DESTINY MEDIA TECHNOLOGIES INC
For the period ended Aug 31, 2024. Filed Nov 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Nov 21, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 For the Fiscal Year ended August 31,2024
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:0-28259
DESTINY MEDIA TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
| NEVADA | 84-1516745 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 428 - 1575 West Georgia Street | |
| Vancouver, British Columbia, Canada | V6G 2V3 |
| (Address of principal executive offices) | (Zip Code) |
604-609-7736
(Registrant's telephone number, including area code)
1110 - 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8, Canada
(Former name, former address and former fiscal year, if changes since last report)
Securities registered under Section 12(b) of the Exchange Act: NOT APPLICABLE
Securities registered under Section 12(g) of the Exchange Act: COMMON STOCK, $0.001 PAR VALUE PER SHARE
Indicate by check mark whether the registrant (1) has 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X ]Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 and post such files).
[X]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. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | [ ] | Accelerated filer [ ] |
|---|---|---|
| Non-accelerated filer | [ ] | Smaller reporting company [X] |
| Emerging growth company | [ ] |
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 standards provided pursuant to Section 13(a) of the Exchange Act.
[ ] Yes [ ] No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
[ ] Yes [X]No
On May 31, 2024, the last business day of the registrant's most recently completed third fiscal quarter, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately$5,815,557, based upon the closing price on that date of the common stock of the registrant on the OTC Link alternative quotation system of $0.90. For purposes of this response, the registrant has assumed that its directors, executive officers and beneficial owners of 10% or more of its common stock are deemed affiliates of the registrant.
The number of shares outstanding of the registrant's common stock, par value $0.001, as of November 20, 2024 was 9,637,420.
DOCUMENTS INCORPORATED BY REFERENCE
None.
TABLE OF CONTENTS
FORM 10-K
For the Year Ended August 31, 2024
INDEX
| PART I · Page | ||
|---|---|---|
| ITEM 1. | Business | 2 |
| ITEM 1A. | Risk Factors | 10 |
| ITEM 1B. | Unresolved Staff Comments | 12 |
| ITEM 2. | Properties | 12 |
| ITEM 3. | Legal Proceedings | 12 |
| ITEM 4. | Mine Safety Disclosures | 12 |
| PART II | ||
| ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 13 |
| ITEM 6. | Selected Financial Data | 13 |
| ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 14 |
| ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | 20 |
| ITEM 8. | Financial Statements and Supplementary Data | 21 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 40 |
| ITEM 9A. | Controls and Procedures | 40 |
| ITEM 9B. | Other Information | 41 |
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 41 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers and Corporate Governance | 42 |
| ITEM 11. | Executive Compensation | 45 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 46 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 47 |
| ITEM 14. | Principal Accounting Fees and Services | 47 |
| PART IV | ||
| ITEM 15. | Exhibits, Financial Statement Schedules | 48 |
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