Slinger Announces First Quarter Fiscal 2021 Results

Net sales increased 349% to $2.5 million
New orders totaled $3.7 million
Boosted inventory production to meet increased demand through April 2022
Commenced application process to uplist to the NASDAQ

BALTIMORE, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Slinger (OTCQB: SLBG) a sports brand focused on innovating game improvement technology and equipment, today announced results for the first quarter of fiscal 2021, the Company’s strongest quarter to date.

“We are thrilled to see demand for the Slinger Bag continue to accelerate and expect this trend to continue in the US direct-to-consumer channel and internationally through our strong distribution networks,” said Mike Ballardie, Slinger CEO. “However, we were impacted by the global shipping and logistics issues facing many companies with production in Asia, which pushed out $1.1 million in revenue into the second quarter. We took immediate action to reduce future inventory risk by acquiring inventory earlier than planned in order to meet anticipated demand through April 2022.”

First Quarter Highlights

  • Revenue was $2.5 million versus $0.6 million last year;
  • Gross profit was $0.8 million versus a loss of ($0.4) million last year;
  • Net loss and loss per share were ($3.4) million and ($0.12) respectively;
  • Appointed Jason Seifert as new CFO;
  • Expanded distribution into China, Hong Kong, and Macau markets;
  • Acquired Foundation Tennis, a SaaS technology company;
  • Signed brand ambassador agreements with Darren Cahill, Genie Bouchard, and Dustin Brown;
  • Entered strategic partnership with renowned hospitality innovator David Grutman;
  • Partnered with the Ultimate Tennis Showdown (UTS).

Uplisting to NASDAQ

Slinger recently began the process for uplisting its shares to the NASDAQ stock market. The Company has engaged Lucosky Brookman LLP as counsel to advise the Company through this process.

“As we look to the future, we have taken the initial steps towards transforming Slinger from an innovative tennis hardware company into a disruptive connected sports technology company. The first phase is ramping-up rapidly as we drive distribution and brand awareness for our flagship product, the Slinger Bag, while simultaneously investing in a variety of ‘smart’ technologies including Artificial Intelligence (AI), video analytics and first-party data, setting the Company on a path to provide a suite of analytics and services all aimed at generating future recurring revenue, SaaS and subscription offerings.

Our Foundation Tennis acquisition was one such example, bringing commercial SaaS applications focused on tennis club/facility administration, management and booking systems, along with over 1 million club members already active within their ecosystem. As we look beyond this initial phase, we see additional opportunities to repeat this model across multiple sports including Pickleball, Padel and Soft Tennis, as well as Baseball, Softball and Cricket.

The second phase of this process will incorporate a roll-out of our AI driven technology giving players access to deep insights and biomechanical feedback aimed at helping them optimize their game in a way that has never been available before.

To support this strategy, we have embarked on the application process to list our shares on the NASDAQ, which will, in turn, enhance awareness of Slinger within the investment community, increasing liquidity and providing broader access to investor capital. We are very excited about the opportunities ahead of us to build a world-class, growth orientated connected sports company,” concluded Ballardie.

The Slinger Bag is available to order now - to find out more about Slinger Bag, visit

About Slinger

Slinger® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all ball sport categories. With the vision to become a leading connected sports company, Slinger® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger® is initially focused on building its brand within the global tennis market, through its Slinger Bag® Tennis Ball Launcher and Accessories. Slinger Bag® has underpinned its proof of concept with over $250M of retail value in global distribution agreements since the Spring of 2020. Led by CEO Mike Ballardie (former Prince CEO and Wilson EMEA racquet sports executive) Slinger® is primed to disrupt what are traditional global markets with its patented, highly transportable, and affordable Slinger Bag® Launcher and its suite of connected app and SaaS services.


Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its fiscal 2020 Annual Report on Form 10-K and quarterly reports on Form 10-Q. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential, "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

(443) 407-7564

Brittany Zoet, Uproar PR

EU and UK:
Joe Murgatroyd
+44(0)207 940 7294


  July 31, 2021  April 30, 2021 
Current assets        
Cash and cash equivalents $1,013,309  $928,796 
Accounts receivable, net  524,787   762,487 
Inventories, net  5,169,994   3,693,216 
Prepaid inventory  768,066   140,047 
Prepaid expenses and other current assets  417,381   60,113 
Total current assets  7,893,537   5,584,659 
Goodwill  1,240,000   - 
Other intangible assets, net  2,381,684   112,853 
Total assets $11,515,221  $5,697,512 
Liabilities and Shareholders’ Deficit        
Current liabilities        
Accounts payable and accrued expenses $3,999,363  $2,050,476 
Accrued payroll and bonuses  1,736,177   1,283,464 
Deferred revenue  1,239,083   99,531 
Accrued interest - related party  803,869   747,636 
Notes payable - related party, net  500,000   6,143,223 
Derivative liabilities  14,539,039   13,813,449 
Total current liabilities  22,817,531   24,137,779 
Long-term liabilities        
Note payable, net  20,414   10,477 
Total liabilities  22,837,945   24,148,256 
Commitments and contingencies (Note 10)        
Shareholders’ deficit        
Common stock, $0.001 par value, 300,000,000 shares authorized, 29,979,573 and 27,642,828 shares issued and outstanding as of July 31, 2021 (unaudited) and April 30, 2021, respectively; 6,921,299 shares issuable as of July 31, 2021 (unaudited) and April 30, 2021  29,980   27,643 
Additional paid-in capital  20,939,079   10,365,056 
Accumulated other comprehensive loss  (33,198)  (20,170)
Accumulated deficit  (32,258,585)  (28,823,273)
Total shareholders’ deficit  (11,322,724)  (18,450,744)
Total liabilities and shareholders’ deficit $11,515,221  $5,697,512 


  For the Three Months Ended 
  July 31,  July 31, 
  2021  2020 
  (Unaudited)  (Unaudited) 
Net sales $2,537,573  $564,985 
Cost of sales  1,752,351   936,900 
Gross income (loss)  785,222   (371,915)
Operating expenses:        
Selling and marketing expenses  707,097   302,018 
General and administrative expenses  2,394,799   759,268 
Research and development costs  174,048   28,110 
Total operating expenses  3,275,944   1,089,396 
Loss from operations  (2,490,722)  (1,461,311)
Other expense (income):        
Amortization of debt discounts  21,216   233,708 
Loss (gain) on extinguishment of debt  5,118,435   (566,667)
Gain on change in fair value of derivatives  (4,327,344)  - 
Interest expense - related party  56,233   172,464 
Interest expense, net  76,050   73,210 
Total other expense (income)  944,590   (87,285)
Loss before income taxes  (3,435,312)  (1,374,026)
Provision for income taxes  -   - 
Net loss $(3,435,312) $(1,374,026)
Other comprehensive loss, net of tax        
Foreign currency translation adjustments  (13,028)  (1,393)
Total other comprehensive loss, net of tax  (13,028)  (1,393)
Comprehensive loss $(3,448,340) $(1,375,419)
Net loss per share, basic and diluted $(0.12) $(0.05)
Weighted average number of common shares outstanding, basic and diluted  29,128,427   26,090,623 


  For the Three Months Ended 
  July 31,  July 31, 
  2021  2020 
  (Unaudited)  (Unaudited) 
Cash flows from operating activities        
Net loss $(3,435,312) $(1,374,026)
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization expense  41,169   - 
Gain on change in fair value of derivatives  (4,327,344)  - 
Shares and warrants issued in connection with services  618,554   65,826 
Share-based compensation  187,803   - 
Loss (gain) on extinguishment of debt  5,118,435   (566,667)
Amortization of debt discounts  21,216   233,708 
Changes in operating assets and liabilities:        
Accounts receivable, net  235,886   (63,527)
Inventories, net  (1,478,547)  (865,794)
Prepaid expenses and other current assets  (685,519)  262,752 
Accounts payable and accrued expenses  1,960,177   (123,958)
Accrued payroll and bonuses  443,014   199,463 
Deferred revenue  1,139,552   465,273 
Accrued interest - related party  56,233   172,464 
Net cash used in operating activities  (104,683)  (1,594,486)
Cash flows from investing activities        
Note receivable issuance  (300,000)  - 
Net cash used in investing activities  (300,000)  - 
Cash flows from financing activities        
Proceeds from notes payable - related party  500,000   1,500,000 
Proceeds from note payable  -   120,000 
Net cash provided by financing activities  500,000   1,620,000 
Effect of exchange rate fluctuations on cash and cash equivalents  (10,804)  (1,393)
Net change in cash and cash equivalents  84,513   24,121 
Cash and cash equivalents, beginning of the period  928,796   79,847 
Cash and cash equivalents, end of the period $1,013,309  $103,968 
Supplemental disclosure of cash flow information        
Interest paid $50,833  $50,000 
Income taxes paid  2,817   - 
Supplemental disclosure of non-cash investing and financing activities        
Shares issued for conversion of notes payable – related party $6,220,003  $- 
Shares issued in connection with acquisition  3,550,000   -