Galaxy Next Generation Improves its Balance Sheet by $2.5 Million with Pay Down of Liabilities and Reduction of Convertible Debt

Rhea-AI Summary

Galaxy Next Generation (OTCQB:GAXY) announced a $2.5 million reduction in liabilities and convertible debt in its recent 10K filing. This includes $1 million paid in cash and $1.5 million through a combination of stock and cash. The company aims to clean up past debts while balancing growth and investor relations. CFO Magen McGahee expressed pride in the company's advances in managing both growth and balance sheet integrity. Galaxy specializes in interactive learning technology, primarily serving the K-12 education market, which constitutes nearly 90% of its sales.

Positive

• Reduced liabilities and convertible debt by $2.5 million.
• Paid down $1 million in cash and $1.5 million through stock and cash combination.
• Focused efforts on cleaning up past debts to enhance financial stability.

Negative

• None.

Significant Improvement Since June 30, 2020

TOCCOA, GA / ACCESSWIRE / October 19, 2020 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company"), a provider of interactive learning technology solutions, is pleased to announce that it has decreased the liabilities and convertible debt reflected on the Company's balance sheet in its most recent 10K filing by $2.5 million, including cash payments of $1 million and a combination of stock and cash for the additional $1.5 million.

Galaxy continues to work hard to focus its efforts on cleaning up past debt obtained by the Company in its infancy. While infusions of capital will continue to be important to the Company's fast growth plan, the Company is also cognizant of partnering with the right investors moving forward and the effect of investments on its shareholders.

Magen McGahee, Galaxy's Chief Finance Officer, commented, "Finding the right balance between reinvesting in the Company's growth and reinvesting in the Company's balance sheet has been a challenge. However, we are proud in the advances that we have been able to achieve with both, and we will continue to focus on increasing revenues while maintaining a fair value to our stockholders."

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
p888-859-1274

SOURCE: Galaxy Next Generation, Inc.

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FAQ

What recent financial improvements has Galaxy Next Generation (GAXY) made?

Galaxy Next Generation has decreased its liabilities and convertible debt by $2.5 million, which includes $1 million in cash payments.

How does Galaxy Next Generation plan to manage its growth according to the recent press release?

The company aims to balance reinvesting in growth while improving its balance sheet.

What percentage of Galaxy Next Generation's sales is from the K-12 education market?

Nearly 90% of Galaxy's sales come from the K-12 education market.

Who is the CFO of Galaxy Next Generation and what did they say about recent improvements?

Magen McGahee is the CFO, and they highlighted the challenge of balancing growth investments with balance sheet improvements.