Quarterly Report (Form 10-Q)

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-30653

Galaxy Gaming, Inc.

(Exact name of small business issuer as specified in its charter)

Nevada		20-8143439
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
6480 Cameron Street Ste. 305- Las Vegas, NV 89118
(Address of principal executive offices)
(702) 939-3254
(Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of exchange on which registered
Common stock		GLXZ		OTCQB marketplace

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐

Indicate by check mark whether the issuer has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
Emerging growth company		☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐

State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 23,779,599common shares as of May 10, 2022.

GALAXY GAMING, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2022

TABLE OF CONTENTS

	PART I
Item 1:	Financial Statements (unaudited)	3
Item 2:	Management's Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4:	Controls and Procedures	18
	PART II
Item 1:	Legal Proceedings	19
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 6:	Exhibits	20

2

PARTI

ITEM 1. FINANCIAL STATEMENTS

Our financial statements included in this Form 10-Q are as follows:

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)	4
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021 (unaudited)	5
Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2022 and 2021 (unaudited)	6
Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	7
Notes to Condensed Consolidated Financial Statements (unaudited)	8

3

GALAXY GAMING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

ASSETS		March 31, 2022			December 31, 2021
Current assets:
Cash and cash equivalents		$	17,242,102			$	16,058,714
Accounts receivable, net of allowance of $332,864and $348,695, respectively			4,332,696				4,377,165
Inventory			752,699				770,248
Income tax receivable			765,160				1,536,682
Prepaid expenses			949,634				1,125,777
Other current assets			162,690				21,536
Total current assets			24,204,981				23,890,122
Property and equipment, net			91,518				98,594
Operating lease right-of-use assets			1,110,721				1,167,903
Assets deployed at client locations, net			432,322				360,735
Goodwill			1,091,000				1,091,000
Other intangible assets, net			13,082,297				13,677,264
Other assets			139,217				167,087
Total assets		$	40,152,056			$	40,452,705
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable		$	488,235			$	374,323
Accrued expenses			1,904,179				2,666,073
Revenue contract liability			106,250				37,500
Current portion of operating lease liabilities			223,842				222,806
Current portion of long-term debt			934,433				1,100,369
Total current liabilities			3,656,939				4,401,071
Long-term operating lease liabilities			961,905				1,019,029
Long-term debt and liabilities, net			52,363,551				52,143,810
Deferred tax liabilities, net			6,537				175,218
Total liabilities			56,988,932				57,739,128
Commitments and Contingencies (See Note 8)
Stockholders' deficit
Preferred stock, 10,000,000shares authorized, $0.001par value; 0shares issued and outstanding			-				-
Common stock, 65,000,000shares authorized; $0.001par value; 23,762,933and 23,523,969shares issued and outstanding, respectively			23,763				23,524
Additional paid-in capital			16,885,816				16,380,597
Accumulated deficit			(33,557,313	)			(33,543,351	)
Accumulated other comprehensive loss			(189,142	)			(147,193	)
Total stockholders' deficit			(16,836,876	)			(17,286,423	)
Total liabilities and stockholders' deficit		$	40,152,056			$	40,452,705

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

GALAXY GAMING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

		Three Months Ended
		March 31, 2022			March 31, 2021
Revenue:
Licensing fees		$	5,918,599			$	4,282,901
Total revenue		$	5,918,599			$	4,282,901
Costs and expenses:
Cost of ancillary products and assembled components			52,590				14,304
Selling, general and administrative			3,043,359				2,711,052
Research and development			199,070				118,701
Depreciation and amortization			724,462				717,254
Share-based compensation			310,002				316,640
Total costs and expenses			4,329,483				3,877,951
Income from operations			1,589,116				404,950
Other income (expense):
Interest income			2,233				382
Interest expense			(1,687,022	)			(180,910	)
Share redemption consideration			-				(195,482	)
Foreign currency exchange loss			(60,263	)			(8,975	)
Change in fair value of interest rate swap liability			-				49,822
Total other expense, net			(1,745,052	)			(335,163	)
(Loss) income before benefit for income taxes			(155,936	)			69,787
Benefit for income taxes			141,974				18,950
Net (loss) income			(13,962	)			88,737
Foreign currency translation adjustment			(41,949	)			(79,207	)
Comprehensive (loss) income		$	(55,911	)		$	9,530
Net (loss) income per share:
Basic		$	0.00			$	0.00
Diluted		$	0.00			$	0.00
Weighted-average shares outstanding:
Basic			24,405,278				18,838,221
Diluted			24,405,278				20,173,443

The accompanying notes are an integral part of the condensed consolidated financial statements.

5

GALAXY GAMING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

(Unaudited)

														Accumulated
		Common Stock			Additional Paid-in			Accumulated			Other Comprehensive			Total Stockholders'
		Shares			Amount			Capital			Deficit			Income (Loss)			Deficit
Beginning balance, December 31, 2021			23,523,969			$	23,524			$	16,380,597			$	(33,543,351	)		$	(147,193	)		$	(17,286,423	)
Net loss			-				-				-				(13,962	)			-				(13,962	)
Foreign currency translation loss			-				-				-				-				(41,949	)			(41,949	)
Stock options exercised			219,999				220				195,236				-				-				195,456
Share-based compensation			18,965				19				309,983				-				-				310,002
Balance, March 31, 2022			23,762,933			$	23,763			$	16,885,816			$	(33,557,313	)		$	(189,142	)		$	(16,836,876	)

														Accumulated
		Common Stock			Additional Paid-in			Accumulated			Other Comprehensive			Total Stockholders'
		Shares			Amount			Capital			Deficit			Income (Loss)			Deficit
Beginning balance, December 31, 2020			21,970,638			$	21,971			$	10,798,536			$	(35,655,163	)		$	37,691			$	(24,796,965	)
Net income			-				-				-				88,737				-				88,737
Foreign currency translation loss			-				-				-				-				(79,207	)			(79,207	)
Stock options exercised			50,000				50				10,949				-				-				10,999
Share-based compensation			55,000				55				316,585				-				-				316,640
Balance, March 31, 2021			22,075,638			$	22,076			$	11,126,070			$	(35,566,426	)		$	(41,516	)		$	(24,459,796	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

6

GALAXY GAMING, INC.

CONDENSED CONSOLIDATED STATEMENTS OFCASH FLOWS

(Unaudited)

		Three Months Ended
		March 31, 2022			March 31, 2021
Cash flows from operating activities:
Net (loss) income		$	(13,962	)		$	88,737
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization			724,462				717,254
Amortization of right-of-use assets			57,182				56,472
Amortization of debt issuance costs and debt discount			369,741				12,243
Bad debt (recovery) expense			(15,831	)			76,160
Change in fair value of interest rate swap liability			-				(49,822	)
Deferred income tax			(168,681	)			-
Share-based compensation			310,002				316,640
Foreign currency exchange loss (gain)			60,263				(3,573	)
Changes in operating assets and liabilities:
Accounts receivable			14,836				(1,139,395	)
Inventory			(110,710	)			(70,010	)
Income tax receivable/payable			793,522				(42,816	)
Prepaid expenses and other current assets			34,989				138,788
Other assets			27,870				(144,072	)
Accounts payable			114,236				(66,044	)
Accrued expenses			(784,082	)			834,001
Revenue contract liability			68,750				77,083
Operating lease liabilities			(56,088	)			(33,817	)
Net cash provided by operating activities			1,426,499				767,829
Cash flows from investing activities:
Investment in intangible assets			(59,616	)			(49,900	)
Acquisition of property and equipment			(6,131	)			(31,892	)
Net cash used in investing activities			(65,747	)			(81,792	)
Cash flows from financing activities:
Proceeds from stock option exercises			195,456				10,999
Principal payments on long-term debt			(315,936	)			(568,638	)
Net cash used in financing activities			(120,480	)			(557,639	)
Effect of exchange rate changes on cash			(56,884	)			(40,366	)
Net increase in cash and cash equivalents			1,183,388				88,032
Cash and cash equivalents - beginning of period			16,058,714				5,993,388
Cash and cash equivalents - end of period		$	17,242,102			$	6,081,420
Supplemental cash flow information:
Cash paid for interest		$	1,358,531			$	112,487
Cash paid for income taxes		$	-			$	500
Supplemental schedule of non-cash activities:
Debt modification fee payable		$	-			$	50,185
Inventory transferred to assets deployed at client locations		$	128,259			$	29,849

The accompanying notes are an integral part of the condensed consolidated financial statements.

7

GALAXY GAMING, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

after December 15, 2022. Early adoption is permitted. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements or related disclosures.

10

14

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The following is a discussion and analysis of our financial condition, results of operations and liquidity and capital resources as of and for the three months ended March 31, 2022 and 2021. This discussion should be read together with our audited consolidated financial statements and related notes included in Item 8 Financial Statements and Supplementary Financial Information included in our 2021 10-K. Some of the information contained in this discussion includes forward-looking statements that involve risks and uncertainties; therefore our "Special Note Regarding Forward-Looking Statements" should be reviewed for a discussion of important factors that could cause actual results to differ materially from the results described in, or implied by, such forward-looking statements.

OVERVIEW

We develop, acquire, assemble and market technology and entertainment-based products and services for the gaming industry for placement on casino floors and on legal internet gaming sites. Our products and services primarily relate to licensed casino operators' table games activities and focus on either increasing their profitability and productivity or expanding their gaming entertainment offerings in the form of proprietary table games, electronically enhanced table game platforms, fully-automated electronic tables and other ancillary equipment. In addition, we license intellectual property to legal internet gaming operators. Our products and services are offered in highly regulated markets throughout the world. Our products are assembled at our headquarters in Las Vegas, Nevada, as well as outsourced for certain sub-assemblies in the United States.

Results of operations for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022, we generated revenues of $5,918,599 compared to $4,282,901 for the comparable prior-year period, representing an increase of $1,635,698, or 38.2%. This increase was attributable to the continued recovery of our land-based customers from the effects of the COVID-19 crisis, particularly in the United Kingdom. Also, our online gaming revenues increased due to increased revenue earned by our iGaming clients, reflecting continued growth in their non-US markets and significantly increased revenue in existing or newly-opened US markets.

Selling, general and administrative expenses for the three months ended March 31, 2022 were $3,043,359 compared to $2,711,052 for the comparable prior-year period, representing an increase of $332,307, or 12.3%. This increase was due to higher internal labor and related expenses (base salary, payroll-related taxes, bonus accrual and travel). These increases were offset by a decrease in legal fees related to the Triangulum lawsuit.

Research and development expenses for the three months ended March 31, 2022 were $199,070, compared to $118,701 for the comparable prior-year period, representing an increase of $80,369, or 67.7%. This increase was primarily due to higher internal labor and related expenses (base salary, payroll-related taxes, commissions and bonus accrual).

Share-based compensation expenses for the three months ended March 31, 2022 were $310,002, as compared to $316,640 for the comparable prior-year period, representing a decrease of $6,638, or 2.1%. The decrease was due primarily to a change in the level and the composition of fees paid to members of our Board of Directors in 2022.

As a result of the changes described above, income from operations increased $1,184,166 or 292.4% to $1,589,116 for the three months ended March 31, 2022, compared to income from operations of $404,950 for the comparable prior-year period.

Total interest expense increased $1,506,112, or 832.5%, to $1,687,022 for the three months ended March 31, 2022, compared to $180,910 for the comparable prior-year period. The increase was attributable to 1) a larger balance of debt outstanding in the current period as compared to the prior year, and 2) higher rates of interest on the current borrowings.

Share redemption consideration was $0 in the three months ended March 31,2022, compared to $195,482 in the comparable prior-year period. The reduction is due to the payment in full of the Triangulum Redemption Consideration Obligation in November 2021.

Income tax benefit was ($141,974) for the three months ended March 31, 2022, compared to income tax benefit of ($18,950) for the comparable prior-year period. The increase in benefit is primarily the result of increased favorable discrete items related to excess tax benefits from stock-based compensation.

15

Adjusted EBITDA. Adjusted EBITDA includes adjustments to net income to exclude interest, income taxes, depreciation, amortization, share-based compensation, foreign currency exchange loss (gain), change in fair value of interest rate swap liability and severance and other expenses related to litigation. Adjusted EBITDA is not a measure of performance defined in accordance with U.S. GAAP. However, Adjusted EBITDA is used by management to evaluate our operating performance. Management believes that disclosure of the Adjusted EBITDA metric offers investors, regulators and other stakeholders a view of our operations in the same manner management evaluates our performance. When combined with U.S. GAAP results, management believes Adjusted EBITDA provides a comprehensive understanding of our financial results. Adjusted EBITDA should not be considered as an alternative to net income or to net cash provided by operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating our performance. A reconciliation of U.S. GAAP net income to Adjusted EBITDA is as follows:

		Three Months Ended March 31,
Adjusted EBITDA Reconciliation:		2022			2021
Net (loss) income		$	(13,962	)		$	88,737
Interest expense			1,687,022				180,910
Share redemption consideration			-				195,482
Interest income			(2,233	)			(382	)
Depreciation and amortization			724,462				717,254
Share-based compensation			310,002				316,640
Foreign currency exchange loss/(gain)			60,263				8,975
Change in fair value of interest rate swap liability			-				(49,822	)
(Benefit) provision for income taxes			(141,974	)			(18,950	)
Severance expense			21,727				3,750
Special project expense			28,124				249,436
Adjusted EBITDA		$	2,673,431			$	1,692,030

Liquidity and capital resources. We have generally been able to fund our continuing operations, our investments, and the interest expense and principal amortization under our existing borrowings through cash flow from operations. We may require additional capital to undertake acquisitions or to repay in full our indebtedness. Our ability to access capital for these activities will depend on conditions in the capital markets and investors' perceptions of our business prospects and such conditions and perceptions may not always favor us.

As of March 31, 2022, we had total current assets of $24,204,981 and total assets of $40,152,056. This compares to $23,890,122 and $40,452,705, respectively, as of December 31, 2021. The increase in total current assets at March 31, 2022 was due primarily to higher revenues in the 2022 period. The decrease in total assets was primarily due to amortization of other intangibles.

Our total current liabilities as of March 31, 2022 decreased to $3,656,939 from $4,401,071 as of December 31, 2021, primarily due to the payment of accrued bonuses in March 2022.

Our business was profitable and cash-flow positive from operations in Q1 2022. Based on our current forecast of operations, we believe we will have sufficient liquidity to fund our operations and to meet the obligations under our financing arrangements as they come due.

We continue to file applications for new or enhanced licenses in several jurisdictions, which may result in significant future legal and regulatory expenses. A significant increase in such expenses may require us to postpone growth initiatives or investments in personnel, inventory and research and development of our products. It is our intention to continue such initiatives and investments. However, to the extent we are not able to achieve our growth objectives or raise additional capital, we will need to evaluate the reduction of operating expenses.

Our operating activities provided cash of $1,426,499 for the three months ended March 31, 2022, compared to $767,829 for the comparable prior period. The increase in operating cash flow was primarily due to higher income from operations, partially offset by higher interest expense.

Investing activities used cash of ($65,747) for the three months ended March 31, 2022, compared to cash used of ($81,792) for the comparable prior period. This decrease was primarily due to the acquisition of certain software tools in the 2021 period which did not recur in the 2022 period.

Cash used in financing activities during the three months ended March 31, 2022 was ($120,480). This compares to ($557,639) cash used by financing activities for the comparable prior period. The decreased was due to lower amortization of principal on our borrowings in the 2022 period and to higher proceeds from stock option exercises.

Critical accounting policies.Our significant accounting policies are described in our 2021 10-K. There have been no material changes to those policies.

16

Off-balance sheet arrangements. As of March 31, 2022, there were no off-balance sheet arrangements.

Recently issued accounting pronouncements.We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.

17

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

A smaller reporting company is not required to provide the information required by this Item.

ITEM 4. CONTROLSAND PROCEDURES

Disclosure controls and procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed submitted under the Exchange Act is accumulated and communicated to management including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2022, our disclosure controls and procedures were effective.

No change in our internal control over financial reporting occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the effectiveness of internal controls

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives, and our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

18

PART II - OTHER INFORMATION

ITEM 1. LEGALPROCEEDINGS

We have been named in and have brought lawsuits in the normal course of business. See Note 8 above and Note 11 to our audited financial statements included in Item 8 "Financial Statements and Supplementary Financial Information" in our 2021 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On March 31, 2022, 18,965 restricted shares of our common stock valued at $87,808 were issued to members of our Board of Directors in partial consideration for their service in Q1 2022. These shares were fully vested upon issuance. These securities were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, (the "Securities Act") and rules and regulations promulgated thereunder.

Our reliance upon Section 4(a)(2) of the Securities Act in granting the aforementioned options to purchase shares of our common stock was based in part upon the following factors: (a) each of the issuances of the securities was in connection with an isolated private transaction which did not involve any public offering; (b) there were a limited number of offerees; (c) there were no subsequent or contemporaneous public offerings of the securities by us; and (d) the negotiations for the issuance of the securities took place directly between the offeree and us.

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ITEM 6. EXHIBITS

Exhibit Number

Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

10.1

Amended and Restated Credit Agreement dated March 29, 2021 with Zions Bancorporation, N.A. dba Nevada State Bank

8-K

000-30653

10.1

March 31, 2021

10.2

Forbearance to Amended and Restated Credit Agreement dated March 29, 2021 with Zions Bancorporation, N.A. dba Nevada State Bank

8-K

000-30653

10.1

May 17, 2021

10.3

Settlement Agreement with former Chairman and Chief Executive Officer, Robert Saucier and Triangulum Partners LLC dated October 7, 2021

8-K

000-30653

10.1

October 8, 2021

10.4

Credit Agreement dated November 15, 2021, with Fortress Credit Corp.

8-K

000-30653

10.1

November 17, 2021

10.5

Consent and Waiver to Term Loan Credit Agreement, dated November 15, 2021, by among Galaxy Gaming, Inc., a Nevada corporation, the lenders from time to time party and Fortress Credit Corp., as administrative agent and Collateral agent

8-K

000-30653

10.1

March 22, 2022

10.6

Cooperation Agreement, dated April 20, 2022, by and between the Company and Tice Brown

8-K

000-30653

10.1

April 25, 2022

31.1

Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

31.2

Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

32.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

X

101.INS

Inline XBRL Instance Document - the instance does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

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Cover Page Interactive Data File (embedded within the Inline XBRL document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Galaxy Gaming, Inc.
Date:		May 16, 2022
		By:		/s/ TODD P. CRAVENS
				Todd P. Cravens
				President and Chief Executive Officer (Principal Executive Officer)
		Galaxy Gaming, Inc.
Date:		May 16, 2022
		By:		/s/ HARRY C. HAGERTY
				Harry C. Hagerty
				Chief Financial Officer (Principal Accounting Officer)

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