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.



[email protected]

(443) 407-7564



Brittany Zoet, Uproar PR

[email protected]

EU and UK:

Joe Murgatroyd


[email protected]

+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        


Please enter your comment!
Please enter your name here