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Golden Matrix Reports Net Income of $438,802 on Revenues of $876,754 for Second Fiscal Quarter of 2020

Company Now Services 310 Gaming Operators and More Than Two Million Registered Users

Las Vegas, NV - (NewMediaWire) - March 03, 2020 - 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 second fiscal quarter ended January 31, 2020, the company recorded net income of $438,802 on revenues of $876,754. This compares with net income of $421,791 on revenues of $713,542 in like year-ago quarter.

Net income in the second fiscal quarter of 2020 was negatively impacted by a non-cash amortization expense of $264,345 related to stock options granted in the company’s 2018 Equity Incentive Plan. This compares with a charge of $56,833 for the same item in fiscal Q2 2019.

For the first six months ended January 31, 2020, Golden Matrix reported net income of $984,690 on revenues of $1,758,599, compared with net income of $753,790 on revenues of $1,352,237 in the like year-ago period.

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 310 active operators and more than two million registered users across all gaming operator/GM-X platforms.

“We are pleased with this continuation of strong quarterly results generated by our success in servicing the robust Asia-Pacific gaming markets, the largest in the world,” said Golden Matrix CEO Brian Goodman. “Going forward, we expect the company’s market share to continue to improve. Additionally, the company is now positioned to expand operations and plans to enter new gaming-related markets, which will significantly increase revenues and profitability in 2020 and beyond.

“While other companies may have experienced slowdowns as a result of the Coronavirus, our business has remained relatively unaffected. This development, we believe, is likely a result of the absence of person-to-person contact inherent in online gaming activity.”

Mr. Goodman noted that total assets as of January 31, 2020 increased to $3,717,558, up 24% from $3,005,050 at fiscal year-end 2019. Cash and cash equivalents totaled $1,856,505.

For additional information on Golden Matrix’s Q2 2020 performance, please refer to the Company's 10-Q 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.

Golden Matrix Group, Inc.
Consolidated Balance Sheets
 As of As of 
 Jan 31,2020Jul 31,2019
Current assets:  
  Cash and cash equivalents  1,856,505  1,731,095
  Account receivable, net  791,340  264,558
  Account receivable-RP  1,069,713  1,009,397
       Total current assets  3,717,558  3,005,050
Total Assets  3,717,558  3,005,050
Current liabilities:  
Accounts payable and accrued liabilities  25,621  41,104
Accounts payable-related party  660,682  526,541
Advance from shareholder  1,000  1,000
Accrued interest  41,964  24,510
Settlement payable -related parties                                        290,000                                       145,000
Convertible notes payable, net of discount  30,000  30,000
Convertible notes payable, net of discount-in default  10,000  10,000
Promissory Note - related party  174,254  1,033,567
Derivative liabilities note conversion feature  15,000  15,000
Total Current liabilities1,248,5211,826,722
Settlement Payable related parties long-term:  -   145,000
Total Non-Current liabilities  -   145,000
TOTAL LIABILITIES1,248,5211,971,722
Shareholder's equity:  
Preferred stock, Series A:  $0.00001 par value; 19,999,000 shares authorized, none outstanding  -   - 
Preferred stock, Series B:  $0.00001 par value; 1000 shares authorized, 1000 and 1000 shares issued and outstanding, respectively  -   - 
Common stock:  $0.00001 par value; 6,000,000,000 shares authorized; 2,845,318,757 and  2,845,318,757 shares issued and outstanding respectively28,45328,453
Additional paid in capital 27,894,31227,443,293
Accumulated other comprehensive loss(683)(683)
Retained earnings (accumulated deficit)(25,453,045)(26,437,735)
    Total shareholders' equity2,469,0371,033,328

Golden Matrix Group, Inc.
Consolidated Statements of Operations
 For the three months ended For the three months ended  For the six months ended For the six months ended 
 Jan-31-2020Jan-31-2019 Jan-31-2020Jan-31-2019
Sales   308,507  2,119   670,783  2,752
Sales-Related Party  568,247  711,423   1,087,816  1,349,485
Cost of goods sold  (25,031)  (68,978)   (57,224)  (138,502)
Gross profit  851,723  644,564   1,701,375  1,213,735
Operating expenses     
  G&A expenses  102,817  54,446   231,149  133,376
G&A expenses Related  33,000  48,940   66,000  88,240
  Compensation expense -acquisition cost- related party  -  67,963   -  84,082
Professional fees  8,129  9,237   26,944  30,068
  Amortization expense  264,345  56,833   385,024  114,180
Total operating expenses  408,291  237,419   709,117  449,946
Gain from operations  443,432  407,145   992,258  763,789
Other income (expense)     
  Interest expense  (9,837)  (202)   (26,227)  (7,994)
  Interest earned  9,373  -   18,659  -
  Gain (Loss) on extinguishment of debt  -  -   -  (106)
  Gain (Loss) on derivative liability  (4,166)  14,848   -  (1,899)
Total other income (expense)  (4,630)  14,646   (7,568)  (9,999)
Net income  438,802  421,791   984,690  753,790
Per share information     
Basic, weighted number of common     
shares outstanding  2,845,318,757  2,835,318,757   2,845,318,757  2,787,644,985
Net profit per common share-basic  0.00  0.00   0.00  0.00
Diluted weighted number of common     
shares outstanding  4,179,262,381  2,848,173,923   4,179,262,381  2,800,500,152
Net profit per common share-diluted  0.00  0.00   0.00  0.00

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Golden Matrix Group

Tel: (702) 318-7548