Golden Matrix Group Q2 2024: Assets $120.8M, Liabilities $1.2M

Ticker: MRDN · Form: 10-Q · Filed: Aug 13, 2024 · CIK: 1437925

Golden Matrix Group, INC. 10-Q Filing Summary
FieldDetail
CompanyGolden Matrix Group, INC. (MRDN)
Form Type10-Q
Filed DateAug 13, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.00001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, subsequent-events

TL;DR

GMGI Q2: Assets $120.8M, Liabilities $1.2M. Subsequent events include share buybacks and new notes.

AI Summary

Golden Matrix Group, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $120,801,977 and total liabilities of $1,216,190. Key subsequent events include a share purchase program initiated on July 1, 2024, and the issuance of convertible promissory notes.

Why It Matters

This filing provides a snapshot of Golden Matrix Group's financial health, highlighting significant assets and minimal liabilities, alongside recent corporate actions like share purchases and debt issuance.

Risk Assessment

Risk Level: low — The company has significantly more assets than liabilities, indicating a strong balance sheet.

Key Numbers

Key Players & Entities

FAQ

What was Golden Matrix Group's total revenue for the period ending June 30, 2024?

The provided text does not explicitly state the total revenue for the period ending June 30, 2024.

What is the company's net income or loss for the quarter?

The provided text does not contain information on the company's net income or loss for the quarter.

What were the specific terms of the convertible promissory notes issued after the reporting period?

The filing mentions the issuance of convertible promissory notes as a subsequent event, but specific terms are not detailed in the provided excerpt.

What is the total number of shares outstanding as of June 30, 2024?

The provided text does not specify the total number of shares outstanding as of June 30, 2024.

What was the total value of the share purchase program initiated on July 1, 2024?

The provided text indicates the initiation of a share purchase program but does not specify its total value.

Filing Stats: 4,421 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-13 07:00:53

Key Financial Figures

Filing Documents

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 52 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 73 Item 4.

Controls and Procedures

Controls and Procedures 73

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 74 Item 1A.

Risk Factors

Risk Factors 74 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 96 Item 3. Defaults Upon Senior Securities 97 Item 4. Mine Safety Disclosures 97 Item 5. Other Information 97 Item 6. Exhibits 98 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 Subsidiaries Consolidated Balance Sheets As of As of June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 32,829,744 $ 20,405,296 Accounts receivable, net 7,224,485 2,674,967 Accounts receivable – related parties 761,233 399,580 Taxes receivable 428,594 997,778 Inventory 3,340,198 133,905 Prepaid expenses 1,514,567 328,400 Other current assets 2,456,557 1,989,476 Total current assets 48,555,378 26,929,402 Non-current assets: Goodwill & intangible assets, net 105,176,593 15,107,422 Property, plant & equipment, net 27,745,235 27,826,594 Investments 230,402 237,828 Deposits 5,748,865 5,586,495 Operating lease right-of-use assets 4,064,117 4,147,375 Other non-current assets 17,129 17,864 Total non-current assets 142,982,341 52,923,578 Total assets $ 191,537,719 $ 79,852,980 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 9,364,065 $ 8,751,562 Accounts payable - related parties 22,228 12,605 Current portion of operating lease liability 1,686,724 2,299,317 Current portion of long-term loan 6,030,876 - Taxes payable 3,197,227 6,137,513 Other current liabilities 1,079,981 581,644 Contingent liability 632,100 - Current portion of consideration payable 29,300,000 - Total current liabilities 51,313,201 17,782,641 Non-current liabilities: Non-current portion of operating lease liability 2,280,408 1,795,870 Non-current portion of long-term loan 19,420,224 - Other non-current liabilities 132,373 287,920 Non-current portion of consideration payable - Meridian acquisition 25,000,000 - Convertible note 3,000,000 - Total non-current liabilities 49,833,005 2,083,790 Total liabilities $ 101,146,206 $ 19,866,431 Shareholders' equity: Preferre

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