Destiny Media Technologies Files Q3 2024 10-Q

TL;DR

**DSTNY Q3 10-Q FILED: Check financials for latest performance.**

AI Summary

Destiny Media Technologies Inc. filed its quarterly report for the period ending May 31, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Destiny Media Technologies, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company, Destiny Media Technologies Inc. is subject to market fluctuations and business-specific risks detailed in its SEC filings.

Key Numbers

• Q3 --05-31 2024 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 2024-05-31 — Fiscal Year End (Marks the end of the company's fiscal year.)
• 2023-08-31 — Previous Fiscal Year End (Provides a comparison point to the prior fiscal year.)

Key Players & Entities

• Destiny Media Technologies Inc. (company) — Filer of the 10-Q report
• 2024-05-31 (date) — End of the reporting period
• 2024-07-15 (date) — Filing date of the report
• Vancouver (location) — City of business and mailing address

FAQ

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, as of July 15, 2024 was 9,637,410

Filing Documents

• form10q.htm (10-Q) — 861KB
• exhibit31-1.htm (EX-31.1) — 5KB
• exhibit31-2.htm (EX-31.2) — 5KB
• exhibit32-1.htm (EX-32.1) — 5KB
• 0001062993-24-013709.txt ( ) — 3939KB
• dsny-20240531.xsd (EX-101.SCH) — 42KB
• dsny-20240531_cal.xml (EX-101.CAL) — 30KB
• dsny-20240531_def.xml (EX-101.DEF) — 82KB
• dsny-20240531_lab.xml (EX-101.LAB) — 628KB
• dsny-20240531_pre.xml (EX-101.PRE) — 171KB
• form10q_htm.xml (XML) — 470KB

- 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 May 31, 2024 August 31, 2023 (unaudited) (audited) ASSETS Cash and cash equivalents 3 $ 1,390,887 $ 2,002,769 Accounts receivable, net of allowance for credit losses of $ 40,950 (August 31, 2023 - $ 41,331 ) 682,359 432,501 Other receivables 69,915 58,519 Prepaid expenses 69,429 72,014 Deposits 31,995 32,214 Total current assets 2,244,585 2,598,017 Property and equipment, net 4 474,902 642,207 Intangible assets, net 5 970,663 645,474 Total assets $ 3,690,150 $ 3,885,698 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable $ 88,269 $ 110,203 Accrued liabilities 298,847 267,144 Deferred revenue 36,930 34,710 Total current liabilities 424,046 412,057 Total liabilities 424,046 412,057 Commitments and contingencies 7 - - Stockholders' equity Common stock, par value $ 0.001 , authorized 20,000,000 shares. Issued and outstanding - 9,637,410 shares (August 31, 2023 - 10,096,610 shares) 6 9,637 10,096 Additional paid-in capital 8,808,678 9,242,671 Accumulated deficit ( 5,050,387 ) ( 5,304,367 ) Accumulated other comprehensive loss ( 501,824 ) ( 474,759 ) Total stockholders' equity 3,266,104 3,473,641 Total liabilities and stockholders' equity $ 3,690,150 $ 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 May 31, Nine months ended May 31, Notes 2024 2023 2024 2023 Service revenue 8 $ 1,155,442 $ 1,068,007 $ 3,296,582 $ 2,987,786 Cost of revenue Hosting costs 35,036 30,555 95,692 84,040 Internal engineering support 14,249 12,707 44,

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

View Full Filing

View this 10-Q filing on SEC EDGAR