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.

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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