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11/07/2023 , 07:47 September 10 , 2021 11:20 PM News Release Golden Matrix Reports Twelfth Consecutive Profitable Quarter , Record Revenues for Fiscal Q2 Ended July 31 , 2021 • Record quarterly revenues ( Q '22 ) of $ 3,251,182 , an increase of 211 % compared with revenues of $ 1,045,425 in the like year - ago quarter , and a 23 % improvement on revenues of $ 2,639,402 in the prior ( Q1'22 ) quarter • Net income of $ 481,189 versus net income of $ 127,872 in Q1'22 Adjusted EBITDA of $ 667,158 , when excluding interest expense , interest income , amortization expense and stock - based compensation expense * • Record revenues of $ 5,890,584 for the first six months of fiscal '22 , an increase of 231 % on revenues of $ 1,780,189 in the first six months of fiscal '21 • Cash and cash equivalents of $ 13,879,617 , current assets of $ 16,792,363 and total assets of $ 17,239,995 as of July 31 , 2021 Total current liabilities of $ 1,434,096 and $ 211,915 of long - term liabilities as of July 31 , 2021 Company rolls out fully functional seamless aggregation platform , allowing entry into significant global markets LAS VEGAS , NV / ACCESSWIRE / September 10 , 2021 / Golden Matrix Group Inc. ( OTC PINK : GMGI ) , a developer and licensor of online gaming platforms , systems and gaming content , today reported that it achieved its twelfth consecutive quarter of profitability and record revenues exceeding $ 3.2 million in the second fiscal quarter ended July 31 , 2021 . The tripling in Q2 revenues over the revenues recorded in fiscal Q2 '21 was primarily a result of GMGI's increased number of both gaming operator customers and registered players with these customers . The improvement in Q2 revenue was also attributable to strong revenue contributions from non - related - party distributors , which , as was the case in Q1 2022 , accounted for an increase in cost of goods sold and a decrease in gross profit margin . Additionally , the issuance of consultant stock options in March 2021 resulted in an increase in cost of goods sold for Q2 2022 . Additionally , " Due to GMGI's recent deployment of its seamless aggregate gaming platform , and the company's projected resulting expansion into new global markets , GMGI's margins are expected to improve over time " , said CEO Brian Goodman . Mr. Goodman added that " GMGI's repeating quarterly profitability stretching over three years , and its solid balance sheet - with almost $ 13.9 million in cash and cash equivalents - is helping the company build awareness among new potential gaming operator customers . As a result , whereas company revenues have thus far come almost exclusively from the Asia Pacific region , GMGI now hopes to begin receiving revenue stemming from licensing agreements with gaming operators in Europe and the Americas . " " We're increasingly confident that , mainly due to our new aggregate platform , which offers gaming operators a single source for over 10,000 games of every variety , Golden Matrix will begin , this fiscal year , to significantly expand its user base and global footprint . This , in turn , is expected to enable the company to realize corresponding improvements to its revenues and profits during this calendar year and beyond , " Mr. Goodman said . " And , with our growing financial strength , we plan to continue to evaluate potential partnerships and acquisitions that are projected to both further accelerate revenue and be accretive to earnings , " added Mr. Goodman . For the first six months of fiscal 2022 , the company had net income of $ 609,000 and revenues of $ 5.9 million , compared with net income of $ 315,000 and revenues of $ 1.8 million during the same period in fiscal 2021 . For additional information on Golden Matrix's Q2 2022 performance , please refer to the Company's Quarterly Report on Form 10 - Q for Q2 2022 , which can be found 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 www.goldenmatrix.com/highlights . Adjusted EBITDA is a non - GAAP financial measure . See also " Non - GAAP Financial Measures " and " Reconciliation of Net Income attributable to Golden Matrix Group Inc. , to Adjusted Earnings excluding Interest Expense , Interest Income , Amortization Expense and Stock - based Compensation Expense " included at the end of this release . 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 Certain statements made in this press release contain forward - looking information within the meaning of applicable securities laws ( " forward- looking statements " ) . These forward - looking statements represent the Company's current expectations or beliefs concerning future events and can generally be identified using statements that include words such as " estimate , " " expects , " " project , " " believe , " " anticipate , " " intend , " " plan , " " foresee , " " forecast , " " likely , " " will , " " target " or similar words or phrases . These forward - looking statements are subject to risks , uncertainties and other factors , many of which are outside of the Company's control which could cause actual results to differ materially from the results expressed or implied in the forward - looking statements , including , but not limited to , the impact of the COVID - 19 pandemic on the Company ; the need for additional financing , the terms of such financing and the availability of such financing ; the ability of the Company to manage growth ; disruptions caused by acquisitions ; the Company's reliance on its management ; the fact that the Company's chief executive officer has voting control over the Company ; related party relationships ; the potential effect of economic downturns and market conditions on the Company's operations and prospects ; the Company's ability to protect proprietary information ; the ability of the Company to compete in its market ; the Company's lack of effective internal controls ; dilution caused by efforts to obtain additional financing ; the effect of future regulation , the Company's ability to comply with regulations and potential penalties in the event it fails to comply with such regulations ; the risks associated with gaming fraud , user cheating and cyber - attacks ; risks associated with systems failures and failures of technology and infrastructure on which the Company's programs rely ; foreign exchange and currency risks ; the outcome of contingencies , including legal proceedings in the normal course of business ; the ability to https://feeds.issuerdirect.com/news-release.html?newsid=5718489454340498 1/4