Golden Matrix Group, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Golden Matrix Group, Inc. filed its Q1 2024 10-Q, detailing financial activities and corporate changes.</b>

AI Summary

Golden Matrix Group, Inc. (MRDN) filed a Quarterly Report (10-Q) with the SEC on March 14, 2024. The filing covers the first quarter of fiscal year 2024, ending January 31, 2024. The company's fiscal year ends on October 31st. Golden Matrix Group, Inc. was formerly known as Source Gold Corp. and Ibex Resources Corp. The company is incorporated in Nevada (NV). The filing includes details on various agreements, including employment agreements and purchase agreements.

Why It Matters

For investors and stakeholders tracking Golden Matrix Group, Inc., this filing contains several important signals. This 10-Q provides investors with an update on the company's financial performance and operational status for the most recent fiscal quarter. Understanding the details within this filing is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: medium — Golden Matrix Group, Inc. shows moderate risk based on this filing. The company has a history of name changes and previous corporate identities, which may indicate past restructuring or strategic shifts that could impact current operations and investor perception.

Analyst Insight

Review the financial statements and management discussion within the 10-Q to understand the company's performance and strategic direction.

Key Numbers

• 2024-01-31 — Fiscal Quarter End Date (Conformed period of report)
• 2024-03-14 — Filing Date (Filed as of date)
• 1031 — Fiscal Year End (Fiscal year end)
• 001-41326 — SEC File Number (SEC file number)

Key Players & Entities

• Golden Matrix Group, Inc. (company) — Filer name
• 2024-01-31 (date) — Conformed period of report
• 2024-03-14 (date) — Filed as of date
• Source Gold Corp. (company) — Former company name
• Ibex Resources Corp. (company) — Former company name
• NV (location) — State of incorporation
• 702-318-7548 (phone) — Business phone
• Paul Hardman (person) — Mentioned in relation to employment agreements

FAQ

Industry Context

Golden Matrix Group operates in the software services sector, specifically prepackaged software (SIC 7372).

Regulatory Implications

The company is subject to SEC regulations for its periodic filings, such as the 10-Q, under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review any disclosed risk factors or management's discussion and analysis for insights into operational challenges and strategies.
3. Investigate the details of the mentioned agreements (employment, purchase) to understand their impact on the company.

Key Dates

• 2024-01-31: End of Fiscal Q1 2024 — Reporting period for the 10-Q filing.
• 2024-03-14: Filing Date of 10-Q — Date the report was officially submitted to the SEC.
• 2023-10-31: Fiscal Year End — Indicates the end of the company's annual fiscal cycle.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from previous filings.

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 Par Value Per Share GMGI The NASDAQ

Filing Documents

• gmgi_10q.htm (10-Q) — 1137KB
• gmgi_ex311.htm (EX-31.1) — 13KB
• gmgi_ex312.htm (EX-31.2) — 15KB
• gmgi_ex321.htm (EX-32.1) — 4KB
• gmgi_ex322.htm (EX-32.2) — 4KB
• gmgi_10qimg1.jpg (GRAPHIC) — 3KB
• 0001477932-24-001197.txt (&nbsp;) — 6097KB
• gmgi-20240131.xsd (EX-101.SCH) — 71KB
• gmgi-20240131_lab.xml (EX-101.LAB) — 363KB
• gmgi-20240131_cal.xml (EX-101.CAL) — 55KB
• gmgi-20240131_pre.xml (EX-101.PRE) — 333KB
• gmgi-20240131_def.xml (EX-101.DEF) — 237KB
• gmgi_10q_htm.xml (XML) — 875KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Information included in this Quarterly Report on Form 10-Q (this " Report ") contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (" Securities Act "), and Section 21E of the Securities Exchange Act of 1934, as amended (" Exchange Act ") and the Private Securities Litigation Reform Act of 1995. This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Golden Matrix Group, Inc. (the " Company "), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words " may, " " should, " " expect, " " anticipate, " " estimate, " " believe, " " intend, " or " project " or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. You should read the matter

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Golden Matrix Group, Inc. and Subsidiary Consolidated Balance Sheets January 31, 2024 October 31, 2023 ASSETS Current assets: Cash $ 17,292,978 $ 17,100,280 Accounts receivable, net 4,031,349 3,551,383 Accounts receivable – related parties 296,472 331,246 Prepaid expenses 142,992 103,271 Short-term deposit 53,838 51,971 Inventory, prizes 2,376,836 1,714,525 Total current assets $ 24,194,465 $ 22,852,676 Non-current assets: Property, plant & equipment, net 40,139 46,447 Intangible assets, net 2,145,137 2,245,341 Operating lease right-of-use assets 335,702 56,643 Goodwill 10,381,710 10,381,710 Total non-current assets 12,902,688 12,730,141 Total assets $ 37,097,153 $ 35,582,817 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 2,865,859 $ 2,847,653 Accounts payable – related parties 3,627 12,921 Accrued income tax liability 664,444 476,485 Deferred revenues 130,560 108,106 Deferred tax liability 19,748 18,819 Current portion of operating lease liability 81,086 59,089 Customer deposits 291,238 348,620 Accrued interest 123 123 Contingent liability 636,650 607,607 Total current liabilities 4,693,335 4,479,423 Non-current liabilities: Non-current portion of operating lease liability 257,077 - Total non-current liabilities 257,077 - Total liabilities $ 4,950,412 $ 4,479,423 Shareholders' equity: Preferred stock: $ 0.00001 par value; 20,000,000 shares authorized - - Preferred stock, Series B: $ 0.00001 par value, 1,000 shares designated, 1,000 and 1,000 shares issued and outstanding, respectively - - Common stock: $ 0.00001 par value; 250,000,000 shares authorized; 36,615,932 and 36,162,932 shares issued and outstanding, respectively $ 366 $ 362 Additional paid-in capital 57,794,735 57,023,788 Accumulated other comprehensive

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View this 10-Q filing on SEC EDGAR