Golden Matrix Group Inc (GMGI)

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The profit was lower because of a one time charge-nothing to do with operators or number of users-which keep on growing.



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.

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.”