Galaxy Gaming, Inc. Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental balance sheet information related to leases is as follows:



	March 31, 2024			December 31, 2023			Classification
Operating leases:
Operating lease right-of-use lease assets	$	720,323		$	785,543

Operating lease current liabilities	$	272,052		$	268,541		Current portion of operating lease liabilities
Operating lease long-term liabilities		513,235			585,879		Long-term operating lease liabilities
Total operating lease liabilities	$	785,287		$	854,420

Weighted-average remaining lease term in years:
Operating leases		2.72			3.12
Weighted-average discount rate:
Operating leases		4.4	%		5.4	%

The components of lease expense are as follows:


	Three Months Ended March 31,
	2024		2023		Classification
Operating lease cost	$	75,643	$	72,071	Selling, general and administrative expense

Supplemental cash flow information related to leases is as follows:


	Three Months Ended March 31,
	2024		2023		Classification
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	65,449	$	72,081	Net income

As of March 31, 2024, future maturities of our operating lease liabilities are as follows:


	Amount
For the remaining nine months ending December 31, 2024	$	224,889
Years ending December 31,
2025	$	306,055
2026		302,011
2027		2,985
Total minimum lease payments		835,940
Less: imputed interest		(50,653	)
Total operating lease liability		785,287
Less: current portion		(272,052	)
Long-term portion	$	513,235