Golden Matrix Reports Net Income of $438,802 on Revenues of $876,754 for Second Fiscal Quarter of 2020
Company Now Services 310 Gaming Operators and More Than Two Million Registered Users
LAS VEGAS, March 03, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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, 2020, the company recorded net income of $438,802 on revenues of $876,754. This compares with net income of $421,791 on revenues of $713,542 in like year-ago quarter.
Net income in the second fiscal quarter of 2020 was negatively impacted by a non-cash amortization expense of $264,345 related to stock options granted in the company’s 2018 Equity Incentive Plan. This compares with a charge of $56,833 for the same item in fiscal Q2 2019.
For the first six months ended January 31, 2020, Golden Matrix reported net income of $984,690 on revenues of $1,758,599, compared with net income of $753,790 on revenues of $1,352,237 in the like year-ago period.
Golden Matrix revenues are 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 310 active operators and more than two million registered users across all gaming operator/GM-X platforms.
“We are pleased with this continuation of strong quarterly results generated by our success in servicing the robust Asia-Pacific gaming markets, the largest in the world,” said Golden Matrix CEO Brian Goodman. “Going forward, we expect the company’s market share to continue to improve. Additionally, the company is now positioned to expand operations and plans to enter new gaming-related markets, which will significantly increase revenues and profitability in 2020 and beyond.
“While other companies may have experienced slowdowns as a result of the Coronavirus, our business has remained relatively unaffected. This development, we believe, is likely a result of the absence of person-to-person contact inherent in online gaming activity.”
Mr. Goodman noted that total assets as of January 31, 2020 increased to $3,717,558, up 24% from $3,005,050 at fiscal year-end 2019. Cash and cash equivalents totaled $1,856,505.
For additional information on Golden Matrix’s Q2 2020 performance, please refer to the Company's 10-Q filing at or .
A summary of the Company’s performance and highlights can be found at:
About Golden Matrix
, 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.
| Golden Matrix Group, Inc. | ||
| Consolidated Balance Sheets | ||
| As of | As of | |
| Jan 31,2020 | Jul 31,2019 | |
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 1,856,505 | 1,731,095 |
| Account receivable, net | 791,340 | 264,558 |
| Account receivable-RP | 1,069,713 | 1,009,397 |
| Total current assets | 3,717,558 | 3,005,050 |
| Total Assets | 3,717,558 | 3,005,050 |
| LIABILITIES AND SHAREHOLDERS EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 25,621 | 41,104 |
| Accounts payable-related party | 660,682 | 526,541 |
| Advance from shareholder | 1,000 | 1,000 |
| Accrued interest | 41,964 | 24,510 |
| Settlement payable -related parties | 290,000 | 145,000 |
| Convertible notes payable, net of discount | 30,000 | 30,000 |
| Convertible notes payable, net of discount-in default | 10,000 | 10,000 |
| Promissory Note - related party | 174,254 | 1,033,567 |
| Derivative liabilities note conversion feature | 15,000 | 15,000 |
| Total Current liabilities | 1,248,521 | 1,826,722 |
| Settlement Payable related parties long-term: | - | 145,000 |
| Total Non-Current liabilities | - | 145,000 |
| TOTAL LIABILITIES | 1,248,521 | 1,971,722 |
| Shareholder's equity: | ||
| 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 2,845,318,757 shares issued and outstanding respectively | 28,453 | 28,453 |
| Additional paid in capital | 27,894,312 | 27,443,293 |
| Accumulated other comprehensive loss | (683) | (683) |
| Retained earnings (accumulated deficit) | (25,453,045) | (26,437,735) |
| Total shareholders' equity | 2,469,037 | 1,033,328 |
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | 3,717,558 | 3,005,050 |
| Golden Matrix Group, Inc. | |||||
| Consolidated Statements of Operations | |||||
| Unaudited | |||||
| For the three months ended | For the three months ended | For the six months ended | For the six months ended | ||
| Jan-31-2020 | Jan-31-2019 | Jan-31-2020 | Jan-31-2019 | ||
| Sales | 308,507 | 2,119 | 670,783 | 2,752 | |
| Sales-Related Party | 568,247 | 711,423 | 1,087,816 | 1,349,485 | |
| Cost of goods sold | (25,031) | (68,978) | (57,224) | (138,502) | |
| Gross profit | 851,723 | 644,564 | 1,701,375 | 1,213,735 | |
| Operating expenses | |||||
| G&A expenses | 102,817 | 54,446 | 231,149 | 133,376 | |
| G&A expenses Related | 33,000 | 48,940 | 66,000 | 88,240 | |
| Compensation expense -acquisition cost- related party | - | 67,963 | - | 84,082 | |
| Professional fees | 8,129 | 9,237 | 26,944 | 30,068 | |
| Amortization expense | 264,345 | 56,833 | 385,024 | 114,180 | |
| Total operating expenses | 408,291 | 237,419 | 709,117 | 449,946 | |
| Gain from operations | 443,432 | 407,145 | 992,258 | 763,789 | |
| Other income (expense) | |||||
| Interest expense | (9,837) | (202) | (26,227) | (7,994) | |
| Interest earned | 9,373 | - | 18,659 | - | |
| Gain (Loss) on extinguishment of debt | - | - | - | (106) | |
| Gain (Loss) on derivative liability | (4,166) | 14,848 | - | (1,899) | |
| Total other income (expense) | (4,630) | 14,646 | (7,568) | (9,999) | |
| Net income | 438,802 | 421,791 | 984,690 | 753,790 | |
| Per share information | |||||
| Basic, weighted number of common | |||||
| shares outstanding | 2,845,318,757 | 2,835,318,757 | 2,845,318,757 | 2,787,644,985 | |
| Net profit per common share-basic | 0.00 | 0.00 | 0.00 | 0.00 | |
| Diluted weighted number of common | |||||
| shares outstanding | 4,179,262,381 | 2,848,173,923 | 4,179,262,381 | 2,800,500,152 | |
| Net profit per common share-diluted | 0.00 | 0.00 | 0.00 | 0.00 | |
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Golden Matrix Group
Tel: (702) 318-7548
