Destiny Media Technologies Files Q1 2025 10-Q

TL;DR

Destiny Media Tech's Q1 2025 10-Q is in. Check financials for the latest.

AI Summary

Destiny Media Technologies Inc. filed its 10-Q for the period ending November 30, 2024. The company reported financial results for its first fiscal quarter, comparing them to the same period in the prior year. Specific details on revenue, expenses, and net income are provided within the filing.

Why It Matters

This filing provides investors with an update on Destiny Media Technologies' financial performance and operational status for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with financial performance and market conditions.

Key Numbers

• 2024-11-30 — Reporting Period End (Current quarter end date)
• 2023-11-30 — Prior Year Period End (Comparison period for Q1 2024)
• 2024-08-31 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• DESTINY MEDIA TECHNOLOGIES INC (company) — Filer
• 20241130 (date) — Reporting Period End Date
• 20250114 (date) — Filing Date
• VANCOUVER (location) — Business Address City
• NV (location) — State of Incorporation

FAQ

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, as of January 13, 2025 was 9,637,4
• $92,647 — 2023 - $ 177,402 ), out of this amount, $92,647 (November 30, 2023 - $ 23,338 ) was sub
• $0.001 — " refers to the common stock, par value $0.001 per share, of Destiny Media Technologie

Filing Documents

• form10q.htm (10-Q) — 574KB
• exhibit31-1.htm (EX-31.1) — 5KB
• exhibit31-2.htm (EX-31.2) — 5KB
• exhibit32-1.htm (EX-32.1) — 7KB
• 0001062993-25-000745.txt ( ) — 3407KB
• dsny-20241130.xsd (EX-101.SCH) — 42KB
• dsny-20241130_cal.xml (EX-101.CAL) — 30KB
• dsny-20241130_def.xml (EX-101.DEF) — 83KB
• dsny-20241130_lab.xml (EX-101.LAB) — 630KB
• dsny-20241130_pre.xml (EX-101.PRE) — 172KB
• form10q_htm.xml (XML) — 330KB

- 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 19

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures 19

ITEM 4. Controls and Procedures 19

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 20

ITEM 1. Legal Proceedings 20

Risk Factors 20

ITEM 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds 20

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior Securities 20

ITEM 3. Defaults Upon Senior Securities 20

Mine Safety Disclosures 20

ITEM 4. Mine Safety Disclosures 20

Other Information 20

ITEM 5. Other Information 20

Exhibits 20

ITEM 6. Exhibits 20 Signatures 21

- 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, 2024 August 31, 2024 (unaudited) (audited) ASSETS Cash and cash equivalents 3 $ 1,526,761 $ 1,481,582 Accounts receivable, net of allowance for doubtful accounts of $ 29,486 (August 31, 2024 - $ 41,334 ) 8 722,594 681,146 Other receivables 90,189 82,585 Prepaid expenses 51,725 87,345 Deposits 31,144 32,347 Total current assets 2,422,413 2,365,005 Property and equipment, net 4 1,086,889 1,174,370 Intangible assets, net 5 119,463 148,977 Total assets $ 3,628,765 $ 3,688,352 LIABILITIES AND STOCKHOLDERS' EQUITY Current Accounts payable $ 144,882 $ 151,734 Accrued liabilities 278,071 328,801 Deferred revenue 24,164 42,399 Total current liabilities 447,117 522,934 Total liabilities 447,117 522,934 Stockholders' equity Common stock, par value $ 0.001 , authorized 20,000,000 shares. Issued and outstanding - 9,637,410 shares (August 31, 2024 - 9,637,410 shares) 6 9,637 9,637 Additional paid-in capital 8,830,544 8,819,785 Accumulated deficit ( 5,074,469 ) ( 5,192,609 ) Accumulated other comprehensive loss ( 584,064 ) ( 471,395 ) Total stockholders' equity 3,181,648 3,165,418 Total liabilities and stockholders' equity $ 3,628,765 $ 3,688,352 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 2024 2023 Service revenue 8 $ 1,226,757 $ 1,154,802 Cost of revenue Hosting costs 46,941 28,273 Internal engineering support 13,365 17,070 Customer support 75,733 96,728 Third-party and transactions costs 20,076 21,347 156,115 163,41

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