,169,773) | | 2022 | (44,630,793) | | **Change** | **-19,538,980 (-43.78%)** | - **Loss on Disposal of Subsidiaries** (Nine Months Ended Jan 31, 2023): **$41,413,892**[86](index=86&type=chunk) [Consolidated Statement of Changes in Shareholders' Equity (Deficit)](index=10&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity%20(Deficit)) Shareholders' equity shifted from a positive $32.51 million to a deficit of $(11.70) million, driven by a substantial net loss and stock conversions Total Stockholders' Equity (Deficit) | Period | Amount ($) | | :----- | :--------- | | May 1, 2022 | 32,511,932 | | Jan 31, 2023 | (11,704,383) | | **Change** | **-44,216,315 (-136.00%)** | - **Net Loss** for the Period (May 1, 2022 - Jan 31, 2023): **$(48,879,775)**[69](index=69&type=chunk) - Stock Issued for Conversion of Notes Payable: **$14,046,300** (4,389,469 shares)[88](index=88&type=chunk) - Share-based Compensation (May 1, 2022 - Jan 31, 2023): **$468,886**[69](index=69&type=chunk)[88](index=88&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from financing activities decreased significantly, while cash used in operating activities saw a slight improvement for the nine months ended January 31, 2023 Net Cash Used in Operating Activities (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | (6,845,810) | | 2022 | (7,795,944) | | **Change** | **950,134 (12.19% improvement)** | Net Cash Used in Investing Activities (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 0 | | 2022 | (2,250,000) | | **Change** | **2,250,000 (100% improvement)** | Net Cash Provided by Financing Activities (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 6,481,772 | | 2022 | 10,209,420 | | **Change** | **-3,727,648 (-36.51%)** | Cash and Restricted Cash - End of Period (Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 316,750 | | 2022 | 1,056,754 | | **Change** | **-749,904 (-70.96%)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on accounting policies, going concern, debt, equity, discontinued operations, and subsequent events [Note 1: Organization and Nature of Business](index=14&type=section&id=Note%201%3A%20Organization%20and%20Nature%20of%20Business) Details the company's name change, reverse stock split, recent divestitures, and current operational focus - Company changed name to Connexa Sports Technologies Inc and ticker symbol to **"CNXA"** on April 7, 2022[94](index=94&type=chunk) - Company effected a **1-for-10 reverse stock split** on June 14, 2022, and listed on Nasdaq Capital Market[95](index=95&type=chunk) - Company **sold PlaySight** in November 2022 and **75% of Foundation Sports** in December 2022, reclassifying them as discontinued operations[74](index=74&type=chunk)[93](index=93&type=chunk)[122](index=122&type=chunk) - Current operations focus on **Slinger Launcher** and **Gameface AI**[121](index=121&type=chunk) [Note 2: Going Concern](index=15&type=section&id=Note%202%3A%20Going%20Concern) Highlights a substantial accumulated deficit and management's plans to address going concern doubts - Accumulated Deficit (Jan 31, 2023): **$144,766,698**[100](index=100&type=chunk) - **Substantial doubt** about the Company's ability to continue as a going concern[100](index=100&type=chunk) - Management plans to finance operations through existing cash, related party loans, and/or private placement of debt/common stock[101](index=101&type=chunk) - Company reduced operating expenses by **selling PlaySight** and **75% of Foundation Sports** in late 2022[101](index=101&type=chunk) [Note 3: Summary of Significant Accounting Policies](index=16&type=section&id=Note%203%3A%20Summary%20of%20Significant%20Accounting%20Policies) Outlines key accounting methods for inventory, revenue recognition, business combinations, derivatives, goodwill, and share-based compensation - Inventory valued at **lower of cost (FIFO) or net realizable value**, with reserves for inventory sold below cost and shrink[104](index=104&type=chunk) - Revenue recognized at a point in time once products are shipped, based on **ASC 606**[106](index=106&type=chunk) - Business combinations accounted for using the **acquisition method**, recording assets/liabilities at fair value[110](index=110&type=chunk) - Derivative liabilities valued using **Level 2 assumptions** (Black-Scholes) and contingent consideration using **Level 3 inputs**[164](index=164&type=chunk)[165](index=165&type=chunk) - Goodwill impairment tested annually by comparing fair value of reporting unit to its carrying value (**one-step approach**)[146](index=146&type=chunk) - Share-based compensation measured at fair value on grant date and expensed over the vesting period[148](index=148&type=chunk) - Company adopted **ASU 2017-04 (Goodwill Impairment)** effective May 1, 2021, with no material effect[192](index=192&type=chunk) [Note 4: Concentration of Credit Risk and Other Risks and Uncertainties](index=23&type=section&id=Note%204%3A%20Concentration%20of%20Credit%20Risk%20and%20Other%20Risks%20and%20Uncertainties) Reveals significant concentration in accounts receivable and accounts payable with a small number of customers and suppliers - Accounts Receivable Concentration (Jan 31, 2023): **Two customers accounted for 46%** of trade receivables[178](index=178&type=chunk) - Accounts Payable Concentration (Jan 31, 2023): **Four suppliers accounted for 59%** of trade payables[195](index=195&type=chunk) [Note 5: Acquisitions and Business Combinations](index=23&type=section&id=Note%205%3A%20Acquisitions%20and%20Business%20Combinations) Details the acquisition of Gameface in FY2022 and the subsequent disposal of PlaySight and Foundation Sports - Acquired three entities in FY2022, including **Gameface**[155](index=155&type=chunk) - **Sold 100% of PlaySight** in November 2022[156](index=156&type=chunk) - **Disposed of 75% of Foundation Sports** in December 2022[179](index=179&type=chunk) Pro Forma Financial Information (Nine Months Ended Jan 31, 2022, as if Gameface acquired at beginning of period) | Metric | Amount ($) | | :----- | :--------- | | Revenues | 12,151,486 | | Net loss | (46,130,471) | | Basic and diluted earnings (loss) per share | (12.35) | [Note 6: Intangible Assets](index=24&type=section&id=Note%206%3A%20Intangible%20Assets) Summarizes the carrying value of intangible assets and the schedule for future amortization expenses Intangible Assets (Jan 31, 2023) | Asset Type | Carrying Value ($) | Accumulated Amortization ($) | Net Carrying Value ($) | Weighted Average Amortization Period (years) | | :-------------------------- | :----------------- | :--------------------------- | :--------------------- | :------------------------------------------- | | Tradenames and patents | 385,582 | 15,829 | 369,753 | 15.26 | | Customer relationships | 3,930,000 | 84,102 | 3,845,898 | 9.92 | | Internally developed software | 580,000 | 27,410 | 552,590 | 4.91 | | **Total** | **4,895,582** | **127,341** | **4,768,241** | | Amortization Expense (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 74,615 | | 2022 | 4,335 | Estimated Future Amortization Expense | Fiscal Year | Amortization Expense ($) | | :---------- | :----------------------- | | 2024 | 544,781 | | 2025 | 544,781 | | 2026 | 544,781 | | 2027 | 544,781 | | 2028 | 426,815 | | Thereafter | 2,162,302 | | **Total** | **4,768,241** | [Note 7: Accrued Expenses](index=24&type=section&id=Note%207%3A%20Accrued%20Expenses) Provides a breakdown of accrued expenses, showing an increase primarily in accrued payroll and bonus Accrued Expenses | Category | Jan 31, 2023 ($) | Apr 30, 2022 ($) | | :-------------------- | :--------------- | :--------------- | | Accrued payroll | 1,545,123 | 921,759 | | Accrued bonus | 1,611,606 | 1,014,833 | | Accrued professional fees | 1,300,000 | 1,706,560 | | Other accrued expenses | 984,697 | 738,749 | | **Total** | **5,441,426** | **4,381,901** | [Note 8: Note Payable - Related Party](index=25&type=section&id=Note%208%3A%20Note%20Payable%20-%20Related%20Party) Details outstanding borrowings and accrued interest from related parties, with repayment dates extended to July 2024 Outstanding Borrowings from Related Parties | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 1,953,115 | | Apr 30, 2022 | 2,000,000 | Accrued Interest Due to Related Parties | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 999,257 | | Apr 30, 2022 | 908,756 | Interest Expense - Related Parties (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 177,773 | | 2022 | 106,895 | - Repayment date for two **$1 million related party loan agreements** extended to **July 31, 2024**[1](index=1&type=chunk) [Note 9: Convertible Notes Payable](index=25&type=section&id=Note%209%3A%20Convertible%20Notes%20Payable) Describes the issuance and subsequent conversion of $13.2 million in senior convertible notes into common stock - Issued **$11,000,000 in 8% Senior Convertible Notes** and warrants in August 2021[2](index=2&type=chunk) - Principal balance increased to **$13,200,000** due to an amendment in December 2021[7](index=7&type=chunk) Outstanding Borrowings Related to Convertible Notes | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 0 | | Apr 30, 2022 | 13,200,000 | - **4,389,469 shares of common stock** issued in June 2022 upon conversion of **$13.2 million in convertible notes** and $846,301 in accrued interest[8](index=8&type=chunk) - Recognized a **$2,200,000 loss** on issuance of convertible notes during the year ended April 30, 2022, related to the amendment[7](index=7&type=chunk) [Note 10: Notes Payable](index=27&type=section&id=Note%2010%3A%20Notes%20Payable) Outlines various financing agreements, including merchant cash advances and a loan agreement that resulted in significant derivative expenses Derivative Liability Fair Value | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 1,429,620 | | Apr 30, 2022 | 1,061,550 | - Entered into two merchant cash advance agreements in July 2022, selling **$2,248,500 in future receivables** for **$1,500,000 cash**[20](index=20&type=chunk)[22](index=22&type=chunk) - Entered into a loan and security agreement in January 2023 for up to **$2,000,000**, with an initial advance of **$1,400,000** and warrants[24](index=24&type=chunk) - Recognized a **derivative expense of $1,715,557** and a **loss on change in fair value of derivative liability of $1,519,499** related to the January 2023 loan[24](index=24&type=chunk) - Company **defaulted** on the January 2023 note on July 6, 2023, with the interest rate increasing to 6.43% per annum[188](index=188&type=chunk) [Note 11: Related Party Transactions](index=29&type=section&id=Note%2011%3A%20Related%20Party%20Transactions) Summarizes financial transactions with related parties, including outstanding notes payable and a significant decrease in net sales Outstanding Notes Payable to Related Parties | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 1,953,115 | | Apr 30, 2022 | 2,000,000 | Accrued Interest Due to Related Parties | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 999,257 | | Apr 30, 2022 | 908,756 | Net Sales to Related Parties (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 104,586 | | 2022 | 424,394 | | **Change** | **-319,808 (-75.35%)** | [Note 12: Shareholders' Equity (Deficit)](index=29&type=section&id=Note%2012%3A%20Shareholders'%20Equity%20(Deficit)) Details significant changes in shareholders' equity, driven by a large increase in common stock issued through conversions and private placements Common Stock Issued and Outstanding | Period | Shares | | :----- | :----- | | Jan 31, 2023 | 13,543,155 | | Apr 30, 2022 | 4,194,836 | | **Change** | **9,348,319 (222.85% increase)** | - Issued **4,389,469 shares** upon conversion of convertible notes in June 2022[28](index=28&type=chunk) - Issued **1,048,750 shares** to investors in Nasdaq uplist round in June 2022[29](index=29&type=chunk) - Issued **1,018,510 shares of common stock** and pre-funded warrants for 11,802,002 shares in a September 2022 private placement, raising approximately **$5.0 million**[12](index=12&type=chunk) - Recognized **$32,381,309 of share-based compensation expense** in FY2022 for warrants granted to key employees and officers[226](index=226&type=chunk) [Note 13: Commitments and Contingencies](index=33&type=section&id=Note%2013%3A%20Commitments%20and%20Contingencies) Discloses contingent consideration from the Gameface acquisition and confirms no material legal proceedings are currently expected Contingent Consideration (Gameface acquisition) | Period | Amount ($) | | :----- | :--------- | | Jan 31, 2023 | 418,455 | | Apr 30, 2022 | 1,334,000 | - Issued **598,396 common shares** to former Gameface shareholders in June 2022[189](index=189&type=chunk) - Total rent expense for nine months ended Jan 31, 2023 and 2022 was **$2,800** and **$6,550**, respectively[229](index=229&type=chunk) - No current legal proceedings expected to have a **material adverse effect** on the company[230](index=230&type=chunk) [Note 14: Income Taxes](index=33&type=section&id=Note%2014%3A%20Income%20Taxes) States that income taxes are accounted for under ASC 740 and no interest or penalties on uncertain tax positions were recognized - Income taxes accounted for under **ASC 740**[167](index=167&type=chunk) - **No interest or penalties** on uncertain tax positions recognized for the nine months ended January 31, 2023 and 2022[231](index=231&type=chunk) [Note 15: Segments](index=33&type=section&id=Note%2015%3A%20Segments) Confirms the company now operates in a single equipment segment following the disposal of Foundation Sports and PlaySight - Company now operates only in the **equipment segment**[232](index=232&type=chunk) - Ceased reporting two segments after **disposing of Foundation Sports and PlaySight**[232](index=232&type=chunk) [Note 16: Discontinued Operations](index=33&type=section&id=Note%2016%3A%20Discontinued%20Operations) Provides details on the sale of PlaySight and Foundation Sports, resulting in a significant loss on disposal - **PlaySight sold 100%** in November 2022, releasing company from obligations and receiving a **$2,000,000 promissory note**[205](index=205&type=chunk) - **75% of Foundation Sports** membership interest assigned in December 2022, with a right to purchase remaining 25% for **$500,000**[206](index=206&type=chunk) Loss from Discontinued Operations (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | (4,461,968) | | 2022 | (959,364) | - **Loss on Disposal of Discontinued Operations**: **$(41,413,892)**[236](index=236&type=chunk) Assets and Liabilities of Discontinued Operations (April 30, 2022) | Category | Current Assets ($) | Non-Current Assets ($) | Current Liabilities ($) | Non-Current Liabilities ($) | | :-------------------------- | :----------------- | :--------------------- | :---------------------- | :-------------------------- | | Cash and restricted cash | 916,082 | | | | | Accounts receivable | 288,980 | | | | | Inventory | 323,307 | | | | | Right of use asset – operating leases | 239,689 | | | | | Prepaid expenses | 490,260 | | | | | Goodwill | | 25,862,000 | | | | Property and equipment, net | | 126,862 | | | | Intangible assets, net | | 19,473,646 | | | | Contract assets, net of current portion | | 209,363 | | | | Finished products used in operations, net | | 4,693,575 | | | | Accounts payable and accrued expenses | | | 2,432,818 | | | Lease liability – operating leases | | | 237,204 | | | Contract liabilities | | | 2,545,200 | 1,370,492 | | **Total** | **2,258,318** | **50,365,446** | **5,215,222** | **1,370,492** | [Note 17: Subsequent Events](index=35&type=section&id=Note%2017%3A%20Subsequent%20Events) Details multiple Nasdaq delinquency notices and the subsequent appeal granting continued listing under specific compliance conditions - Received **Nasdaq delinquency notices** for unfiled 10-K (FY2022) and 10-Qs (Q1, Q2, Q3 FY2023)[238](index=238&type=chunk) - Received Nasdaq delinquency notice for failing to meet the **minimum $1.00 bid price requirement**[238](index=238&type=chunk) - Received Nasdaq delinquency notice for **Corporate Governance Deficiencies** (lack of independent directors, audit/compensation committee requirements)[237](index=237&type=chunk) - Nasdaq granted appeal for continued listing, requiring filing of delinquent reports, corporate governance compliance by July 15, 2023, and bid price compliance by October 9, 2023[214](index=214&type=chunk)[215](index=215&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, recent corporate events, liquidity, and capital resources [Overview](index=38&type=section&id=Overview) Outlines the company's focus on the global ball sport market with its Slinger and Gameface AI products - Company focuses on global ball sport market, with **Slinger Bag Launcher** as a leading product in tennis (over 60,000 units sold)[269](index=269&type=chunk) - **Gameface AI** technology to deliver performance insights in tennis, pickleball, padel, baseball, and cricket[243](index=243&type=chunk)[269](index=269&type=chunk) - **Slinger Tennis App**, incorporating Gameface AI, to be launched as a free consumer app in late 2023[243](index=243&type=chunk) [Recent Events](index=38&type=section&id=Recent%20Events) Summarizes key corporate actions including a reverse stock split, auditor change, private placements, asset sales, and Nasdaq compliance issues - **Reverse Stock Split**: **1-for-10** reverse stock split on June 14, 2022[244](index=244&type=chunk) - **Change in Auditor**: Re-engaged Mac Accounting Group, LLP as independent auditor, dismissing WithumSmith + Brown, PC in August 2022[245](index=245&type=chunk) - **September 2022 Private Placement**: Issued 1,018,510 shares of common stock and pre-funded warrants for 11,802,002 shares, raising approximately **$5.0 million**[222](index=222&type=chunk) - **Sale of PlaySight**: Sold 100% of PlaySight in November 2022, receiving a **$2 million promissory note** and being released from PlaySight's obligations[249](index=249&type=chunk) - **Sale of Foundation Sports**: Assigned 75% of membership interest in December 2022, establishing a **$500,000 reserve** for the investment[278](index=278&type=chunk) - **January 2023 Private Placement**: Entered into a loan and security agreement for up to **$2 million**, with an initial advance of **$1.4 million** and warrants[279](index=279&type=chunk) - **Nasdaq Delinquency Notices**: Received notices for unfiled 10-K and 10-Qs, corporate governance deficiencies, and failure to meet minimum bid price[258](index=258&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - **Nasdaq Appeal Outcome**: Granted continued listing subject to filing delinquent reports, achieving corporate governance compliance by July 15, 2023, and bid price compliance by October 9, 2023[285](index=285&type=chunk)[286](index=286&type=chunk) [Results of Operations for the Three Months Ended January 31, 2023 and 2022](index=44&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20January%2031%2C%202023%20and%202022) Quarterly results show a sharp decline in net sales but an increase in gross profit, alongside a massive increase in other expenses Net Sales (Three Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 1,605,783 | -62% | | 2022 | 4,188,774 | | Gross Profit (Three Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 1,069,826 | 12% | | 2022 | 954,809 | | Total Operating Expenses (Three Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 2,110,443 | -43.22% | | 2022 | 3,715,834 | | Total Other Expense (Three Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | (5,790,155) | 823% (increase in expense) | | 2022 | 801,131 | | - Decrease in R&D costs by **99%** due to reduction in development and maintenance costs for PlaySight and Gameface brands[265](index=265&type=chunk) [Results of Operations for the Nine Months Ended January 31, 2023 and 2022](index=45&type=section&id=Results%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20January%2031%2C%202023%20and%202022) Nine-month results show decreased net sales and a dramatic reduction in operating expenses, primarily due to lower share-based compensation Net Sales (Nine Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 7,632,940 | -37% | | 2022 | 12,107,666 | | Gross Income (Nine Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 2,378,159 | -37.51% | | 2022 | 3,805,745 | | Total Operating Expenses (Nine Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | 11,000,270 | -74.77% | | 2022 | 43,612,436 | | Total Other Expense (Nine Months Ended Jan 31) | Period | Amount ($) | Change (%) | | :----- | :--------- | :--------- | | 2023 | (9,671,802) | 150% (increase in expense) | | 2022 | (3,864,738) | | - General and administrative expenses decreased by **$31.10 million (-76.49%)** due to reduced share-based compensation and shares issued for services[266](index=266&type=chunk)[319](index=319&type=chunk) - Research and development costs decreased by **$0.48 million (-88%)** due to reductions in Slinger Bag new project development and PlaySight/Gameface maintenance costs[320](index=320&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's significant accumulated deficit raises substantial doubt about its ability to continue as a going concern - Accumulated Deficit (Jan 31, 2023): **$144,766,698**, raising substantial doubt about going concern[322](index=322&type=chunk) Net Cash Used in Operating Activities (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | (6,845,810) | | 2022 | (7,795,944) | Net Cash Provided by Financing Activities (Nine Months Ended Jan 31) | Period | Amount ($) | | :----- | :--------- | | 2023 | 6,481,772 | | 2022 | 10,209,420 | - Cash and Cash Equivalents (Jan 31, 2023): **$316,750**[323](index=323&type=chunk) Future Debt Obligations (Jan 31, 2023) | Category | Total ($) | Less than 1 year ($) | 1-3 years ($) | | :-------------------- | :-------- | :------------------- | :------------ | | Notes payable | 1,400,000 | 1,400,000 | 0 | | Notes payable – related party | 1,953,115 | 0 | 1,953,115 | | **Total** | **3,353,115** | **1,400,000** | **1,953,115** | - Company has **no off-balance sheet arrangements**[344](index=344&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, detailed market risk disclosures are not required and inflation is not expected to have a material effect - Company is a **smaller reporting company** and not required to provide detailed market risk disclosures[345](index=345&type=chunk) - Management does not expect inflation and price changes to **materially affect operations**[308](index=308&type=chunk) [Item 4. Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that internal control over financial reporting was not effective due to several identified material weaknesses - Internal control over financial reporting was **not effective** as of January 31, 2023[311](index=311&type=chunk) - **Material Weaknesses Identified**: Lack of adequate segregation of duties and independent Board/Audit Committee oversight[312](index=312&type=chunk) - **Material Weaknesses Identified**: Lack of accounting resources and controls to prevent/detect material misstatements, specifically over inventory and timely reconciliations[347](index=347&type=chunk) - **Remediation efforts are in process**, but material weaknesses remain as of January 31, 2023[335](index=335&type=chunk) [PART II - OTHER INFORMATION](index=51&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part contains information on legal proceedings, risk factors, unregistered securities sales, and filed exhibits [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that would be expected to have a material adverse effect - **No current legal proceedings** expected to have a material adverse effect on the company[230](index=230&type=chunk) - No pending proceedings involve directors, senior management, or affiliates adverse to the company[349](index=349&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors as previously disclosed in its Form 10-K - **No material changes** to risk factors since the Annual Report on Form 10-K for FY2022[350](index=350&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details an unregistered offering of common stock and warrants to an institutional investor for approximately $5.0 million in September 2022 September 2022 Unregistered Offering | Item | Details | | :----- | :------ | | Common Stock Issued | 1,018,510 shares | | Pre-Funded Warrants Issued | To purchase 11,802,002 shares | | Common Stock Warrants Issued | 5-Year Warrants to purchase 12,820,512 shares; 7.5-Year Warrants to purchase 25,641,024 shares | | Aggregate Amount | Approximately $5.0 million | | Investor | Single institutional investor | [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including agreements, certifications, and XBRL data - Exhibits include Certificate of Incorporation, Bylaws, Loan and Security Agreement, Note, Warrant, Pledge and Security Agreement, Certifications (CEO, CFO), and XBRL documents[353](index=353&type=chunk) [SIGNATURES](index=53&type=section&id=SIGNATURES) Confirms the report's authorization and signing by the CEO on July 24, 2023 - Report signed by **Mike Ballardie** as President and CEO, and Principal Financial and Accounting Officer[343](index=343&type=chunk) - Date of signing: **July 24, 2023**[343](index=343&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 01-41423 CONNEXA SPORTS TECHNOLOGIES INC. (Exact name of registrant as specified in its charter) (State or other j ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from ________ to ________ Commission File Number: 333-214463 SLINGER BAG INC. (Exact name of registrant as specified in its charter) Nevada 61-1789640 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from ________ to ________ Commission File Number: 333-214463 SLINGER BAG INC. (Exact name of registrant as specified in its charter) Nevada 61-1789640 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT For the transition period from ________ to ________ Commission File Number: 333-214463 SLINGER BAG INC. (Exact name of registrant as specified in its charter) Nevada 61-1789640 (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2021 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 333-214463 SLINGER BAG INC. (Exact name of registrant as specified in its charter) Nevada 61-1789640 (State or ...