LAS VEGAS, Nov. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Golden Matrix Group Inc. (OTCPK: 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 October 31, 2018, the company recorded net income of $331,999. This compares with a net loss of $458,043 in the first fiscal quarter ended October 31, 2017.
First quarter 2019 revenues of $638,695 represent a 25% increase on revenues of $510,656 in Q4 2018 and a 2,029% increase on revenues of $30,000 in the comparable year-ago period.
Revenues recorded in both Q1 2019 and during the last five months of fiscal 2018 were derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region. During the first quarter of 2019, increases in the number of operators and active users, along with the introduction of exciting proprietary and exclusive gaming content, were primary drivers of the company’s revenue and profit growth.
“We are extremely pleased with Q1 results and the rapid progress GMGI is making in the Asia-Pacific gaming market, the largest in the world,” said Golden Matrix CEO Anthony Goodman. “We have demonstrated our ability to generate solid recurring monthly sales, and we expect the company’s performance to continue to improve. Golden Matrix is poised to increase market share throughout 2019 and maintain strong positive cash flow with rising profitability.”
Cash and cash equivalents as of October 31, 2018 increased 30% to $580,407 from $446,581 at year-end (July 31) fiscal 2018. Total assets increased to $1,249,607, up 52% from $819,874 at year-end fiscal 2018.
For additional information on Golden Matrix’s Q1 2019 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: www.goldenmatrix.com/Q1FY19
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.
Connect with us:
Twitter – https://twitter.com/GMGI_Group
Instagram – https://www.instagram.com/goldenmatrixgroup/
Golden Matrix Group
Franco Sun
info@goldenmatrix.com
| GOLDEN MATRIX GROUP, INC. | |||||||
| Consolidated Balance Sheets | |||||||
| (Unaudited) | |||||||
| As of | As of | ||||||
| October 31, 2018 | July 31, 2018 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 580,407 | $ | 446,581 | |||
| Accounts receivable | 10,638 | 10,005 | |||||
| Accounts receivable – related parties | 658,562 | 362,288 | |||||
| Prepaid expenses | - | 1,000 | |||||
| Total current assets | 1,249,607 | 819,874 | |||||
| Total assets | $ | 1,249,607 | $ | 819,874 | |||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 34,175 | $ | 14,391 | |||
| Accounts payable – related parties | 383,550 | 376,217 | |||||
| Advances from shareholders | 1,000 | 1,000 | |||||
| Accrued interest | 3,393 | 155,384 | |||||
| Settlement Payable – related parties | 210,000 | 9,302 | |||||
| Convertible notes payable, net of discounts | 30,000 | 30,000 | |||||
| Convertible notes payable, net – in default | 10,000 | 11,929 | |||||
| Convertible notes payable – related party – in default | - | 495,712 | |||||
| Contingent liability – related party | 1,071,431 | 1,055,312 | |||||
| Derivative liabilities – note conversion feature | 26,667 | 11,930 | |||||
| Total current Liabilities | 1,770,216 | 2,161,177 | |||||
| Settlement Payable – related parties – long-term | 145,000 | - | |||||
| Total non-current liabilities | 145,000 | - | |||||
| Total liabilities | $ | 1,915,216 | $ | 2,161,177 | |||
| Shareholders’ equity (deficit): | |||||||
| Preferred stock, Series A: $0.00001 par value; 19,999,000 shares authorized, none outstanding | - | - | |||||
| Preferred stock, Series B: $0.00001 par value, 1,000 shares authorized,1,000 and 1,000 shares issued and outstanding, respectively | - | - | |||||
| Common stock: $0.00001 par value, 6,000,000,000 shares authorized, 2,835,318,757 and 2,622,904,757 shares issued and outstanding, respectively | 28,353 | 26,229 | |||||
| Additional paid – in capital | 27,182,365 | 26,840,794 | |||||
| Accumulated other comprehensive loss | (683) | (683) | |||||
| Accumulated deficit | (27,875,644) | (28,207,643) | |||||
| Total shareholders’ deficit | (665,609) | (1,341,303) | |||||
| Total liabilities and shareholders’ deficit | $ | 1,249,607 | $ | 819,874 | |||
| See accompanying notes to consolidated financial statements. | |||||||
| GOLDEN MATRIX GROUP, INC. | |||||||
| Consolidated Statements of Operations | |||||||
| (Unaudited) | |||||||
| Three months ended | |||||||
| October 31, | |||||||
| 2018 | 2017 | ||||||
| Revenues | $ | 633 | $ | - | |||
| Revenues – related party | 638,062 | 30,000 | |||||
| Cost of goods sold | (69,524) | - | |||||
| Gross profit | 569,171 | 30,000 | |||||
| Costs and expenses: | |||||||
| G&A expense | 78,930 | 9,036 | |||||
| G&A expense – related party | 39,300 | 66,300 | |||||
| Loss on contingent liability – related party | 16,119 | - | |||||
| Professional fees | 20,831 | 20,411 | |||||
| Amortization expenses | 57,347 | - | |||||
| Total operating expenses | 212,527 | 95,747 | |||||
| Loss from operations | $ | 356,644 | $ | (65,747) | |||
| Other income (expense): | |||||||
| Interest expense | (7,792) | (73,709) | |||||
| Gain (loss) on extinguishment of debt | (106) | 814 | |||||
| Gain (loss) on derivative liability | (16,747) | (319,401) | |||||
| Total other income (expense) | (24,645) | (392,296) | |||||
| Net income (Loss) | $ | 331,999 | $ | (458,043) | |||
| Net earnings (loss) per common share – basic | $ | 0.00 | $ | (0.00) | |||
| Net earnings (loss) per common share diluted | $ | 0.00 | $ | (0.00) | |||
| Weighted average number of common shares outstanding – basic | 2,739,971,213 | 267,874,823 | |||||
| Weighted average number of common shares outstanding – diluted | 2,772,534,713 | 267,874,823 | |||||