Golden Matrix Group Inc. (GMGI)

[Goodbuddy4863]

Golden Matrix Reports Net Income of $421,791 on Revenues of $713,542 for the Second Fiscal Quarter of 2019:

https://finance.yahoo.com/news/golden-matrix-reports-net-income-142000983.html

LAS VEGAS, March 04, 2019 (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 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.

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