Golden Matrix Group (OTCPK:GMGI -10%) reports Q3 revenue growth of 1066.7% Y/Y to $0.35M, the jump in revenue was primarily a result of only two months of activities from the newly acquired technology.
The loss reported in Q3 was adversely impacted by two noncash charges related to the acquisition of proprietary gaming technology by the company - along with a licensing and distribution agreement to monetize its deployment. These charges were an amortization expense of $0.07M and G&A related-party expenses of $0.3M for stock issued to acquire the proprietary technology.
The company entered into an Asset Purchase Agreement to acquire the unique gaming technology, along with certain intellectual property and know-how, from Luxor Capital LLC.
Also, entered into a definitive license and distribution agreement with Articulate.
Subscription agreement with certain individual investors was carried out in which the Company sold 0.3B shares of restricted common stock, and received non-brokered gross proceeds of $0.12M.
“We are confident that the current and future quarters will be generating solid, recurring monthly sales and positive cash flow, and we expect our ongoing marketing efforts to add more social gaming operators and contribute to profitable operating results.” said Anthony Goodman, CEO.
Previously: Golden Matrix Group reports Q3 results (June 18)
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