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Nov 13, 2019 7:10 AM ET

Golden Matrix Reports Net Income of $421,791 on Revenues of $713,542 for the Second Fiscal Quarter of 2019


iCrowd Newswire - Nov 13, 2019

Golden Matrix Group Inc. (OTCPK: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today announced that for the second fiscal quarter ended January 31, 2019, the company recorded net income of $421,791 on revenues of $713,542. This compares with net income of $84,484 on revenues of $30,000 in like year-ago quarter.

Second quarter 2019 revenues and net income represent 2,278 and 399 percent increases, respectively, on revenues and net income recorded in the second quarter of 2018.

For the first six months ended January 31, 2019, Golden Matrix reported net income of $753,790 on revenues of $1,352,237, compared with a net loss of $373,559 on revenues of $60,000 in the like year-ago period.

Revenues recorded in the first half of fiscal 2019 were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X platform. Currently there are 192 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.

“These excellent Q2 results further demonstrate GMGI’s continued growth and success in servicing the robust Asia-Pacific gaming markets, the largest in the world,” said CEO Brian Goodman. “As previously stated, we expect the company to continue to increase market share throughout 2019 and maintain strong positive cash flow with rising profitability.”

Mr. Goodman noted that cash and cash equivalents as of January 31, 2018 increased 150% to $1,118,499 from $446,581 at fiscal year-end (July 31) 2018. Total assets increased to $1,828,435, up 123% from $819,874 at fiscal year-end 2018.

For additional information on Golden Matrix’s Q1 2019 performance, please refer to the Company’s 10-Q filing at  https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.

About Golden Matrix

Golden Matrix Group, based in Las Vegas NV, is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The company’s platform can be accessed through both desktop and mobile applications.

Our sophisticated software automatically declines any gaming or redemption requests from within the United States, in strict compliance with current US law.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

Connect with us:

Twitter – https://twitter.com/GMGI_Group

Instagram – https://www.instagram.com/goldenmatrixgroup/

Golden Matrix Group

Tracy Wang

[email protected]

Tel: (702) 318-7548

www.goldenmatrix.com

 

  GOLDEN MATRIX GROUP, INC
  Consolidated Balance Sheets
  (Unaudited)
        As of     As of
        January 31, 2019     July 31, 2018
        (Unaudited)      
ASSETS          
               
Current assets:          
  Cash and cash equivalents $ 1,118,499     $   446,581  
  Accounts receivable   12,748       10,005  
  Accounts receivable – related parties   697,188       362,288  
  Prepaid expenses         1,000  
  Total current assets   1,828,435       819,874  
Total assets $   1,828,435     $   819,874  
               
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
               
Current liabilities:          
  Accounts payable and accrued liabilities $   49,551     $   14,391  
  Accounts payable – related parties   411,083       376,217  
  Advances from shareholders   1,000       1,000  
  Accrued interest   3,595       155,384  
  Settlement Payable – related parties   145,000       9,302  
  Convertible notes payable, net of discounts   30,000       30,000  
  Convertible notes payable, net- in default   10,000       11,929  
  Convertible notes payable- related party-in default         495,712  
  Contingent liability-related party   1,139,394       1,055,312  
  Derivative liabilities – note conversion feature   11,819       11,930  
  Total current liabilities   1,801,442       2,161,177  
           
Settlement Payable – related parties – long-term   145,000        
Total non-current liabilities   145,000        
           
Total liabilities $   1,946,442     $   2,161,177  
             
           
Shareholders’ equity (deficit):          
  Preferred stock, Series A: $0.00001 par value; 19,999,000 shares authorized, none outstanding          
  Preferred stock, Series B: $0.00001 par value, 1,000 shares authorized,1,000 and 1,000 shares issued and outstanding, respectively          
  Common stock: $0.00001 par value, 6,000,000,000 shares authorized, 2,835,318,757 and 2,622,904,757 shares issued and outstanding, respectively   28,353       26,229  
  Additional paid-in capital   27,308,176       26,840,794  
  Accumulated other comprehensive loss   (683 )     (683 )
  Accumulated deficit   (27,453,853 )     (28,207,643 )
    Total shareholders’ deficit $ (118,007 )     (1,341,303 )
Total liabilities and shareholders’ deficit   1,828,435   $   819,874  
     
   

 

 
GOLDEN MATRIX GROUP, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
       
  Three months ended   Six months ended
  January 31,   January 31,
    2019       2018       2019       2018  
               
Revenues $   2,119     $   –      $   2,752     $   –   
Revenues- related party   711,423       30,000       1,349,485       60,000  
Cost of goods sold   (68,978 )     –        (138,502 )     –   
Gross profit   644,564       30,000       1,213,735       60,000  
               
Costs and expenses              
  Accounting and audit fees     4,500         3,000       20,377       15,160  
  Amortization expense     56,833         23,760       114,180       23,760   
  G&A expenses     54,446         16,989       133,376       26,025  
  G&A expenses- related party   48,940       54,300       88,240       120,600  
  Loss on contingent liability – related party   67,963       –        84,082       –   
  Professional fees     4,737         8,963       9,691       17,214  
Total operating expenses   (237,419 )     (107,012 )     (449,946 )     (202,759 )
Gain (Loss) from operations     407,145         (77,012 )     763,789       (142,759 )
               
Other income (expense)              
  Gain (Loss) on extinguishment of debt     –          –        (106 )     814  
  Fair value change of derivative liability   14,848       189,513       (1,899 )     (129,888 )
  Interest on convertible notes   (202  )     (28,017  )     (7,994 )     (101,726 )
Total other income (expense)     14,646         161,496       (9,999 )     (230,800 )
               
Net Income (Loss) $   421,791     $   84,484     $   753,790     $   (373,559 )
               
               
Weighted average number of common shares outstanding -Basic   2,835,318,757       578,931,219        

2,787,644,985

       

423,403,521

 
Weighted average number of common shares outstanding -Diluted   2,848,173,923       2,287,360,616        

2,800,500,152

       

423,403,521

 
Net income/(loss) per common share  – Basic

$

 

  0.00

   

$

 

  0.00

   

$

 

  0.00

   

$

 

  (0.00

)

Net income/(loss) per common share  – Diluted

$

 

  0.00

   

$

 

  0.00

   

$

 

  0.00

   

$

 

  (0.00

)

               
 


Contact Information:

Golden Matrix Group

Tracy Wang

[email protected]

Tel: (702) 318-7548

www.goldenmatrix.com








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