Golden Matrix Group, Inc.(GMGI) and Subsidiaries have released their consolidated financial statements for the third quarter ending July 31, 2023. The report reveals a net loss of $965,628 for the quarter and highlights the company's revenue of $11.3 million during the same period. These financials provide insights into the company's performance and financial health.
Net Loss
Golden Matrix Group, Inc. (GMGI) reported a net loss of $965,628 for the third quarter of 2023. This loss is in contrast to a net income of $679,649 during the same period in 2022. The net loss reflects various factors affecting the company's financial performance, including increased operating expenses and other income and expenses.
GMGI experienced a substantial increase in general and administrative (G&A) expenses, which totaled $2,281,203 in Q3 2023 compared to $1,556,002 in Q3 2022. Additionally, G&A expenses related to parties involved also increased significantly, rising from $195,710 in Q3 2022 to $746,073 in Q3 2023. These elevated expenses played a significant role in GMGI's net loss for the quarter.
Revenue Growth
Despite the net loss, GMGI reported impressive Q3 revenue of $11,307,026, showcasing steady growth from the same quarter in the previous year when revenues amounted to $9,101,541. This represents a growth rate of approximately 24.6%, highlighting the company's ability to generate substantial income.
GMGI's Q3 revenue also included revenue from related parties, amounting to $151,883 in Q3 2023 compared to $216,335 in Q3 2022. While this figure declined, it is essential to note that related-party revenue still contributed significantly to the company's overall revenue, totaling $555,613 for the nine months ending July 31, 2023.
Comprehensive Income (Loss)
In addition to the net loss, GMGI reported comprehensive income for the quarter. The comprehensive income for Q3 2023 was -$886,413, indicating a broader financial picture that includes items beyond net income. This comprehensive loss was driven by foreign currency translation adjustments, which amounted to $79,215 in Q3 2023.
Golden Matrix Group, Inc. remains focused on its core business operations, seeking to address the challenges that led to the Q3 net loss. The strong revenue growth indicates the company's potential for profitability once these challenges are managed effectively.
GMGI's Q3 financial results reveal both opportunities and challenges. The company continues to generate substantial revenue, but increased expenses and other factors have contributed to a net loss for the quarter. The financials provide valuable insights for investors and stakeholders, emphasizing the importance of addressing the factors influencing the company's bottom line.