Golden Matrix Reports Net Income of $421,791 on Revenues of $713,542 for the Second Fiscal Quarter of 2019
Las Vegas, NV - 
(NewMediaWire) - March 04, 2019 - Golden Matrix Group Inc. (OTCPK: GMGI) a technology-driven company that designs and develops social gaming platforms, systems and gaming content, today announced that for the second fiscal quarter ended January 31, 2019, the company recorded net income of $421,791 on revenues of $713,542. This compares with net income of $84,484 on revenues of $30,000 in like year-ago quarter.
Second quarter 2019 revenues and net income represent 2,278 and 399 percent increases, respectively, on revenues and net income recorded in the second quarter of 2018.
For the first six months ended January 31, 2019, Golden Matrix reported net income of $753,790 on revenues of $1,352,237, compared with a net loss of $373,559 on revenues of $60,000 in the like year-ago period.
Revenues recorded in the first half of fiscal 2019 were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region and integrated with the company’s state-of-the-art GM-X platform. Currently there are 192 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.
“These excellent Q2 results further demonstrate GMGI’s continued growth and success in servicing the robust Asia-Pacific gaming markets, the largest in the world,” said CEO Brian Goodman. “As previously stated, we expect the company to continue to increase market share throughout 2019 and maintain strong positive cash flow with rising profitability.”
Mr. Goodman noted that cash and cash equivalents as of January 31, 2018 increased 150% to $1,118,499 from $446,581 at fiscal year-end (July 31) 2018. Total assets increased to $1,828,435, up 123% from $819,874 at fiscal year-end 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.
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
Tracy Wang
info@goldenmatrix.com
Tel: (702) 318-7548
| GOLDEN MATRIX GROUP, INC | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| (Unaudited) | |||||||||||
| As of | As of | ||||||||||
| January 31, 2019 | July 31, 2018 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,118,499 | $ | 446,581 | |||||||
| Accounts receivable | 12,748 | 10,005 | |||||||||
| Accounts receivable – related parties | 697,188 | 362,288 | |||||||||
| Prepaid expenses | - | 1,000 | |||||||||
| Total current assets | 1,828,435 | 819,874 | |||||||||
| Total assets | $ | 1,828,435 | $ | 819,874 | |||||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | 49,551 | $ | 14,391 | |||||||
| Accounts payable – related parties | 411,083 | 376,217 | |||||||||
| Advances from shareholders | 1,000 | 1,000 | |||||||||
| Accrued interest | 3,595 | 155,384 | |||||||||
| Settlement Payable – related parties | 145,000 | 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 | 1,139,394 | 1,055,312 | |||||||||
| Derivative liabilities – note conversion feature | 11,819 | 11,930 | |||||||||
| Total current liabilities | 1,801,442 | 2,161,177 | |||||||||
| Settlement Payable – related parties – long-term | 145,000 | - | |||||||||
| Total non-current liabilities | 145,000 | - | |||||||||
| Total liabilities | $ | 1,946,442 | $ | 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 | 27,308,176 | 26,840,794 | |||||||||
| Accumulated other comprehensive loss | (683 | ) | (683 | ) | |||||||
| Accumulated deficit | (27,453,853 | ) | (28,207,643 | ) | |||||||
| Total shareholders’ deficit | $ | (118,007 | ) | (1,341,303 | ) | ||||||
| Total liabilities and shareholders’ deficit | 1,828,435 | $ | 819,874 | ||||||||
| GOLDEN MATRIX GROUP, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | |||||||||||||||
| Three months ended | Six months ended | ||||||||||||||
| January 31, | January 31, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Revenues | $ | 2,119 | $ | - | $ | 2,752 | $ | - | |||||||
| Revenues- related party | 711,423 | 30,000 | 1,349,485 | 60,000 | |||||||||||
| Cost of goods sold | (68,978 | ) | - | (138,502 | ) | - | |||||||||
| Gross profit | 644,564 | 30,000 | 1,213,735 | 60,000 | |||||||||||
| Costs and expenses | |||||||||||||||
| Accounting and audit fees | 4,500 | 3,000 | 20,377 | 15,160 | |||||||||||
| Amortization expense | 56,833 | 23,760 | 114,180 | 23,760 | |||||||||||
| G&A expenses | 54,446 | 16,989 | 133,376 | 26,025 | |||||||||||
| G&A expenses- related party | 48,940 | 54,300 | 88,240 | 120,600 | |||||||||||
| Loss on contingent liability – related party | 67,963 | - | 84,082 | - | |||||||||||
| Professional fees | 4,737 | 8,963 | 9,691 | 17,214 | |||||||||||
| Total operating expenses | (237,419 | ) | (107,012 | ) | (449,946 | ) | (202,759 | ) | |||||||
| Gain (Loss) from operations | 407,145 | (77,012 | ) | 763,789 | (142,759 | ) | |||||||||
| Other income (expense) | |||||||||||||||
| Gain (Loss) on extinguishment of debt | - | - | (106 | ) | 814 | ||||||||||
| Fair value change of derivative liability | 14,848 | 189,513 | (1,899 | ) | (129,888 | ) | |||||||||
| Interest on convertible notes | (202 | ) | (28,017 | ) | (7,994 | ) | (101,726 | ) | |||||||
| Total other income (expense) | 14,646 | 161,496 | (9,999 | ) | (230,800 | ) | |||||||||
| Net Income (Loss) | $ | 421,791 | $ | 84,484 | $ | 753,790 | $ | (373,559 | ) | ||||||
| Weighted average number of common shares outstanding -Basic | 2,835,318,757 | 578,931,219 | 2,787,644,985 | 423,403,521 | |||||||||||
| Weighted average number of common shares outstanding -Diluted | 2,848,173,923 | 2,287,360,616 | 2,800,500,152 | 423,403,521 | |||||||||||
| Net income/(loss) per common share – Basic | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | ||||||
| Net income/(loss) per common share – Diluted | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | ||||||
