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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:

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Golden Matrix Group

Tracy Wang

info@goldenmatrix.com

Tel: (702) 318-7548

www.goldenmatrix.com

 

 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


)