Galaxy Gaming, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Galaxy Gaming, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Galaxy Gaming, Inc. (GLXZ) filed a Annual Report (10-K) with the SEC on March 25, 2024. Galaxy Gaming, Inc. filed its 2023 10-K report on March 25, 2024. The report covers the fiscal year ending December 31, 2023. Key dates include a subsequent event on March 29, 2024. The company's business address is 6480 Cameron Street, Suite 305, Las Vegas, NV 89118. The filing references a Senior Secured Term Loan with Fortress Credit Corporation, dated November 15, 2021.

Why It Matters

For investors and stakeholders tracking Galaxy Gaming, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Galaxy Gaming's financial health, operational performance, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, debt obligations, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Galaxy Gaming, Inc. shows moderate risk based on this filing. The company's reliance on specific customers and potential concentration risk, as indicated by references to CustomerOne and CustomerTwo, could pose a medium-term risk if these relationships deteriorate.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Galaxy Gaming's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report Period)
• 2024-03-25 — Filing Date (10-K Submission)
• 2024-03-29 — Subsequent Event Date (Reported Event)
• 2021-11-15 — Senior Secured Term Loan Date (Financing Agreement)

Key Players & Entities

• Galaxy Gaming, Inc. (company) — Filer
• Fortress Credit Corporation (company) — Lender for Senior Secured Term Loan
• 6480 Cameron Street, Suite 305, Las Vegas, NV 89118 (company) — Business Address
• CustomerOne (company) — Customer Concentration Risk
• CustomerTwo (company) — Customer Concentration Risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risks related to customer concentration, with specific mentions of CustomerOne and CustomerTwo, and potential concentration in the Europe (EMEA) market.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K.
• 2024-03-25: 10-K Filing Date — Official submission date of the annual report.
• 2024-03-29: Subsequent Event — An event occurring after the fiscal year-end but before the filing date.
• 2021-11-15: Senior Secured Term Loan Agreement — Date of a significant financing agreement with Fortress Credit Corporation.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Galaxy Gaming, Inc.)

Senior Secured Term Loan

A type of loan that is secured by specific assets of the borrower and has priority over other unsecured debts. (Indicates a significant debt obligation for Galaxy Gaming, Inc., with specific terms and lenders mentioned.)

Filing Documents

• glxz-20231231.htm (10-K) — 1807KB
• glxz-ex23_1.htm (EX-23.1) — 4KB
• glxz-ex31_1.htm (EX-31.1) — 12KB
• glxz-ex31_2.htm (EX-31.2) — 12KB
• glxz-ex32_1.htm (EX-32.1) — 14KB
• img155352612_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-035514.txt (&nbsp;) — 8769KB
• glxz-20231231.xsd (EX-101.SCH) — 1572KB
• glxz-20231231_htm.xml (XML) — 1455KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2.

Properties

Properties 8 Item 3.

Legal Proceedings

Legal Proceedings 9 Item 4. Mine Safety Disclosures 9 PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 10 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 14 Item 8.

Financial Statements and Supplementary Financial Information

Financial Statements and Supplementary Financial Information 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A.

Controls and Procedures

Controls and Procedures 35 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III Item 10. Directors, Executive Officers and Corporate Governance 36 Item 11.

Executive Compensation

Executive Compensation 36 Item 12.

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters 36 Item 13. Cert ain Relationships and Related Transactions, and Director Independence 36 Item 14. Principal Accounting Fees and Services 36 PART IV Item 15. Exhibits and Financial Statement Schedules 37 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events. These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming's performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect

BUSINESS

BUSINESS Unless the context indicates otherwise, references to "Galaxy Gaming, Inc.," "we," "us," "our," or the "Company," refer to Galaxy Gaming, Inc., a Nevada corporation ("Galaxy Gaming"). We are an established global gaming company specializing in the design, development, acquisition, assembly, marketing and licensing of proprietary casino table games and associated technology, platforms and systems for the casino gaming industry. Casinos use our proprietary products and services to enhance their gaming operations and improve their profitability, productivity and security, as well as to offer popular cutting-edge gaming entertainment content and technology to their players. We also market our products and services to online casinos worldwide and to land-based casino gaming companies in North America, the Caribbean, Central America, the United Kingdom, Europe and Africa and to cruise ship companies. We license our products and services for use solely in legalized gaming markets. We also license our content and distribute content from other companies to iGaming operators throughout the world. Products and Services We have two operating segments which are combined into one reporting segment. In our GG Core operating segment, we license our products to gaming establishments in the physical world (casinos, racinos, cruise ships, etc.) and to providers of gaming devices such as electronic table games ("ETG's). In our GG Digital operating segment, we license our products to gaming establishments in the virtual world (online casinos and other gaming-related websites). Proprietary Table Games. Casinos use Proprietary Table Games together with or in lieu of other games in the public domain (e.g. Blackjack, Craps, Roulette, etc.) because of their popularity with players and to increase profitability. Typically, Proprietary Table Games are grouped into two product types referred to as "Side Bets" and "Premium Games." Side Bets are proprietary features and wagerin

View Full Filing

View this 10-K filing on SEC EDGAR