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Friday, November 20, 2020 10:37:32 AM
Since the end of the previous quarter ended September 30, 2020 when Galaxy had deferred revenue of $1.6 million and a backlog of $2.0 million, the Company has successfully converted a portion of the deferred revenue and backlog into revenue. Galaxy has shipped $0.5 million from its previously announced purchase order for an OEM customer.
Additionally, Galaxy has been awarded a new $170,000 purchase order from a school district in Texas.
On the corporate and financial side, Galaxy has strengthened its balance sheet by reducing its remaining convertible debt to $1.35 million.
Of note, CFO Magen McGahee purchased stock on the open market at prices ranging from $0.0026 to $0.0215. Please see SEC Form 4 filings from November 17, 2020:
https://www.sec.gov/Archives/edgar/data/1127993/000109181820000246/xslF345X03/primary_doc.xml
https://www.sec.gov/Archives/edgar/data/1127993/000109181820000245/xslF345X03/primary_doc.xml
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