XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

DISCONTINUED OPERATIONS | 12 Months Ended
--- | ---
Apr. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | Note 16: DISCONTINUED OPERATIONS On November 27, 2022, the Company entered into a share purchase agreement (the “Agreement”) with PlaySight, Chen Shachar and Evgeni Khazanov (together, the “Buyer”) pursuant to which the Buyer purchased 100% of the issued and outstanding shares of PlaySight from the Company in exchange for (1) releasing the Company from all of PlaySight’s obligations towards its vendors, employees, tax authorities and any other (past, current and future) creditors of PlaySight; (2) waiver by the Buyer of 100% of the personal consideration owed to them under their employment agreements in the total amount of $600,000; and (3) cash consideration of $2,000,000 to be paid to the Company in the form of a promissory note that matures on December 31, 2023. On December 5, 2022, the Company assigned 75% of its membership interest in Foundation Sports to Charles Ruddy, its founder and granted him the right for a period of three years to purchase the remaining 25% of its Foundation Sports membership interests for $500,000 in cash. As of December 5, 2022, the results of Foundation Sports will no longer be consolidated in the Company’s financial statements, and the investment was accounted for as an equity method investment. On December 5, 2022, the Company analyzed this investment and established a reserve for the investment at the full amount of $500,000. The Company accounted for these sales as a disposal of a business under ASC 205-20-50-1(a). The Company had reclassified the operations of PlaySight and Foundation Sports as discontinued operations as the disposal represents a strategic shift that will have a major effect on the Company’s operations and financial results. Under ASC 855-10-55, the Company has reflected the reclassification of assets and liabilities of these entities as held for sale and the operations as discontinued operations as of and for the year ended April 30, 2022 as well as for the period May 1, 2022 through the date of disposal for each company. As a result of this reclassification, the Company identified the following assets and liabilities that were reclassified from continuing operations to discontinued operations as they are discontinued. Current assets as of April 30, 2022 – Discontinued Operations: SCHEDULE OF DISCONTINUED OPERATIONS
|  | April 30, 2022 |
Cash and restricted cash |  | $ | 916,082 |
Accounts receivable |  |  | 288,980 |
Inventory |  |  | 323,307 |
Right of use asset – operating leases |  |  | 239,689 |
Prepaid expenses |  |  | 490,260 |
Current Asset |  | $ | 2,258,318 |
Non-current assets as of April 30, 2022 – Discontinued Operations:
|  | April 30, 2022 |
Goodwill |  | $ | 25,862,000 |
Property and equipment, net |  |  | 126,862 |
Intangible assets, net |  |  | 19,473,646 |
Contract assets, net of current portion |  |  | 209,363 |
Finished products used in operations, net |  |  | 4,693,575 |
Non-current Asset |  | $ | 50,365,446 |
Current liabilities as of April 30, 2022 – Discontinued Operations:
|  | April 30, 2022 |
Accounts payable and accrued expenses |  | $ | 2,432,818 |
Lease liability – operating leases |  |  | 237,204 |
Contract liabilities |  |  | 2,545,200 |
Current Liabilities |  | $ | 5,215,222 |
Non-current liabilities as of April 30, 2022 – Discontinued Operations:
|  | April 30, 2022 |
Contract liabilities, net of current portion |  | $ | 1,370,492 |
Non-Current Liabilities |  | $ | 1,370,492 |
The Company reclassified the following operations to discontinued operations for the years ended April 30, 2023 and 2022, respectively.
|  | 2023 |  |  | 2022 |
Revenue |  | $ | 3,954,149 |  |  | $ | 728,805 |
Operating expenses |  |  | 8,416,117 |  |  |  | 5,948,508 |
Other (income) loss |  |  | - |  |  |  | 27,974 |
Net loss from discontinued operations |  | $ | (4,461,968 | ) |  | $ | (5,247,677 | )
The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports: SCHEDULE OF CALCULATION OF THE LOSS ON DISPOSAL
Note receivable |  | $ | 2,000,000 |
Cash and restricted cash |  |  | (714,507 | )
Accounts receivable |  |  | (411,249 | )
Prepaid expenses |  |  | (106,031 | )
Inventory |  |  | (296,920 | )
Finished products used in operations |  |  | (4,117,986 | )
Contract assets |  |  | (298,162 | )
Right of use asset |  |  | (103,228 | )
Goodwill |  |  | (25,862,000 | )
Property and equipment |  |  | (116,505 | )
Intangible assets |  |  | (18,576,475 | )
Contract liabilities |  |  | 3,785,408 |
Lease liabilities |  |  | 78,016 |
Accounts payable and accrued expenses |  |  | 3,325,747 |
Loss on disposal of discontinued operations |  | $ | (41,413,892 | )

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration