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

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Golden Matrix Group

Franco Sun

info@goldenmatrix.com

www.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