GOLDEN MATRIX REPORTS FISCAL 2018 REVENUE OF $915,804 VS. $120,000 IN 2017
October 31 2018 - 9:25AM
InvestorsHub NewsWire
Las Vegas, NV --
October 31, 2018 -- InvestorsHub NewsWire -- Golden Matrix Group
Inc. (OTCPK:
GMGI) a technology-driven
company that designs develops social gaming
platforms, systems and content, today announced that
for fiscal 2018 ended July 31, the company recorded revenues of
$915,804 versus $120,000 in the prior fiscal year. Revenues in 2018
- derived primarily from licensing fees received from
gaming
operators located in the Asia Pacific (APAC) region - were
generated during the last five months of the fiscal year and
subsequent to the acquisition of the company’s proprietary gaming
technology - along with a licensing and
distribution agreement to monetize
its deployment.
Golden
Matrix CEO Anthony
Goodman noted that the loss reported in fiscal 2018 was as a result
of an expensed nonrecurring acquisition cost of $1,242,812, the company’s
gaming assets in 2018 from Luxor Capital LLC, a related-party wholly-owned by Mr.
Goodman), and
derivative liabilities of $165,514 and amortization of
129,109.
Commenting on GMGI’s strong financial
performance, Mr. Goodman noted that while fiscal 2018 benefitted from only five months of
operations from its newly acquired businesses, net cash flow
provided by operating activities in 2018 was $302,716, compared
with $15,129 used in operating activities in fiscal 2017, and cash
and cash equivalents of $446,581 at year-end 2018 was a
“significant improvement” on $25,167 at year-end
2017.
Mr. Goodman, said, “We are extremely pleased with
the rapid progress we are making in the Asia-Pacific gaming market
– the largest in the world - and demonstrating our ability to
generate solid recurring monthly sales. With continued increases in
the number of gaming operators utilizing our state-of-the-art
platform, the number of active users now exceeding one million and
growing, and the introduction of exciting proprietary and exclusive
gaming content, Golden Matrix is poised to increase its market
share in 2019 and maintain strong positive cash flow with rising
profitability. Another remarkable
achievement has been to all but eliminate Convertible Debt which
stood at $1,957,212 in 2016, thus further strengthening the
company’s balance sheet.”
For additional
information on Golden Matrix’s fiscal 2018 performance, please
refer to the Company's 10-K filing at
https://www.otcmarkets.com/stock/GMGI/disclosure
or www.sec.gov.
A summary of the
Company’s performance and Highlights can be found at
www.goldenmatrix.com/highlights
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
Franco
Sun
info@goldenmatrix.com
www.goldenmatrix.com