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.
SOURCE: Galaxy Next Generation, Inc.