$GLXZ
Galaxy Gaming, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016029239 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $3.210M $3.192M $2.930M
YoY Change 9.56% 15.87% 12.69%
Cost Of Revenue $60.00K $30.00K $30.00K
YoY Change 100.0% 31.06% 50.0%
Gross Profit $3.150M $3.170M $2.900M
YoY Change 8.62% 16.03% 12.4%
Gross Profit Margin 98.13% 99.31% 98.98%
Selling, General & Admin $1.930M $1.590M $2.170M
YoY Change -11.06% -8.41% 24.0%
% of Gross Profit 61.27% 50.16% 74.83%
Research & Development $80.00K $89.51K $80.00K
YoY Change 0.0% -12.09% -38.46%
% of Gross Profit 2.54% 2.82% 2.76%
Depreciation & Amortization $450.0K $419.5K $1.540M
YoY Change -70.78% 0.63% 258.14%
% of Gross Profit 14.29% 13.23% 53.1%
Operating Expenses $2.460M $89.51K $2.670M
YoY Change -7.87% -95.13% 15.09%
Operating Profit $690.0K $1.039M $230.0K
YoY Change 200.0% 126.13% -11.54%
Interest Expense -$300.0K $227.6K -$30.00K
YoY Change 900.0% -8.44% -88.0%
% of Operating Profit -43.48% 21.92% -13.04%
Other Income/Expense, Net
YoY Change
Pretax Income -$30.00K $1.010M $190.0K
YoY Change -115.79% 374.7% -136.54%
Income Tax -$220.0K $350.0K -$20.00K
% Of Pretax Income 34.65% -10.53%
Net Earnings $190.0K $660.0K $220.0K
YoY Change -13.64% 451.35% -166.67%
Net Earnings / Revenue 5.92% 20.68% 7.51%
Basic Earnings Per Share
Diluted Earnings Per Share $4.787K $16.72K $5.604K
COMMON SHARES
Basic Shares Outstanding 39.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $1.820M $570.0K
YoY Change 303.51% 1720.0% 1.79%
Cash & Equivalents $2.305M $1.820M $570.6K
Short-Term Investments
Other Short-Term Assets $270.0K $190.0K $2.489K
YoY Change 10747.73% 70270.37% -96.02%
Inventory $427.1K $480.0K $411.7K
Prepaid Expenses $106.3K
Receivables $2.137M $1.940M $1.830M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.148M $4.430M $3.061M
YoY Change 68.21% 92.97% 3.84%
LONG-TERM ASSETS
Property, Plant & Equipment $356.3K $450.0K $430.0K
YoY Change -17.15% -4.26% -15.69%
Goodwill $1.091M $1.091M $1.091M
YoY Change 0.0% 0.0% 0.0%
Intangibles $13.26M
YoY Change -10.13%
Long-Term Investments
YoY Change
Other Assets $82.05K $300.0K $41.79K
YoY Change 96.32% 602.59% -7.98%
Total Long-Term Assets $13.86M $13.99M $14.91M
YoY Change -7.02% -8.75% -9.88%
TOTAL ASSETS
Total Short-Term Assets $5.148M $4.430M $3.061M
Total Long-Term Assets $13.86M $13.99M $14.91M
Total Assets $19.01M $18.42M $17.97M
YoY Change 5.79% 4.5% -7.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $461.9K $560.0K $1.422M
YoY Change -67.51% -44.82% 174.26%
Accrued Expenses $1.109M $980.0K $824.0K
YoY Change 34.65% 80.93% 58.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.199M $910.0K $4.648M
YoY Change -74.2% -77.27% 33.53%
Total Short-Term Liabilities $4.709M $4.610M $7.954M
YoY Change -40.8% -30.88% 48.21%
LONG-TERM LIABILITIES
Long-Term Debt $8.669M $9.080M $7.436M
YoY Change 16.58% 5.46% -38.32%
Other Long-Term Liabilities $960.0K $850.0K $50.00K
YoY Change 1820.0% 1316.67% -16.67%
Total Long-Term Liabilities $8.669M $9.930M $7.436M
YoY Change 16.58% 14.53% -38.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.709M $4.610M $7.954M
Total Long-Term Liabilities $8.669M $9.930M $7.436M
Total Liabilities $14.39M $14.54M $15.52M
YoY Change -7.31% -5.22% -11.9%
SHAREHOLDERS EQUITY
Retained Earnings $1.477M -$792.4K
YoY Change -286.39% -19.16%
Common Stock $3.149M $3.003M
YoY Change 4.85% 4.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.626M $3.880M $2.715M
YoY Change
Total Liabilities & Shareholders Equity $19.01M $18.42M $17.97M
YoY Change 5.79% 4.47% -7.8%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $190.0K $660.0K $220.0K
YoY Change -13.64% 451.35% -166.67%
Depreciation, Depletion And Amortization $450.0K $419.5K $1.540M
YoY Change -70.78% 0.63% 258.14%
Cash From Operating Activities $510.0K $980.0K $1.260M
YoY Change -59.52% 32.43% 29.9%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$10.00K -$10.00K
YoY Change 300.0% -75.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$10.00K -$10.00K
YoY Change 300.0% -75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 220.0K -780.0K
YoY Change -101.28% -125.0% 2.63%
NET CHANGE
Cash From Operating Activities 510.0K 980.0K 1.260M
Cash From Investing Activities -40.00K -10.00K -10.00K
Cash From Financing Activities 10.00K 220.0K -780.0K
Net Change In Cash 480.0K 1.190M 470.0K
YoY Change 2.13% -950.0% 176.47%
FREE CASH FLOW
Cash From Operating Activities $510.0K $980.0K $1.260M
Capital Expenditures -$40.00K -$10.00K -$10.00K
Free Cash Flow $550.0K $990.0K $1.270M
YoY Change -56.69% 33.78% 25.74%

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<div> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">GALAXY GAMING, INC.</p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOTES TO FINANCIAL STATEMENTS</p> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Unaudited)</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1. DESCRIPTION OF BUSINESS</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unless the context indicates otherwise, references to &#8220;Galaxy Gaming,&#160;Inc.,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company,&#8221; refer to Galaxy Gaming, Inc., a Nevada corporation. &#8220;GGLLC&#8221; refers to Galaxy Gaming, LLC, a Nevada limited liability company that was a predecessor of the Company&#8217;s business, but is not directly associated with Galaxy Gaming, Inc.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are an established global gaming company specializing in the design, development, manufacturing, marketing and acquisition of proprietary casino table games and associated technology, platforms and systems for the casino gaming industry. We are a leading supplier of gaming entertainment products worldwide and provide a diverse offering of quality products and services at competitive prices, designed to enhance the player experience.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Casinos use our proprietary products to enhance their gaming floor operations and improve their profitability, productivity and security, as well as offer popular cutting-edge gaming entertainment content and technology to their players. We market our products to land-based, riverboat and cruise ship and internet gaming companies. The game concepts and the intellectual property associated with these games are typically protected by patents, trademarks and/or copyrights. We market our products primarily via our internal sales force to casinos throughout North America, the Caribbean, the British Isles, Europe, and Africa and to cruise ships and internet gaming sites worldwide. </p></div>
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us-gaap Prior Period Reclassification Adjustment Description
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243970
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
148500
CY2016Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
150000
us-gaap Open Tax Year
OpenTaxYear
2013
glxz Warrants Exercised
WarrantsExercised
0
CY2016Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
320868
CY2015Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
231709
CY2016Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
168151
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
170528
CY2016Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
25423
CY2016Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
397261
CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
288683
CY2016Q3 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
192794
CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
154198
CY2016Q3 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
204467
CY2015Q4 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
134485
CY2016Q3 us-gaap Goodwill
Goodwill
1091000
CY2015Q4 us-gaap Goodwill
Goodwill
1091000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20450967
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20450967
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8306269
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7189331
CY2016Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12144698
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13261636
CY2016Q3 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
33157
CY2015Q4 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
259193
CY2016Q3 glxz Table Max Reimbursement
TableMaxReimbursement
392358
CY2015Q4 glxz Table Max Reimbursement
TableMaxReimbursement
136785
CY2016Q3 glxz Accrued Salary And Payroll Tax Current
AccruedSalaryAndPayrollTaxCurrent
275015
CY2015Q4 glxz Accrued Salary And Payroll Tax Current
AccruedSalaryAndPayrollTaxCurrent
95115
CY2016Q3 us-gaap Accrued Advertising Current
AccruedAdvertisingCurrent
85275
CY2015Q4 us-gaap Accrued Advertising Current
AccruedAdvertisingCurrent
78549
CY2016Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
85834
CY2015Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
62546
CY2016Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
69286
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
154888
CY2016Q3 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
33282
CY2015Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
22056
CY2016Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
85506
CY2015Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
137204
CY2016Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
30608
CY2015Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
59196
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
34545
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
34545
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
23030
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
92120
CY2016Q3 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
6614
CY2016Q3 glxz Warrants Issued
WarrantsIssued
809632
CY2015Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
643314
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
229236
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
237972
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
184794
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1401
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
653403
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.382
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.476
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.068
glxz Discrete Tax Income
DiscreteTaxIncome
65078
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
427500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
412500
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
85606
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
52600
CY2016Q3 glxz Percentage Of Outstanding Common Stock Issuance Upon Exercise Of Warrants
PercentageOfOutstandingCommonStockIssuanceUponExerciseOfWarrants
0.050
glxz Warrants Exercise Description
WarrantsExerciseDescription
The Warrants expire on August 29, 2022, and may not be exercised prior to the earliest of (a) the fifth anniversary of the Loan Agreement, (b) the date on which the obligations described in the Loan Agreement are repaid in full, or (c) the date on which the Lender declares all or any portion of the outstanding amount of the Term Loan to be due and payable under the terms of the Loan Agreement (collectively, the "Trigger Date").
glxz Warrants Expiration Date
WarrantsExpirationDate
2022-08-29
glxz Warrants Exercisable Period Required Prior Written Notice
WarrantsExercisablePeriodRequiredPriorWrittenNotice
P60D

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