Business Context and Reporting Period
This Form 8-K is filed by Connexa Sports Technologies Inc. (noted as AIRWA INC. in metadata) for the reporting period ending June 12, 2025. The filing addresses corporate governance changes, specifically the resignation of a director and a restructuring of board compensation.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to director compensation adjustments:
- CEO Director Compensation: Changed from $7,500 quarterly cash plus $12,500 quarterly stock to $60,000 annual cash.
- Non-Employee Director Compensation: Changed from $7,500 quarterly cash plus $12,500 quarterly stock to $60,000 annual cash.
- Accrued Liability: The Company currently owes $30,000 to the CEO and $30,000 to each non-employee director for retroactive payments covering the quarters beginning November 1, 2024, and February 1, 2025.
Material Changes
- Director Resignation: Warren Andrew Thomson resigned from the Board and all committees (Nominations, Audit, Compensation) effective immediately on June 12, 2025. He confirmed no disagreement with the Company regarding operations or policies.
- Compensation Structure: On June 18, 2025, the Board approved a shift from a mixed cash-and-stock compensation model to a purely cash-based annual model for all directors.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, market outlook, or discussion of operational risks. Management commentary is limited to confirming the amicable nature of Mr. Thomson's departure and the retroactive application of the new compensation terms.
Investor Verification Checklist
- Verify the current composition of the Board of Directors following Mr. Thomson's resignation.
- Confirm the Company's liquidity position to ensure it can meet the immediate accrued cash obligations of $30,000 per director.
- Review the "Slinger Bag Inc. Global Share Incentive Plan (2020)" to understand the impact of eliminating quarterly stock grants on total director compensation value.
- Check for any subsequent filings regarding the appointment of a replacement director for the Audit or Compensation committees.