$GLXZ
Galaxy Gaming, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017010995 Filed on May 15, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q4
Revenue $3.660M $3.475M $3.210M
YoY Change 19.61% 16.46% 9.56%
Cost Of Revenue $60.00K $20.88K $60.00K
YoY Change 100.0% -3.5% 100.0%
Gross Profit $3.600M $3.454M $3.150M
YoY Change 18.81% 16.61% 8.62%
Gross Profit Margin 98.36% 99.4% 98.13%
Selling, General & Admin $2.480M $2.086M $1.930M
YoY Change 49.4% 27.72% -11.06%
% of Gross Profit 68.89% 60.39% 61.27%
Research & Development $130.0K $138.0K $80.00K
YoY Change 30.0% 73.99% 0.0%
% of Gross Profit 3.61% 4.0% 2.54%
Depreciation & Amortization $440.0K $436.1K $450.0K
YoY Change 7.32% 4.83% -70.78%
% of Gross Profit 12.22% 12.62% 14.29%
Operating Expenses $3.050M $2.224M $2.460M
YoY Change 39.91% 29.87% -7.87%
Operating Profit $550.0K $744.3K $690.0K
YoY Change -35.29% -8.49% 200.0%
Interest Expense -$640.0K $445.3K -$300.0K
YoY Change 6300.0% 72.48% 900.0%
% of Operating Profit -116.36% 59.83% -43.48%
Other Income/Expense, Net -$637.0K -$504.0K
YoY Change 8434.31% 246.23%
Pretax Income -$92.84K $240.2K -$30.00K
YoY Change -110.98% -64.02% -115.79%
Income Tax -$13.08K $77.97K -$220.0K
% Of Pretax Income 32.46%
Net Earnings -$79.76K $162.3K $190.0K
YoY Change -114.16% -62.07% -13.64%
Net Earnings / Revenue -2.18% 4.67% 5.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.032K $3.920K $4.787K
COMMON SHARES
Basic Shares Outstanding 39.37M 39.32M
Diluted Shares Outstanding 39.37M 40.82M

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.930M $2.920M $2.300M
YoY Change 357.81% 170.37% 303.51%
Cash & Equivalents $2.930M $2.920M $2.305M
Short-Term Investments
Other Short-Term Assets $320.0K $280.0K $270.0K
YoY Change 88.24% 133.33% 10747.73%
Inventory $470.0K $466.0K $427.1K
Prepaid Expenses
Receivables $2.400M $1.997M $2.137M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.120M $5.659M $5.148M
YoY Change 99.35% 66.53% 68.21%
LONG-TERM ASSETS
Property, Plant & Equipment $600.0K $540.0K $356.3K
YoY Change 42.86% 31.71% -17.15%
Goodwill $1.091M $1.091M $1.091M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $390.0K $23.00K $82.05K
YoY Change 875.0% -44.97% 96.32%
Total Long-Term Assets $13.19M $13.49M $13.86M
YoY Change -6.25% -6.52% -7.02%
TOTAL ASSETS
Total Short-Term Assets $6.120M $5.659M $5.148M
Total Long-Term Assets $13.19M $13.49M $13.86M
Total Assets $19.31M $19.15M $19.01M
YoY Change 12.66% 7.41% 5.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $510.0K $394.0K $461.9K
YoY Change -56.78% -69.94% -67.51%
Accrued Expenses $1.340M $1.209M $1.109M
YoY Change 15.52% 37.39% 34.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.176M $1.188M $1.199M
YoY Change -70.9% -73.99% -74.2%
Total Short-Term Liabilities $4.880M $4.784M $4.709M
YoY Change -38.46% -40.33% -40.8%
LONG-TERM LIABILITIES
Long-Term Debt $8.250M $8.434M $8.669M
YoY Change 43.73% 23.58% 16.58%
Other Long-Term Liabilities $1.280M $1.020M $960.0K
YoY Change 2460.0% 1940.0% 1820.0%
Total Long-Term Liabilities $9.530M $8.434M $8.669M
YoY Change 64.59% 23.58% 16.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.880M $4.784M $4.709M
Total Long-Term Liabilities $9.530M $8.434M $8.669M
Total Liabilities $14.40M $14.28M $14.39M
YoY Change 5.03% -4.56% -7.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.639M $1.477M
YoY Change -496.85% -286.39%
Common Stock $3.234M $3.149M
YoY Change 6.95% 4.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.910M $4.873M $4.626M
YoY Change
Total Liabilities & Shareholders Equity $19.31M $19.15M $19.01M
YoY Change 12.66% 7.41% 5.79%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q4
OPERATING ACTIVITIES
Net Income -$79.76K $162.3K $190.0K
YoY Change -114.16% -62.07% -13.64%
Depreciation, Depletion And Amortization $440.0K $436.1K $450.0K
YoY Change 7.32% 4.83% -70.78%
Cash From Operating Activities $300.0K $980.0K $510.0K
YoY Change -78.57% -23.44% -59.52%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$40.00K -$40.00K
YoY Change 50.0% 300.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$40.00K -$40.00K
YoY Change 50.0% 300.0% 300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $303.6K
YoY Change -59.33%
Cash From Financing Activities -320.0K -290.0K 10.00K
YoY Change -82.12% -61.84% -101.28%
NET CHANGE
Cash From Operating Activities 300.0K 980.0K 510.0K
Cash From Investing Activities -30.00K -40.00K -40.00K
Cash From Financing Activities -320.0K -290.0K 10.00K
Net Change In Cash -50.00K 646.3K 480.0K
YoY Change -87.8% 26.73% 2.13%
FREE CASH FLOW
Cash From Operating Activities $300.0K $980.0K $510.0K
Capital Expenditures -$30.00K -$40.00K -$40.00K
Free Cash Flow $330.0K $1.020M $550.0K
YoY Change -76.76% -20.93% -56.69%

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<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates and assumptions.<font style="font-weight:normal;font-style:normal;"> We are required to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our company and the industry as a whole, and information available from other outside sources. Our estimates affect reported amounts for assets, liabilities, revenues, expenses and related disclosures. Actual results may differ from initial estimates.</font></p></div>
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications.<font style="font-weight:normal;font-style:normal;"> Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statement presentations.</font></p></div>
CY2017Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
209051
CY2016Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
171478
CY2017Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
143346
CY2016Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
128956
CY2017Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
138593
CY2016Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
151671
CY2017Q1 us-gaap Inventory Gross
InventoryGross
490990
CY2016Q4 us-gaap Inventory Gross
InventoryGross
452105
CY2017Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
25000
CY2016Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
25000
CY2017Q1 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
397960
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
424364
CY2017Q1 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
182166
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
212233
CY2017Q1 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
215794
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Net
PropertySubjectToOrAvailableForOperatingLeaseNet
212131
CY2017Q1 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
20469
CY2016Q1 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
11483
CY2017Q1 us-gaap Goodwill
Goodwill
1091000
CY2016Q4 us-gaap Goodwill
Goodwill
1091000
CY2017Q1 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
20502487
CY2016Q4 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
20415967
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9033914
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8660948
CY2017Q1 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
11468573
CY2016Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
11755019
CY2017Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
307690
CY2016Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
405553
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
185015
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
59567
CY2017Q1 glxz Accrued Commissions And Royalties Current
AccruedCommissionsAndRoyaltiesCurrent
108171
CY2016Q4 glxz Accrued Commissions And Royalties Current
AccruedCommissionsAndRoyaltiesCurrent
54551
CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2622
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2602
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56247
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
116643
CY2017Q1 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
31452
CY2016Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
31030
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
31452
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
33226
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
5718
CY2017Q1 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
70396
CY2017Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10903909
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11207472
CY2017Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
578660
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
595462
CY2017Q1 glxz Warrants Issued
WarrantsIssued
703768
CY2016Q4 glxz Warrants Issued
WarrantsIssued
743604
CY2017Q1 us-gaap Long Term Debt
LongTermDebt
9621481
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
9868406
CY2017Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1187570
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1199255
CY2017Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
70570
CY2016Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
72154
CY2017Q1 glxz Operating Leases Future Minimum Payments Due Beyond Three Years
OperatingLeasesFutureMinimumPaymentsDueBeyondThreeYears
0
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
228000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
236736
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
59730
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
524466
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
150000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35000
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.314
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.355
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
112500
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
112500
CY2017Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
47635
CY2016Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
16348
CY2016Q3 glxz Percentage Of Outstanding Common Stock Issuance Upon Exercise Of Warrants
PercentageOfOutstandingCommonStockIssuanceUponExerciseOfWarrants
0.050
CY2017Q1 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 Term Loan Agreement, (b) the date on which the obligations described in the Term 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 Term Loan Agreement (collectively, the "Trigger Date").
CY2017Q1 glxz Warrants Expiration Date
WarrantsExpirationDate
2022-08-29
CY2017Q1 glxz Warrants Exercisable Period Required Prior Written Notice
WarrantsExercisablePeriodRequiredPriorWrittenNotice
P60D

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