Destiny Media Technologies Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Destiny Media Technologies Inc. filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing financial information and company data.</b>

AI Summary

DESTINY MEDIA TECHNOLOGIES INC (DSNY) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Filed a 10-Q report for the period ending November 30, 2023. The company is Destiny Media Technologies Inc., SIC code 7372 (Prepackaged Software). Incorporated in Nevada, with fiscal year end August 31. Business and mailing address: 1110 - 885 W Georgia St, Vancouver, BC V6C 3E8. The filing includes data for periods ending November 30, 2023, August 31, 2023, and November 30, 2022.

Why It Matters

For investors and stakeholders tracking DESTINY MEDIA TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides an update on Destiny Media Technologies' financial performance and position for the first quarter of its fiscal year. Investors and analysts can use this report to assess the company's operational status, asset base, and equity structure as of November 30, 2023.

Risk Assessment

Risk Level: low — DESTINY MEDIA TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically associated with a publicly traded company.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the company's performance and identify any material changes from previous periods.

Key Numbers

• 2023-11-30 — Period End Date (Conformed Period of Report)
• 2024-01-16 — Filing Date (Filed as of Date)
• 0831 — Fiscal Year End (Fiscal Year End)
• 7372 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• DESTINY MEDIA TECHNOLOGIES INC (company) — Filer name
• newsfilecorp.com (company) — Filed by
• NV (company) — State of Incorporation
• Vancouver (company) — City
• V6C 3E8 (company) — ZIP code

FAQ

Industry Context

Destiny Media Technologies operates in the software and services sector, specifically focusing on prepackaged software solutions.

Regulatory Implications

The company is subject to SEC regulations for periodic financial reporting, including the filing of Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended November 30, 2023.
2. Compare key financial metrics with the prior year's comparable period (November 30, 2022).
3. Review any disclosures related to subsequent events or changes in accounting policies.

Key Dates

• 2024-01-16: 10-Q Filing — Report filed for the period ending November 30, 2023.
• 2023-11-30: Quarter End Date — End of the reporting period for the 10-Q.
• 2023-08-31: Fiscal Year End — Previous fiscal year end date.

Year-Over-Year Comparison

This filing represents the first 10-Q for the fiscal year ending August 31, 2024, providing updated financial data compared to the previous fiscal year's end report (August 31, 2023).

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, as of January 16, 2024 was 9,820,7
• $0.001 — " refers to the common stock, par value $0.001 per share, of Destiny Media Technologie

Filing Documents

• form10q.htm (10-Q) — 776KB
• exhibit31-1.htm (EX-31.1) — 6KB
• exhibit31-2.htm (EX-31.2) — 6KB
• exhibit32-1.htm (EX-32.1) — 7KB
• 0001062993-24-000877.txt (&nbsp;) — 3737KB
• dsny-20231130.xsd (EX-101.SCH) — 42KB
• dsny-20231130_cal.xml (EX-101.CAL) — 30KB
• dsny-20231130_def.xml (EX-101.DEF) — 81KB
• dsny-20231130_lab.xml (EX-101.LAB) — 621KB
• dsny-20231130_pre.xml (EX-101.PRE) — 170KB
• form10q_htm.xml (XML) — 398KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements 1 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 ITEM 4.

Controls and Procedures

Controls and Procedures 19

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 20 ITEM 1A.

Risk Factors

Risk Factors 20 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 ITEM 3. Defaults Upon Senior Securities 20 ITEM 4. Mine Safety Disclosures 20 ITEM 5. Other Information 20 ITEM 6. Exhibits 20

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DESTINY MEDIA TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets Notes November 30, 2023 August 31, 2023 (unaudited) ASSETS Cash and cash equivalents $ 1,832,365 $ 2,002,769 Accounts receivable, net of allowance for doubtful accounts of $ 41,814 (August 31, 2023 - $ 41,331 ) 8 622,768 432,501 Other receivables 56,334 58,519 Prepaid expenses 51,116 72,014 Deposits 32,135 32,214 Total current assets 2,594,718 2,598,017 Property and equipment, net 4 586,439 642,207 Intangible assets, net 5 796,485 645,474 Total assets $ 3,977,642 $ 3,885,698 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable $ 92,660 $ 110,203 Accrued liabilities 304,043 267,144 Deferred revenue 27,447 34,710 Total current liabilities 424,150 412,057 Total liabilities 424,150 412,057 Commitments and contingencies 7 - - Stockholders' equity Common stock, par value $ 0.001 , authorized 20,000,000 shares. Issued and outstanding - 9,924,610 shares (August 31, 2023 - 10,096,610 shares) 6 9,924 10,096 Additional paid-in capital 9,085,870 9,242,671 Accumulated deficit ( 5,054,851 ) ( 5,304,367 ) Accumulated other comprehensive loss ( 487,451 ) ( 474,759 ) Total stockholders' equity 3,553,492 3,473,641 Total liabilities and stockholders' equity $ 3,977,642 $ 3,885,698 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements . 1 DESTINY MEDIA TECHNOLOGIES, INC. Condensed Consolidated Statements of Comprehensive Income (Unaudited) For the three months ended November 30, Notes 2023 2022 Service revenue 8 $ 1,154,802 $ 1,020,737 Cost of revenue Hosting costs 28,273 27,959 Internal engineering support 17,070 12,570 Customer support 96,728 71,228 Third-party and transactions costs 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This report on Form 10-Q contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "can," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "seek," "estimate," "continue," "plan," "point to," "project," "predict," "could," "intend," "target," "potential" and other similar words and expressions of the future. There are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking statement made by us. These factors include, but are not limited to: our goals and strategies; our future business development, financial condition and results of operations; expected changes in our revenue, costs or expenditures; growth of and competition trends in our industry; our expectations regarding demand for, and market acceptance of, our products; our expectations regarding our relationships with investors, institutional funding partners and other parties with whom we collaborate; fluctuations in ge

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View this 10-Q filing on SEC EDGAR