$GLXZ
Galaxy Gaming, Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018029371 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $4.776M $3.890M $3.830M
YoY Change 24.68% 21.18% 20.0%
Cost Of Revenue $47.83K $90.00K $50.37K
YoY Change -5.04% 50.0% 67.9%
Gross Profit $4.728M $3.800M $3.780M
YoY Change 25.08% 20.63% 19.24%
Gross Profit Margin 99.0% 97.69% 98.69%
Selling, General & Admin $2.559M $2.510M $2.750M
YoY Change -6.94% 30.05% 72.96%
% of Gross Profit 54.13% 66.05% 72.75%
Research & Development $373.5K $90.00K $139.2K
YoY Change 168.32% 12.5% 55.49%
% of Gross Profit 7.9% 2.37% 3.68%
Depreciation & Amortization $462.4K $450.0K $440.1K
YoY Change 5.06% 0.0% 4.91%
% of Gross Profit 9.78% 11.84% 11.64%
Operating Expenses $2.933M $3.040M $139.2K
YoY Change 2006.92% 23.58% 55.49%
Operating Profit $1.140M $760.0K $453.2K
YoY Change 151.55% 10.14% -56.36%
Interest Expense $206.4K -$350.0K $432.5K
YoY Change -52.27% 16.67% 89.98%
% of Operating Profit 18.11% -46.05% 95.42%
Other Income/Expense, Net -$181.4K -$459.2K
YoY Change -60.49%
Pretax Income $958.6K $410.0K -$5.940K
YoY Change -16238.55% -1466.67% -100.59%
Income Tax $166.7K $350.0K $21.99K
% Of Pretax Income 17.39% 85.37%
Net Earnings $792.0K -$70.00K -$27.93K
YoY Change -2935.55% -136.84% -104.23%
Net Earnings / Revenue 16.58% -1.8% -0.73%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02 -$1.769K -$760.80
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 41.18M 39.43M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.246M $3.490M $3.160M
YoY Change 66.02% 51.74% 73.63%
Cash & Equivalents $5.246M $3.581M $3.255M
Short-Term Investments
Other Short-Term Assets $450.8K $460.0K $400.0K
YoY Change 12.7% 70.37% 110.53%
Inventory $694.7K $524.1K $530.0K
Prepaid Expenses
Receivables $2.451M $2.302M $2.400M
Other Receivables $106.2K $0.00 $0.00
Total Short-Term Assets $8.949M $6.770M $6.480M
YoY Change 38.1% 31.5% 46.28%
LONG-TERM ASSETS
Property, Plant & Equipment $231.0K $263.9K $590.0K
YoY Change -60.85% -25.93% 31.11%
Goodwill $1.091M $1.091M $1.091M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $230.7K $23.00K $390.0K
YoY Change -40.86% -71.97% 30.0%
Total Long-Term Assets $11.20M $12.34M $12.81M
YoY Change -12.6% -10.96% -8.43%
TOTAL ASSETS
Total Short-Term Assets $8.949M $6.770M $6.480M
Total Long-Term Assets $11.20M $12.34M $12.81M
Total Assets $20.14M $19.11M $19.29M
YoY Change 4.43% 0.54% 4.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $510.9K $1.035M $330.0K
YoY Change 54.81% 124.15% -41.07%
Accrued Expenses $1.224M $887.8K $1.720M
YoY Change -28.86% -19.98% 75.51%
Deferred Revenue $1.221M $1.084M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.361M $1.163M $1.089M
YoY Change 24.97% -3.02% 19.67%
Total Short-Term Liabilities $4.377M $4.869M $5.030M
YoY Change -12.99% 3.41% 9.11%
LONG-TERM LIABILITIES
Long-Term Debt $8.994M $7.420M $7.640M
YoY Change 17.72% -14.4% -15.86%
Other Long-Term Liabilities $28.71K $1.350M $1.350M
YoY Change -97.87% 40.63% 58.82%
Total Long-Term Liabilities $8.994M $7.420M $8.990M
YoY Change 0.04% -14.4% -9.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.377M $4.869M $5.030M
Total Long-Term Liabilities $8.994M $7.420M $8.990M
Total Liabilities $13.40M $13.65M $14.02M
YoY Change -4.43% -5.11% -3.58%
SHAREHOLDERS EQUITY
Retained Earnings $2.198M $1.466M
YoY Change -0.77%
Common Stock $4.548M $3.997M
YoY Change 26.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.746M $5.463M $5.270M
YoY Change
Total Liabilities & Shareholders Equity $20.14M $19.11M $19.29M
YoY Change 4.43% 0.54% 4.73%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $792.0K -$70.00K -$27.93K
YoY Change -2935.55% -136.84% -104.23%
Depreciation, Depletion And Amortization $462.4K $450.0K $440.1K
YoY Change 5.06% 0.0% 4.91%
Cash From Operating Activities $2.047M $600.0K $960.0K
YoY Change 113.22% 17.65% -2.04%
INVESTING ACTIVITIES
Capital Expenditures -$40.10K $0.00 -$30.00K
YoY Change 33.67% -100.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.10K $0.00 -$30.00K
YoY Change 33.67% -100.0% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -456.3K -290.0K -760.0K
YoY Change -39.96% -3000.0% -445.45%
NET CHANGE
Cash From Operating Activities 2.047M 600.0K 960.0K
Cash From Investing Activities -40.10K 0.000 -30.00K
Cash From Financing Activities -456.3K -290.0K -760.0K
Net Change In Cash 1.551M 310.0K 170.0K
YoY Change 812.08% -35.42% -85.71%
FREE CASH FLOW
Cash From Operating Activities $2.047M $600.0K $960.0K
Capital Expenditures -$40.10K $0.00 -$30.00K
Free Cash Flow $2.087M $600.0K $990.0K
YoY Change 110.81% 9.09% 0.0%

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39368521
us-gaap Interest Paid Net
InterestPaidNet
1099738
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
63488
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46344
CY2017Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
47002
CY2017Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
32785
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
217650
glxz Increase Decrease In Revenue Contract Liability
IncreaseDecreaseInRevenueContractLiability
35685
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
29000
glxz Increase Decrease In Income Taxes Receivable Payable
IncreaseDecreaseInIncomeTaxesReceivablePayable
124271
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
271149
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
112410
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-132720
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
612611
glxz Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-10111
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2235840
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
43917
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
52352
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-96269
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11098986
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
136162
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
17091
us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
1333333
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
24415
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10296900
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1361038
glxz Payments Of Long Term Debt Redemption Premium
PaymentsOfLongTermDebtRedemptionPremium
374500
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1066324
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1366216
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24601
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92243
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
865598
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3254936
glxz Increase Decrease In Inventory Transferred Leased Assets
IncreaseDecreaseInInventoryTransferredLeasedAssets
172711
us-gaap Income Taxes Paid
IncomeTaxesPaid
150000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="text-align:justify;margin-bottom:6pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1. NATURE OF OPERATIONS </p> <p style="text-align:justify;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;">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;Galaxy Gaming&#8221;). </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;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. <font style="color:#000000;">Casinos use our proprietary products and services to enhance their gaming floor operations and improve their profitability, productivity and security, as well as to offer popular cutting-edge gaming entertainment content and technology to their players.&nbsp;&nbsp;We market our products and services to land-based, riverboat, cruise ship and internet gaming companies located in North America, the Caribbean, Central America, the British Isles, Europe and Africa and to cruise ships and internet gaming sites worldwide.</font></p></div>
us-gaap Use Of Estimates
UseOfEstimates
<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>
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><font style="color:#000000;font-weight:normal;font-style:normal;">including the addition of restricted cash to cash and cash equivalents on the consolidated statements of cash flows as a result of the adoption of ASU No. 2016-18,&#160;</font><font style="color:#000000;font-weight:normal;">Statement of Cash Flows (Topic 230): Restricted Cash</font><font style="font-weight:normal;font-style:normal;">.&nbsp;&nbsp;See below for further detail.</font></p></div>
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
30000
CY2018Q3 glxz Capital Leased Assets Property And Equipment
CapitalLeasedAssetsPropertyAndEquipment
156843
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
391602
CY2018Q3 us-gaap Inventory Gross
InventoryGross
724670
CY2018Q3 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
806955
glxz Contract With Customer Increase In Advanced Billings
ContractWithCustomerIncreaseInAdvancedBillings
10234834
glxz Contract With Customer Decrease In Revenue Recognition
ContractWithCustomerDecreaseInRevenueRecognition
10097215
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1083639
CY2018Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
333068
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
235673
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9648045
CY2018Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
101983
CY2018Q3 us-gaap Long Term Debt
LongTermDebt
10354594
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
8583387
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1163002
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
135414
CY2018Q3 us-gaap Other Finite Lived Intangible Assets Gross
OtherFiniteLivedIntangibleAssetsGross
20551982
CY2018Q3 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
431290
us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
145419
CY2018Q3 us-gaap Goodwill
Goodwill
1091000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
1401025
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
1392984
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11284514
CY2018Q3 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
9267468
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1127389
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
1508864
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
1491702
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
253507
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
3219386
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9267468
CY2018Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1077907
CY2018Q3 glxz Accrued Commissions And Royalties Current
AccruedCommissionsAndRoyaltiesCurrent
77768
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
19426
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
48533
CY2018Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
22563
CY2018Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
22563
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
10456577
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
480397
CY2017Q4 glxz Warrants Issued
WarrantsIssued
584261
CY2018Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1360823
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
222296
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
179190
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.175
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.614
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
169807
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
652895
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
299788
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M21D

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