Golden Matrix Group Inc. (GMGI)

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Golden Matrix Reports Net Income of $438,802 on Revenues of $876,754 for Second Fiscal Quarter of 2020:

https://finance.yahoo.com/news/golden-matrix-reports-net-income-142010935.html

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. (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.