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.
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