What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-05-17 compared with 2021-08-06 · 673 added, 399 removed, 20 unchanged (98% of the section changed)

of our Company

(the “Company”

or “Slinger”), was formed on July 12, 2015 as a Nevada corporation.

From its inception until

September 13, 2019, the Company was in the business of providing travel consulting and tour guide

On September 16, 2019, Slinger Bag Americas Inc.

(“Slinger Bag Americas”) acquired

20,000,000 shares of the Company’s common stock from its then shareholders.

On September 16, 2019, the Company acquired

100% of the outstanding shares of Slinger Bag Americas when the then owner of Slinger Bag Americas contributed her shares of Slinger

Bag Americas to the Company in exchange for 20,000,000 shares of the Company.

The result of the foregoing transactions is that Slinger

Bag Americas became a wholly-owned subsidiary of the Company.

From September 16, 2019 and onward, the Company ceased its performance

of travel consulting and tour guide services and has switched its focus to the development of the technologies and products owned by

Slinger Bag Americas and its affiliates.

February 10, 2020, Slinger Bag Americas acquired a 100% ownership stake in Slinger Bag Ltd (“SBL”).

SBL owns the intellectual

property rights pertaining to the Slinger Launcher (described more fully below) and was responsible for the Kickstarter campaign described

more fully below.

February 25, 2020, the Company increased the number of authorized shares of Common Stock from 75,000,000

to 300,000,000 and effected a 4-1 forward split of its outstanding shares of common stock.

Approval of the Company’s stockholders

was not required to be obtained, as authorized by Nevada Revised Statute Section 78.207, et seq.

The forward split became effective on

February 25, 2020.

As a result of the forward stock split, each share of the Company’s common stock outstanding has been split

into four shares of the Company’s common stock.

All references in this report to numbers of shares reflect the Company’s

4-1 forward split.

its ownership of Slinger Bag Americas and SBL, Slinger is the owner of the Slinger Launcher and is focused on the Ball Sport Market globally.

Slinger has developed and patented a highly portable and affordable ball launcher built into an easy to transport wheeled trolley bag

(the “Slinger Launcher”).

The Slinger Launcher allows anyone to simply and easily control the speed, frequency and elevation

of balls that are launched for practice, training or fitness purposes.

has initially focused all its energies on the Tennis market worldwide, but is in the early stages of developing ball launchers for other

the regular tennis player, the Slinger Launcher is much more than a tennis ball launcher.

It also functions as a complete tennis bag

with ample room for racquets, shoes, towels, water bottles and other accessories and can charge mobile phones and other devices.

Ball machines have been around since the 1950’s when they were introduced by Renne Lacoste.

was incorporated under the laws of the State of Nevada on July 12, 2015.

On August 23, 2019, the majority owner of Lazex entered into

a Stock Purchase Agreement with Slinger Bag Americas Inc., a Delaware corporation (“Slinger Bag Americas”), which was 100%

owned by Slinger Bag Ltd.

(“SBL”), an Israeli company.

In connection with the Stock Purchase Agreement, Slinger Bag Americas

acquired 2,000,000 shares of common stock of Lazex for $332,239.

On September 16, 2019, SBL transferred its ownership of Slinger Bag Americas

to Lazex in exchange for the 200,000 shares of Lazex acquired on August 23, 2019.

As a result of these transactions, Lazex owned 100%

of Slinger Bag Americas and the sole shareholder of SBL owned 200,000 shares of common stock (approximately 82%) of Lazex.

Effective September

13, 2019, Lazex changed its name to Slinger Bag Inc.

On October 31, 2019, Slinger Bag

Americas acquired control of Slinger Bag Canada, Inc., (“Slinger Bag Canada”) a Canadian company incorporated on November

There were no assets, liabilities or historical operational activity of Slinger Bag Canada.

On February 10, 2020, Slinger

Bag Americas became the 100% owner of SBL, along with SBL’s wholly owned subsidiary Slinger Bag International (UK) Limited (“Slinger

Bag UK”), which was formed on April 3, 2019.

On February 10, 2021, Zehava Tepler, the owner of SBL, contributed Slinger Bag UK to

Slinger Bag Americas for no consideration.

Effective February 25, 2020, the

Company increased the number of authorized shares of common stock from 75,000,000 to 300,000,000 via a four-to-one forward split of its

outstanding shares of common stock.

All share and per share information contained in this report have been retroactively adjusted to reflect

the impact of the stock split.

On June 21, 2021, Slinger Bag

Americas entered into a membership interest purchase agreement with Charles Ruddy to acquire a 100% ownership stake in Foundation Sports

Systems, LLC (“Foundation Sports”).

On February 2, 2022, the Company

entered into a share purchase agreement with Flixsense Pty, Ltd.

(“Gameface”).

As a result of the share purchase agreement,

Gameface would become a wholly owned subsidiary of the Company.

On February 22, 2022, the Company

entered into a merger agreement with PlaySight Interactive Ltd.

(“PlaySight”) and Rohit Krishnan (the “Shareholders’

Representative”).

As a result of the merger agreement, PlaySight would become a wholly owned subsidiary of the Company.

During April 2022, the Company

determined that the technology utilized in the Foundation Sports acquired entity would take substantially more financial resources and

more time to bring to market and achieve profitability than originally anticipated.

As a result, the goodwill and intangible assets related

to Foundation Sports were fully impaired as of April 30, 2022, resulting in an impairment loss of $3,486,599.

In addition, during April

2022 the Company decided to sell a portion of Foundation Sports.

The Company continued to classify Foundation Sports in continuing operations,

until December 5, 2022 when they sold 75% of Foundation Sports back to the original owners at which time it deconsolidated this subsidiary

and recorded a loss on the sale.

The Company also determined to dispose of the PlaySight entity during the year ended April 30, 2023.

The Company completed the sale in November 2022 and recorded a loss on the sale at that time.

In April 2022, the Company changed

its domicile from Nevada to Delaware.

On April 7, 2022, the Company effected a name change to Connexa Sports Technologies Inc.

changed our ticker symbol, “CNXA”.

Connexa is now the holding company under which Slinger Bag, PlaySight, Gameface and Foundation

Sports reside.

The operations of Slinger Bag

Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK, SBL, Foundation Sports, PlaySight and Gameface are collectively referred

to as the “Company.”

On June 14, 2022, the Company

effected a 1-for-10 reverse stock split, where the Company’s common stock began to trade on a reverse split adjusted basis.

No fractional

shares were issued in connection with the reverse stock split and all such fractional interests were rounded up to the nearest whole number

of shares of common stock.

All references to the outstanding stock have been retrospectively adjusted to reflect this reverse split.

Company also consummated a public offering of shares of its common stock and the listing of its common stock on the Nasdaq Capital Market.

The Company operates in the sports

equipment and technology business.

The Company is the owner of the Slinger Launcher, which is comprised of a portable tennis ball launcher,

a portable padel tennis ball launcher and a portable pickleball launcher and Gameface AI, providing AI technology and performance analytics.

inception to date, we have been focused on the ball sport market globally.

first product, the Slinger Bag Launcher, is a patented, highly portable, versatile and affordable ball launcher built into an easy to

transport wheeled trolley bag.

ball machines have been around since the 1950’s when they were introduced by Rene Lacoste.

Improvements to performance were made

in the 1970’s when Prince started its tennis business on the back of its first product –

Little Prince –

in the 1970’s when Prince started its tennis business on the back of its first product – Little Prince – which was

a vacuum operated ball machine.

In the 1990’s the first battery operated machines came to the market and since that time very little,

if anything, has changed in the structure of ball machines products outside of added computerization.

1 unchanged sentence

by traditional ball machine brands are large, cumbersome and awkward to operate.

They are also very expensive –

often well above

Up until today 99% of all tennis ball machines have sold to tennis facilities, with only a few being sold directly to tennis

playing consumers.

to the Tennis Industry Association (www.tia.org) the single largest challenge facing tennis participation is the fact that 34% of lapsed

players cited a “lack of a playing partner”

as the reason for them stopping playing tennis.

The Slinger Launcher goes a long

way to solving this issue.

global tennis market is regarded by industry experts, governing organizations, Tennis brands and tennis-specific market research companies

as having 100 million active players globally, with as many consumers again being avid fans of the sport.

Of this 100 million tennis

player market, 20 million players are regarded as frequent or avid players –

players who play regularly - at least 1 time per month.

These avid players drive the total tennis industry and account for 80% of all tennis revenues worldwide.

is this avid player market that Slinger is focused on penetrating with its Slinger Launcher and associated tennis accessories.

intends to disrupt this traditional tennis market by creating a new ball machine category –

called Slinger Launcher –

marketing portable and affordable Slinger Launchers directly to avid, regular tennis players.

Constructed within a wheeled trolley tennis

bag, a Slinger Launcher weighs around 15kgs / 34lbs when empty.

If stored with 72 balls inside the weight increases to 19kgs / 42lbs.

It can easily be stored in a car trunk, wheeled to the court and set up within minutes to use.

The Slinger Launcher is powered by a 6.6Ah

Lithium battery that can last up to 3.5 hours of play depending on the settings being used and on frequency of use.

Slinger Launcher’s

convenience as a tennis bag combined with its ease of operation and overall performance as a tennis ball launcher is the basis that the

Company will target direct sales to these avid players.

the initial brand focus is clearly on tennis, Slinger is developing similar launchers to address other forms of tennis around the globe

that are either rapidly gaining new participants or are already well-established sports in their own right.

These include, but are not

limited to, Pickleball (USA), Soft Tennis (Japan), Squash (International Markets) and Paddle Tennis (International markets) all of which

are currently in either development or testing and planned for introduction in calendar 2022.

December 3, 2020, Slinger signed an exclusive agreement with Flixsense Pty Limited d/b/a Gameface for the development of a tennis specific

artificial intelligence (AI) application.

Slinger intends to introduce a market disrupting tennis app for players of all ages and abilities.

This app will provide a wide range of analytics and other services and include practice and tennis fitness drills and activities, coaching

tips and advice and a full suite of AI analytics.

Slinger will offer some services free of charge and will build a tiered subscription

model for others.

The app is expected to be ready to launch to the market later in calendar 2021.

future years, the Company plans to enter new ball sport markets such as baseball, softball, cricket, badminton and others.

Slinger’s

manufacturing capacity was initially approximately 2,000 units per month, but with improvements and efficiencies in the manufacturing

processes across all vendor partners, the monthly production capacity rose to over 3,000 in the last fiscal quarter and current capacity

is now over 5,000 units per month, which will support Slinger’s future sales targets.

delivers Slinger Launchers directly from the final assembly facility in Xiamen, China to customers either by direct shipment from the

port in China, or to third party logistics facilities in Columbia SC (USA) to support our US business, Belleville, Ontario, Canada, Rotterdam,

The Netherlands to support smaller distributors in Canada, Europe, Middle East, Africa, and lastly to Israel.

Additionally,

we ship full containers of our Slinger Triniti Tennis Balls from Wilson (our supplier) in Thailand to the United States for onward distribution.

Company has contracted with exclusive distributors globally.

These include Japan, UK, Ireland, Switzerland, Scandinavian markets (covering

Denmark, Sweden, Norway, Finland) Australia, New Zealand, Bulgaria, Czech Republic, Singapore, Morocco, Slovenia, Slovkian Republic,

Hungary, Croatia, Germany, Austria, France, Italy, Spain, Portugal, Netherlands, Belgium and Luxembourg, Russia, Middle East GCC markets,

Egypt, Bangladesh, Pakistan, Malaysia Czech and Slovak Republics, Greece, Panama, South Africa, Hong Kong, Macau and China

and we are in various stages of negotiation with other potential market distribution companies across the globe.

They are also generally expensive – often well

$1,000 compared to the entry price of $700 for a Slinger Bag Launcher.

We believe that up until the introduction of the Slinger

Bag Launcher, the majority of traditional tennis ball machines were sold to tennis facilities, institutions and tennis teachers, with

only a few being sold directly to tennis playing consumers.

Following the acquisitions of

Foundation Sports, Gameface and PlaySight Interactive, the Connexa holding company was established and the original equipment-only Slinger

Bag company business is being transformed into a sports technology company focused on providing equipment and software based services

to sports teams, facilities, academies, events, federations, clubs and players and participants of all ages and abilities.

June 14, 2022, we effected a 1-for-10 reverse stock split, where upon our common stock began to trade on a reverse split adjusted basis.

Issued and outstanding stock options and warrants were split on the same basis and exercise prices were adjusted accordingly.

stock per share numbers and prices included herein have been adjusted to reflect this reverse stock split, unless stated otherwise, and

other than unaudited and audited financial statements and other historical share disclosures which indicate they are not adjusted for

the reverse stock split.

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 U.S.

$600,000 (which would have been increased in December 2022

and (3) cash consideration of U.S.

$2 million to be paid to the Company as follows:

a promissory note in the

amount of U.S.

$2 million issued and delivered to the Company (the “Promissory Note”).

The maturity due date of

the Promissory Note is December 31, 2023 subject to a one year extension in the discretion of the Buyer until December 31, 2024.

The Promissory Note can

be partially paid over the time, but in the event it is not paid in full by December 31, 2024, then the remaining amount due (i.e.

$2 million less any amount paid), will be converted into ordinary shares of PlaySight (the “Deposited Shares”),

which will be deposited with the escrow company of Altshuler Shaham Trust Ltd.

(the “Escrow Agent”) for the benefit of

the Company or, at the election of the Company, issued in the form of a stock certificate or recorded in some other market-standard

format to be held by the Escrow Agent.

The number of the Deposited

Shares shall be determined according to the post-money valuation of the last investment round of the Company, and in the absence

of such investment round, the total number of the Deposited Shares shall be $2 million divided by the Company’s valuation to

be determined at that time by a third party appraiser, to be nominated by both the Company and the Buyer (the “Appraiser”).

The Company and the Buyer have agreed that the identity of the Appraiser shall be Murray Devine Valuation Advisers, to the extent

their cost of the appraisal shall not be higher than the cost of other appraisers from the big 4 accounting firms (i.e.

KPMG, PWC and Deloitte).

The Company and the Buyer have agreed to split the cost of the Appraiser.

Company has also released PlaySight from all of its obligations (except for those created by the Agreement) in respect of the Company,

including any inter-company debts on the books, and the Buyer has released the Company from all of its obligations (except for those

created by the Agreement) in respect of PlaySight and the Buyer.

Company and the Buyer have also agreed to use their best efforts to enter into a non-exclusive binding agreement within three (3) months

from the date of the Agreement that permits the Company to receive individual and match analytics for racquet sports (including, but

not limited to, tennis, padel and pickle ball) without any upfront cost to the Company and based on revenues to be received from the

Company’s customers and users of the analytics.

For the avoidance of doubt, the specific terms of such cooperation shall be determined

by the Buyer and the Company within the final cooperation agreement, and if it would require PlaySight for the exclusive purpose of such

cooperation to develop any additional and new features, which do not exist in the current system of PlaySight, then such R&D costs

shall be solely covered by the Company.

Any future features that will be developed within PlaySight’s ordinary course of business,

and not exclusively for the purpose of the cooperation agreement, shall not be covered by Company.

reason for the entry into the Agreement and the transactions contemplated thereby is to eliminate the need for the Company to provide

further financing for PlaySight’s operations.

The obligations that the Company assumed in connection with the merger agreement

dated October 6, 2021, as amended by the addendum to and amendment to agreement for the merger dated February 16, 2022 remain in full

force and effect in accordance with their terms and are not affected by the sale of PlaySight to the Buyer.

Sale of Foundation Tennis

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.

2022 Private Placement

September 28, 2022, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with a

single institutional investor (the “Investor”) for the issuance and sale of (i) 1,018,510 shares of common stock and (ii)

pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 11,802,002 shares of its common stock, together

with accompanying common stock warrants, at a combined purchase price of $0.39 per share of the common stock and associated common stock

warrant and $0.3899 per Pre-Funded Warrant and associated common stock warrants for an aggregate amount of approximately $5.0 million

(the “Offering”).

The Pre-Funded Warrants have an exercise price of $0.00001 per share of common stock and are exercisable

until the Pre-Funded Warrants are exercised in full.

The shares of common stock and Pre-Funded Warrants were sold in the offering together

with common stock warrants to purchase 12,820,512 shares of common stock at an exercise price of $0.39 per share and a term of five years

following the initial exercise date (the “5-Year Warrants”) and 25,641,024 common stock warrants to purchase 25,641,024 shares

of common stock at an exercise price of $0.43 per share and a term of seven and one half years (the “7.5-Year Warrants”)

following the initial exercise date (collectively, the “Warrants”).

The Warrants issued in the Offering contain variable

pricing features.

The Warrants and Pre-Funded Warrants will be exercisable beginning on the date stockholder approval is received and

effective allowing exercisability of the Warrants and Pre-Funded Warrants under Nasdaq rules.

September 28, 2022, the Company and the Investor entered into a registration rights agreement (the “Registration Rights Agreement”).

The Registration Rights Agreement provides that the Company shall file a registration statement with the Securities and Exchange Commission

(“SEC”) covering the resale of the unregistered shares of common stock and the shares of common stock issuable upon exercise

of the Warrants and Pre-Funded Warrants no later than December 20, 2022 (the “Filing Date”) and to use best efforts to have

the registration statement declared effective as promptly as practical thereafter, and in any event no later than sixty (60) days after

the Filing Date.

Company used the net proceeds from the Offering for working capital purposes and to repurchase inventory.

Capital Securities LLC acted as the exclusive placement agent in the Offering.

2023 Private Placement

January 6, 2023, the Company entered into a loan and security agreement (the “Loan and Security Agreement”) with a one or

more institutional investors (the “Lenders”) and Armistice Capital Master Fund Ltd.

as agent for the Lenders (the “Agent”)

for the issuance and sale of (i) a note in an aggregate principal amount of up to $2,000,000 (the “Note”) with the initial

advance under the Loan and Security Agreement being $1,400,000 and (ii) warrants (the “Warrants”) to purchase a number of

shares of common stock of the Company equal to 200% of the face amount of the Note divided by the closing price of the common stock of

the Company on the date of the issuance of the Notes (collectively, the “Initial Issuance”).

The closing price of the Company’s

common stock on January 6, 2023, as reported by Nasdaq, was $0.221 per share, so the Warrants in respect of the initial advance under

the Note are exercisable for up to 18,099,548 shares of the Company’s common stock.

The Warrants have an exercise price per share

equal to the closing price of the common stock of the Company on the date of the issuance of the Note, or $0.221 per share and a term

of five- and one-half (5½) years following the initial exercise date.

The initial exercise date of the Warrants will be the date

stockholder approval is received and effective allowing exercisability of the Warrants under Nasdaq rules.

Pursuant to the terms of the

Loan and Security Agreement, an additional advance of $600,000 may be made by to the Company under the Note.

The Company’s obligations

under the terms of the Loan and Security Agreement are fully and unconditionally guaranteed by all of the Company’s subsidiaries

(the “Guarantors”).

connection with the Loan and Security Agreement, the Company and each of the Guarantors entered into a pledge and security agreement

with the Agent (the “Pledge and Security Agreements”).

The Pledge and Security Agreements provide that the Company and the

Guarantors will grant the Agent a security interest in all of the Company’s and each Guarantor’s respective assets.

Company is required to use the net proceeds from the Loan and Security Agreement to pay expenses, including accounting and legal fees,

relating to the registration of certain previously issued securities of the Company, which securities were issued to an affiliate of

the Agent, and following the payment of such expenses, to fund the Company’s operations.

and Consignment of Inventory

January 6, 2023, we sold certain of our inventory including all components, parts, additions and accessions thereto to Yonah Kalfa and

Naftali Kalfa who immediately consigned it back to us in exchange for a payment of $103 per ball launcher we sell until we have paid

them an aggregate total of $2,092,700, which represents payment in full of the principal amounts of the Loan Agreements (as defined below)

and certain other expenses they incurred in connection with the Company.

Exclusive Padel distribution

On March 7, 2023, Slinger Bag entered into an exclusive

distribution agreement for Padel Tennis with a company located in Valencia, Spain called with Desarrollo y Promocion de Padel S.L.

agreement is contracted to deliver approximately $20million in revenue over a 5 year period.

August 16, 2022, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that, since the Company

has not yet filed its Annual Report on Form 10-K for the fiscal year ended April 30, 2022, as previously reported by the Company on a

Form 12b-25, it no longer complies with Nasdaq Listing Rule 5250(c)(1) for continued listing.

On September 26, 2022, the Company announced

that it had received a letter from the Nasdaq on September 22, 2022 (“Notice Letter”), notifying the Company that it is not

in compliance with the periodic filing requirements for continued listing because the Company’s Form 10-Q for the period ended

July 31, 2022 (the “2023 Q1 10-Q”) and Form 10-K for the fiscal year ended April 30, 2022 (the “2022 10-K” and,

together with the 2023 Q1 10-Q, the “Periodic Reports”) were not filed with the Securities and Exchange Commission by the

required due dates.

October 10, 2022, the Company received a letter from the Listing Qualifications Department of the Nasdaq indicating that the Company’s

common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive business days, the bid price of the

Company’s common stock has closed below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule

5450(a)(1) (the “Bid Price Rule”).

The Nasdaq notice indicated that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A),

the Company will be provided 180 calendar days, or until April 10, 2023, to regain compliance.

If, at any time before April 10, 2023,

the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq

staff will provide written notification that the Company has achieved compliance with the Bid Price Rule.

If the Company fails to regain

compliance with the Bid Price Rule before April 10, 2023, t he Company may be eligible for an additional

180-calendar day compliance period.

To qualify, the Company will be required to meet the continued listing requirement for market

value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and

will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse

stock split, if necessary.

In the event the Company is not eligible for the second grace period, Nasdaq will provide written notice that

the Company’s common stock is subject to delisting.

November 17, 2022, Gabriel Goldman and Rohit Krishnan resigned from the board of directors of the Company.

Gabriel and Rohit were members

of the audit and compensation committees.

Gabriel Goldman was a member of the Company’s Nominating and Corporate Governance Committee.

Neither Gabriel nor Rohit advised the Company of any disagreement with the Company on any matter relating to its operations, policies

or practices.

As a result, the Company will be required to meet the continued listing requirement for board of directors and committees.

March 21, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”)

indicating that the Company’s failure to file its Quarterly Report on Form 10-Q for the period ended January 31, 2023 (“Additional

Delinquency”) serves as an additional basis for delisting the Company’s securities from Nasdaq.

The Company received a letter

from the Nasdaq on February 14, 2023, indicating that, due to the Company’s failure, in violation of Listing Rule 5250(c)(1), to

file its (i) Annual Report on Form 10-K with respect to the fiscal year ended April 30, 2022;

and (ii) Quarterly Reports on Form 10-Q

for the periods ended July 31, 2022 and October 31, 2022 (collectively, the “ Delinquent Filings ”), by February 13,

2023 (the due date for filing the Delinquent Filings pursuant to an exception to Nasdaq’s Listing Rule previously granted by Nasdaq),

absent the submission of a timely appeal by February 21, 2023, trading of the Company’s common stock would have been suspended

from the Nasdaq at the opening of business on February 23, 2023.

Nasdaq would also have filed a Form 25-NSE with the Securities and Exchange

Commission (the “SEC”), which would have resulted in the removal of the Company’s securities from listing and registration

on the Nasdaq (the “ Staff Determination ”).

Additionally, on October 10, 2022, the Company received a letter from Nasdaq

indicating that the Company’s common stock is subject to potential delisting from Nasdaq because, for a period of 30 consecutive

business days, the bid price of the Company’s common stock had closed below the minimum $1.00 per share requirement for continued

listing under Nasdaq Listing Rule 5450(a)(1).

January 12, 2023, Nasdaq notified the Company that due to the resignations from the Company’s board, audit committee and compensation

committee on November 17, 2022 (“ Corporate Governance Deficiencies ”), the Company no longer complies with Nasdaq’s

independent director, audit committee and compensation committee requirements as set forth in Listing Rule 5605.

The Company timely submitted

its plan of compliance with respect to the Corporate Governance Deficiencies by February 27, 2023 as required by the Nasdaq.

pursuant to Listing Rule 5810(c)(2)(A), the Corporate Governance Deficiencies serve as an additional and separate basis for delisting

and the Company.

February 21, 2023, consistent with the Company’s previously announced intention to request an appeal of the Staff Determination

by requesting a hearing before the Nasdaq Hearings Panel (the “ Panel ”) to stay the suspension of the Company’s

securities and the filing of the Form 25-NSE with the SEC (the “ Hearing ”), the Company appealed the Staff Determination

to the Panel, and requested that the stay of delisting, which otherwise would expire on March 8, 2023, pursuant to Listing Rule 5815(a)(1)(B),

be extended until the Panel issued a final decision on the matter.

The Nasdaq granted the Company’s request to extend the stay,

pending the Hearing scheduled for March 30, 2023, and a final determination regarding the Company’s listing status.

is required to address the Additional Delinquency, the Delinquent Filings, and the Corporate Governance Deficiencies before the Panel.

Although the Company is working diligently to file the Delinquent Filings and Additional Delinquency, there can be no assurance that

they will be filed prior to the Hearing.

If the Company’s appeal is denied or the Company fails to timely regain compliance with

Nasdaq’s continued listing standards, the Company’s common stock will be subject to delisting on the Nasdaq.

On March 30, 2023, the Company

had its hearing with the Nasdaq, which indicated that a decision with respect to the Company’s listing status on the Nasdaq would

be rendered within two weeks.

On April 12, 2023, the Company

received a letter from the Listing Qualifications Department of the Nasdaq indicating that the Company had not yet regained compliance

with the Bid Price Rule, which serves as an additional basis for delisting the Company’s securities from the Nasdaq.

further indicated that the Panel will consider this matter in its decision regarding the Company’s continued listing on the Nasdaq

Capital Market.

In that regard, the Nasdaq indicated that the Company should present its views with respect to this additional delinquency

to the Panel in writing no later than April 19, 2023.

The Company offers no assurance

that its request to be granted further time to file its Delinquent Filings, regain compliance with the Bid Price Rule and redress its

Corporate Governance Deficiencies and to remain listed on the Nasdaq will be granted.

Over the next five years, we

believe that most stadia, schools, academies, pro teams, colleges, clubs, facilities, courts, fields, rinks and pitches will begin transitioning

to and becoming “Smart” with connected, AI (artificial intelligence) based video and analytics technology, as well as, membership

based facilities more widely incorporating the use of facility management and court booking software products - all being key component

for driving broader engagement with consumers to offer an enhanced degree of operational efficiency and providing greater enjoyment to

players in their chosen sport.

Over the course of the next twelve

months, we will be focused on the global tennis, padel tennis and pickleball as our primary target markets.

The ITF cites the global tennis

market as having 80 million active participants, with many million other consumers being acknowledged as avid fans of the sport.

is now widely recognized as the fastest growing sport in the United States with over 5 million regular players and Padel Tennis is also

seeing significant participant growth throughout Europe and South America primarily.

Currently it is estimated that there are up to as

many as 10 million Padel players globally.

Manufacturing

production remains at full capacity –

currently 5,000 units per month and Slinger has products leaving our production facility

in Xiamen, China on a weekly basis en-route to our distribution centers in the United States and Europe and to our key distributor partners.

principal executive office is located at 2709 N.

Rolling Road, Suite 138, Windsor Mill, MD 21244, and our telephone number is 443-407-7564.

Company has an opportunity to disrupt the traditional tennis market globally.

The Company expects to drive 80% of its global revenues

through its direct-to-consumer go-to-market strategy, whether that be through its on-line e-commerce platform at www.slingerbag.com

or through associated e-commerce platforms established and managed by its distribution network.

The balance of revenues will be driven

through partnerships with leading wholesalers, federations and teaching pro organizations and other transactions across various markets.

The Company will operate a third-party distributor structure in all markets with the exception of the United States, the largest tennis

market globally, Canada and its founder’s home market of Israel.

Distributor partners will have exclusive territories and will

have a recognized background within the tennis industry for their market as well as having the financial capacity and service infrastructure

to aggressively grow the Slinger brand.

Uniquely in the sports industry, all consumer orders received into Slingerbag.com from markets

outside the United States will be routed back to our local distribution partners to fulfill and to service their local customers.

distributor partners will purchase with advanced orders, either based on a vendor-direct FOB Asia direct ship or through 1 of our 3 global

3 rd party distribution facilities on a duty paid basis and at premium cost price.

Currently, the Company has signed a number

of exclusive distribution agreements in key markets and has on-going discussions with other key potential distributor partners

in other markets around the globe and is looking to close these distribution arrangements in the coming months.

United States market will remain a direct-to-consumer market for Slinger.

As the largest tennis market in the world with 17.4 million

players of which 10.5 million are regular / avid players, the United States is a key market both to establish the Slinger brand and to

drive demonstrable growth.

Recently the industry reported a significant increase in US tennis participation and overall number of tennis

play occasions, something that has been replicated in other key tennis markets around the globe.

Direct-to-consumer sales will be supplemented

by one or more leading tennis wholesalers who manage large databases of coach, player, college, high school and club clients.

will be serviced out of a third-party logistics facility in West Columbia, SC and operated by one of Slinger’s preferred global

logistics partners, DSV, one of the world’s leading suppliers of freight-forwarding, logistics and warehousing.

a direct-to-consumer e-commerce brand, all marketing activity and advertising media will be centered around pushing consumers to www.slingerbag.com

and converting them to purchases.

Slinger has engaged a number of leading agencies to support its global marketing efforts:

Nation is a world class influencer marketing agency based in London.

Brand Nation will lead all influencer programming globally.

has seeded about 50% of its planned 1,000 global influencers to date.

Influencers targeted are wide ranging and include leading sports,

tennis, film, TV, music and blogger celebrities all known for the fact that they play tennis regularly and have a fan base in excess

of 10,000 followers.

All influencer activity is rolled back up to the Slinger social media platforms as a means of generating significant

brand awareness and product interest.

Venture Media Group is a New York based leading PPC (pay-per-click) agency whose work is grounded in sophisticated scientific analysis

of consumer data and consumer trends and they are recognized globally as leaders in paid search and paid social media campaigns.

Media will lead all Slinger PPC activity on a performance-based fee structure and is briefed to drive consumer engagement, through bespoke

advertising campaigns that are aligned to our product profitability objectives.

the United States market, we have partnered with an organization called Team HQS who will manage an affiliate marketing program across

USA based teaching professionals, players, juniors and events.

These affiliates will be provided with unique affiliate marketing codes

to share with their social media followers and other such communities that they are connected to and each will receive an affiliate marketing

fee based on revenues generated by consumers purchasing Slinger products attributable to their unique code.

continue to evaluate each support agency on a monthly basis and at the same time are continually exploring new avenues to expand our

reach to our core customers.

of our distributor partners around the world are establishing their Slinger distribution business as Slinger itself would do if it was

establishing a Slinger subsidiary in each market.

As such, each distributor will also adopt all forms of Slinger brand marketing programs

as well as initiating new local concepts of their own –

all aimed at reaching the avid/regular tennis player directly and ensuring

that the Slinger brand message is consistent around the globe.

Slinger has agreed a local marketing budget structure with each distributor

as part of its distribution agreement.

This marketing budget will be primarily funded by the distributor partner with an additional contribution

coming from Slinger with the contribution being linked to the distributors purchase objectives.

Each distributor will execute local grassroots

programs including demonstration days, local teaching pro partnerships, specialist tennis network communications, seeding of Slinger

product locally as necessary to local key market tennis influencers to further increase the intensity of the influencer effort.

dollars will also be allocated to Google, Facebook, YouTube and other social media advertising spend and, where appropriate, approved

and overseen by Ad Venture Media Group.

of the date of this report, Slinger Bag Americas has entered into exclusive distribution agreements for Slinger’s line of products,

including, but not limited to, tennis ball launcher devices, tennis ball launcher accessories, sports bags, tennis balls, tennis court

accessories and other tennis related products in the following markets and with the following distributors:

of Slinger Bag

Ball Launchers

through the end of January 2025

Kingdom and Ireland

Sports & Marketing Ltd

through the end of May 2025

Finland, Norway and Sweden

Frihavnskompagniet

through the end of December 2025

Warehouse t/a Tennis Only

through the end of 2025

Goods Specialists

through the end of 2025

Hungary and Slovenia

through the end of 2025

Belgium, France, Germany, Italy, Luxembourg, Portugal, Spain and The Netherlands

International Europe Ltd

through the end of 2025

Bangladesh, Egypt, Kuwait, Maldives, Oman, Pakistan, Qatar, Saudi Arabia, Sri Lanka, Tunisia and United Arab Emirates

through the end of 2025

through the end of 2021

through the end of 2025

Czech and Slovak

RaketSport s.r.o

through the end of 2025

Racket Pty Ltd

through the end of 2025

Hong Kong and Macau

through the end of 2025

Xiamen Powerway

17,500 through the

has reached agreement with several globally recognized brand ambassadors.

Haas (former ATP #2 Player) has been appointed the Slinger Bag Chief Ambassador.

In this role Tommy will support Slinger in building

out its global ambassador team focused on identifying ambassadors in our key global business markets of Japan, Europe, Australia, China,

Brazil and India.

Tommy will also be very active supporting and promoting Slinger across the globe with personal appearances at Slinger

events and via online training and drill videos.

& Bob Bryan (aka the Bryan Brothers –

the foremost doubles team in the tennis world) have extended their ambassador agreements

and Distribution

Production of the Slinger Bag

Launcher is based in southern China.

We are engaged with 10 individual part suppliers, and all of these parts come together at our contracted

assembly facility in Xiamen, China, where the Launchers are assembled and quality control checked before being processed for global distribution.

Our manufacturing capacity is

estimated at approximately 5,000 units monthly.

This capacity will be shared across our three Slinger Bag Launcher products– tennis,

pickleball, and padel.

The pickleball product has been introduced to the market in March 2023 and this will be followed by Padel tennis

in June 2023.

developing our Slinger Bag tennis, pickleball and padel launchers, we have designed the three products that share many common parts.

We expect this to aid efficiency of the production process.

We have engaged an independent

and experienced vendor management company to manage all of our production activities, our quality control process and quality assurance

activities, both across our individual vendor partners and at the assembly facility.

These processes have been developed together with

the Company with a goal of producing consistently high-quality and high performing products.

We have a global distribution

network, and all shipments made to distributor markets outside of the United States and Canada are shipped free-on-board (“FOB”)

Xiamen, China, thereby immediately becoming the responsibility of the distributor.

South American distributors are typically serviced

from our US warehouse locations and European distributors are able to place replacement orders through a small third-party distribution

facility located in Rotterdam, Netherlands.

Additionally,

we ship our Slinger-Dunlop co-branded tennis balls from Dunlop (our supplier) to the United States or to Rotterdam for further distribution

through our distribution network.

AI is a software-as-a-service company and, as such, has no direct procurement or supply chain requirements.

Bag Launchers for tennis, pickleball and padel

In introducing the Slinger Bag

Launcher, we saw an opportunity to disrupt the traditional tennis market.

Through until March 2023 Slinger Bag has been a single product

company marketing its Tennis Launcher for tennis players of all ages and abilities.

Currently, approximately 70% of Slinger Bag Tennis

Launcher revenues are generated through our direct-to-consumer strategy in North America.

We operate a third-party distributor structure

in all markets outside of North America.

Distributor partners have exclusive territories and / or product categories.

We endeavor to partner

with distributors who have a recognized background within the tennis, pickleball or padel industries for their respective market, along

with them having the requisite financial capacity and service infrastructure to grow the Slinger Bag brand through a similar go-to-market

strategy as is operated directly by the Slinger Bag business in North America.

All distributor partners purchase Slinger Bag Launchers

at a discounted distributor pricing structure, which is considerably lower than the retail price, and are responsible for placing their

product orders up to 3 months in advance of their delivery requirement.

United States market will remain predominantly a direct-to-consumer market for Slinger Bag for Tennis and for Pickleball.

As the largest tennis and pickleball

market in the world with 17.4 million tennis players and over 5 million pickleball players, the United States is a key market both to

establish the Slinger brand and to drive demonstrable growth.

Direct-to-consumer sales are further supplemented by one or more third-party

internet sites focused on either the tennis or the pickleball market.

This market is served by third-party logistics facilities in West

Columbia, South Carolina and Reno, Nevada, which are operated by one of our logistics partners.

All end consumer service support is currently

managed by a small service team based in Canada.

All distributor partners are managed and supported by our distributor manager located

provides access to analytics data by building an automated AI platform to analyze and extract data from sport videos across tennis, baseball,

cricket and other sport verticals.

Gameface AI’s core capabilities are delivered through compatible camera or smart phone, which

allows us to build scalable solutions for the sports market without relying on specific hardware or camera types.

envision Gameface as a product that will be at the heart of ‘powering’ the Connexa portfolio of brands.

We also see Gameface

technology as a driver of real-time data and analytics for a wide range of sports, brands and other strategic partners.

initially focused its technology on the cricket and soccer markets, where it has built an automated platform to extract various data

points from live and archived match footage.

Since September 2021, the Gameface team has been dedicated to building its technology

to deliver performance insights in tennis, which will form the core of our new Slinger app.

Later in 2023, Gameface plans to revisit

the cricket vertical and enhance its technology offering based on the advances made in tennis AI tools available through the

combined company, which will broaden and deepen its reach across the cricket world.

In 2023 and going forward, Gameface expects to dedicate resources

to baseball analytics and identifying strategic partners for other team sports such as basketball and soccer.

We also intend to

license technology to validated global partners for direct-to-consumer applications.

PlaySight provides high quality

live streaming and video-on-demand services for over 20 different sports, operating primarily in the United States and Europe.

its market leading camera and analytics software technologies PlaySight delivers superior quality live streaming of both individual and

Playsight is used by 50% of professional NBA teams as part of their training facility programs and is available across 80%

of D1 college campuses, as well as, by many professional sports academies and premier club facilities.

Foundation Tennis

Foundation Tennis is a software-as-a-service

company providing a facility management system, primarily for Tennis facilities.

Foundation software offers the full spectrum of services

required by facility management providing a 1-stop system to manage their overall facility as well as specifically to manage their court

booking and adult / youth / junior programs and camps.

Foundation software is also integrated with the Square payment platform providing

facilities with their POS solution.

The software is delivered through bespoke web and app platforms making Foundation unique in its ability

to access facility members directly within the facility management software space.

Brand Marketing

the go-to-market strategy for Slinger Bag focused on its core North American tennis and pickleball markets as a direct-to-consumer

business e-commerce brand, all marketing activity and advertising media is centered around a consumer push to the Slinger Bag

e-commerce platform at https://www.connexasports.com/ and then working to convert brand or product interest to purchases.

the target tennis and pickleball demographic, our marketing focus for the brand centers is around three core marketing pillars:

digital advertising;

influencers and brand ambassadors.

Our marking efforts also focus on targeted social media

demographic data for tennis and pickleball and following a period of advertising testing, our digital advertising spend focused

mainly towards Facebook and Google platforms.

addition to our paid marketing activities, Slinger Bag relies on the expertise of our small internal team to build out a network of ‘followers’

across various social media platforms – mainly Instagram, Facebook and LinkedIn.

Today, Slinger Bag has consumers who are fans

of our brand and fully engaged in generating social media content through their own means.

The Slinger Bag brand ambassador

team has also been integral to the overall brand marketing strategy in their support of our product by creating and sharing content, representing

themselves as affiliated with the brand and through their personal appearances at events, tournaments, etc.

During the fiscal year that

ended on April 30, 2022, our ambassador team included:

Tommy Hass, Robert Bryan, Darren Cahill, Eugenie Bouchard, Patrick Mouratoglou,

Dustin Brown and the Jensen brothers.

The ambassador arrangements with Tommy Haas and the Bryan Brothers and have terminated prior to

the date hereof and the balance will terminate by May 25, 2023, after which we will no longer have any active tennis ambassadors.

Similar prominent ambassadors

are being identified for pickleball and padel and are expected to be in place over the coming months.

of this core marketing strategy, Slinger Bag has taken advantage of numerous opportunities to partner with key brands in the tennis

and pickleball spaces or to advertise at key tennis or pickleball related events.

Additionally,

through our management team’s close association to the tennis industry, we have been able to provide many touring professionals

with a Slinger Bag Launcher for their personal use.

These arrangements were non-contractual product seeding opportunities.

occasionally posted on social media about their use of the Slinger Bag Launcher, including tennis player, Simona Halep.

support the Slinger Bag marketing program, we have engaged several agencies:

Nation, an influencer marketing agency based in London.

Brand Nation leads our influencer

programming globally.

Influencers targeted are wide ranging and include leading sports, tennis,

film, TV, music and blogger celebrities all known for the fact that they play tennis regularly

and have a fan base in excess of 10,000 followers.

All influencer activity is continually

rolled back up to our social media platforms as a means of generating content, brand awareness

and product interest.

Venture Media Group, a New York based PPC (pay-per-click) agency whose work is grounded in

scientific analysis of consumer data and consumer trends.

Ad Venture Media leads all digital

advertising activities for Slinger Bag on a performance-based fee structure.

have partnered with Team HQS, who manages an affiliate marketing program geared towards US-based

teaching professionals, players, juniors and events, in the United States tennis and pickleball markets.

market is provided with unique affiliate marketing links and encouraged to create content

and to share it on their social media accounts and in other such communities that they are

connected to, in order to receive an affiliate marketing fee based on revenues generated

by consumers purchasing Slinger Bag products attributable to them, via their direct link.

of our distributor partners around the world are establishing their Slinger product distribution business as we would do if we were establishing

a distribution subsidiary in each market.

As such, each distributor adopts Slinger brand marketing programs while initiating new local

concepts of their own.

Efforts aimed at reaching the tennis player directly and ensuring that the Slinger brand message is consistent

around the globe.

Slinger Bag supports all of its brand distributors with full access to all of the company’s marketing partners,

as well as direct contact to our internal marketing team.

marketing budget is primarily funded by, or determined in accordance with, the distributor partner linked to the distributors purchase

Each distributor executes local grassroots programs, including demonstration days, local teaching pro partnerships, specialist

tennis network communications, providing Slinger product locally as necessary to local key market tennis, pickleball and padel influencers to further increase

the intensity of the influencer effort.

Typically, we support these activities with either discounted products or certain quantities

of free products.

Distributor marketing budgets are allocated to Google, Facebook, Instagram, YouTube and other relevant websites or

platforms in their region, and supported, approved and /or overseen by AdVenture Media Group where applicable.

have reached agreements with several globally recognized tennis players and coaches to become brand ambassadors.

Each of the following

brand ambassadors is or was either a world-ranked singles or doubles tennis player or, in the case of Patrick Mouratoglou and Darren

Cahill, the coach of a number of world-ranked tennis players, who has a large number of fans and supporters and is active across many

aspects of tennis today.

Tommy Haas (former ATP #2 player

and current Tournament Director at the BNP Paribas Open) has been appointed the Slinger Bag Chief Ambassador.

In this role Tommy has supported

Slinger in building out our global ambassador team focused on identifying ambassadors in our key global business markets of Japan, Europe,

Australia, China, Brazil and India.

Tommy has also been very active supporting and promoting the Slinger Bag brand across the globe with

personal appearances at events we sponsor and via online training and drill videos.

Bryan (member of the Bryan Brothers, well-known doubles team in the tennis world) has extended his ambassador agreements through 2023

and will continue to feature prominently in our marketing activities and messaging.

Professional Tennis Registry (PTR) –

a United States-based teaching association with approximately 40,000 members will become a

non-exclusive strategic partner for Slinger with all their members able to access an affiliate member part of our website.

Burwash International (PBI) –

a United States-based, highly respected, global tennis services company set up by Peter Burwash some

35 years ago.

PBI provides tennis programs and other tennis services to as many as 56 of the globes leading hotels and resorts.

Launchers will be available to use at each resort and the PBI team will be actively promoting Slinger as part of our affiliate marketing

Central Europe –

a European Coach organization of leading touring pro coaches and they, like others, will undertake an affiliate

marketing approach.

Break 10s –

a global organization that owns and operates Tie Break 10 events both independently and in partnership with major global

tour events, e.g., Indian Wells.

These events involve top players playing ‘tie-break’

matches with the event fully completed

in one evening and with a significant cash prize for the winner.

Slinger will be promoted at each of these events and will be available

for fans to test out as well as the Slinger brand name being prominently used on Tie Break 10s social media.

One App –

a United States-based company that has developed and successfully marketed an all-inclusive tennis app for players across

Slinger has engaged with Tennis One to support its coaches corner segment –

a weekly podcast series and in doing so

benefits from the brand exposure available through the reach of the consumers using the app on a regular basis.

Tennis –

an Ireland based social media tennis blog site with in excess of 250,000 followers.

Slinger is engaged with Functional

Tennis in a variety of ways and is the presenting sponsor of its weekly Tennis Podcast.

is currently in discussions with other organizations, events, prominent coaches and players and has to date seeded Slinger products to

12 of the top 20 ATP male players, 5 of the top 20 WTA women players, plus numerous other top-class touring and teaching professionals.

2020 Slinger sponsored several prominent tennis events, e.g., Battle of the Brits and Tie Break 10s (all shown live across the

Bouchard, a former top 5 Canadian WTA player with a significant social media following.

Mouratoglou, a prominent tennis coach globally and coach to Serena Williams, Simona Halep and Stefanos Tsitsipas.

Cahill, former coach to world #1 Simona Halep, current ESPN Grand Slam tennis analyst, former coach to Andre Agassi and Lleyton Hewitt.

Brown, current ATP player.

& Murphy Jensen (Jensen brothers), a former #1 ranked doubles team.

In similar fashion we are in the process of identifying relevant ambassadors

to support our Pickleball and Padel category activities.

also engaged with the following organizations to promote our Slinger brand and products.

Burwash International (“PBI”), a United States-based, highly respected, global tennis services company set up by Peter Burwash

some 35 years ago.

PBI provides tennis programs and other tennis services to over 28 of the global luxury resorts.

Slinger Launchers

will be available to use at each resort and the PBI team will be actively promoting the Slinger brand as part of our affiliate marketing

Tennis, an Ireland based social media tennis blog site with in excess of 250,000 followers.

We are engaged with Functional Tennis in

a variety of ways and are the presenting sponsor of its weekly tennis podcast.

The Dink – a leading Pickleball

platform with 250,000 active pickleball players on their database.

Brand Partnerships

is actively working on securing a number of highly visible ground-breaking strategic partnerships across tennis.

These partnerships will

provide Slinger with co-branded products to supplement the core Slinger product offering and, at the same time, are expected to drive

mutually beneficial marketing campaigns aimed at reaching avid tennis players globally.

Details of such partners announced and active

today include:

Wilson Sporting Goods:

North America:

Slinger has entered a strategic partnership with the global leader in tennis, Wilson, for

the supply of co-branded Triniti Tennis Balls in the USA and Canada markets.

Professional Tennis Registry (PTR):

The PTR is the world’s most prestigious teaching pro organization with more than 40,000 members.

Slinger has partnered with PTR for the supply of Ball Launchers to their membership.

Peter Burwash International (PBI):

A high profile organization providing coaching and tennis services to high level, high quality hotels,

resorts and tennis facilities across the globe.

Slinger is the official supplier of Ball Launchers to PBI, which will be used at each

location and PBI will offer an affiliate marketing program promoting sales to its list of global clients.

DSV Logistics USA and OSL Logistics:

DSV is one of the world’s leading suppliers of warehousing, freight forwarding and logistics.

Slinger will use DSV warehousing services in the US to optimize logistical activities.

OSL are currently providing all freight forwarding

for the US markets and Europe as well as 3 rd party warehousing logistics in Rotterdam for Europe.

are currently no competitors with products that are similar to the Slinger Launcher, based on its portability, affordability and tennis

Bag believes that building strong strategic partnerships across the sport of tennis underpins the credibility and awareness of the Slinger

As such, we currently have several strategic partnerships across tennis.

We believe these partnerships provide us significant

levels of brand exposure and credibility driving mutually beneficial marketing campaigns aimed at reaching avid tennis players globally.

of such partners announced and active today include:

We have entered a strategic partnership with one of the most iconic tennis brands in the

world, Dunlop, for the supply of co-branded Slinger-Dunlop tennis balls across the globe.

Burwash International:

An organization providing coaching and tennis services to high-level,

high-quality hotels, resorts and tennis facilities across the globe.

● Mouratoglou

Tennis Academy (MTA):

A high profile tennis academy located in the south of France.

Bag is the official ball launcher of the MTA.

In partnership with Dunlop, Slinger Bag is the official tennis ball launcher of Tennis

Tennis Europe provides a platform for aspiring junior tennis players to compete in

age-group categorized events.

Slinger Bag is an official partner of the UK Lawn Tennis Association (“LTA”).

In similar vein, we are looking

to deliver partnerships for the co-branded supply of Pickle Balls and Padel tennis Balls.

are currently no direct competitors with products that are similar to the Slinger Bag Launcher, based on its affordability and tennis

bag functionality.

There are, however, other companies that make tennis ball machines, including the following:

materials used in the Slinger Launcher are available off-the-shelf.

The trolley bag is manufactured with 600D Polyester and has the CA65

certification for the US market.

The launcher housing, Oscillator and Ball Collector tube parts are produced using an injection mold

using poly propylene mixed with 30% glass fibers.

The electronic motors, PCB boards and remote-control parts are all standard off-the-shelf

of the date of this report, the Company has applied for international design and utility patent protection for its main 3 products:

Launcher, Slinger Oscillator and Slinger Telescopic Ball Tube.

Patents have been applied for in all key markets including the US, China,

Taiwan, India, Israel and EU markets and granted in China and Israel.

Trademarks have been applied for in all major markets around the

globe Trademark protection has been applied for and/or received in the following countries:

There are, however, other companies that market traditional tennis ball machines, including the following brands:

are currently no competitors for our cricket and tennis analytics product that are similar to the cricket technique analysis app under

development or the Slinger app in beta testing, based on functionality and affordability.

are, however, other companies that offer analytics using AI across different sports and at different levels, including Track160 (football),

Second Spectrum (basketball), Hawk Eye (tennis/football/cricket), Swingvision (tennis), Home Court (basketball), and Golf Boost Ai (golf).

Foundation Tennis

There are a wide number of

local, regional and global competitors in the facility / court booking software space.

The largest is Playtomic (Spain).

Other competitors

include Playbypoint, Court Reserve, Skedda, Planyo and others.

have applied for international design and utility patent protection for our main three products:

Slinger Launcher, Slinger Oscillator

and Slinger Telescopic Ball Tube.

Our utility patents have been applied for in all key markets including the US, China, Israel, Canada,

Japan, Hong Kong, Australia, and EU, and granted in US and China.

Our design patents have been applied for and granted in US, China,

EU, United Kingdom, Canada, Israel, and Japan.

Trademark protection has been applied for and/or received in the following countries:

Arab Emirates*

is engaged in ongoing efforts to register more trademarks across an expanding list of products, services and applications, which are

● Switzerland*

protection is pending.

are engaged in ongoing efforts to register more trademarks across an expanding list of products, services and applications, which are

in various stages of the registration process.

owns the rights to its Slingerbag.com domain.

expect to experience moderate fluctuations in aggregate sales volume during the year.

We expect revenues in the first and fourth fiscal

quarters to exceed those in the second and third fiscal quarters.

However, the mix of product sales may vary considerably from time to

time as a result of changes in seasonal and geographic demand for tennis and other sports equipment and in connection with the timing

of significant sporting events, such as any Grand Slam tennis tournament and, over time, other sports competitions.

own the rights to its www.connexasports.com/ domain and other associated and derivative domains.

is currently working to prepare patent applications, which are expected to include the United States, EU, China, Japan, India and Australia.

Gameface have 12 issued patents

primarily focused on Israel and USA markets

Foundation Tennis

Foundation Tennis does not

have any propriety software and, as such, has not applied for any patents or trademarks and does not own any intellectual property rights.

Connexa group of companies expects to experience minor fluctuations in aggregate sales volume during the year.

We expect revenues in

the first and fourth fiscal quarters to typically exceed those in the second and third fiscal quarters.

However, the mix of product sales

across our group may vary considerably from time to time as a result of changes in seasonal and geographic demand for tennis and other

sports equipment and in connection with the timing of significant sporting events, such as any Grand Slam tennis tournament and, over

time, other sports competitions and in relation to new product market launches.

and Effects of Complying with Environmental Regulations

forth below is a detailed chart of all Product Certifications held by Slinger for key global markets covering battery, remote control

(radio wave), and power charger.

In addition, within the United States, Slinger complies with the required California 65 regulations

in respect to the materials used in the construction of its trolley bag.

forth below is a detailed chart of all our Product Certifications for key global markets covering battery, remote control (radio wave),

and power charger.

In addition, within the United States, we comply with the required California 65 regulations in respect to the materials

used in the construction of its trolley bag.

Government Regulation

the Slinger Bag Launcher and the Slinger Oscillator meet all the United States government requirements for electrical, radio wave and

battery standards, as well as having all necessary and required certifications to facilitate global marketing and sales of these products.

and Development

Company is involved in additional research and development of transportable, affordable and player-enhancing ball launching machines

and associated game improvement products for all ball sports.

Following a successful launch of its tennis ball launcher, Slinger is currently

field testing its new pickleball, padel and soft tennis launchers, which are expected to be introduced to the market in calendar 2022.

Slinger plans to introduce similar transportable, versatile and affordable ball launchers for baseball, softball, cricket and other

high participation ball sports over the course of the next 3 years.

In this connection, on September 10, 2020, Slinger entered into an

agreement with Igloo Design, which is the same company that designed the Slinger Launcher for tennis, for a Slinger ball launcher for

baseball and softball.

This development commenced during the three months ended October 31, 2020 and initial design ideas and further

direction have been provided.

retains outside consultants to provide research and product design services and each consultant has a specific expertise (e.g.,

molding technology, electronics, product design, bag design as examples).

We also are working with a select group of highly qualified

and resourceful third-party suppliers in Asia.

We are continually striving to identify product enhancements, new concepts and improvements

to the production process on an on-going daily basis.

In respect of any new project, management provides detailed briefs, market data,

product cost targets, competitive analysis, timelines and project cost goals to either the product consultants or vendors and manages

them to agreed key performance indicators (“KPIs”).

These KPI’s include but are not limited to (i) manufacturing to

target costs;

(ii) agreed development timelines;

(iii) established quality criteria;

and (iv) defined performance criteria.

also retain specialist trademark and patent attorneys and work with

these attorneys on the projects, as needed.

Slinger Launcher and Slinger Oscillator meet all the United States government requirements for electrical, radio wave and battery standards

as well as having all necessary and required certification to facilitate global marketing and sales of these products.

control is a critical function within Slinger.

As a new brand our business enterprise success will be solely dependent on the quality

and consistency of our products.

To ensure the highest levels of quality control, Slinger has engaged a QC/Vendor Management partner

located in Taiwan with offices in Southern China.

The QC partner, Stride-Innovation, has over 30 years of experience working with ball

sport companies such as ours and is steeped in knowledge, resources and experience in working with Chinese vendors of sports equipment.

partnership, together, we have created and documented Slinger quality guidelines, testing procedures and warranty processes.

implemented an agreed Quality Audit process for all product parts being received and used by our product assembly vendor.

go through a rigorous, statistically valid QC testing approval process before being confirmed as available to be released for shipment

Bag is working with our vendor management partner, Stride Innovation, and our China based vendors to produce ball launchers for new market

segments, such as Pickleball, Padel and Baseball/Softball.

These efforts are collaborative and based on a detailed product brief and

in-depth market and consumer research for each product category.

The development timetable of the Slinger Bag Launcher for the new market

segments from concept to market launch is 18 months and includes at least 2 rounds or in-market field testing.

are currently field testing our new our Baseball / Softball launchers, which are expected to be introduced to the market in

We plan to introduce similar transportable, versatile and affordable ball launchers for cricket and other ball

sports over the course of the next three years.

regard to development of our pending performance and analytics app, we have identified a combination of internal project leadership and

the development team of Gameface to create Tennis specific analysis code for the app.

We also contracted a focused design agency to build

the road map for the user experience based on the technology being developed.

is involved in additional research and development of building methods to extract data reliably and more accurately from videos.

part of our research also includes identifying and associating extracted data points of athlete performance.

Gameface is currently field

testing its new data visualization techniques to represent data in tennis, cricket and football, which are expected to be introduced

late in 2023 or early 2024.

PlaySight is primarily a B2B

business today.

Current R&D efforts are now focused on how to better deploy its technology to tennis consumers directly through mobile

/ handheld devices.

Foundation Tennis

Foundation Tennis is focused

on re-engineering its software for mass scale deployment.

control is a critical function within our company.

a relatively new brand in the market, our business enterprise success will in part dependent on the quality and consistency of our products.

Slinger Bag has engaged Stride-Innovation, a company with in-depth experience working with ball sport companies such as ours and knowledge,

resources and experience in working with Chinese vendors of sports equipment.

partnership, together, we have created and documented quality guidelines, testing procedures and warranty processes.

We have implemented

an agreed quality audit process for all product parts being received and used by our product assembly vendor.

All products go through

a rigorous, statistically validated quality control testing approval process before being confirmed as available to be released for shipment

to one of our distribution centers or to any of our distribution partners.

offers a limited warranty with all purchases in accordance with local market statutory regulations.

offer a limited warranty with all purchases in accordance with local market statutory regulations.

This limited warranty can be further

extended by the purchaser registering his/her unique product serial number at www.slingerbag.com/warranty.

only works with and through highly reputable third-party suppliers.

We are in the process of finalizing vendor agreements with each of

our key vendor partners and with our vendor management partner.

Our management and our vendor management partner, Stride-Innovation,

regularly visit the vendor facilities and monitor production, employee conditions and welfare and undertake quality control testing.

extended by the purchaser registering his/her unique product serial number at our website.

Bag works only with and through third-party suppliers.

Slinger Bag has a formal supply of service agreement in place with our vendor

management partner, Stride-Innovation, for a wide range of support and services.

We have a written agreement in place with our main vendor

partner, Xiamen Ruicheng Industrial Design Co., Ltd.

Stride-Innovation

quality control teams regularly visit our vendor facilities and monitor production, employee conditions and welfare, and undertake quality

control testing.

We do not utilize or condone the use of child labor of any kind in the production of our products.

We ensure that our vendor partners

are providing quality workplace conditions, workplace health and safety, employee care and support programs that meet or exceed all statutory

requirements.

have eight people providing us services on a full-time basis –

our chief executive officer, chief financial officer,

controller, chief marketing officer and chief operating officer together with two people in global customer service and a

global marketing coordinator.

Our chief business integration officer, chief innovation officer and general counsel are also employed

pursuant to service agreements, but are not providing us services on a full-time basis.

As such, our total number of employees is

eleven, which consists of eight full-time and three part-time employees.

October 2020, we appointed our first three representatives to join the newly formed Slinger Advisory Board.

George Mackin joined

the advisory board as a Media and Smart technology expert having previously owned the Indian Wells Tennis event and Tennis.com media

and is currently Chairman of PlaySight Interactive Ltd.

(PlaySight) having led PlaySight to a high level of success within the global

tennis industry, Rodney Rapson joined our Advisory Board as an experienced smart technology expert and Jeff Angus joined

to add support and experience to our marketing team.

financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge

its liabilities in the normal course of business for the foreseeable future.

The Company has an accumulated deficit of $28,823,273

as of April 30, 2021 and more losses are anticipated in the development of the business.

Accordingly, there is substantial doubt

about the Company’s ability to continue as a going concern.

These financial statements do not include any adjustments related to

the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company

be unable to continue as a going concern.

ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or being able

to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they

Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from related

parties, and/or private placement of debt and/or common stock.

As at the date of this report,

we have 8 full-time employees spread across Israel, USA, Australia, India and the UK.

Management believes its relations with employees

We also hire part-time employees and engage consultants to support our operations as needed.

principal office is located at 2709 N.

Rolling Road, Suite 138, Windsor Mill, Maryland 21244.

We entered into a lease for use of office

space at this location effective September 1, 2019.

This location is owned by Zeek Logistics, which is a company owned by Yonah Kalfa,

who is a director, Chief Innovation Officer, and our largest shareholder.

We do not pay any rent or fee to use this location.

Supply Issues

Bag is a business fully reliant on China based vendors for manufacture of its product.

Throughout the course of 2022 the flow of production

was occasionally affected as the China government implemented regional lockdowns.

As a company in the late part of 2021 we had anticipated

potential issues and made a conscious decision to over produce product to store at our warehouse locations to mitigate any enforced production

Over the course of 2022 and through the date of this report we have not experienced any significant supply chain issues in

the availability of our product.

PlaySight and Foundation are primarily software based companies.

As a result of the nature of their business, in the time that that we

owned these companies we have not seen any material impact on their business of any Covid related issues.

impact of the Ukraine ware has been limited on the Company with the direct impact being seen through those distributors bordering the

war zone who have seen a significant decline in demand.

is at risk of significant impact in regards to the war.

The operate a Tier 1 and Tier 2 customer service operations and also employ a

significant number of software consultants – all based inside Ukraine.

During the period that PlaySight was under Connexa ownership

there had not been any direct impact on the business.

– no direct impact seen on this business to date.

financial statements have been prepared on a going concern basis, which assumes we will be able to realize our assets and discharge its

liabilities in the normal course of business for the foreseeable future.

We have an accumulated deficit and more losses are anticipated

in the ongoing development of the business.

Accordingly, there is substantial doubt about our ability to continue as a going concern.

These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and

classification of liabilities that might be necessary should we be unable to continue as a going concern.

ability to continue as a going concern is dependent upon us generating profitable operations in the future and/or being able to obtain

the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.

Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from related parties, and/or

private placement of debt and/or common stock.

can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds

1 unchanged sentence

The lack of additional capital

resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company

to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business.

Furthermore, there

can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant

dilutive effect on the Company’s existing stockholders.

Company intends to overcome the circumstances that impact its ability to remain a going concern through a combination of the commencement

of revenues, with interim cash flow deficiencies being addressed through additional equity and debt financing.

The Company anticipates

raising additional funds through public or private financing, strategic relationships or other arrangements in the near future to support

its business operations;

however, the Company may not have commitments from third parties for a sufficient amount of additional capital.

The Company cannot be certain that any such financing will be available on acceptable terms, or at all, and its failure to raise capital

when needed could limit its ability to continue its operations.

The Company’s ability to obtain additional funding will determine

its ability to continue as a going concern.

Failure to secure additional financing in a timely manner and on favorable terms would have

a material adverse effect on the Company’s financial performance, results of operations and stock price and require it to curtail

or cease operations, sell off its assets, seek protection from its creditors through bankruptcy proceedings, or otherwise.

additional equity financing may be dilutive to the holders of the Company’s common stock, and debt financing, if available, may

involve restrictive covenants, and strategic relationships, if necessary, to raise additional funds, and may require that the Company

relinquish valuable rights.

resulting from the inability to generate cash flow from operations or to raise capital from external sources would force us to curtail

substantially or cease operations and would, therefore, have a material adverse effect on its business.

Furthermore, there can be no

assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant

dilutive effect on our existing stockholders.

In the Company’s fiscal

quarter ended January 31, 2023, the Company divested PlaySight and 75% of its interest in Foundation Sports as the required monthly cash

burn became increasingly difficult to manage as inflation rose and the cost of manufacturing the Company’s non-technological products

As a result, the Company sold PlaySight back to its original owners of in November 2022, and the Company sold most (75%) of Foundation

Tennis back to their original owners, with an option to purchase any remaining interests.

The Company believes these divestitures will

bring about greater cash flow and result in a reduction in net loss from operations.

intend to overcome the circumstances that impact its ability to remain a going concern through a combination of the commencement of revenues,

with interim cash flow deficiencies being addressed through additional equity and debt financing.

We anticipate raising additional funds

through public or private financing, strategic relationships or other arrangements in the near future to support its business operations;

however, we may not have commitments from third parties for a sufficient amount of additional capital.

We cannot be certain that any

such financing will be available on acceptable terms, or at all, and its failure to raise capital when needed could limit its ability

to continue its operations.

Our ability to obtain additional funding will determine its ability to continue as a going concern.

to secure additional financing in a timely manner and on favorable terms would have a material adverse effect on our financial performance,

results of operations and stock price and require it to curtail or cease operations, sell off its assets, seek protection from its creditors

through bankruptcy proceedings, or otherwise.

Furthermore, additional equity financing may be dilutive to the holders of shares of our

common stock, and debt financing, if available, may involve restrictive covenants, and strategic relationships, if necessary, to raise

additional funds, and may require that we relinquish valuable rights.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business