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INTANGIBLE ASSETS | 12 Months Ended
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Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | Note 7: INTANGIBLE ASSETS Intangible assets, net consisted of the following: SCHEDULE OF INTANGIBLE ASSETS
|  | Weighted |  |  |
|  | Average Period |  |  | April 30, 2022 |
|  | Amortization (in years) |  |  | Carrying Value |  |  | Accumulated Amortization |  |  | Impairment Loss |  |  | Net Carrying Value |
Tradenames |  | 15.26 |  |  | $ | 2,154,551 |  |  | $ | 24,102 |  |  |  | (68,969 | ) |  | $ | 2,061,480 |
Customer relationships |  | 9.92 |  |  |  | 20,412,491 |  |  |  | 169,070 |  |  |  | (892,491 | ) |  |  | 19,350,930 |
Internally developed software |  | 4.91 |  |  |  | 3,105,139 |  |  |  | 105,908 |  |  |  | (95,139 | ) |  |  | 2,904,092 |
Total intangible assets |  |  |  |  | $ | 25,672,181 |  |  | $ | 299,080 |  |  | $ | (1,056,599 | ) |  | $ | 24,316,502 |
CONNEXA SPORTS TECHNOLOGIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|  | Weighted Average Amortization |  |  | April 30, 2021 |
|  | Period (in years) |  |  | Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Tradenames |  | 20 |  |  | $ | 115,583 |  |  | $ | 2,730 |  |  | $ | 112,853 |
Total intangible assets |  |  |  |  | $ | 115,583 |  |  | $ | 2,730 |  |  | $ | 112,853 |
Amortization expense for the years ended April 30, 2022 and 2021 was approximately $296,350 and $2,730, respectively. Intangible assets for Foundation Sports have been fully impaired as of April 30, 2022. This resulted in an impairment loss of $1,056,599. As of April 30, 2022, the estimated future amortization expense associated with the Company’s intangible assets for each of the five succeeding fiscal years is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION
For the Years Ended April 30, |  | Amortization Expense |
2023 |  | $ | 1,572,905 |
2024 |  |  | 1,824,808 |
2025 |  |  | 2,569,690 |
2026 |  |  | 3,330,667 |
2027 |  |  | 3,122,430 |
Thereafter |  |  | 11,896,002 |
Total |  | $ | 24,316,502 |
On November 10, 2020, the Company entered into a Trademark Assignment Agreement to acquire the “Slinger” trademark for $30,000 in cash, 35,000 shares of the Company’s common stock, and warrants to purchase 50,000 shares of the Company’s common stock at an exercise price of $0.50 per share. The warrants vested immediately and have a contractual life of 10 years. The common stock was valued at the closing stock price on November 10, 2020 and the warrants were valued using a Black-Scholes option pricing model, for a fair value of $35,531 and $50,232, respectively. The purchase price of the trademark was determined to be $115,583.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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