LAS VEGAS, June 05, 2019 (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 third fiscal quarter ended April 30, 2019, the company recorded net income of $279,323 on revenues of $737,169. This compares with a net loss of $35,248 on revenues of $345,148 in like year-ago quarter.

For the first nine months ended April 30, 2019, Golden Matrix reported net income of $1,033,113 on revenues of $2,089,406, compared with a net loss of $408,807 on revenues of $405,148 in the comparable year-ago period.

Cash and cash equivalents as of April 30, 2019 increased to $1,425,494, up 27% from $1,118,499 at the end of the previous quarter, and up 219% from $446,581 at fiscal year-end (July 31) 2018.

Golden Matrix CEO Anthony Goodman noted that the net income reported in Q3 ’19 was adversely impacted by a non-cash charge of $214,849 related to the amortization of consultant options. This derivative cost was recorded in cost of goods sold and resulted from the increase in share price during the quarter.

Revenues recorded in the first nine months of fiscal 2019 were 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 300 active operators and more than 1.5 million registered users across all gaming operator/GM-X platforms.

“We are extremely pleased with Q3 results,” commented Mr. Goodman, “as they further demonstrate our ongoing efforts to increase quarterly revenues and generate continued profitability with strong cash flow. This is the company’s fifth consecutive quarter of rising revenues, which has resulted from our ability to increase market share in the robust Asia-Pacific gaming markets, the largest in the world. We fully expect this trend in our core business to continue and, at the same time, we are actively pursuing certain strategic opportunities that can significantly expand GMGI’s revenue base and profitability.”

For additional information on Golden Matrix’s Q3 2019 performance, please refer to the Company's 10-Q filing at https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.

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.
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Golden Matrix Group, Inc.
Consolidated Balance Sheets
(Unaudited)
As of As of
April 30, 2019Jul 31, 2018
ASSETS
Current assets:
Cash and cash equivalents 1,425,494 446,581
Account receivable 167,368 10,005
Account receivable-RP 906,380 362,288
Prepaid Expenses - 1,000
Total current assets 2,499,242 819,874
Total Assets 2,499,242 819,874
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Accounts payable and accrued liabilities 68,670 14,391
Accounts payable-related party 462,570 376,217
Advance from shareholder 1,000 1,000
Accrued interest 8,708 155,384
Settlement payable -related parties 145,000 9,302
Convertible notes payable, net of discount 30,000 30,000
Convertible notes payable, net of discount-in default 10,000 11,929
Notes payable - related party - 495,712
Contingent liability - 1,055,312
Promissory Note - related party 1,031,567
Derivative liabilities note conversion feature 10,910 11,930
Total Current liabilities1,768,425 2,161,177
Settlement Payable related parties long-term:145,000 0
Total Non-Current liabilities145,000 0
TOTAL LIABILITIES1,913,425 2,161,177
Shareholder's equity (deficit):
Preferred stock, Series A: $0.00001 par value; 19,999,000 shares authorized, none outstanding0 0
Preferred stock, Series B: $0.00001 par value; 1000 shares authorized, 1000 and 1000 shares issued and outstanding, respectively0 0
Common stock: $0.00001 par value; 6,000,000,000 shares authorized; 2,845,318,757 and 2,622,904,757 shares issued and outstanding respectively28,453 26,229
Additional paid in capital 27,732,577 26,840,794
Accumulated other comprehensive loss(683)(683)
Retained earnings (accumulated deficit)(27,174,530)(28,207,643)
Total shareholders' equity (deficit)585,817 (1,341,303)
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY 2,499,242 819,874

Golden Matrix Group, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
For the three months ended For the three months ended For the Nine months ended For the Nine months ended
Apr-30-2019Apr-30-2018 Apr-30-2019Apr-30-2018
Revenues-related party 574,397 345,148 1,923,882 405,148
Revenues 162,772 165,524
Cost of goods sold (214,849) - (353,351) -
Gross profit 522,320 345,148 1,736,055 405,148
Costs and expenses
Accounting and audit fees 4,500 3,750 24,877 18,910
Amortization expense 54,979 68,126 169,159 91,886
G&A expenses 105,409 54,153 238,785 80,178
G&A expenses Related 53,922 229,800 142,162 350,400
Loss on contingent liability - related party 6,791 90,873
Professional fees 3,483 9,306 13,174 26,520
Total operating expenses (229,084) (365,135) (679,030) (567,894)
Gain (Loss) from operations 293,236 (19,987) 1,057,025 (162,746)
Other income (expense)
Interest Earned 2,346 2,346
Gain (Loss) on extinguishment of debt - - (106) 814
Fair value change of derivative liability 909 15,824 (990) (114,064)
Interest on convertible notes (17,168) (31,085) (25,162) (132,811)
Total other income (expense) (13,913) (15,261) (23,912) (246,061)
Net Income (Loss) 279,323 (35,248) 1,033,113 (408,807)
Per share information
Basic, weighted number of common
shares outstanding (1) 2,838,577,184 1,479,677,984 2,804,249,255 767,756,060
Diluted weighted number of common
shares outstanding (1) 2,851,432,351 1,479,677,984 2,817,104,422 767,756,060
Net profit/(loss) per common share-basic 0.00 (0.00) 0.00 (0.00)
Net profit/(loss) per common share-diluted 0.00 (0.00) 0.00 (0.00)