Galaxy Gaming, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT AND LIABILITIES (Details Narrative)

LONG-TERM DEBT AND LIABILITIES (Details Narrative) - USD ($)											3 Months Ended				12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Nov. 30, 2021	Nov. 15, 2021	Oct. 07, 2021	May 06, 2021	Mar. 29, 2021	May 05, 2020	May 06, 2019	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Oct. 26, 2020
Debt Instrument [Line Items]
Repayment of debt															$ 13,104,942	$ 1,645,400
Payment of fees and expenses															3,138,521
Fortress Credit Corp. \| Minimum \| Scenario Forecast
Debt Instrument [Line Items]
Account control agreement balance reduced amount	$ 1,000,000
Fortress Credit Corp. \| Maximum
Debt Instrument [Line Items]
Account control agreement balance amount				$ 1,000,000
Fortress Credit Corp. \| Maximum \| Isle of Man
Debt Instrument [Line Items]
Account control agreement balance amount				$ 1,000,000											1,000,000
Fortress Credit Corp. \| Maximum \| Isle of Man \| Subsequent Event
Debt Instrument [Line Items]
Account control agreement balance amount		$ 1,000,000	$ 1,000,000
Senior Secured Term Loan \| Nevada State Bank
Debt Instrument [Line Items]
Repayment of debt					$ 11,100,000
Senior Secured Term Loan \| Fortress Credit Corp.
Debt Instrument [Line Items]
Borrowing capacity					$ 60,000,000
Maturity date					Nov. 13, 2026
Debt instrument, interest rate terms					The Fortress Credit Agreement bears interest at a rate equal to, at the Company’s option, either (a) LIBOR (or a successor rate, determined in accordance with the Fortress Credit Agreement) plus 7.75%, subject to a reduction to 7.50% upon the achievement of a net leverage target or (b) a base rate determined by reference to the greatest of (i) the federal funds rate plus 0.50%, (ii) the prime rate as determined by reference to The Wall Street Journal’s “Prime Rate” and (iii) the one-month adjusted LIBOR rate plus 1.00%, plus 6.75%, subject to a reduction to 6.50% upon the achievement of a net leverage target.
Payment of fees and expenses					$ 4,100,000
Cash on hand					5,300,000
Amortization payments per quarter					$ 150,000
Percentage of excess cash flow on annual sweep					50.00%
Total Net Leverage Ratio											8.00%
Senior Secured Term Loan \| Fortress Credit Corp. \| Warrants
Debt Instrument [Line Items]
Warrants issued to purchase shares					778,320
Warrants issued price per share					$ 0.01
Senior Secured Term Loan \| Fortress Credit Corp. \| Triangulum
Debt Instrument [Line Items]
Payment as settlement of previously disclosed litigation					$ 39,500,000
Senior Secured Term Loan \| Fortress Credit Corp. \| LIBOR
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					7.75%
Senior Secured Term Loan \| Fortress Credit Corp. \| LIBOR \| Achievement of Net Leverage Target
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					7.50%
Senior Secured Term Loan \| Fortress Credit Corp. \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					0.50%
Senior Secured Term Loan \| Fortress Credit Corp. \| One-month Adjusted LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					1.00%
Senior Secured Term Loan \| Fortress Credit Corp. \| One-month Adjusted LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					6.75%
Senior Secured Term Loan \| Fortress Credit Corp. \| One-month Adjusted LIBOR \| Maximum \| Achievement of Net Leverage Target
Debt Instrument [Line Items]
Debt instrument, applicable margin rate					6.50%
NSB and Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity											$ 1,000,000				$ 1,000,000
A&R Credit Agreement
Debt Instrument [Line Items]
Debt instrument, covenant compliance															The A&R Credit Agreement contained affirmative and negative financial covenants (as defined in the A&R Credit Agreement) and other restrictions customary for borrowings of this nature. In particular, we were required to maintain (i) a quarterly minimum Fixed Charge Coverage ratio of 1.25x; (ii) a quarterly maximum Total Leverage ratio of 22.50x for the quarter ending March 31, 2021, 10.00x for quarter ending June 30, 2021, 6.50x for the quarter ending September 30, 2021 with semi-annual step-downs of 0.25x commencing December 31, 2021 and quarterly thereafter; (iii) a quarterly maximum Senior Leverage ratio of 5.25x for the quarter ending March 31, 2021, 2.50x for the quarter ending June 30, 2021 and 2.00x quarterly thereafter; (iv) a quarterly Minimum EBITDA covenant of $2.4 million for each of the quarters ending March 31, 2021, June 30, 2021 and September 30, 2021 and $8.0 million quarterly thereafter; (v) a quarterly Minimum Liquidity covenant requiring the Company to have cash and cash equivalents of no less than $1.5 million at quarter ends through and including June 30, 2021 and $2.5 million quarterly thereafter; and (vi) a yearly maximum Maintenance Capital Expenditure covenant of 5% of total revenues for the prior year. The Company was in compliance with its Fixed Charge Coverage ratio, Senior Leverage ratio, Total Leverage ratio and Minimum Liquidity covenants as of June 30, 2021.
Step down leverage ratio															0.25%
Step down leverage ratio description															semi-annual step-downs of 0.25x commencing December 31, 2021 and quarterly thereafter
Maximum senior leverage ratio												2.00%	2.50%	5.25%
Minimum required EBITDA covenant for first quarter											2,400,000				$ 2,400,000
Minimum required EBITDA covenant for prior quarter											2,400,000				2,400,000
Minimum required EBITDA covenant for current quarter											2,400,000				2,400,000
Minimum required EBITDA covenant for thereafter											8,000,000.0				8,000,000.0
Minimum liquidity covenant required of cash and cash equivalents for current quarter											1,500,000				1,500,000
Minimum liquidity covenant required of cash and cash equivalents for thereafter											2,500,000				$ 2,500,000
A&R Credit Agreement \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio															1.25%
A&R Credit Agreement \| Maximum
Debt Instrument [Line Items]
Leverage ratio												6.50%	10.00%	22.50%
Percentage of maintenance capital expenditures to be made from prior fiscal year total revenues															5.00%
A&R Credit Agreement \| Nevada State Bank
Debt Instrument [Line Items]
Debt instrument, interest rate terms															outstanding balances accrued interest based on one-month U.S. dollar London interbank offered rate (“LIBOR”) plus an applicable margin of 3.50% or 4.00%, depending on our Total Leverage Ratio (as defined in the A&R Credit Agreement).
A&R Credit Agreement \| Revolving Credit Facility \| Nevada State Bank
Debt Instrument [Line Items]
Borrowing capacity								$ 1,000,000
Maturity date								Apr. 24, 2022
Share Redemption Consideration Obligation
Debt Instrument [Line Items]
Debt instrument, face amount										$ 39,096,401
Debt instrument, redemption period, start date										May 06, 2019
Debt instrument, redemption period, end date										May 06, 2029
Interest rate										2.00%
Debt instrument, annual payment							$ 781,928		$ 781,928
Share Redemption Consideration Obligation \| Settlement Agreement
Debt Instrument [Line Items]
Debt instrument, redemption period, start date						May 06, 2021
Interest rate						2.00%
Non compete period						5 years
Debt instrument, contingent payment upon settlement						$ 39,100,000
Payment as settlement of previously disclosed litigation					$ 39,507,717
Term Loan \| Revolving Credit Facility \| Nevada State Bank Credit Agreement
Debt Instrument [Line Items]
Repayment of debt					7,012,265
Term Loan \| NSB and Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity											$ 11,000,000				$ 11,000,000
Term Loan \| A&R Credit Agreement \| Nevada State Bank
Debt Instrument [Line Items]
Borrowing capacity								$ 7,022,300
Maturity date								Apr. 24, 2023
Leverage Ratio Less Than 2.0 \| A&R Credit Agreement \| Nevada State Bank \| LIBOR
Debt Instrument [Line Items]
Debt instrument, applicable margin rate															3.50%
Leverage Ratio 2.0 or Greater \| A&R Credit Agreement \| Nevada State Bank \| LIBOR
Debt Instrument [Line Items]
Debt instrument, applicable margin rate															4.00%
Main Street Priority Loan Facility \| Nevada State Bank
Debt Instrument [Line Items]
Unsecured Debt																	$ 4,000,000
Repayments of unsecured debt					$ 4,126,755
Variable rate basis, description															three-month U.S. dollar LIBOR plus 300 basis points (initially 3.215%)
Debt instrument, initial interest rate											3.215%				3.215%
Loan, maturity period															5 years
Debt instrument, amortization price percentage principal amount outstanding															15.00%
Main Street Priority Loan Facility \| Nevada State Bank \| LIBOR
Debt Instrument [Line Items]
Debt instrument, applicable margin rate															3.00%