$DSNY
DESTINY MEDIA TECHNOLOGIES INC

2024 Q4 Form 10-K Financial Statement

#000106299324019439 Filed on November 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue $1.227M $4.421M
YoY Change 6.23% 9.58%
Cost Of Revenue $156.1K $610.5K
YoY Change -4.47% 18.52%
Gross Profit $1.071M $3.810M
YoY Change 7.99% 8.27%
Gross Profit Margin 87.27% 86.19%
Selling, General & Admin $381.9K $1.761M
YoY Change 4.99% 7.26%
% of Gross Profit 35.67% 46.23%
Research & Development $412.0K $1.518M
YoY Change 33.54% 13.53%
% of Gross Profit 38.49% 39.85%
Depreciation & Amortization $163.8K $456.5K
YoY Change 111.44% 100.66%
% of Gross Profit 15.3% 11.98%
Operating Expenses $960.9K $3.750M
YoY Change 27.54% 16.52%
Operating Profit $109.7K $60.56K
YoY Change -53.89% -79.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $118.1K $111.8K
YoY Change -52.65% -66.9%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $118.1K $111.8K
YoY Change -52.65% -66.65%
Net Earnings / Revenue 9.63% 2.53%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 9.637M shares 9.637M shares 10.03M shares
Diluted Shares Outstanding 9.824M shares 10.03M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.527M $1.482M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $51.73K $87.35K
Receivables $722.6K $681.1K
Other Receivables $90.19K $82.59K
Total Short-Term Assets $2.422M $2.365M
YoY Change -6.64% -8.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.087M $1.174M
YoY Change 85.34% 82.86%
Goodwill
YoY Change
Intangibles $119.5K $149.0K
YoY Change -85.0% -76.92%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.206M $1.323M
YoY Change -12.77% 2.77%
TOTAL ASSETS
Total Short-Term Assets $2.422M $2.365M
Total Long-Term Assets $1.206M $1.323M
Total Assets $3.629M $3.688M
YoY Change -8.77% -5.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $144.9K $151.7K
YoY Change 56.36% 37.69%
Accrued Expenses $278.1K $328.8K
YoY Change -8.54% 23.08%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $447.1K $522.9K
YoY Change 5.41% 26.91%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $447.1K $522.9K
Total Long-Term Liabilities
Total Liabilities $447.1K $522.9K
YoY Change 5.41% 26.91%
SHAREHOLDERS EQUITY
Retained Earnings -$5.074M -$5.193M
YoY Change 0.39% -2.11%
Common Stock $9.637K $9.637K
YoY Change -2.89% -4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.182M $3.165M
YoY Change
Total Liabilities & Shareholders Equity $3.629M $3.688M
YoY Change -8.77% -5.08%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income $118.1K $111.8K
YoY Change -52.65% -66.65%
Depreciation, Depletion And Amortization $163.8K $456.5K
YoY Change 111.44% 100.66%
Cash From Operating Activities $217.6K $429.2K
YoY Change 15.28% -39.18%
INVESTING ACTIVITIES
Capital Expenditures $4.333K $8.161K
YoY Change -81.43% -98.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$96.98K -$484.4K
YoY Change -45.33% -32.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $470.3K
YoY Change 2125.08%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$470.3K
YoY Change -100.0% 2125.08%
NET CHANGE
Cash From Operating Activities $217.6K $429.2K
Cash From Investing Activities -$96.98K -$484.4K
Cash From Financing Activities $0.00 -$470.3K
Net Change In Cash $45.18K -$521.2K
YoY Change -126.51% 459.46%
FREE CASH FLOW
Cash From Operating Activities $217.6K $429.2K
Capital Expenditures $4.333K $8.161K
Free Cash Flow $213.3K $421.0K
YoY Change 28.93% 250.49%

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<div> <p style="margin-left:18pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i><strong>Revenue recognition</strong></i></span></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's revenue is derived from software as a service (SaaS) arrangement. The Company accounts for revenue in accordance with ASC 606, <i>Revenue from Contracts with Customers</i>.</span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The core principle of ASC 606 is to recognize revenue upon the transfer of products or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (1) identify the contract(s) with customers; (2) identify the separate performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the separate performance obligations in the contract; and (5) recognize revenue when (or as) the performance obligations are satisfied.</span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies the five-step model to recognize revenue as follows:</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(1)</i> <i>Identification of the contract, or contracts, with the customer</i></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company considers the terms and conditions of written contracts and its customary business practices in identifying its contracts under ASC 606. The Company determines that it has a contract with a customer when the contract is executed, the Company can identify each party's rights regarding the services to be transferred, the Company can identify the payment terms for the services, the Company has determined that the customer has the ability and intent to pay, and the contract has commercial substance. In general, contract terms will be reflected in a written document that is signed by both parties.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(2)</i> <i>Identification of the performance obligation in the contract</i></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Performance obligations are promises in a contract to transfer distinct products or services to a customer and is the unit of account under ASC 606. A contract's transaction price is allocated to each distinct performance obligation and revenue is recognized when the performance obligation is satisfied. A product or service is a distinct performance obligation if the customer can both benefit from the product or service either on its own or together with other resources that are readily available to the customer, and it is separately identifiable from other items within the context of the contract. Performance obligations are satisfied by transferring control of the product or service to the customer. Control of the product or service is transferred either at a point in time or over time depending on the performance obligation.</span></span></p> <div></div> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">To the extent a contract includes multiple promised services or products, the Company applies judgment to determine whether promised services or products are capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised services are accounted for as a combined performance obligation.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generates revenue primarily from usage fees for the Company's digital media distribution service. Usage fees are generally recognized as they are billed based on volume and size of distribution services provided in a given month. The Company's other performance obligations include maintenance services, email and phone support, and unspecified software updates released when, and if, available. Under the guidance of ASC 606, the Company has concluded that maintenance services and unspecified software upgrades are not distinct in the context of the Company's contracts because the Company's service is considered a multi-tenant software environment, and these activities represent a single combined performance obligation in connection with the Company's digital media distribution service, recognized at a point in time when the service is delivered to the customer.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Support activities are considered a separate performance obligation which is satisfied over time; however, such activities are performed substantially concurrently with the satisfaction of digital media distribution services. From time to time, certain of the Company's contracts contain additional separate performance obligations, including specific enhancements and upgrades.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(3)</i> <i>Determination of the transaction price</i></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for providing services to the customer.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Digital media distribution services may be subject to either fixed or variable pricing. Variable consideration is allocated entirely to distinct service periods when it can be tied to a single performance obligation. Variable consideration is estimated and included in the transaction price if, in the Company's judgment, it is probable that there will not be a significant future reversal of cumulative revenue under the contract. When variable consideration is contingent and cannot be tied to a single performance obligation performed in a particular billing period, the Company estimates contingent variable consideration using the most likely method and recognizes consideration to the extent that the estimate for variable consideration is not constrained pursuant to the guidance provided in ASC 606.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A significant financing component generally does not exist under the Company's standard contracting and billing practices.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(4)</i> <i>Allocation of the transaction price to the performance obligations in the contract</i></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">If the contract contains a single combined performance obligation, the entire transaction price is allocated to the single combined performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on its standalone selling price ("SSP") in relation to the total fair value of all performance obligations in the arrangement. The majority of the Company's contracts contain two separate performance obligations that are performed concurrently. The Company allocates consideration to each performance obligation under the guidance of ASC 606 on a relative standalone selling price basis. Where SSP is not directly observable, the Company determines the SSP using information that may include market conditions and other observable inputs.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Consideration associated with support activities, specified enhancements and upgrades are estimated using a cost-plus reasonable margin approach, as there is no observable SSP.</span></span></p> <p style="margin-left:36pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>(5)</i> <i>Recognition of revenue when, or as, the Company satisfies a performance obligation</i></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company recognizes revenue when the services are delivered to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company is principally responsible for the satisfaction of its distinct performance obligations, which are satisfied either at a point in time or over a period of time.</span></span></p> <div></div> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Performance obligations satisfied at a point in time </i></span></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Media distribution services comprise the majority of distinct performance obligations that are satisfied at a point in time, and revenue is recognized at the point in which the distribution service has been completed. Consideration for these services is typically billed in the same period that the service has been delivered to the customer.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Performance obligations satisfied over a period of time</i></span></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Customer support activities comprise the majority of distinct performance obligations that are satisfied over a period of time. Revenue from support activities is recognized over an estimated support period since this activity is considered a 'stand-ready obligation'. This support period is substantially concurrent with the performance of media distribution services, as these services are performed substantially in conjunction with the related distribution. Any support activities provided outside of this billing period are not considered material. Revenue from specified enhancements and upgrades is recognized over an estimated performance period.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline"><i>Contract Costs</i></span></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Contract costs consists of two components, customer acquisition costs and costs to fulfill a contract. Customer acquisition costs are capitalized only if the costs are incrementally incurred to obtain a customer contract and may consist of sales commissions paid to sales personnel or third-party resellers. Generally, the Company does not incur any contract costs outside of the period that the related revenue is recognized.</span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="background-color:rgb(255, 255, 255);text-decoration:underline"><i>Contract Modifications</i></span></span></span></p> <p style="margin-left:18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Contract modifications may create new, or change existing, enforceable rights and obligations of the parties to the contract. We generally modify an existing contract using an addendum or signed change order. A contract modification is accounted for as a new contract if it reflects an increase in scope that is regarded as distinct from the original contract and is priced in-line with the standalone selling price for the related product or services obligated. If a contract modification is not considered a new contract, the modification is combined with the original contract and the impact on the revenue recognition profile depends on whether the remaining products and services are distinct from the original contract. If the remaining goods or services are distinct from those in the original contract, all remaining performance obligations will be accounted for on a prospective basis with unrecognized consideration allocated to the remaining performance obligations. If the remaining goods or services are not distinct, the modification will be treated as if it were a part of the existing contract, and the effect that the contract modification has on the transaction price, and on our measure of progress toward satisfaction of the performance obligations, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification on a cumulative catch-up basis.</span></span></span></p> </div>
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<div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION</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 the United States, Europe, and Australia.</span></span></p> <p style="text-align:justify"><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" on the TSX Venture Exchange (the "TSXV") and under the symbol "DME" on the Berlin, Frankfurt, Xetra and Stuttgart exchanges in Germany.</span></span></p> <div> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i><strong>Basis of Presentation and Principles of Consolidation</strong></i></span></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries: Destiny Software Productions, Inc. ("DSNY"), MPE Distributions, Inc. ("MPE"), Tonality, Inc. ("Tonality"), and Sonox Digital Inc. ("Sonox"). All intercompany transactions and balances have been eliminated on consolidation.</span></span></p> </div> <div> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><i><strong>Use of Estimates</strong></i></span></span></span></p> <p style="text-align:justify;margin-bottom:0pt"><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 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 labor capitalized to software under development and computer software, the recoverability of long-term assets including property and equipment, intangible assets, amortization expense, recoverability of accounts receivable and valuation of stock-based compensation.</span></span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>
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<div> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i><strong>Concentrations of credit risk</strong></i></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</span></span></p> </div>
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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337674 usd
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Files In Submission

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