Connexa Sports Technologies Files 2024 10-K

TL;DR

Connexa Sports Tech (formerly Slinger Bag) filed its annual 10-K for FY24 ending April 30. Check financials.

AI Summary

Connexa Sports Technologies Inc. filed its 10-K for the fiscal year ending April 30, 2024, reporting on its operations as a sports technology company. The filing details financial performance and business activities, including information on its former name, Slinger Bag Inc., which was changed on April 12, 2022. The company is incorporated in Delaware and its fiscal year consistently ends on April 30.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Connexa Sports Technologies' financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company's history of name changes and its industry can present inherent risks.

Key Numbers

• FY 2024 — Fiscal Year End (Reporting period for the 10-K filing.)
• April 30 — Fiscal Year End Date (Consistent end date for the company's fiscal year.)
• 20240725 — Filing Date (Date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Connexa Sports Technologies Inc. (company) — Filer of the 10-K
• Slinger Bag Inc. (company) — Former name of Connexa Sports Technologies Inc.
• 20240430 (date) — Fiscal year end date
• 20240725 (date) — Filing date
• 20220412 (date) — Date of name change from Slinger Bag Inc.

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value YYAI Nasdaq Capital Mark
• $332,239 — 500 shares of common stock of Lazex for $332,239. On September 16, 2019, SBL transferred
• $3,486,599 — 022, resulting in an impairment loss of $3,486,599. In addition, during April 2022 the Com
• $600,000 — agreements in the total amount of U.S. $600,000 (which would have been increased in Dec
• $800,000 — been increased in December 2022 to U.S. $800,000); and (3) cash consideration of U.S. $2
• $2 million — 00); and (3) cash consideration of U.S. $2 million to be paid to the Company as follows:
• $500,000 — ndation Sports membership interests for $500,000 in cash. As of December 5, 2022, the re
• $15 million — is contracted to deliver approximately $15 million in revenue by the end of 2028. On Nov
• $693,500 — nt") pursuant to which the Company sold $693,500 in future receivables to ACF (the "ACF
• $450,000 — ACF Receivable Amount") in exchange for $450,000 in cash. The Company agreed to pay ACF
• $28,895.83 — in cash. The Company agreed to pay ACF $28,895.83 each week until the ACF Receivable Amou
• $1,137,000 — t Agreement, the Company owes Mr. Kalfa $1,137,000 in salary (the "Salary Compensation") t
• $1 million — uary 20, 2024 the Company agreed to pay $1 million of the $1.137 million owed (with Mr. Ka
• $1.137 million — Company agreed to pay $1 million of the $1.137 million owed (with Mr. Kalfa waiving the right
• $137,000 b — Kalfa waiving the right to receive the $137,000 balance) via an issuance of shares of Com

Filing Documents

• form10-k.htm (10-K) — 2843KB
• ex21-1.htm (EX-21.1) — 7KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• form10-k_001.jpg (GRAPHIC) — 45KB
• form10-k_002.jpg (GRAPHIC) — 18KB
• form10-k_003.jpg (GRAPHIC) — 25KB
• form10-k_004.jpg (GRAPHIC) — 24KB
• form10-k_005.jpg (GRAPHIC) — 21KB
• form10-k_006.jpg (GRAPHIC) — 24KB
• 0001493152-24-028975.txt ( ) — 11968KB
• cnxa-20240430.xsd (EX-101.SCH) — 66KB
• cnxa-20240430_cal.xml (EX-101.CAL) — 77KB
• cnxa-20240430_def.xml (EX-101.DEF) — 358KB
• cnxa-20240430_lab.xml (EX-101.LAB) — 537KB
• cnxa-20240430_pre.xml (EX-101.PRE) — 431KB
• form10-k_htm.xml (XML) — 1575KB

controls and procedures;

controls and procedures; risk that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses described in the agreements; risk that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development and growth plans; risk that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations; risks and uncertainties relating to the various industries and operations we are currently engaged in; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion will not be consistent with our expectations; risks related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price fluctuations; the uncertainty of profitability based upon our history of losses; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects; risks related to environmental regulation and liability; risks related to tax assessments; other risks and uncertainties related to our prospects, properties and business strategy. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements to conform these statements to actual resu

Business

Business 1 Item 1A Risk Factors 23 Item 1B Unresolved Staff Comments 49 Item 1C Cyber Security 50 Item 2

Properties

Properties 51 Item 3 Legal Proceedings 51 Item 4 Mine Safety Disclosures 52 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6 Selected Financial Data 53 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operation 54 Item 7A Quantitative and Qualitative Disclosures About Market Risk 74 Item 8 Financial 74 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A Controls and Procedures 75 Item 9B Other Information 77 Item 9C Foreign Jurisdictions that Prevent Inspection 77 PART III Item 10 Directors, Executive Officers and Corporate Governance 77 Item 11 Executive Compensation 83 Item 12 Security 86 Item 13 Certain Relationships and Related Transactions and Director Independence 89 Item 14 Principal Accountant Fees and Services 89 PART IV Item 15 Exhibit and Financial Statement Schedules 89 ii CONNEXA SPORTS TECHNOLOGIES INC. Annual Report on Form 10-K for the Fiscal Year Ended April 30, 2024 The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Form 10-K, as well as the risk factors included in this Form 10-K. PART I ITEM 1. Business History of our Company Lazex Inc. ("Lazex") was incorporated under the laws of the State of Nevada on July 12, 2015. On August 23, 2019, the majority which was 100% owned by Slinger Bag Ltd. ("SBL"), an Israeli company. In connection with the Stock Purchase Agreement, Slinger Bag Americas acquired

View Full Filing

View this 10-K filing on SEC EDGAR