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, March 03, 2020 (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 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  https://www.otcmarkets.com/stock/GMGI/disclosure or www.sec.gov.

A summary of the Company’s performance and highlights can be found at: http://goldenmatrix.com/highlights/Q2FY20.pdf

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 31,2020	Jul 31,2019
	(Unaudited)	(Audited)
ASSETS
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
LIABILITIES AND SHAREHOLDERS EQUITY
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 liabilities	1,248,521	1,826,722
Settlement Payable related parties long-term:	-	145,000
Total Non-Current liabilities	-	145,000
TOTAL LIABILITIES	1,248,521	1,971,722
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 respectively	28,453	28,453
Additional paid in capital	27,894,312	27,443,293
Accumulated other comprehensive loss	(683)	(683)
Retained earnings (accumulated deficit)	(25,453,045)	(26,437,735)
Total shareholders' equity	2,469,037	1,033,328
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	3,717,558	3,005,050

Golden Matrix Group, Inc.
Consolidated Statements of Operations
Unaudited
	For the three months ended	For the three months ended		For the six months ended	For the six months ended
	Jan-31-2020	Jan-31-2019		Jan-31-2020	Jan-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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