Galaxy Next Generation Continues to Convert Deferred Revenue and Backlog to Revenue, Ships Against Purchase Order from OEM Customer and Improves Balance Sheet

Galaxy Next Generation, Inc. (OTCQB:GAXY) announced significant progress in converting deferred revenue and backlog into actual revenue, having shipped $0.5 million from an OEM customer order.

Rhea-AI Summary

Galaxy Next Generation, Inc. (OTCQB:GAXY) announced significant progress in converting deferred revenue and backlog into actual revenue, having shipped $0.5 million from an OEM customer order. They received a new purchase order worth $170,000 from a Texas school district. Financially, Galaxy has reduced its convertible debt to $1.35 million, enhancing its balance sheet strength. CFO Magen McGahee has also engaged in open market stock purchases.

Positive

• Converted $1.6 million in deferred revenue and $2.0 million backlog into revenue.
• Shipped $0.5 million from OEM customer purchase order.
• Secured new $170,000 purchase order from a Texas school district.
• Reduced remaining convertible debt to $1.35 million.

Negative

• None.

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Remaining Convertible Debt Reduced to $1.35 Million

TOCCOA, GA / ACCESSWIRE / November 19, 2020 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, is pleased to provide the following business and corporate update.

Since the end of the previous quarter ended September 30, 2020 when Galaxy had deferred revenue of $1.6 million and a backlog of $2.0 million, the Company has successfully converted a portion of the deferred revenue and backlog into revenue. Galaxy has shipped $0.5 million from its previously announced purchase order for an OEM customer.

Additionally, Galaxy has been awarded a new $170,000 purchase order from a school district in Texas.

On the corporate and financial side, Galaxy has strengthened its balance sheet by reducing its remaining convertible debt to $1.35 million.

Of note, CFO Magen McGahee purchased stock on the open market at prices ranging from $0.0026 to $0.0215. Please see SEC Form 4 filings from November 17, 2020:

https://www.sec.gov/Archives/edgar/data/1127993/000109181820000246/xslF345X03/primary_doc.xml

https://www.sec.gov/Archives/edgar/data/1127993/000109181820000245/xslF345X03/primary_doc.xml

About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB:GAXY) is a provider of interactive learning technology solutions that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly 90% of Galaxy's sales.

For additional information, please visit our website at: www.galaxynext.us

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors Contact:
IR@GalaxyNext.us
P:888-859-1274

SOURCE: Galaxy Next Generation, Inc.

View source version on accesswire.com:
https://www.accesswire.com/617517/Galaxy-Next-Generation-Continues-to-Convert-Deferred-Revenue-and-Backlog-to-Revenue-Ships-Against-Purchase-Order-from-OEM-Customer-and-Improves-Balance-Sheet

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What recent revenue developments has GAXY reported?

Galaxy Next Generation has successfully converted $1.6 million in deferred revenue and a $2.0 million backlog into revenue.

How much convertible debt does GAXY currently have?

Galaxy Next Generation has reduced its remaining convertible debt to $1.35 million.

What purchase orders has GAXY secured recently?

Galaxy Next Generation received a new purchase order worth $170,000 from a school district in Texas.

What was shipped recently by GAXY?

Galaxy Next Generation has shipped $0.5 million from a previously announced purchase order for an OEM customer.

What is the stock ticker for Galaxy Next Generation?

The stock ticker for Galaxy Next Generation is GAXY.