Golden Matrix Reports Net Income of $1.77 Million on $2.88 Million in Revenues for Fiscal 2019

 

LAS VEGAS, NV -- October 23, 2019 -- InvestorsHub NewsWire -- Golden Matrix Group Inc. (OTC: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and content, today announced that for fiscal 2019 ended July 31, the company reported net income of $1,769,908, on revenues of $2,882,213. This compares with a net loss of $1,318,373, on revenues $915,804.

Revenues in 2019 - derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region - were generated during the entire year, whereas revenues in 2018 were generated only during the last five months of the fiscal year and subsequent to the acquisition of the company’s proprietary gaming technology.

Golden Matrix achieved a 63 percent operating margin in fiscal 2019. Net cash provided by operating activities was $1,451,934 versus $302,716 in fiscal 2018. Cash and cash equivalents of $1,731,095 at year-end 2019 was a 288 percent increase on $446,581 at year-end 2018.

“We are extremely pleased with the company’s continued revenue and profit growth,” said Golden Matrix CEO Brian Goodman. “It clearly demonstrates the acceptance and reputation of GMGI’s powerful state-of-the-art gaming platform and popular gaming content.”

Mr. Goodman noted that the Company now has more than 1.5 million registered users across all gaming operator platforms and is currently integrating additional operators to expand this usage. 

“The GMGI business model is highly scalable,” said Mr. Goodman, “and the company’s goal in fiscal 2020 is to expand our customer base globally as we integrate additional operators, appoint more distributors and launch new synergistic products. We are committed to generating consistent long-term performance with sustainable growth in revenue while maintaining marginal increases in expenses.”

For additional information on Golden Matrix’s fiscal 2019 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

Scott Yan

info@goldenmatrix.com

www.goldenmatrix.com

           
Golden Matrix Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss   
 
           
  For the three months ended  For the three months ended    For Year Ended For Year Ended
  Jul-31-2019 Jul-31-2018   Jul-31-2019 Jul-31-2018
Revenues-related party   505,560   510,656     2,429,442   915,804
Revenues   287,247   -     452,771  
Cost of goods sold   331,353   (72,003)     (21,998)   (72,003)
Gross profit   1,124,160   438,653     2,860,215   843,801
           
Costs and expenses          
  Accounting and audit fees   16,000   5,000     40,877   23,910
  Amortization expense   37,683   37,223     206,842   129,109
  G&A expenses   82,554   105,862     321,339   186,040
G&A expenses Related   57,486   (141,300)     199,648   209,100
Bad debt expenses   168,557       168,557  
Loss on contigent liability - related party   -   1,242,812     90,873   1,242,812
Professional fees   6,580   17,257     19,754   43,777
Total operating expenses   368,860   1,266,854     1,047,890   1,834,748
Gain (Loss) from operations   755,300   (828,201)     1,812,325   (990,947)
           
Other income (expense)          
  Interest Earned   5,774   -     8,120   -
  Gain(Loss) on extigushment of debt   -   (685)     (106)   129
  Fair value change of derivative liability   (4,091)   (51,450)     (5,081)   (165,514)
  Interest Expense   (20,188)   (29,230)     (45,350)   (162,041)
Total other income (expense)   (18,505)   (81,365)     (42,417)   (327,426)
           
Net Income (Loss)   736,795   (909,566)     1,769,908   (1,318,373)
           
           
Per share information          
Basic, weighted number of common          
shares outstanding    2,845,318,757   2,296,791,627     2,814,601,020   1,159,457,924
Diluted weighted number of common          
shares outstanding   4,197,614,436   2,296,791,627     4,138,911,172   1,159,457,924
Net profit/(loss) per common share-basic   0.00   (0.00)     0.00   (0.00)
Net profit/(loss) per common share-diluted   0.00   (0.00)     0.00   (0.00)
           
           

 

Golden Matrix Group, Inc.
Consolidated Balance Sheets
(Audited)
     
  As of  As of 
  Jul 31,2019 Jul 31,2018
ASSETS    
Current assets:    
  Cash and cash equivalents   1,731,095   446,581
  Account receivable, net   264,558   10,005
  Account receivable-RP   1,009,397   362,288
  Prepaid Expenses   -    1,000
     Total current assets   3,005,050   819,874
Total Assets   3,005,050   819,874
     
LIABILITIES AND SHAREHOLDERS EQUITY    
Current liabilities:    
Accounts payable and accrued liabilities   41,104   14,391
Accounts payable-related party   526,541   376,217
Advance from shareholder   1,000   1,000
Accrued interest   24,510   155,384
Settlement payable -related parties    145,000   9,302
Convertible notes payable, net of discount   30,000   30,000
Convertible notes payable, net of discount-in default   10,000   11,929
Notes payable - related party   -    495,712
Contingent liability   -    1,055,312
Promissory Note - related party   1,033,567  
Derivative liabilities note conversion feature   15,000   11,930
   Total Current liabilities 1,826,722 2,161,177
     
Settlement Payable related parties long-term: 145,000   - 
Total Non-Current liabilities 145,000   - 
     
TOTAL LIABILITIES 1,971,722 2,161,177
     
Shareholder's 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; 1000 shares authorized, 1000 and 1000 shares issued and outstanding, respectively   -    - 
Common stock:  $0.00001 par value; 6,000,000,000 shares authorized; 2,845,318,757 and  2,622,904,757 shares issued and outstanding respectively 28,453 26,229
Additional paid in capital  27,443,293 26,840,794
Accumulated other comprehensive loss (683) (683)
Retained earnings (accumulated deficit) (26,437,735) (28,207,643)
     Total shareholders' equity (deficit) 1,033,328 (1,341,303)
     
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY  3,005,050 819,874
     
     
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