Golden Matrix (GMGI) Insider Converts $100K to 100,775 Shares

Rhea-AI Filing Summary

Aleksandar Milovanovic, a director of Golden Matrix Group, Inc. (GMGI), converted $100,000 of post-closing cash consideration into common stock under a Post-Closing Cash Conversion Agreement dated August 29, 2025. On September 19, 2025 the conversion produced 100,775 shares at an effective price equal to the closing sale price on that date ($0.9923 per share), and the Form 4 reports 85,242,824 shares beneficially owned following the transaction (excluding certain voting-group shares). The agreement also provides for an automatic conversion of an additional $100,000 into shares on September 26, 2025 based on that day’s closing price. The filing discloses the Reporting Person is party to a Voting Agreement that may associate him with other signatories who collectively beneficially own more than 10% of the issuer, though he disclaims beneficial ownership of others’ shares.

Positive

• Conversion executed under a documented agreement: $100,000 converted to 100,775 shares pursuant to a Post-Closing Cash Conversion Agreement dated August 29, 2025.
• Clear reporting of subsequent automatic conversion: Agreement provides for an automatic conversion of an additional $100,000 on September 26, 2025 based on that day’s closing price.
• Transaction price disclosed: Effective conversion price for the September 19, 2025 conversion tied to the closing sale price of $0.9923 per share.

Negative

• None.

Insights

Securities Analyst

TL;DR: Reporting person converted cash to equity, modestly increasing insider common stock holdings; additional automatic conversion is scheduled.

The Form 4 documents a contractual conversion of $100,000 into 100,775 common shares on September 19, 2025, at a conversion price tied to that day's closing market price ($0.9923). The filing reports 85,242,824 shares beneficially owned after the transaction, while excluding shares held by other Voting Agreement signatories. The Post-Closing Cash Conversion Agreement also contemplates an automatic conversion of another $100,000 on September 26, 2025, based on that day’s closing price. For investors tracking insider activity, this is a straightforward contractual conversion rather than an open-market purchase or sale.

Corporate Governance Expert

TL;DR: Form 4 signals contractual equity issuance to an insider and references a Voting Agreement that may create a Section 13(d) group relationship.

The disclosure clearly states the conversion arose under a written Post-Closing Cash Conversion Agreement and was reported under the applicable Form 4 rules. The Remarks note the Reporting Person is party to an Amended and Restated Nominating and Voting Agreement with other parties, and that the group collectively beneficially owns more than 10% of outstanding common stock; however, the Reporting Person expressly disclaims beneficial ownership of the other signatories’ shares. This filing is procedural and emphasizes contractual conversion mechanics and group voting arrangements rather than operational or financial performance details.

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^*

Milovanovic Aleksandar

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

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

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	09/19/2025		J(1)		100,775(1)	A	$0.9923	85,242,824(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
Post-Closing Cash Consideration Conversion Rights	(1)	09/19/2025		C(1)			100,000	(1)	(1)	Common Stock	(1)	(1)	100,000(3)	D

Explanation of Responses:

1. On September 9, 2025, the Reporting Person and the Issuer entered into a Post-Closing Cash Conversion Agreement dated August 29, 2025, pursuant to which: on September 19, 2025, $100,000 of post-closing cash consideration owed to the Reporting Person by the Issuer was converted into 100,775 shares of the Issuer's common stock based on a conversion price equal to the closing sales price of the Issuer's common stock on September 19, 2025.

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

3. The Post-Closing Cash Conversion Agreement provides for automatic conversion: on September 26, 2025, of $100,000 of post-closing cash consideration owed to the Reporting Person by the Issuer into shares of common stock of the Issuer based on a conversion price equal to the closing sales price of the Issuer's common stock on September 26, 2025.

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/ Aleksandar Milovanovic	09/22/2025
	** 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 did Aleksandar Milovanovic report on Form 4 for GMGI?

The Form 4 reports conversion of $100,000 into 100,775 shares of GMGI common stock on September 19, 2025 under a Post-Closing Cash Conversion Agreement.

At what price were the shares issued in the conversion?

The conversion used a price equal to the closing sale price on September 19, 2025: $0.9923 per share.

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

The Form 4 reports 85,242,824 shares beneficially owned following the reported transaction, excluding shares related to the Voting Agreement group.

Is there another conversion scheduled under the agreement?

Yes. The Post-Closing Cash Conversion Agreement provides for an automatic conversion of another $100,000 into shares on September 26, 2025, based on that day's closing price.

Does the filing mention any voting or group arrangements?

Yes. The Reporting Person is party to an Amended and Restated Nominating and Voting Agreement with others, and the parties to that agreement collectively beneficially own more than 10% of the issuer, though the Reporting Person disclaims ownership of others’ shares.