Connexa Sports Technologies Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Connexa Sports Technologies Inc. (YYAI) filed its quarterly report (10-Q) for the period ending January 31, 2024, detailing its financial status and business operations.</b>

AI Summary

Connexa Sports Technologies Inc. (YYAI) filed a Quarterly Report (10-Q) with the SEC on March 5, 2024. Connexa Sports Technologies Inc. filed a 10-Q report for the period ending January 31, 2024. The company was formerly known as Slinger Bag Inc. and changed its name on April 12, 2022. The filing covers the third quarter of the fiscal year ending April 30. The company's business address is located in New Windsor, DE. The SEC file number for this filing is 001-41423.

Why It Matters

For investors and stakeholders tracking Connexa Sports Technologies Inc., this filing contains several important signals. This filing provides investors with an updated view of Connexa Sports Technologies' financial performance and operational status for the third quarter of its fiscal year. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: low — Connexa Sports Technologies Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial information and does not indicate any immediate or significant financial distress or positive development.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-01-31 — Period End Date (Quarterly report period)
• 2024-03-05 — Filing Date (Date the report was filed)
• 04-30 — Fiscal Year End (Company's fiscal year end)
• 001-41423 — SEC File Number (SEC filing identifier)

Key Players & Entities

• Connexa Sports Technologies Inc. (company) — Filer name
• Slinger Bag Inc. (company) — Former company name
• 2024-01-31 (date) — Period of report
• 2024-03-05 (date) — Filed as of date
• 001-41423 (other) — SEC file number
• DE (location) — State of incorporation and business address

FAQ

Industry Context

Connexa Sports Technologies Inc. operates within the sports technology and manufacturing sector, focusing on innovative sports equipment and related services.

Regulatory Implications

As a publicly traded company, Connexa Sports Technologies Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the reported quarter.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-01-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-03-05: Filing Date — Date Connexa Sports Technologies Inc. submitted its 10-Q filing.

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending January 31, 2024, following previous filings for earlier periods of the fiscal year.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value CNXA Nasdaq Capital Mark

Filing Documents

• form10-q.htm (10-Q) — 1230KB
• ex3-1.htm (EX-3.1) — 2KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• ex3-1_001.jpg (GRAPHIC) — 287KB
• ex3-1_002.jpg (GRAPHIC) — 230KB
• 0001493152-24-008851.txt (&nbsp;) — 7476KB
• cnxa-20240131.xsd (EX-101.SCH) — 48KB
• cnxa-20240131_cal.xml (EX-101.CAL) — 59KB
• cnxa-20240131_def.xml (EX-101.DEF) — 294KB
• cnxa-20240131_lab.xml (EX-101.LAB) — 407KB
• cnxa-20240131_pre.xml (EX-101.PRE) — 331KB
• form10-q_htm.xml (XML) — 930KB

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; and 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

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION: F-1

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) F-1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 1

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 13

Controls and Procedures

Item 4. Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION: 14

Legal Proceedings

Item 1. Legal Proceedings 14

Risk Factors

Item 1A. Risk Factors 14

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14

Exhibits

Item 6. Exhibits 17

SIGNATURES

SIGNATURES 18 ii PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements CONNEXA SPORTS TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (IN US$) JANUARY 31, 2024 (UNAUDITED) AND APRIL 30, 2023 JANUARY 31, APRIL 30, 2024 2023 (UNAUDITED) (AUDITED) ASSETS Current Assets: Cash and cash equivalents $ 17,192,733 $ 202,095 Accounts receivable, net 336,100 399,680 Inventories, net 1,331,011 3,189,766 Prepaid inventory 640,313 936,939 Prepaid expenses and other current assets 244,353 263,020 Total Current Assets 19,744,510 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 $ 21,745,510 $ 7,107,572 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) LIABILITIES Current Liabilities: Accounts payable $ 3,704,235 $ 5,496,629 Accrued expenses 3,280,365 4,911,839 Accrued interest 114,308 25,387 Accrued interest - related party 917,957 917,957 Current portion of notes payable, net of discount 4,478,336 1,484,647 Derivative liabilities 3,801,381 10,489,606 Contingent consideration - 418,455 Other current liabilities 159,018 22,971 Total Current Liabilities 16,455,600 23,767,491 Long-Term Liabilities: Notes payable related parties, net of current portion 1,244,584 1,953,842 Total Long-Term Liabilities 1,244,584 1,953,842 Total Liabilities 17,700,184 25,721,333 Commitments and contingency - - SHAREHOLDERS' EQUITY (DEFICIT) Common stock, par value, $ 0.001 , 300,000,000 shares authorized, 20,572,447 and 338,579 shares issued and outstanding as of January 31, 2024 and April 30, 2023, respectively 20,572 339 Additional paid in capital 158,449,736 132,993,998 Accumulated deficit ( 154,607,884 ) ( 151,750,610 ) Accumulated other comprehensive inco

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