Golden Matrix Group Inc
For the period ended Jan 31, 2024. Filed Mar 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 31, 2024 · Filed Mar 14, 2024
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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 matters described and incorporated by reference in “Risk Factors” and the other cautionary statements made in this Report, and incorporated by reference herein, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking statements.
Summary Risk Factors
Our business is subject to numerous risks and uncertainties, including those included in, and incorporated by reference in, the section entitled “Risk Factors” and elsewhere in this Report. These risks include, but are not limited to, the following:
| · | our need for significant additional financing to grow and expand our operations and complete acquisitions, including the Purchase of the Meridian Companies, discussed and defined below under “NOTE 16 – MERIDIAN PURCHASE AGREEMENT” to the unaudited financial statements included under “Part I – Financial Statements – “Item 1. Financial Statements” (the “Meridian Acquisition”), defined below, the availability and the terms of such financing, and potential dilution which may be caused by the availability of such financing, if obtained through the sale of equity or convertible securities; |
| · | dilution caused by the conversion of outstanding preferred stock, and/or acquisitions; |
| · | the Company’s ability to complete acquisitions, including the pending acquisition of the Meridian Companies (as defined below), and the available funding for such acquisitions; and disruptions caused by acquisitions, including the pending Meridian Acquisition, changes of control in connection with the Meridian Acquisition and other risks associated therewith; |
| · | the reliance on suppliers of third-party gaming content and the cost of such content; |
| · | the ability of the Company to obtain additional gaming licenses; |
| · | the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; |
| · | the ability of the Company to manage growth; |
| · | the Company’s expectations for future growth, revenues, and profitability; |
| · | the Company’s expectations regarding future plans and timing thereof; |
| · | the Company’s reliance on its management; |
| · | the fact that the Company’s Chief Executive Officer has voting control over the Company and that the sellers in the Meridian Acquisition will have voting control over the Company following the acquisition; |
| · | related party relationships as well as conflicts of interest related thereto; |
| · | the potential effect of economic downturns, recessions, changes in interest rates and inflation, and market conditions, including recessions, decreases in discretionary spending and therefore demand for our products, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects as a result of increased inflation, increasing interest rates, global conflicts and other events; |
| · | the Company’s ability to protect proprietary information; |
| · | • the ability of the Company to compete in its market; |
| · | the effect of current and future regulation, the Company’s ability to comply with regulations (both current and future) and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; |
| · | 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, as well as cybersecurity and hacking risks; |
| · | risks relating to inventory management; |
| · | foreign exchange and currency risks; |
| · | the outcome of contingencies, including legal proceedings in the normal course of business; |
| · | the ability to compete against existing and new competitors; |
| · | the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and |
| · | general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.