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Golden Matrix Reports First Quarter Financial Results

Las Vegas, NV - (NewMediaWire) - June 12, 2020 - Golden Matrix Group Inc. (OTC: 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 April 30, 2020, the company recorded net income of $229,739 on revenues of $734,764. This compares with a net income of $279,323 on revenues of $737,169 in like year-ago quarter. 

Net income reported in the first quarter was impacted adversely, by a non-cash amortization expense of $259,560. The company’s operating profit for the quarter - excluding derivative expense - was $520,795.

Shareholder equity of $3,035,284 as of April 30, 2020 represents an increase of 23% on the previous quarter and 418% on the comparable quarter in the previous fiscal year. Cash on hand increased to $1,940,392, up 5% on the previous quarter, and assets of $4,175,871 were up 13% on the previous quarter.

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 over 358 active operators and more than 2.8 million registered users across all gaming operator/GM-X platforms.

Golden Matrix CEO Anthony Goodman noted that while the Covid-19 environment had created certain challenges to operations, such as an impact on GMGI’s technical resources and sales team due to current travel restrictions, the company has shown resilience and achieved its 7th consecutive profitable quarter. “Toward the end of the quarter,” he said, “we saw a significant increase in the number of casino operators seeking to create an online presence. The integration process with these new operators, while initially slow due to the impact of the pandemic, is now accelerating and expected to boost revenue and profit growth moving forward.”

Mr. Goodman added that GMGI’s revenue base and profitability should also expand during 2020 as the company increases its proprietary gaming portfolio and leverages its extensive operator and user base to participate in the rapidly growing eSport and online gambling market.

For additional information on Golden Matrix’s Q1 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 https://goldenmatrix.com/highlights/Q1FY21.pdf or alternatively at https://www.goldenmatrix.com/highlights.html

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.

Golden Matrix Group, Inc.
Consolidated Balance Sheets
   
 As of As of 
 April 30,2020Jan 31, 2020
 (Unaudited)(Audited)
ASSETS  
Current assets:  
  Cash and cash equivalents  1,940,392  1,856,505
  Account receivable, net  994,540  791,340
  Account receivable - related party, net  1,240,939  1,058,874
     Total current assets  4,175,871  3,706,719
Total Assets  4,175,871  3,706,719
   
LIABILITIES AND SHAREHOLDERS EQUITY  
Current liabilities:  
  Accounts payable and accrued liabilities  31,306  25,621
  Accounts payable-related party  735,830  660,682
  Advance from shareholder  1,000  1,000
  Accrued interest  42,451  41,964
  Settlement payable -related parties   290,000  290,000
  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
     Total Current liabilities1,140,5871,233,521
TOTAL LIABILITIES1,140,5871,233,521
   
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 respectively28,45328,453
  Additional paid in capital 28,211,73627,916,389
  Stock payable37,000 - 
  Accumulated other comprehensive loss(683)(683)
  Retained earnings (accumulated deficit)(25,241,222)(25,470,961)
     Total shareholders' equity3,035,2842,473,198
   
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 4,175,8713,706,719
   


Golden Matrix Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss 
Unaudited
 For the three months ended April 30,
 20202019
Sales   203,199  162,772
Sales-Related Party  531,565  574,397
Cost of goods sold  (31,496)  (214,849)
Gross profit  703,268  522,320
   
Operating expenses  
  G&A expenses  110,640  105,409
  G&A expenses - related party  78,086  53,922
  Compensation expense -acquisition cost- related party  -  6,791
  Professional fees  20,388  7,983
  Amortization expense  259,560  54,979
Total operating expenses  468,674  229,084
Gain from operations  234,594  293,236
   
Other income (expense)  
  Interest expense  (6,151)  (17,168)
  Interest earned  1,296  2,346
  Gain on derivative liability -   909
Total other income (expense)  (4,855)  (13,913)
Net income  229,739  279,323
   
Per share information  
Basic, weighted number of common  
shares outstanding  2,845,318,757  2,838,577,184
Net profit per common share-basic  0.00  0.00
Diluted weighted number of common  
shares outstanding  4,220,395,360  2,851,432,351
Net profit per common share-diluted  0.00  0.00


Connect with us:
Twitter - https://twitter.com/GMGI_Group
Instagram - https://www.instagram.com/goldenmatrixgroup/
Golden Matrix Group
info@goldenmatrix.com
Tel: (702) 318-7548
www.goldenmatrix.com



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