Company: DSNY
Filing Date: 2025-04-14
Form Type: 10-Q
Source: 0001062993-25-007398
Chunk: 42

Company: DESTINY MEDIA TECHNOLOGIES INC
Filing Date: 2025-04-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
---
 accompanying notes included in the Company's Annual Report on Form 10-K filed with the SEC on November 21, 2024 (the "2024 Form 10-K"). The condensed consolidated balance sheet as of August 31, 2024 was derived from audited consolidated financial statements included in the 2024 Form 10-K but does not include all disclosures required by U.S. GAAP for complete financial statements. The Company's significant accounting policies are described in Note 2 to those consolidated financial statements.
      Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. The unaudited condensed consolidated financial statements reflect all adjustments which in the opinion of management are necessary for a fair statement of results of operations, financial condition, cash flows and stockholders' equity for the periods presented. Except as otherwise disclosed, all such adjustments are of a normal recurring nature.

          Use of Estimates
          The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Significant estimates are related to the labor capitalized to software under development and computer software, the recoverability of accounts receivable and recoverability of long-term assets including property, equipment, and intangible assets, amortization expense, and valuation of stock-based compensation.

5

      3. CASH AND CASH EQUIVALENTS
      The Company's cash include cash in readily available checking accounts. The Company's cash equivalents consist of investments in high interest savings with a major Canadian financial institution that earns an average interest of 4.25%.

      4. PROPERTY AND EQUIPMENT, NET

              February 28, 2025

              Property and Equipment
               
              Cost

                Accumulated
                Amortization

              Net Book Value

              Furniture and fixtures
              $
              123,876
               
              $