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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | Note 15: COMMITMENTS AND CONTINGENCIES Leases The Company leases office space under short-term leases with terms under a year. Total rent expense for the years ended April, 30 2022 and 2021 amounted to $22,176 and $8,400, respectively. Contingencies In connection with the Gameface acquisition on February 2, 2022, the Company agreed to earn-out consideration of up to 100,000 shares of the Company’s common stock with a fair value of $1,334,000 which is included as a current liability on the Company’s consolidated balance sheet as of April 30, 2022. Issuance of the earn-out shares is subject to the fulfillment of certain milestones. CONNEXA SPORTS TECHNOLOGIES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In connection with the PlaySight acquisition on February 22, 2022, the Company agreed to earn-out consideration of up to 514,286 shares of the Company’s common stock with a fair value of $4,847,000. Issuance of the earn-out shares is based on PlaySight’s annual recurring revenue at December 31, 2022. As a result of the Company’s decision to dispose of PlaySight, the earnout condition has not been met and will not be met. Accordingly, the Company wrote off the contingent consideration of $4,847,000 as of April 30, 2022. The Company recorded the write off as a gain on the change in fair value of contingent consideration. 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.

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