Smart magazine for simulated weapon

A smart magazine adapted to be releasably engaged with a simulated weapon is provided, the magazine comprising a housing, a valving mechanism disposed within the housing and a data module including an electronic storage medium for storing information concerning an amount of simulated ammunition "shots" present in the magazine, and a connection member operably connected to the data module and adapted to be operably connected to a control module in the weapon to transmit and receive signals in response to the firing of the weapon to adjust the number of "shots" stored in the storage medium. The magazine utilizes a compressed gas cartridge that releases gas to produce an audible "pop" when the weapon is fired and to reset the "shot" count for the magazine when the canister is replaced.