Note 1 – The Business (Tables)
|
12 Months Ended |
Apr. 30, 2022 |
|---|
| Accounting Policies [Abstract] |
|
| [custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed3TableTextBlock] |
| Shares issued |
|
$ |
6,351,076 |
|
| Promissory note issued |
|
|
1,753,000 |
|
| Cash |
|
|
250,000 |
|
| Total Purchase Price |
|
$ |
8,354,076 |
|
| Assets acquired |
|
|
| Cash |
|
|
201,632 |
|
| Accounts receivable |
|
|
249,159 |
|
| Other assets |
|
|
384,232 |
|
| Inventory |
|
|
223,380 |
|
| Brand name |
|
|
1,144,000 |
|
| Proprietary technology |
|
|
272,000 |
|
| Non-compete agreement |
|
|
16,000 |
|
| Total assets acquired |
|
|
2,490,403 |
|
| Liabilities assumed |
|
|
|
|
| Accounts payable and accrued expenses |
|
|
279,393 |
|
| Customer deposits |
|
|
25,194 |
|
| Total liabilities assumed |
|
|
304,587 |
|
| Total fair value of net assets acquired |
|
|
2,185,816 |
|
| Goodwill |
|
$ |
6,168,260 |
|
|
| [custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed4TableTextBlock] |
| Shares issued |
|
|
$ |
2,716,012 |
|
| Cash |
|
|
|
75,000 |
|
| Total Purchase Price |
|
|
$ |
2,791,012 |
|
| Assets acquired |
|
|
| Cash |
|
|
13,502 |
|
| Accounts receivable |
|
|
51,083 |
|
| Other assets |
|
|
12,950 |
|
| Inventory |
|
|
50,556 |
|
| Proprietary technology |
|
|
826,000 |
|
| Non-compete agreement |
|
|
65,000 |
|
| Total assets acquired |
|
|
1,019,091 |
|
| Liabilities assumed |
|
|
|
|
| Accounts payable and accrued expenses |
|
|
1,054,997 |
|
| Total liabilities assumed |
|
|
1,054,997 |
|
| Total fair value of net assets acquired |
|
|
(35,906 |
) |
| Goodwill |
|
$ |
2,826,918 |
|
|
| [custom:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumed5TableTextBlock] |
| Total Purchase Price – shares issued |
|
$ |
10,011,279 |
|
| |
|
|
|
|
| Assets acquired |
|
|
|
|
| Cash |
|
|
11,364 |
|
| Accounts receivable |
|
|
47,964 |
|
| Other current assets |
|
|
15,085 |
|
| Other assets |
|
|
48,595 |
|
| Inventory |
|
|
1,253,755 |
|
| Total assets acquired |
|
|
1,376,763 |
|
| Liabilities assumed |
|
|
|
|
| Accounts payable and accrued expenses |
|
|
1,143,899 |
|
| Customer deposits |
|
|
1,766,993 |
|
| Notes payable |
|
|
2,749,091 |
|
| Total liabilities assumed |
|
|
5,659,983 |
|
| Total fair value of net assets acquired |
|
|
(4,283,220 |
) |
| Goodwill |
|
$ |
14,294,499 |
|
|
| Business Acquisition, Pro Forma Information [Table Text Block] |
| |
|
|
|
|
|
|
|
|
| |
|
April
30, 2022 |
| |
|
|
| |
|
Red Cat |
|
Skypersonic |
|
Teal |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
4,550,980 |
|
|
$ |
312,023 |
|
|
$ |
1,878,007 |
|
|
$ |
6,741,010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(8,604,139 |
) |
|
$ |
(886,757 |
) |
|
$ |
(4,201,408 |
) |
|
$ |
(13,692,304 |
) |
The following table presents pro forma results for
the year ended April 30, 2021 as if our acquisitions of Fat Shark, Skypersonic and Teal had occurred on May 1, 2020:
| |
|
|
|
|
|
|
|
|
|
|
| |
|
April
30, 2021 |
| |
|
|
| |
|
Red Cat |
|
Fat Shark |
|
Skypersonic |
|
Teal |
|
Consolidated |
| |
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
2,112,042 |
|
|
$ |
5,190,970 |
|
|
$ |
303,631 |
|
|
$ |
979,344 |
|
|
$ |
8,585,987 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (Loss) Income |
|
$ |
(13,263,942 |
) |
|
$ |
239,955 |
|
|
$ |
(906,478 |
) |
|
$ |
(3,283,309 |
) |
|
$ |
(17,213,774 |
) |
|