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INTANGIBLE ASSETS
 12 Months Ended
Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Note 7: INTANGIBLE ASSETS

 

Intangible assets, net consisted of the following:

 

                         
  

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:

 

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.