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SEGMENTS
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
SEGMENTS

Note 17: SEGMENTS

 

Reportable Segments

 

Operating segments for our continuing operations are components of the Company that combine similar business activities, with activities group to facilitate the evaluation of business units and allocation of resources by the Company’s board and management. As of April 30, 2022, the Company had two reportable segments:

 

  ● Equipment - Production and manufacturing of the Slinger Bag Launcher, marketed to regular tennis players who do not have regular access to state-of-the-art facilities
     
  ● Technology - Subscription-based technology such as automated production and live streaming, video replay, pro level coaching tools, live and on-demand sports channel, data analytics, and facilities management systems

 

 

CONNEXA SPORTS TECHNOLOGIES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

The results of each segment are regularly reviewed by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, to assess the performance of the segment and make decisions regarding the allocation of resources. The Company’s chief operating decision maker uses revenue and EBITDA as measures of segment performance. The accounting policies of each segment are the same as those set out under the summary of significant account policies in Note 3. There are no intersegment sales or transfers.

 

The below table represents revenues and profit or loss by each operating segment for the years ended April 30, 2022 and 2021:

 

           
   2022   2021 
Net Revenues          
Equipment  $16,102,672   $10,804,214 
Technology   728,805    — 
Total Net Revenues  $16,831,477   $10,804,214 

 

   2022   2021 
Profit or (Loss)          
Equipment  $(46,309,228)  $(18,594,760)
Technology   (5,464,424)   — 
Total Profit or (Loss)  $(51,773,652)  $(18,594,760)

 

The chief operating decision maker does not receive asset information by segment as the Company does not have this information as discrete financial data, and as such, this information is not included.

 

Goodwill assigned to the Technology segment as of April 30, 2022 was $32,643,193. There was no goodwill assigned to the Technology segment as of April 30, 2021. Intangibles assigned to the Technology segment as of April 30, 2022 were $24,209,442. There were no intangible assets assigned to the Technology segment as of April 30, 2021.

 

The Company did not have any goodwill assigned to the Equipment segment as of April 30, 2022 and 2021. Intangible assets, net assigned to the Equipment segment as of April 30, 2022 and 2021, was $107,060 and $112,853, respectively.

 

Goodwill and intangible assets related to Foundation Sports that was part of the Technology segment were fully impaired on April 30, 2022.