Galaxy Next Generation Inc (OTCMKTS: GAXY) is grabbing attention this morning, and for good reason. The company announced that it has been successfully converting its backlog and deferred revenue into revenue. Here’s what’s going on:
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GAXY Announces Revenue News
In the release, GAXY said that as of September 30, 2020, its deferred revenue was $1.6 million and it had a backlog of $2 million. It went on to explain that it has successfully converted a portion of its deferred revewnue and backlog into revenue. In fact, the company has already shipped $0.5 million from its previously announced purchase order for an OEM customer.
Moreover, the company said that it has been awarded a new $170,000 purchase order from a school district in Texas.
From a corporate and financial standpoint, GAXY announced that it strengthened its balance sheet by reducing its remaining convertible debt to $1.35 million.
Not to mention, there has been quite a bit of insider activity. In fact, CFO Magen McGahee purchased stock on the open market with prices ranging from $0.0026 to $0.0215. Further information on her transactions can be found on the SEC website here and here.
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This Is Big News
The news released by Galaxy Next Generation is overwhelmingly positive news. First and foremost, the stock recently went on a run after the SEC filing outlined that the company’s CFO was putting her money into the stock. Now, there’s even more to be excited about.
With GAXY successfully converting its backlog and deferred revenue into realized revenue, and new orders coming in, the outlook is overwhelmingly positive for the company, making GAXY stock one to watch closely.
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Disclosure: CNA Finance has a monetary relationship with a third party that resulted in the publication of this article. The monetary relationship spans from today 11/19/2020 through 12/18/2020.