$DSNY
DESTINY MEDIA TECHNOLOGIES INC

2024 Q3 Form 10-Q Financial Statement

#000106299324013709 Filed on July 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.155M $1.068M
YoY Change 8.19% 6.88%
Cost Of Revenue $150.0K $133.8K
YoY Change 12.18% -36.19%
Gross Profit $1.005M $934.3K
YoY Change 7.62% 18.31%
Gross Profit Margin 87.01% 87.48%
Selling, General & Admin $440.2K $552.2K
YoY Change -20.28% 27.78%
% of Gross Profit 43.79% 59.11%
Research & Development $356.6K $247.4K
YoY Change 44.14% -24.14%
% of Gross Profit 35.47% 26.48%
Depreciation & Amortization $84.96K $34.32K
YoY Change 147.59% 4.46%
% of Gross Profit 8.45% 3.67%
Operating Expenses $884.6K $836.8K
YoY Change 5.71% 5.31%
Operating Profit $120.8K $97.46K
YoY Change 23.94% -2077.66%
Interest Expense $20.00K
YoY Change -166.67%
% of Operating Profit 20.52%
Other Income/Expense, Net
YoY Change
Pretax Income $134.5K $107.1K
YoY Change 25.62% -3402.04%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $134.5K $107.1K
YoY Change 25.62% -3402.04%
Net Earnings / Revenue 11.64% 10.02%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 9.637M shares 9.673M shares 10.12M shares
Diluted Shares Outstanding 9.722M shares 10.12M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.830M
YoY Change -6.15%
Cash & Equivalents $1.482M $1.391M $1.825M
Short-Term Investments
Other Short-Term Assets $80.00K
YoY Change -20.0%
Inventory
Prepaid Expenses $87.35K $69.43K $47.07K
Receivables $681.1K $682.4K $561.4K
Other Receivables $82.59K $69.92K $51.04K
Total Short-Term Assets $2.365M $2.245M $2.517M
YoY Change -8.97% -10.82% -12.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.174M $474.9K $206.4K
YoY Change 82.86% 130.06% -42.58%
Goodwill
YoY Change
Intangibles $149.0K $970.7K $1.200M
YoY Change -76.92% -19.09% 371.39%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.323M $1.446M $1.406M
YoY Change 2.77% 2.81% 129.01%
TOTAL ASSETS
Total Short-Term Assets $2.365M $2.245M $2.517M
Total Long-Term Assets $1.323M $1.446M $1.406M
Total Assets $3.688M $3.690M $3.923M
YoY Change -5.08% -5.93% 12.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.7K $88.27K $108.8K
YoY Change 37.69% -18.85% -6.35%
Accrued Expenses $328.8K $298.8K $300.1K
YoY Change 23.08% -0.42% -0.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $522.9K $424.0K $449.7K
YoY Change 26.91% -5.69% 1.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $522.9K $424.0K $449.7K
Total Long-Term Liabilities $0.00
Total Liabilities $522.9K $424.0K $449.7K
YoY Change 26.91% -5.69% 1.48%
SHAREHOLDERS EQUITY
Retained Earnings -$5.193M -$5.050M -$5.275M
YoY Change -2.11% -4.27% -9.49%
Common Stock $9.637K $9.637K $10.12K
YoY Change -4.55% -4.79% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.165M $3.266M $3.473M
YoY Change
Total Liabilities & Shareholders Equity $3.688M $3.690M $3.923M
YoY Change -5.08% -5.93% 12.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $134.5K $107.1K
YoY Change 25.62% -3402.04%
Depreciation, Depletion And Amortization $84.96K $34.32K
YoY Change 147.59% 4.46%
Cash From Operating Activities $110.0K
YoY Change -137.93%
INVESTING ACTIVITIES
Capital Expenditures $250.0K
YoY Change 19.05%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$250.0K
YoY Change 19.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 110.0K
Cash From Investing Activities -250.0K
Cash From Financing Activities 0.000
Net Change In Cash -140.0K
YoY Change -72.0%
FREE CASH FLOW
Cash From Operating Activities $110.0K
Capital Expenditures $250.0K
Free Cash Flow -$140.0K
YoY Change -72.0%

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CY2024Q2 us-gaap Stock Repurchased And Retired During Period Shares
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CY2024Q2 dsny Stock Retired During Period Value
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CY2023 dsny Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1.29
dsny Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period Weighted Average Remaining Contract Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageRemainingContractTerm
P2Y11M23D
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
11359 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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51664 usd
CY2023Q2 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
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CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
134476 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
107052 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9689303 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10123984 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
32732 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9722035 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10123984 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
V6G 2V3
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2024Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9637410 shares
CY2023Q2 us-gaap Revenues
Revenues
1068007 usd
CY2024Q2 us-gaap Cost Of Revenue
CostOfRevenue
150044 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Cost Of Revenue
CostOfRevenue
448808 usd
us-gaap Cost Of Revenue
CostOfRevenue
389794 usd
CY2024Q2 us-gaap Gross Profit
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1005398 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
934254 usd
CY2024Q2 dsny Percentage Of Gross Margin
PercentageOfGrossMargin
0.87 pure
CY2023Q2 dsny Percentage Of Gross Margin
PercentageOfGrossMargin
0.875 pure
CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
159940 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
314387 usd
CY2024Q2 us-gaap Selling And Marketing Expense
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280308 usd
CY2023Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
237834 usd
CY2024Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
356599 usd
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
247392 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
97459 usd
CY2023Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
9593 usd
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
108481 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
38085 usd
CY2023Q2 dsny Stock Retired During Period Value
StockRetiredDuringPeriodValue
4463 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
3473216 usd
CY2024Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-127671 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
10655 usd
CY2024Q1 dsny Stock Retired During Period Value
StockRetiredDuringPeriodValue
135902 usd
CY2024Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
117762 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
11359 usd
CY2024Q2 dsny Stock Retired During Period Value
StockRetiredDuringPeriodValue
163591 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
3266104 usd
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="text-align:justify;margin-top:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 1. ORGANIZATION</strong></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Destiny Media Technologies Inc. (the "Company") was incorporated in August 1998 under the laws of the State of Colorado and the corporate jurisdiction was changed to Nevada effective October 8, 2014. The Company develops technologies that allow for the distribution over the internet of digital media files in either a streaming or digital download format. The technologies are proprietary. The Company operates out of Vancouver, BC, Canada and serves customers predominantly located in North America, Europe, and Australia.</span></span></p> <p style="text-align:justify;margin-bottom:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's stock is listed for trading under the symbol "DSNY" on the OTCQB U.S. in the United States, under the symbol "DSY.V" on the TSX Venture Exchange (the "TSXV") and under the symbol "DME1.F" on the Berlin, Frankfurt, Xetra and Stuttgart exchanges in Germany.</span></span></p> </div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Use of Estimates</strong></span></span></p> <p style="text-align:justify;margin-bottom:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Significant estimates are related to the labour capitalized to software under development and computer software, the recoverability of long-term assets including property, equipment, and intangible assets, amortization expense, credit losses, and valuation of stock-based compensation.</span></span></p> </div>
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5685 shares
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5685 shares
dsny Stock Retired During Period Value
StockRetiredDuringPeriodValue
4463 usd
CY2023Q2 dsny Stock Retired During Period Value
StockRetiredDuringPeriodValue
4463 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
20000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.15
dsny Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageRemainingContractualTerm
P4Y10M9D
dsny Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
42 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
20000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
20000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0437 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8531 pure
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
dsny Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y1M17D
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
479000 shares
CY2024Q2 us-gaap Revenues
Revenues
1155442 usd
CY2023Q2 us-gaap Revenues
Revenues
1068007 usd
us-gaap Revenues
Revenues
3296582 usd
us-gaap Revenues
Revenues
2987786 usd

Files In Submission

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0001062993-24-013709-index-headers.html Edgar Link pending
0001062993-24-013709-index.html Edgar Link pending
0001062993-24-013709.txt Edgar Link pending
0001062993-24-013709-xbrl.zip Edgar Link pending
dsny-20240531.xsd Edgar Link pending
exhibit31-1.htm Edgar Link pending
exhibit31-2.htm Edgar Link pending
exhibit32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10q.htm Edgar Link pending
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dsny-20240531_lab.xml Edgar Link unprocessable
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form10q_htm.xml Edgar Link completed
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dsny-20240531_cal.xml Edgar Link unprocessable