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Golden Matrix Reports Fiscal 2018 Revenue of $915,804 vs. $120,000 in 2017

Las Vegas NV - (NewMediaWire) - October 29, 2018 - Golden Matrix Group Inc. (OTCPK: GMGI) a technology-driven company that designs develops social gaming platforms, systems and content, today announced that for fiscal 2018 ended July 31, the company recorded revenues of $915,804 versus $120,000 in the prior fiscal year. Revenues in 2018 - derived primarily from licensing fees received from gaming operators located in the Asia Pacific (APAC) region - were generated during the last five months of the fiscal year and subsequent to the acquisition of the company’s proprietary gaming technology - along with a licensing and distribution agreement to monetize its deployment.

Golden Matrix CEO, Anthony Goodman, noted that the loss reported in fiscal 2018 was as a result of an expensed nonrecurring acquisition cost of $1,242,812, the company’s gaming assets in 2018 from Luxor Capital LLC, a related-party wholly-owned by Mr. Goodman), and derivative liabilities of $165,514 and amortization of 129,109.

Commenting on GMGI’s strong financial performance, Mr. Goodman noted that while fiscal 2018 benefitted from only five months of operations from its newly acquired businesses, net cash flow provided by operating activities in 2018 was $302,716, compared with $15,129 used in operating activities in fiscal 2017, and cash and cash equivalents of $446,581 at year-end 2018 was a “significant improvement” on $25,167 at year-end 2017. 

Mr. Goodman, said, “We are extremely pleased with the rapid progress we are making in the Asia-Pacific gaming market – the largest in the world - and demonstrating our ability to generate solid recurring monthly sales. With continued increases in the number of gaming operators utilizing our state-of-the-art platform, the number of active users now exceeding one million and growing, and the introduction of exciting proprietary and exclusive gaming content, Golden Matrix is poised to increase its market share in 2019 and maintain strong positive cash flow with rising profitability. Another remarkable achievement has been to all but eliminate Convertible Debt which stood at $1,957,212 in 2016, thus further strengthening the company’s balance sheet.”

For additional information on Golden Matrix’s fiscal 2018 performance, please refer to the Company's 10-K filing at or

A summary of the Company’s performance and Highlights can be found at

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

Franco Sun


Consolidated Balance Sheets
    July  31,
     2018  2017
Current assets:    
 Cash and cash equivalents $446,581 $25,167
 Accounts receivable  10,005  -
 Accounts receivable – related parties  362,288  62,500
 Prepaid expenses  1,000  -
 Total current assets  819,874  87,667
Total assets $819,874 $87,667
Current liabilities:    
 Accounts payable and accrued liabilities $14,391 $21,093
 Accounts payable – related parties  376,217  384,984
 Advances from shareholders  1,000  1,000
 Accrued interest  155,384  147,408
 Settlement Payable  9,302  
 Convertible notes payable, net of discounts  30,000  51,776
 Convertible notes payable, net- in default  11,929  85,664
 Convertible notes payable- related party-in default  495,712  795,712
 Contingent liability-related party  1,055,312  -
 Derivative liabilities – note conversion feature  11,930  136,177
 Total current Liabilities  2,161,177  1,623,814
Total liabilities $2,161,177 $1,623,814
Commitments and contingencies    
Shareholders’ 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 and 2,480,000,000 shares authorized, 2,622,904,757 and 141,096,983 shares issued and outstanding, respectively  26,229  1,411
 Additional paid-in capital  26,840,794  25,350,795
 Stock Payable  -  1,600
 Accumulated other comprehensive loss  -683  -683
 Accumulated deficit  -28,207,643  -26,889,270
  Total shareholders’ deficit  -1,341,303  -1,536,147
Total liabilities and shareholders’ deficit $819,874 $87,667
See accompanying notes to consolidated financial statements.

Consolidated Statements of Operations
   For the Year Ended July 31,
    2018  2017
Revenues-related party $915,804 $120,000
Cost of goods sold  -72,003  -50,000
Gross profit  843,801  70,000
Costs and expenses:    
 G&A expense  186,040  385
 G&A expense- related party  209,100  250,217
 Compensation expense Acquisition cost – related party 1,242,812  -
 Professional fees  67,687  69,834
 Amortization expenses  129,109  -
Total operating expenses  1,834,748  320,436
Loss from operations  -990,947  -250,436
Other income (expense):    
 Interest expense  -162,041  -413,655
 Gain on extinguishment of debt  129  854,018
 Gain (loss) on derivative liability  -165,514  1,611,153
Total other income (expense)  -327,426  2,051,516
Net income (Loss) $-1,318,373 $1,801,080
Net earnings (loss) per common share – basic$0.00 $0.04
Net earnings (loss) per common share diluted $0.00 $0.00
Weighted average number of common shares outstanding – basic  1,159,457,924  49,825,902
Weighted average number of common shares outstanding –diluted  1,159,457,924  1,802,029,463


Consolidated Statements of Cash Flow
     For the Year Ended July 31,
      2018  2017
Cash flows from operating activities:    
Net income (loss) $-1,318,373 $1,801,080
 Adjustments to reconcile net income (loss) to cash used in operating activities:   
  Unrealized gain (loss) on derivative liabilities-note conversion feature 165,514  -1,611,153
  Fair value of stock option issued for services 49,200  -
  Fair value of shares issued for services 201,112  -
  Amortization expense 107,300  327,647
  Gain on extinguishment of debt -129  -854,018
  Compensation expense – acquisition – related party 1,242,812  -
  Penalty on convertible notes payable 11,800  -
  Changes in operating assets and liabilities:   
   (Increase) decrease in accounts receivable -10,005  -52,500
   (Increase) decrease in accounts receivable – related party -299,788  
   (Increase) decrease in Prepaid expense -1,000  -
   (Decrease) increase in accounts payable and accrued liabilities -11,698  -11,636
   (Decrease) increase in accounts payable – related party 111,233  306,537
   (Decrease) increase in  accrued interest 54,738  78,914
   Net cash provided by (used in) operating activities 302,716  -15,129
Cash flows from financing activities:   
 Proceeds from notes payable  38,000  38,000
 Proceeds from subscription agreement 120,000  -
 Repayments on settlement payable -39,302  -
   Net cash provided by financing activities 118,698  38,000
Net increase in cash and cash equivalents 421,414  22,871
Cash and cash equivalents at beginning of year 25,167  2,296
Cash and cash equivalents at end of year$446,581 $25,167
Supplemental disclosure of cash flow information:   
 Settlement of derivative liability$160,440  -
 Common stock issued for conversion of debt$674,961 $644,216
 Debt discount from derivative liability$49,800 $38,000
 Settlement payable$47,919  -
 Shares issued for settlement of accounts payable- related party 120,000