via NewMediaWire – Golden Matrix Group Inc.
(NASDAQ:GMGI)(the “Company”, “Golden Matrix” or
“GMGI”), developer, licensor and global operator of online gaming
and eCommerce platforms, systems, and gaming content, today
reported financial results for its fiscal year ended October 31,
2022.
- Full year revenues
of $36 million, an increase of 219% on revenues of $11.3 million in
the comparable 12-month period ended October 31, 2021.
- Adjusted EBITDA of over $3.5 million *
for the year ended October 31, 2022.
- Cash and cash equivalents of $14.9
million and total assets of $32.5 million as of October 31,
2022.
- Total liabilities as of October 31,
2022 of $2,774,932, comprised of $2,715,154 in current liabilities
and $59,778 in non-current liabilities.
- GMGI shareholders’ equity of $26.8
million , up from $18.9 million on October 31, 2021, an increase of
42% over the 12-month period. ended October 31, 2021.
- Current game operations and registered
user numbers of 685 and 7 million, respectively, in
business-to-business (B2B) traditional business.
- Business-to-consumer (B2C) segment –
RKings Competitions Ltd. (RKings) - now has over 45,000 unique
active users per month.
- Subsequent event:
On January 12, 2023, GMGI entered into a definitive agreement to
acquire MeridianBet Group and its related companies in a cash and
stock transaction valued at approximately $300 million.
Revenue contributions in fiscal 2022 from GMGI’s B2B and B2C
segments were $14.8 million and $21.2 million, respectively. There
were no contributions from the (RKings) B2C segment during fiscal
2021, as GMGI had not acquired its 80 percent controlling ownership
interest in RKings until the beginning of fiscal 2022. At the end
of the fiscal year, GMGI exercised its option and acquired the
remaining 20 percent interest. The revenues and adjusted EBITDA
discussed above include the 20% non-controlling interest which was
held in RKings during the year ended October 31, 2022. More
detailed information on the minority interest can be found in our
most recent Annual Report on Form 10-K for the year ended October
31, 2022, which was filed with the Securities and Exchange
Commission (SEC) today.
The increase of general and administrative expenses – to
$5,442,591 in fiscal 2022 from $1,264,672 in the prior year – was
due primarily to $3,131,121 of G&A expenses from the Company’s
RKings B2C segment. The 83% year-over-year increase in G&A
expenses in the B2B segment was due mainly to increases in
marketing and payroll costs.
“This has been a highly constructive year for our rapidly
growing company,” said Golden Matrix CEO Brian Goodman, who
continued, “We believe the increased costs incurred and investments
made in our B2B and B2C platforms have positioned GMGI to sustain
and even accelerate our strong revenue growth. To remain
competitive in the worldwide gaming industry, we are continually
upgrading our systems and gaming content offerings to support the
needs of our millions of participants."
Mr. Goodman said, the entry into the agreement to purchase
MeridianBet Group, announced recently (the “Purchase Agreement”)
and expected to be completed in the first half of the current year,
"will significantly advance GMGI’s global footprint with numerous
B2B and B2C product offerings on most continents and, we believe,
create the opportunity for us to participate in online gambling
markets in the U.S. and Canada.”
Mr Goodman further added, "The combined pro forma revenues of
Golden Matrix and MeridianBet are expected to be greater than $100
million for FY2022, with an Adjusted EBITDA estimated to be greater
than $22 million for the pro forma year ended October 31, 2022,
making the combination financially appealing and
earnings-accretive.”
Mr. Goodman said that GMGI expects to begin generating
considerable revenues in the first half of this year via its B2C
Mexican Casino, which offers Online Casino Games, Sportsbook and
the successful RKings Tournament product and continued, “We believe
it should serve as the first major step toward GMGI’s planned
expansion throughout Latin America.”
Selective amounts stated above are rounded to the nearest
$100,000, please see Form 10-K for exact numbers
For additional information on Golden Matrix’s financial
performance, please refer to the Company’s Annual Report on Form
10-K for the fiscal year ended October 31, 2022, which has been
filed with the SEC today and is available at
https://www.nasdaq.com/market-activity/stocks/gmgi/sec-filings
or www.sec.gov.
A summary of the Company’s performance and highlights can be
found at www.goldenmatrix.com/highlights.
* Adjusted EBITDA is a non-GAAP financial measure. See also
“Non-GAAP Financial Measures” and “Reconciliation of Net Income
attributable to Golden Matrix Group Inc., to Adjusted Earnings
excluding Interest Expense, Interest Income, Tax, Depreciation
Expense, Amortization Expense and Stock-based Compensation Expense"
included in the tables at the end of this release.
About Golden Matrix
Golden Matrix Group, based in Las Vegas NV, is an established
B2B and B2C gaming technology company operating across multiple
international markets. The B2B division of Golden Matrix develops
and licenses proprietary gaming platforms for its extensive list of
clients and RKings, its B2C division, operates a high-volume
eCommerce site enabling end users to enter paid-for competitions on
its proprietary platform in authorized markets.
Our sophisticated software automatically declines any gaming or
redemption requests from within the United States, in strict
compliance with current US law.
Non-GAAP Financial Measures
Adjusted EBITDA, which is disclosed above, is a “non-GAAP
financial measure” presented as a supplemental measure of the
Company’s performance. Adjusted EBITDA is not presented in
accordance with accounting principles generally accepted in the
United States, or GAAP. Adjusted EBITDA represents net income
before interest, taxes, depreciation and amortization, and also
excludes stock-based compensation expense. Adjusted EBITDA is
presented because we believe it provides additional useful
information to investors due to the various noncash items during
the period. Adjusted EBITDA is not recognized in accordance with
GAAP, is unaudited, and has limitations as an analytical tool, and
you should not consider it in isolation, or as substitutes for
analysis of the Company’s results as reported under GAAP. Some of
these limitations are: Adjusted EBITDA does not reflect cash
expenditures, or future requirements for capital expenditures, or
contractual commitments; Adjusted EBITDA does not reflect changes
in, or cash requirements for, working capital needs; Adjusted
EBITDA does not reflect the significant interest expense, or the cash
requirements necessary to service interest or principal payments,
on debt or cash income tax payments; although depreciation and
amortization are noncash charges, the assets being depreciated and
amortized will often have to be replaced in the future, and
Adjusted EBITDA does not reflect any cash requirements for such
replacements; and other companies in this industry may calculate
Adjusted EBITDA differently than the Company does, limiting its
usefulness as a comparative measure. The Company’s presentation of
these measures should not be construed as an inference that future
results will be unaffected by unusual or nonrecurring items. For
more information on these non-GAAP financial measures, please see
the section titled “Reconciliation of Net Income attributable to
Golden Matrix Group, Inc., to Adjusted Earnings excluding Interest
Expense, Interest Income, Amortization Expense and Stock-based
Compensation Expense” included at the end of this release.
Estimated pro forma Adjusted EBITDA of the Company for the FY2022
period, assuming the successful closing of the Meridian Bet
acquisition as discussed above has not been reconciled to the
comparable GAAP financial measure because the reconciliation could
not be performed without unreasonable efforts.
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release contain
forward-looking information within the meaning of applicable
securities laws, including within the meaning of the Private
Securities Litigation Reform Act of 1995 (“forward-looking
statements”). Words such as “strategy,” “expects,” “continues,”
“plans,” “anticipates,” “believes,” “would,” “will,” “estimates,”
“intends,” “projects,” “goals,” “targets” and other words of
similar meaning are intended to identify forward-looking statements
but are not the exclusive means of identifying these
statements.
Important factors that may cause actual results and outcomes to
differ materially from those contained in such forward-looking
statements include, without limitation, the ability of the parties
to close the Purchase Agreement on the terms set forth in, and
pursuant to the required timing set forth in, the Purchase
Agreement, if at all; the occurrence of any event, change or other
circumstances that could give rise to the right of one or all of
the shareholders of MeridianBet Group or GMGI (collectively, the
“Purchase Agreement Parties”) to terminate the Purchase Agreement;
the effect of such termination, including breakup and other fees
potentially payable in connection therewith; the outcome of any
legal proceedings that may be instituted against Purchase Agreement
Parties or their respective directors or officers; the ability to
obtain regulatory and other approvals and meet other closing
conditions to the Purchase Agreement on a timely basis or at all,
including the risk that regulatory and other approvals required for
the Purchase Agreement are not obtained on a timely basis or at
all, or are obtained subject to conditions that are not anticipated
or the expected benefits of the transaction; the ability of GMGI to
obtain the funding required to complete such acquisition, the terms
of such funding, potential dilution caused thereby and/or covenants
agreed to in connection therewith; the ability to obtain approval
by GMGI’s shareholders on the expected schedule of the transactions
contemplated by the Purchase Agreement; potential adverse reactions
or changes to business relationships resulting from the
announcement or completion of the Purchase Agreement; the ability
of GMGI to retain and hire key personnel; the diversion of
management’s attention from ongoing business operations; the
expected synergistic relationships and cost savings from the
transactions contemplated by the Purchase Agreement; uncertainty as
to the long-term value of the common stock of GMGI following the
closing of the Purchase Agreement; the business, economic and
political conditions in the markets in which Purchase Agreement
Parties operate; the impact of the COVID-19 pandemic on GMGI; the
effect on GMGI and its operations of the ongoing Ukraine/Russia
conflict, increased interest rates, recessions and increased
inflation; the need for additional financing, the terms of such
financing and the availability of such financing; the ability of
GMGI and/or its subsidiaries to obtain additional gaming licenses;
the ability of GMGI to manage growth; GMGI’s ability to complete
acquisitions and the available funding for such acquisitions;
disruptions caused by acquisitions; dilution caused by fund
raising, the conversion of outstanding preferred stock and/or
acquisitions; GMGI’s ability to maintain the listing of its common
stock on the Nasdaq Capital Market; GMGI’s expectations for future
growth, revenues, and profitability; GMGI’s expectations regarding
future plans and timing thereof; GMGI’s reliance on its management;
the fact that GMGI’s chief executive officer has voting control
over GMGI; related party relationships; the potential effect of
economic downturns, recessions, increases in interest rates and
inflation, and market conditions, decreases in discretionary
spending and therefore demand for our products, and increases in
the cost of capital, related thereto, among other affects thereof,
on GMGI’s operations and prospects; GMGI's ability to protect
proprietary information; the ability of GMGI to compete in its
market; GMGI’s lack of effective internal controls; dilution caused
by efforts to obtain additional financing; the effect of current
and future regulation, GMGI’s ability to comply with regulations
and potential penalties in the event it fails to comply with such
regulations and changes in the enforcement and interpretation of
existing laws and regulations and the adoption of new laws and
regulations that may unfavorably impact our business; the risks
associated with gaming fraud, user cheating and cyber-attacks;
risks associated with systems failures and failures of technology
and infrastructure on which GMGI's programs rely; foreign exchange
and currency risks; the outcome of contingencies, including legal
proceedings in the normal course of business; the ability to
compete against existing and new competitors; the ability to manage
expenses associated with sales and marketing and necessary general
and administrative and technology investments; and general consumer
sentiment and economic conditions that may affect levels of
discretionary customer purchases of GMGI's products, including
potential recessions and global economic slowdowns. Although we
believe that our plans, intentions and expectations reflected in or
suggested by the forward-looking statements we make in this release
are reasonable, we provide no assurance that these plans,
intentions or expectations will be achieved.
Other important factors that may cause actual results and
outcomes to differ materially from those contained in the
forward-looking statements included in this communication are
described in GMGI’s publicly filed reports, including, but not
limited to, under the "Special Note Regarding Forward-Looking
Statements," "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of GMGI’s periodic and current filings with the SEC, including the
Form 10-Qs and Form 10-Ks, including, but not limited to, GMGI’s
Annual Report on Form 10-K for the year ended October 31, 2022.
These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important
factors is not complete, and does not undertake to update any
forward-looking statements except as required by applicable law.
All subsequent written and oral forward-looking statements
attributable to GMGI or any person acting on behalf of any Purchase
Agreement Parties are expressly qualified in their entirety by the
cautionary statements referenced above. Other unknown or
unpredictable factors also could have material adverse effects on
GMGI’s future results. The forward-looking statements included in
this press release are made only as of the date hereof. GMGI cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, GMGI undertakes no
obligation to update these statements after the date of this
release, except as required by law, and takes no obligation to
update or correct information prepared by third parties that is not
paid for by GMGI. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
Additional Information and Where to Find It
This communication does not constitute a solicitation of any
vote, proxy or approval in connection with the Purchase Agreement
or related transactions. In connection with the transactions
contemplated by the Purchase Agreement, GMGI plans to file with the
Securities and Exchange Commission (SEC) a proxy statement to seek
shareholder approval for the Purchase Agreement and the issuance of
shares of common stock in connection therewith, which, when
finalized, will be sent to the shareholders of GMGI seeking their
approval of the respective transaction-related proposals, as well
as other documents regarding the proposed transactions. This
communication is not a substitute for any proxy statement or other
document GMGI may file with the SEC in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE
DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED
WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY
THE PURCHASE AGREEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT GMGI AND THE PURCHASE
AGREEMENT AND THE PROPOSED PURCHASE TRANSACTION.
Investors and security holders may obtain copies of these
documents free of charge through the website maintained by the SEC
at www.sec.gov or from GMGI at its website,
https://goldenmatrix.com/investors-overview/. Documents filed with
the SEC by GMGI will be available free of charge on the
“Investors,” “SEC Filings” page of our website at
https://goldenmatrix.com/investors-overview/sec-filings/ or,
alternatively, by directing a request by mail, email or telephone
to GMGI at 3651 Lindell Road, Suite D131, Las Vegas, NV 89103;
ir@goldenmatrix.com, or (702) 318-7548, respectively.
Participants in the Solicitation
The Company and certain of its respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the respective shareholders of GMGI in
respect of the transactions contemplated by the Purchase Agreement
under the rules of the SEC. Information about GMGI’s directors and
executive officers and their ownership of GMGI is available in
GMGI’s Annual Report on Form 10-K for the year ended October 31,
2022.
The sellers, MeridianBet Group, and their respective directors,
managers, and executive officers may also be deemed to be
participants in the solicitation of proxies from GMGI’s
shareholders in connection with the Purchase Agreement. A list of
the names of such parties and information regarding their interests
in the Purchase Agreement will be included in the proxy statement
for the Purchase Agreement when available.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement and other relevant materials to be filed with
the SEC regarding the Purchase Agreement when they become
available. Investors should read the proxy statement carefully when
it becomes available before making any voting or investment
decisions. You may obtain free copies of these documents from GMGI
using the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the Purchase Agreement and is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy or subscribe for any securities or a solicitation of any vote
of approval, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Projections
The financial projections (the “Projections”) included herein
were prepared by GMGI in good faith using assumptions believed to
be reasonable. A significant number of assumptions about the
operations of the business of GMGI were based, in part, on
economic, competitive, and general business conditions prevailing
at the time the Projections were developed. Any future changes in
these conditions, may materially impact the ability of GMGI to
achieve the financial results set forth in the Projections. The
Projections are based on numerous assumptions, including
realization of the operating strategy of GMGI; industry
performance; no material adverse changes in applicable legislation
or regulations, or the administration thereof, or generally
accepted accounting principles; general business and economic
conditions; competition; retention of key management and other key
employees; absence of material contingent or unliquidated
litigation, indemnity, or other claims; and other matters, many of
which will be beyond the control of GMGI, and some or all of which
may not materialize. Additionally, to the extent that the
assumptions inherent in the Projections are based upon future
business decisions and objectives, they are subject to change.
Although the Projections are presented with numerical specificity
and are based on reasonable expectations developed by GMGI’s
management, the assumptions and estimates underlying the
Projections are subject to significant business, economic, and
competitive uncertainties and contingencies, many of which will be
beyond the control of GMGI. Accordingly, the Projections are only
estimates and are necessarily speculative in nature. It is expected
that some or all of the assumptions in the Projections will not be
realized and that actual results will vary from the Projections.
Such variations may be material and may increase over time. In
light of the foregoing, readers are cautioned not to place undue
reliance on the Projections. The projected financial information
contained herein should not be regarded as a representation or
warranty by GMGI, its management, advisors, or any other person
that the Projections can or will be achieved. GMGI cautions that
the Projections are speculative in nature and based upon subjective
decisions and assumptions. As a result, the Projections should not
be relied on as necessarily predictive of actual future events.
Connect with us:
Twitter - https://twitter.com/GMGI_Group
Instagram - https://www.instagram.com/goldenmatrixgroup/
Golden Matrix Group
Contact: ir@goldenmatrix.com
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Golden
Matrix Group, Inc. and Subsidiary |
|
|
Consolidated
Balance Sheets |
|
|
|
|
|
|
|
|
October 31, |
October 31, |
|
|
|
|
2022 |
|
|
2021 |
|
|
|
ASSETS |
|
|
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|
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|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
14,949,673 |
|
$ |
16,797,656 |
|
|
|
Accounts receivable, net |
|
2,641,023 |
|
|
1,762,725 |
|
|
|
Accounts receivable – related parties |
|
413,714 |
|
|
1,306,896 |
|
|
|
Prepaid expenses |
|
84,372 |
|
|
114,426 |
|
|
|
Short-term deposit |
|
52,577 |
|
|
61,799 |
|
|
|
Inventory, prizes |
|
1,147,591 |
|
|
- |
|
|
|
Total current assets |
$ |
19,288,950 |
|
$ |
20,043,502 |
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
Property, plant &
equipment, net |
|
72,411 |
|
|
- |
|
|
|
Intangible assets, net |
|
2,607,075 |
|
|
135,263 |
|
|
|
Operating lease right-of-use
assets |
|
150,653 |
|
|
280,183 |
|
|
|
Goodwill |
|
10,452,324 |
|
|
- |
|
|
|
Total
non-current assets |
|
13,282,463 |
|
|
415,446 |
|
|
|
Total assets |
$ |
32,571,413 |
|
$ |
20,458,948 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
$ |
1,385,076 |
|
$ |
1,074,786 |
|
|
|
Accounts payable – related parties |
|
10,637 |
|
|
105,062 |
|
|
|
Accrued income tax liability |
|
324,147 |
|
|
- |
|
|
|
Deferred revenues |
|
182,444 |
|
|
- |
|
|
|
Deferred tax liability |
|
4,409 |
|
|
- |
|
|
|
Current portion of operating lease liability |
|
95,085 |
|
|
100,209 |
|
|
|
Customer deposits |
|
109,328 |
|
|
68,635 |
|
|
|
Accrued interest |
|
123 |
|
|
123 |
|
|
|
Contingent liability |
|
573,197 |
|
|
- |
|
|
|
Consideration payable – related party |
|
30,708 |
|
|
- |
|
|
|
Total current liabilities |
|
2,715,154 |
|
|
1,348,815 |
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
Non-current portion of operating lease liability |
|
59,778 |
|
|
182,024 |
|
|
|
Total non-current
liabilities |
|
59,778 |
|
|
182,024 |
|
|
|
Total liabilities |
$ |
2,774,932 |
|
$ |
1,530,839 |
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
Preferred stock: $0.00001 par value; 20,000,000 shares
authorized |
|
- |
|
|
- |
|
|
|
Preferred stock, Series B: $0.00001 par value, 1,000 shares
designated, 1,000 and 1,000 shares issued and outstanding,
respectively |
|
- |
|
|
- |
|
|
|
Common stock: $0.00001 par value; 250,000,000 and 40,000,000 shares
authorized; 28,182,575 and 27,231,401 shares issued and
outstanding, respectively |
$ |
282.00 |
|
$ |
272.00 |
|
|
|
Additional paid-in capital |
|
51,677,727 |
|
|
43,354,366 |
|
|
|
Accumulated other comprehensive loss |
|
(205,747 |
) |
|
(1,720 |
) |
|
|
Accumulated deficit |
|
(24,674,847 |
) |
|
(24,424,809 |
) |
|
|
Total
shareholders’ equity of GMGI |
|
26,797,415 |
|
|
18,928,109 |
|
|
|
Noncontrolling interests |
|
2,999,066 |
|
|
- |
|
|
|
Total
equity |
|
29,796,481 |
|
|
18,928,109 |
|
|
|
Total
liabilities and shareholders’ equity |
$ |
32,571,413 |
|
$ |
20,458,948 |
|
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Golden
Matrix Group, Inc. and Subsidiary |
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Consolidated
Statements of Operations and Comprehensive Income |
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Twelve Months Ended |
Nine Months Ended |
Twelve Months Ended |
Six Months Ended |
|
|
|
October 31, 2022 |
October 31, 2021 |
January 31, 2021 |
January 31, 2020 |
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|
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Revenues |
$ |
35,172,483 |
|
$ |
7,808,401 |
|
$ |
2,974,182 |
|
$ |
670,783 |
|
|
|
Revenues-related party |
|
862,373 |
|
|
1,525,091 |
|
|
2,248,877 |
|
|
1,087,816 |
|
|
|
Total
revenues |
|
36,034,856 |
|
|
9,333,492 |
|
|
5,223,059 |
|
|
1,758,599 |
|
|
|
Cost of
goods sold |
|
(26,872,229 |
) |
|
(6,050,508 |
) |
|
(2,000,052 |
) |
|
(57,224 |
) |
|
|
Gross
profit |
|
9,162,627 |
|
|
3,282,984 |
|
|
3,223,007 |
|
|
1,701,375 |
|
|
|
|
|
|
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|
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Costs and
expenses: |
|
|
|
|
|
|
G&A expense |
|
5,442,591 |
|
|
1,112,986 |
|
|
566,593 |
|
|
149,177 |
|
|
|
G&A expense- related party |
|
2,841,137 |
|
|
982,023 |
|
|
2,050,440 |
|
|
540,073 |
|
|
|
Professional fees |
|
663,315 |
|
|
287,383 |
|
|
159,091 |
|
|
26,944 |
|
|
|
Research and development expense |
|
23,092 |
|
|
149,738 |
|
|
47,558 |
|
|
- |
|
|
|
Bad debt expense |
|
- |
|
|
- |
|
|
- |
|
|
10,839 |
|
|
|
Total
operating expenses |
|
8,970,135 |
|
|
2,532,130 |
|
|
2,823,682 |
|
|
727,033 |
|
|
|
Income from
operations |
|
192,492 |
|
|
750,854 |
|
|
399,325 |
|
|
974,342 |
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
Interest expense |
|
- |
|
|
- |
|
|
(11,852 |
) |
|
(26,227 |
) |
|
|
Interest earned |
|
9,190 |
|
|
201 |
|
|
1,611 |
|
|
18,659 |
|
|
|
Foreign exchange gain (loss) |
|
261,395 |
|
|
(62,983 |
) |
|
8,996 |
|
|
- |
|
|
|
Other expense |
|
- |
|
|
(40,000 |
) |
|
- |
|
|
- |
|
|
|
Total other
income (expense) |
|
270,585 |
|
|
(102,782 |
) |
|
(1,245 |
) |
|
(7,568 |
) |
|
|
Net income
before tax |
|
463,077 |
|
|
648,072 |
|
|
398,080 |
|
|
966,774 |
|
|
|
Provision for income taxes |
|
419,049 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Net
income |
|
44,028 |
|
|
648,072 |
|
|
398,080 |
|
|
966,774 |
|
|
|
Less: Net
income attributable to noncontrolling interest |
|
294,066 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Net income
(loss) attributable to GMGI |
$ |
(250,038 |
) |
$ |
648,072 |
|
$ |
398,080 |
|
$ |
966,774 |
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding: |
|
|
|
|
|
|
Basic |
|
28,042,001 |
|
|
23,884,563 |
|
|
19,953,819 |
|
|
18,968,792 |
|
|
|
Diluted |
|
28,042,001 |
|
|
32,278,224 |
|
|
31,588,555 |
|
|
27,862,743 |
|
|
|
Net income (loss) per ordinary share attributable to GMGI: |
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
$ |
0.03 |
|
$ |
0.02 |
|
$ |
0.05 |
|
|
|
Diluted |
$ |
(0.01 |
) |
$ |
0.02 |
|
$ |
0.01 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
44,028 |
|
$ |
648,072 |
|
$ |
398,080 |
|
$ |
966,774 |
|
|
|
Foreign
currency translation adjustments |
|
(204,027 |
) |
|
(742 |
) |
|
- |
|
|
- |
|
|
|
Comprehensive income (loss) |
|
(159,999 |
) |
|
647,330 |
|
|
398,080 |
|
|
966,774 |
|
|
|
Less: Net
income attributable to noncontrolling interest |
|
294,066 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Comprehensive income (loss) attributable to GMGI |
$ |
(454,065 |
) |
$ |
647,330 |
|
$ |
398,080 |
|
$ |
966,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income attributable to Golden Matrix
Group Inc ., to Adjusted EBITDA |
|
|
|
|
|
|
|
Twelve Months Ended |
Twelve Months Ended |
|
|
|
October 31, 2022 |
October 31, 2021 |
|
|
GAAP Net Inc
ome |
$ |
44,028 |
|
$ |
700,230 |
|
|
|
+ Tax
Expense |
|
419,049 |
|
|
- |
|
|
|
+ Interest
Expense |
|
- |
|
|
955 |
|
|
|
- Interest
Income |
|
(9,190 |
) |
|
(242 |
) |
|
|
+
Depreciation Expense |
|
22,847 |
|
|
- |
|
|
|
+
Amortization Expense |
|
384,588 |
|
|
38,737 |
|
|
|
+
Stock-based Compensation |
|
2,665,221 |
|
|
1,691,345 |
|
|
|
Non-GAAP
Adjusted EBITDA |
$ |
3,526,543 |
|
$ |
2,431,025 |
|
|
|
|
|
|
|
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