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

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental balance sheet information related to leases is as follows:


		Year ended December 31,
	Classification	2023			2022
Operating leases:
Operating lease right-of-use lease assets		$	785,543		$	1,002,749

Operating lease current liabilities	Current portion of operating lease liabilities	$	268,541		$	248,317

Operating lease long-term liabilities	Long-term operating lease liabilities		585,879		$	830,289

Total operating lease liabilities		$	854,420		$	1,078,606

Weighted-average remaining lease term:
Operating leases			3.12			3.94

Weighted-average discount rate:
Operating leases			5.4	%		4.4	%

The components of lease expense are as follows:



		Year Ended December 31,
	Classification	2023		2022
Operating lease cost	Selling, general and administrative expense	$	291,045	$	286,296

Supplemental cash flow information related to leases is as follows:


		Year Ended December 31,
	Classification	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	Net income	$	290,877	$	281,303

Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	Supplemental cash flow information	$	26,302	$	71,901

At December 31, 2023, future maturities of our operating lease liabilities are as follows:


	Amount
Years ending December 31,
2024	$	301,492
2025		307,107
2026		302,011
2027		2,985
Total minimum lease payments		913,595
Less: imputed interest		(59,175	)
Total operating lease liability		854,420
Less: current portion		(268,541	)
Long-term portion	$	585,879