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Golden Matrix Reports First Quarter Financial Results

Written by Customer Service on . Posted in Public Companies.

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.htmlAbout 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.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.

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