XML 37 R19.htm IDEA: XBRL DOCUMENT v3.23.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Apr. 30, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

Note 13: RELATED PARTY TRANSACTIONS

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances, amounts paid in satisfaction of liabilities, or accrued compensation that has been deferred. The advances are considered temporary in nature and have not been formalized by a promissory note.

 

 

CONNEXA SPORTS TECHNOLOGIES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

As of April 30, 2022 and 2021, amounts due to related parties were $1,905,792 and $1,283,464, respectively, which represented unpaid salaries and bonuses and reimbursable expenses due to officers of the Company.

 

The Company has outstanding notes payable of $2,000,000 and $6,220,000 and accrued interest of $908,756 and $747,636 due to a related party as of April 30, 2022 and 2021, respectively (see Note 9). In addition, the Company has an outstanding purchase obligation to a related party in the amount of $500,000 as of April 30, 2022 related to the acquisition of Gameface.

 

The Company recognized net sales of $368,164 and $615,584 during the years ended April 30, 2022 and 2021, respectively, to related parties. As of April 30, 2022 and 2021, related parties had accounts receivable due to the Company of $93,535 and $86,956, respectively.