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DISCONTINUED OPERATIONS

12 Months Ended

Apr. 30, 2024

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

Note 15: 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 was to mature 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.

Current reclassified the following operations as discontinued operations for the year ended April 30, 2023 -

 SCHEDULE OF DISCONTINUED OPERATIONS

		2023
Revenue		$	3,954,149
Operating expenses			8,416,117
Other (income) loss			-
Net loss from discontinued operations		$	(4,461,968	)

The following represents the calculation of the loss on disposal of PlaySight and Foundation Sports for the year ended April 30, 2023:

 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	)

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- References

No definition available.

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- 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

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