Golden Matrix Group Inc (GMGI)

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Golden Matrix Reports First Quarter Financial Results

LAS VEGAS, June 12, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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 30,2020 Jan 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 liabilities 1,140,587 1,233,521
TOTAL LIABILITIES 1,140,587 1,233,521

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 respectively 28,453 28,453
Additional paid in capital 28,211,736 27,916,389
Stock payable 37,000 -
Accumulated other comprehensive loss (683) (683)
Retained earnings (accumulated deficit) (25,241,222) (25,470,961)
Total shareholders' equity 3,035,284 2,473,198

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 4,175,871 3,706,719



Golden Matrix Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
Unaudited
For the three months ended April 30,
2020 2019
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


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Golden Matrix Group
[e-mail]
Tel: [phone]
www.goldenmatrix.com

Source: Golden Matrix Group Inc,

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