Destiny Media Technologies Inc. Files Form 10-Q for Period Ending February 29, 2024

TL;DR

<b>Destiny Media Technologies Inc. filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing its financial status and operations.</b>

AI Summary

DESTINY MEDIA TECHNOLOGIES INC (DSNY) filed a Quarterly Report (10-Q) with the SEC on April 15, 2024. Filed Form 10-Q for the quarterly period ended February 29, 2024. Company fiscal year ends August 31. Incorporated in Nevada. Business address: 1110 - 885 W Georgia St, Vancouver, A1, V6C 3E8. SEC file number: 000-28259.

Why It Matters

For investors and stakeholders tracking DESTINY MEDIA TECHNOLOGIES INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Destiny Media Technologies Inc. for the second quarter of their fiscal year. The 10-Q filing is a mandatory report for publicly traded companies, offering a comprehensive overview of their financial health and business activities.

Risk Assessment

Risk Level: low — DESTINY MEDIA TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate financial results or significant operational changes that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's current performance and outlook.

Key Numbers

• 2024-02-29 — Reporting Period End Date (Form 10-Q)
• 2024-04-15 — Filing Date (Form 10-Q)
• 000-28259 — SEC File Number (Company identifier)
• 0001099369 — Central Index Key (Company identifier)

Key Players & Entities

• DESTINY MEDIA TECHNOLOGIES INC (company) — Filer name
• newsfilecorp.com (company) — Filing agent
• NV (company) — State of incorporation
• VANCOUVER (company) — Business address city
• V6C 3E8 (company) — Business address zip

FAQ

Industry Context

Destiny Media Technologies Inc. operates in the software and services industry, specifically focusing on prepackaged software.

Regulatory Implications

The filing is a standard Form 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and future outlook.
3. Check for any new risk factors or updates to existing ones.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the Form 10-Q.
• 2024-04-15: Filing Date — Date the Form 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a Form 10-Q, representing a quarterly update. Specific comparative financial data from the previous quarter or year is not detailed in this header information.

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, as of April 15, 2024 was 9,672,710

Filing Documents

• form10q.htm (10-Q) — 811KB
• exhibit31-1.htm (EX-31.1) — 5KB
• exhibit31-2.htm (EX-31.2) — 5KB
• exhibit32-1.htm (EX-32.1) — 7KB
• 0001062993-24-008379.txt (&nbsp;) — 3846KB
• dsny-20240229.xsd (EX-101.SCH) — 42KB
• dsny-20240229_cal.xml (EX-101.CAL) — 30KB
• dsny-20240229_def.xml (EX-101.DEF) — 81KB
• dsny-20240229_lab.xml (EX-101.LAB) — 617KB
• dsny-20240229_pre.xml (EX-101.PRE) — 170KB
• form10q_htm.xml (XML) — 447KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Condensed Consolidated Financial Statements 1

ITEM 1. Condensed Consolidated Financial Statements 1

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10

Quantitative and Qualitative Disclosures About Market Risk 21

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures 21

ITEM 4. Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 22

ITEM 1. Legal Proceedings 22

Risk Factors 22

ITEM 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds 22

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Defaults Upon Senior Securities 22

ITEM 3. Defaults Upon Senior Securities 22

Mine Safety Disclosures 22

ITEM 4. Mine Safety Disclosures 22

Other Information 22

ITEM 5. Other Information 22

Exhibits 22

ITEM 6. Exhibits 22 Signatures 23

- 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 February 29, 2024 August 31, 2023 (unaudited) (audited) ASSETS Cash and cash equivalents 3 $ 1,539,685 $ 2,002,769 Accounts receivable, net of allowance for doubtful accounts of $ 38,436 (August 31, 2023 - $ 41,331 ) 634,465 432,501 Other receivables 63,750 58,519 Prepaid expenses 40,297 72,014 Deposits 32,174 32,214 Total current assets 2,310,371 2,598,017 Property and equipment, net 4 531,853 642,207 Intangible assets, net 5 872,752 645,474 Total assets $ 3,714,976 $ 3,885,698 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable $ 101,067 $ 110,203 Accrued liabilities 294,031 267,144 Deferred revenue 19,304 34,710 Total current liabilities 414,402 412,057 Total liabilities 414,402 412,057 Commitments and contingencies 7 - - Stockholders' equity Common stock, par value $ 0.001 , authorized 20,000,000 shares. Issued and outstanding - 9,787,310 shares (August 31, 2023 - 10,096,610 shares) 6 9,787 10,096 Additional paid-in capital 8,960,760 9,242,671 Accumulated deficit ( 5,184,863 ) ( 5,304,367 ) Accumulated other comprehensive loss ( 485,110 ) ( 474,759 ) Total stockholders' equity 3,300,574 3,473,641 Total liabilities and stockholders' equity $ 3,714,976 $ 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) Three months ended Six months ended Notes February 29, 2024 February 28, 2023 February 29, 2024 February 28, 2023 Service revenue 8 $ 986,338 $ 899,042 $ 2,141,140 $ 1,919,779 Cost of revenue Hosting costs 32,383 25,526 60,656 53,485 Internal en

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 general

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View this 10-Q filing on SEC EDGAR