Investors are often on the lookout for innovative companies that could provide long-term gains, and it takes significant research to find such companies to track. A company in that category that could be tracked by investors at this point is Galaxy Next Generation Inc. (OTC:GAXY), a company that is involved in providing interactive learning technology products and school communication solutions.
On September 14, it was in the news cycle after it provided an update with regard to the recent decline in its stock price and the spike in its daily trading volume. The company revealed that the situation had been brought about by the fact that a noteholder had decided to convert and liquidate through the open market. Due to this development, the total outstanding shares of the company stood at 1748173180 as of September 12.
The Chief Executive Officer of the company, Gary LeCroy, provided an update about the company’s noteholders. He revealed that the company’s noteholders accepted payments on a weekly basis, and the company had been making those payments through the cash it generated from its operations.
However, the smallest noteholder with the company did not accept the weekly payments that were being offered. Instead, the note holder decided to convert the note on the open market. He added that although the company’s management tried to avoid such a dilutive move, the note holder went ahead with the move. LeCroy stated that at the time there were no convertible notes that were being converted in the open market.
The company announced on June 13, 2023, that it had managed to successfully bag a pair of additional purchase orders for the minimum of $100,000 under the contract it had with Licking Heights Local School District of Ohio. At the time, LeCroy noted that the repeat order that had been paced by Licking Heights was a significant milestone for the company given the fact that it had only been a year since the school had awarded the initial contract.
That entry in 2022 also marked the entry of Galaxy Next Generation into the Ohio market. LeCroy also stated that follow-up orders placed by existing customers were an indication of the value that was added by the company’s products and the high level of customer service.
David Kovach of Licking Heights also spoke about the award of the follow-up order. He noted that he had been pleased overall with the experience and had no hesitation in recommending the products from Galaxy Next Generation to others. He noted that the company had been exceptional, starting from the RFP and sales to the work related to installation and further support.
More importantly, he noted at the time that although the relationship between the school district and the company was merely a year old, he believed that it could grow with the district in the future. He went on to add that since the systems provided by Galaxy Next Generation were modular, he had considerable options for upgrades.