[Form 4] Golden Matrix Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Zoran Milosevic, reporting as an officer and director related to Meridian Tech D.O.O., executed a conversion on August 21, 2025 that exchanged $30,000 of post-closing cash consideration into 22,556 shares of Golden Matrix Group, Inc. (GMGI) at a conversion price of $1.33 per share. After the transaction the filing reports 9,080,220 shares beneficially owned by the reporting person, excluding shares held by a voting group described in the remarks. The filing discloses a January 29, 2025 Voting Agreement that may create a reporting group but the reporting person disclaims beneficial ownership of other parties' shares.

Positive

• Converted $30,000 of post-closing cash consideration into 22,556 shares at $1.33 per share.
• Form 4 discloses the 9,080,220 shares beneficially owned following the transaction, providing clear post-transaction ownership figures.

Negative

• The issuance increases the number of outstanding shares by 22,556, which represents incremental dilution to existing shareholders.
• Remarks indicate a Voting Agreement that may cause aggregation for Section 13(d) purposes, creating potential complexity in ownership reporting.

Insights

Securities Analyst

TL;DR: Small equity conversion increased insider share count; impact on float is minimal given the size reported.

The filing documents a conversion of $30,000 into 22,556 common shares at $1.33 each, an issuer-side settlement of post-closing consideration rather than an open-market purchase or sale. The reported beneficial ownership after the conversion is 9,080,220 shares for the reporting person, with additional potential aggregation due to a disclosed Voting Agreement. This is a routine, non-derivative issuance to settle consideration and does not by itself indicate a change in control or material disposition of existing insider holdings.

Corporate Governance Expert

TL;DR: Disclosure clarifies group voting arrangements and disclaims cross-ownership while documenting a post-closing conversion.

The Form 4 includes a detailed remark about an Amended and Restated Nominating and Voting Agreement dated January 29, 2025, describing potential group status under Section 13(d) while expressly disclaiming beneficial ownership of other signatories' securities. The filing appropriately records the nature of the issuance as conversion of consideration under a prior sale agreement and provides the reporting person’s signature, satisfying Section 16 reporting formality requirements.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Milosevic Zoran

(Last) (First) (Middle)

MERIDIAN TECH D.O.O.

BULEVAR MIHAJLA PUPINA 10B

(Street)

NOVI BEOGRAD Z2 11070

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Golden Matrix Group, Inc. [ GMGI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	CEO of Meridian Subsidiaries		Member of 10% Reporting Group

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/21/2025		A		22,556(1)	A	$1.33	9,080,220(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On August 21, 2025, the Issuer and the Reporting Person, among other parties, entered into a Post-Closing Cash Consideration Conversion Agreement dated August 21, 2025, pursuant to which the Issuer and the Reporting Person agreed to convert $30,000 of 12 Month Non-Contingent Post-Closing Cash Consideration owed to the Reporting Person by the Issuer under that certain Amended and Restated Sale and Purchase Agreement of Share Capital dated June 27, 2023, as amended from time to time, into 22,556 shares of common stock of the Issuer, based on a conversion price of $1.33 per share.

2. Excludes shares of common stock relating to the voting group described below under "Remarks".

Remarks:

By virtue of being party to an Amended and Restated Nominating and Voting Agreement, dated as of January 29, 2025 (the "Voting Agreement"), the Reporting Person, may be deemed to be a member of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to the securities reported herein, with the other parties who are bound by the Voting Agreement and their control persons, which such "group" beneficially owns, in the aggregate, more than 10% of the outstanding shares of common stock of the Issuer. The parties to the Voting Agreement are the Issuer, Anthony Brian Goodman, the Issuer's Chief Executive Officer and director, Luxor Capital LLC, which is owned and controlled by Mr. Goodman, Aleksandar Milovanovic, Zoran Milosevic and Snezana Bozovic. The Reporting Person disclaims beneficial ownership of any securities owned by any of the other signatories to the Voting Agreement (and/or their control persons) and the filing of this Form 4 shall not be deemed an admission, for purposes of Section 16 of the Exchange Act or otherwise, that the Reporting Person and any other person or persons constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act or Rule 13d-5 thereunder. In addition, the Reporting Person does not have any pecuniary interest in any of the securities beneficially owned by any of the other signatories to the Voting Agreement (and/or their control persons). For a description of the Voting Agreement, see the Current Report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on January 30, 2025.

	/s/ Zoran Milosevic	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did Zoran Milosevic report on Form 4 for GMGI?

The Form 4 reports conversion on August 21, 2025 of $30,000 into 22,556 common shares at $1.33 per share.

How many shares does the reporting person beneficially own after the transaction?

The filing states the reporting person beneficially owns 9,080,220 shares following the reported transaction.

Does the Form 4 mention any voting or group arrangements?

Yes. It references an Amended and Restated Nominating and Voting Agreement dated January 29, 2025, and notes possible group treatment but disclaims beneficial ownership of other signatories' shares.

What was the conversion price per share for the transaction?

The conversion price used was $1.33 per share.

What is the nature of the securities reported on this Form 4?

The Form 4 reports a non-derivative acquisition of Common Stock through conversion of post-closing cash consideration.