Galaxy Gaming Files 10-Q, Details Financials

TL;DR

Galaxy Gaming's Q2 10-Q is in! Check financials and debt details.

AI Summary

Galaxy Gaming, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial metrics and disclosures related to their debt facilities, including the Senior Secured Term Loan with Fortress Credit Corporation, are presented. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors with a detailed look at Galaxy Gaming's financial health and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and disclosures about debt, which can be complex and carry inherent risks for investors.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Galaxy Gaming, Inc. (company) — Filer of the 10-Q
• Fortress Credit Corporation (company) — Lender for the Senior Secured Term Loan
• 20240630 (date) — End of reporting period
• 20240812 (date) — Filing date

FAQ

Filing Documents

• glxz-20240630.htm (10-Q) — 1512KB
• glxz-ex31_1.htm (EX-31.1) — 12KB
• glxz-ex31_2.htm (EX-31.2) — 12KB
• glxz-ex32_1.htm (EX-32.1) — 12KB
• img156250185_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-094921.txt ( ) — 5317KB
• glxz-20240630.xsd (EX-101.SCH) — 843KB
• glxz-20240630_htm.xml (XML) — 667KB

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 16 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4:

Controls and Procedures

Controls and Procedures 25 Item 5: Other Information 25 PART II Item 1:

Legal Proceedings

Legal Proceedings 26 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 6: Exhibits 27 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 June 30, 2024 and December 31, 2023 (unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 3 GALAXY GAMING, INC. CONDENSED CONSOLIDATED BA LANCE SHEETS (Unaudited) ASSETS June 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 19,346,842 $ 16,691,514 Accounts receivable, net of allowance of $ 134,291 and $ 200,192 , respectively 3,773,724 4,173,990 Income tax receivable 82,755 80,718 Prepaid expenses 838,079 1,209,813 Total current assets 24,041,400 22,156,035 Property and equipment, net 69,251 98,053 Operating lease right-of-use assets 658,685 785,543 Assets deployed at client locations, net 3,224,651 3,268,294 Goodwill 1,091,000 1,091,000 Other intangible assets, net 12,116,306 12,755,735 Other assets 269,457 321,140 Total assets $ 41,470,750 $ 40,475,800 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 1,409,762 $ 1,002,061 Accrued expenses 2,485,498 2,584,231 Revenue contract liability 507 167,014 Current portion of operating lease liabilities 277,297 268,541 Current portion of long-term debt 664,603 854,120 Total current liabilities 4,837,667 4,875,967 Long-te

View Full Filing

View this 10-Q filing on SEC EDGAR