Lazex Inc. ("Lazex") 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 20,000,000 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 20,000,000 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 20,000,000 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
3, 2017. 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.

The operations of Slinger Bag Inc., Slinger Bag Americas, Slinger Bag Canada,
Slinger Bag UK and SBL are collectively referred to as the “Company.”

The Company operates in the sporting and athletic goods business. The Company is
the owner of the Slinger Launcher, which is a portable tennis ball launcher, as
well as other associated tennis accessories.
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.

Critical Accounting Policies and Estimates

Basis of Presentation
The consolidated financial statements of the Company are presented in accordance
with accounting principles generally accepted in the United States of America
("GAAP"). As a result of the transactions described above, the accompanying
consolidated financial statements include the combined results of Slinger Bag
Inc., Slinger Bag Americas, Slinger Bag Canada, Slinger Bag UK and SBL for the
years ended April 30, 2021 and 2020. The contribution of the net assets of SBL
is reflected as an equity contribution at historical cost on May 1, 2019, the
beginning of the earliest period in which the entities were under common
control. There was no historical activity in Slinger Bag Americas or Slinger Bag
Canada prior to May 1, 2019. All intercompany accounts and transactions have
been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Accordingly, actual
results could differ from those estimates.
Valuation of Inventory
Inventory is valued at the lower of the cost (determined principally on a
first-in, first-out basis) or net realizable value. The Company's valuation of
inventory includes inventory reserves for inventory that will be sold below cost
and the impact of inventory shrink. Inventory reserves are based on historical
information and assumptions about future demand and inventory shrink trends. It
is possible that changes to inventory reserve estimates could be required in
future periods due to changes in market conditions.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards
Codification ("ASC") 606,the core principle of which is that an entity should
recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity
expects to be entitled to receive in exchange for those goods or services. The
Company recognizes revenue for its performance obligation associated with its
contracts with customers at a point in time once products are shipped. Amounts
collected from customers in advance of shipping products ordered are reflected
as deferred revenue on the accompanying consolidated balance sheets. The
Company's standard terms are non-cancelable and do not provide for the
right-of-return, other than for defective merchandise covered under the
Company's standard warranty. The Company has not historically experienced any
significant returns or warranty issues.

Fair Value of Financial Instruments

Fair value of financial and non-financial assets and liabilities is defined as
an exit price, representing the amount that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants. The three-tier hierarchy for inputs used in measuring fair value,
which prioritizes the inputs used in the methodologies of measuring fair value
for assets and liabilities, is as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities

Level 2 – Observable inputs other than quoted prices in active markets for
identical assets and liabilities

Level 3 – Unobservable pricing inputs in the market

Financial assets and financial liabilities are classified in their entirety
based on the lowest level of input that is significant to the fair value
measurements. Our assessment of the significance of a particular input to the
fair value measurements requires judgment and may affect the valuation of the
assets and liabilities being measured and their categorization within the fair
value hierarchy.

The Company’s financial instruments consist of cash and cash equivalents,
accounts receivable, and accounts payable. The carrying amount of these
financial instruments approximates fair value due to their short-term maturity.
The Company’s derivative liabilities were calculated using Level 2 assumptions.

Income Taxes
Income taxes are accounted for in accordance with the provisions of ASC 740,
Accounting for Income Taxes. Deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in
which those temporary differences are expected to be recovered or settled. The
effect on deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the enactment date. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the
amounts that are more likely than not to be realized.
Long-Lived Assets
In accordance with ASC 360-10, the Company evaluates long-lived assets for
impairment whenever events or changes in circumstances indicate that their net
book value may not be recoverable. When such factors and circumstances exist,
the Company compares the projected undiscounted future cash flows associated
with the related asset or group of assets over their estimated useful lives
against their respective carrying amount. If those net undiscounted cash flows
do not exceed the carrying amount, impairment, if any, is based on the excess of
the carrying amount over the fair value, based on market value or discounted
expected cash flows of those assets and is recorded in the period in which the
determination is made. There was no impairment of long-lived assets identified
during the year ended April 30, 2021 or 2020.
Valuation of Warrants
The Company grants warrants to key employees and executives as compensation on a
discretionary basis. The Company also grants warrants in connection with certain
note payable agreements and other key arrangements. The Company is required to
estimate the fair value of share-based awards on the measurement date and
recognize as expense that value of the portion of the award that is ultimately
expected to...