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Golden Matrix Reports Net Income of $331,999 on Revenues of $638,695 for the First Fiscal Quarter of 2019

LAS VEGAS, Nov. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Golden Matrix Group Inc. (GMGI), a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today announced that for the first fiscal quarter ended October 31, 2018, the company recorded net income of $331,999. This compares with a net loss of $458,043 in the first fiscal quarter ended October 31, 2017.

First quarter 2019 revenues of $638,695 represent a 25% increase on revenues of $510,656 in Q4 2018 and a 2,029% increase on revenues of $30,000 in the comparable year-ago period.

Revenues recorded in both Q1 2019 and during the last five months of fiscal 2018 were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region. During the first quarter of 2019, increases in the number of operators and active users, along with the introduction of exciting proprietary and exclusive gaming content, were primary drivers of the company’s revenue and profit growth.

“We are extremely pleased with Q1 results and the rapid progress GMGI is making in the Asia-Pacific gaming market, the largest in the world,” said Golden Matrix CEO Anthony Goodman. “We have demonstrated our ability to generate solid recurring monthly sales, and we expect the company’s performance to continue to improve. Golden Matrix is poised to increase market share throughout 2019 and maintain strong positive cash flow with rising profitability.”

Cash and cash equivalents as of October 31, 2018 increased 30% to $580,407 from $446,581 at year-end (July 31) fiscal 2018. Total assets increased to $1,249,607, up 52% from $819,874 at year-end fiscal 2018.

For additional information on Golden Matrix’s Q1 2019 performance, please refer to the Company’s 10-Q 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/Q1FY19

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

 
GOLDEN MATRIX GROUP, INC.
Consolidated Balance Sheets
(Unaudited)
 
    As of     As of
    October 31, 2018     July 31, 2018
    (Unaudited)      
ASSETS          
           
Current assets:          
Cash and cash equivalents $ 580,407     $ 446,581  
Accounts receivable   10,638       10,005  
Accounts receivable – related parties   658,562       362,288  
Prepaid expenses   -       1,000  
Total current assets   1,249,607       819,874  
Total assets $ 1,249,607     $ 819,874  
           
LIABILITIES AND SHAREHOLDERS’ DEFICIT          
           
Current liabilities:          
Accounts payable and accrued liabilities $ 34,175     $ 14,391  
Accounts payable – related parties   383,550       376,217  
Advances from shareholders   1,000       1,000  
Accrued interest   3,393       155,384  
Settlement Payable – related parties   210,000       9,302  
Convertible notes payable, net of discounts   30,000       30,000  
Convertible notes payable, net – in default   10,000       11,929  
Convertible notes payable – related party – in default   -       495,712  
Contingent liability – related party   1,071,431       1,055,312  
Derivative liabilities – note conversion feature   26,667       11,930  
Total current Liabilities   1,770,216       2,161,177  
           
Settlement Payable – related parties – long-term   145,000       -  
Total non-current liabilities   145,000       -  
Total liabilities $ 1,915,216     $ 2,161,177  
           
           
Shareholders’ 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, 1,000 shares authorized,1,000 and 1,000 shares issued and outstanding, respectively   -       -  
Common stock: $0.00001 par value, 6,000,000,000 shares authorized, 2,835,318,757 and 2,622,904,757 shares issued and outstanding, respectively   28,353       26,229  
Additional paid – in capital   27,182,365       26,840,794  
Accumulated other comprehensive loss   (683)       (683)  
Accumulated deficit   (27,875,644)       (28,207,643)  
Total shareholders’ deficit   (665,609)       (1,341,303)  
Total liabilities and shareholders’ deficit $ 1,249,607     $ 819,874  
       
See accompanying notes to consolidated financial statements.


GOLDEN MATRIX GROUP, INC.
Consolidated Statements of Operations
(Unaudited)
 
    Three months ended
    October 31,
    2018     2017
           
Revenues $ 633     $ -  
Revenues – related party   638,062       30,000  
Cost of goods sold   (69,524)       -  
Gross profit   569,171       30,000  
           
Costs and expenses:          
G&A expense   78,930       9,036  
G&A expense – related party   39,300       66,300  
Loss on contingent liability – related party   16,119       -  
Professional fees   20,831       20,411  
Amortization expenses   57,347       -  
Total operating expenses   212,527       95,747  
Loss from operations $ 356,644     $ (65,747)  
           
Other income (expense):          
Interest expense   (7,792)       (73,709)  
Gain (loss) on extinguishment of debt   (106)       814  
Gain (loss) on derivative liability   (16,747)       (319,401)  
Total other income (expense)   (24,645)       (392,296)  
Net income (Loss) $ 331,999     $ (458,043)  
           
Net earnings (loss) per common share – basic $ 0.00     $ (0.00)  
           
Net earnings (loss) per common share diluted $ 0.00     $ (0.00)  
Weighted average number of common shares outstanding – basic   2,739,971,213       267,874,823  
Weighted average number of common shares outstanding – diluted   2,772,534,713       267,874,823