Golden Matrix Group Inc experienced a rise in its net loss for the 2023 fiscal year despite achieving a record annual revenue of $43.5 million.
The revenue increase of 22.8% year-on-year was attributed to GMGI diversified portfolio, aligning with its earlier forecast. There was increased net loss, climbing from $454,065 in 2022 to $1.0 million in the past year.
GMGI attributes this primarily to non-cash expenses of $2.5 million for stockbased compensation in general and administrative costs.
The revenue increase of 22.8% year-on-year was attributed to GMGI diversified portfolio, aligning with its earlier forecast. There was increased net loss, climbing from $454,065 in 2022 to $1.0 million in the past year.
GMGI attributes this primarily to non-cash expenses of $2.5 million for stockbased compensation in general and administrative costs.
