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Destiny Media Technologies, Inc. has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing includes financial statements showing an increase in total revenue to $4,420,768, up 9.6% from $4,034,384 in the previous year. This growth is attributed to improvements in the Play MPE® platform and increased distribution options.
Operating expenses rose by 16.5% to $3,749,684, primarily due to increased marketing and amortization expenses related to the MTR™ platform.
Net income for the year was $111,758, down from $335,098 in the previous year. Adjusted EBITDA was $577,284, compared to $687,463 in the prior year.
The company reported cash and cash equivalents of $1,481,582 as of August 31, 2024, with a working capital of $1,842,071.
Destiny Media Technologies continues to focus on expanding its Play MPE® platform in new and established markets, with a strategy to increase market share through new features and processes.
The company launched MTR™ in the United States during the fourth quarter, initially targeting small users.
Destiny Media Technologies is not currently subject to direct regulation by any governmental agency other than laws and regulations generally applicable to businesses.
The company has identified no material weaknesses in its internal controls over financial reporting as of August 31, 2024.
Destiny Media Technologies has no off-balance sheet arrangements that could materially affect its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Destiny Media Technologies Inc annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.