Galaxy Gaming, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Galaxy Gaming, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

Galaxy Gaming, Inc. (GLXZ) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Galaxy Gaming, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial and operational aspects of the company. Specific mentions include intellectual property, customer relationships, and common stock. The report details financial instruments such as Senior Secured Term Loan and Insurance Notes Payable. Key dates and financial metrics are referenced within the filing.

Why It Matters

For investors and stakeholders tracking Galaxy Gaming, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Galaxy Gaming's financial health and strategic assets, including intellectual property and customer relationships, as of Q1 2024. The detailed financial information, including debt instruments and equity components, is crucial for understanding the company's capital structure and risk profile.

Risk Assessment

Risk Level: medium — Galaxy Gaming, Inc. shows moderate risk based on this filing. The filing contains numerous specific financial and operational data points, but lacks aggregated financial statements or performance metrics, requiring further analysis to assess overall company health.

Analyst Insight

Review the detailed financial instruments and asset mentions in the 10-Q to assess Galaxy Gaming's capital structure and potential risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-13 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Financial reporting period)
• 2023-12-31 — Previous Year End Date (Financial reporting context)

Key Players & Entities

• Galaxy Gaming, Inc. (company) — Filer name
• 0000013156 (company) — Central Index Key
• 7900 (company) — Standard Industrial Classification
• Fortress Credit Corporation (company) — Mentioned in relation to financial instruments
• 2024-03-31 (date) — Reporting period end date
• 2024-05-13 (date) — Filing date
• 2024-04-22 (date) — Subsequent event date
• CustomerTwo (company) — Mentioned in customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to concentration of sales revenue with specific customers, such as CustomerTwo in North America.

Key Dates

• 2024-03-31: Period End Date — Marks the end of the reporting quarter for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2024-04-22: Subsequent Event — Indicates a significant event that occurred after the reporting period but before the filing date.

Glossary

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.)

Intellectual Property

Intangible assets such as patents, trademarks, and customer relationships that provide competitive advantages. (Highlights key intangible assets owned by Galaxy Gaming, Inc.)

Customer Concentration Risk

The risk associated with having a significant portion of revenue derived from a small number of customers. (Points to a potential vulnerability in Galaxy Gaming's revenue stream.)

Filing Documents

• glxz-20240331.htm (10-Q) — 1010KB
• glxz-ex31_1.htm (EX-31.1) — 12KB
• glxz-ex31_2.htm (EX-31.2) — 12KB
• glxz-ex32_1.htm (EX-32.1) — 12KB
• img156247303_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-057992.txt (&nbsp;) — 4659KB
• glxz-20240331.xsd (EX-101.SCH) — 843KB
• glxz-20240331_htm.xml (XML) — 620KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 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 15 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 4:

Controls and Procedures

Controls and Procedures 18 Item 5: Other Information 18 PART II Item 1:

Legal Proceedings

Legal Proceedings 19 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 6: Exhibits 20 2 PART I I TEM 1. FINANCIAL STATEMENTS Our financial statements included in this Form 10-Q are as follows: Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 3 GALAXY GAMING, INC. CONDENSED CONSOLIDATED BA LANCE SHEETS (Unaudited) ASSETS March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 17,487,302 $ 16,691,514 Accounts receivable, net of allowance of $ 133,870 and $ 200,192 , respectively 4,005,203 4,173,990 Income tax receivable 81,424 80,718 Prepaid expenses 982,591 1,209,813 Total current assets 22,556,520 22,156,035 Property and equipment, net 83,408 98,053 Operating lease right-of-use assets 720,323 785,543 Assets deployed at client locations, net 3,263,887 3,268,294 Goodwill 1,091,000 1,091,000 Other intangible assets, net 12,439,983 12,755,735 Other assets 302,089 321,140 Total assets $ 40,457,210 $ 40,475,800 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,027,166 $ 1,002,061 Accrued expenses 2,300,092 2,584,231 Revenue contract liability 507 167,014 Current portion of operating lease liabilities 272,052 268,541 Current portion of long-term debt 760,158 854,120 Total current liabilities 4,359,975 4,875,967 Long-term operat

View Full Filing

View this 10-Q filing on SEC EDGAR