Golden Matrix (GMGI) Insider Reports Sept 2025 Share Conversions

Rhea-AI Filing Summary

A reporting person affiliated with Meridian Tech D.O.O. and identified as a director and officer of Golden Matrix Group, Inc. (GMGI) reported multiple conversions of post-closing cash consideration into common stock in September 2025. On September 9, 2025, the reporting person received 81,300 shares at $1.23 and 98,039 shares at $1.02 after converting $200,000 of cash consideration. On September 12, 2025, the reporting person received 99,009 shares at $1.01 from a $10,000 conversion. The filing also discloses an agreement providing for additional automatic conversions of $100,000 on September 19 and $100,000 on September 26, 2025. The report lists aggregate post-transaction beneficial ownership figures and notes membership in a voting agreement with other parties.

Positive

• Converted cash consideration into equity: 278,348 shares received across reported transactions, reducing cash liabilities in exchange for common stock
• Detailed schedule of further conversions: Agreement provides for automatic conversions of $100,000 on Sept. 19 and $100,000 on Sept. 26, 2025
• Disclosure of voting agreement: Filing transparently notes participation in an Amended and Restated Nominating and Voting Agreement and clarifies disclaimers regarding beneficial ownership

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider converted cash consideration into roughly 278,348 shares across Sept. 9–12, 2025, with additional scheduled conversions.

The Form 4 documents non-derivative acquisitions through a Post-Closing Cash Conversion Agreement: 81,300 shares at $1.23, 98,039 shares at $1.02, and 99,009 shares at $1.01, totaling 278,348 shares received during the reported dates. The filing also records ownership post-transactions (85,142,049 shares reported) and specifies further automatic conversions of $100,000 on Sept. 19 and $100,000 on Sept. 26, 2025. From an investor reporting perspective, these are routine ownership changes reflecting conversion of consideration owed by the issuer into equity; the filing does not provide operational or financial performance details.

Corporate Governance Expert

TL;DR: The filer is part of a stated Voting Agreement that may create a Section 13(d) group, but the filer disclaims beneficial ownership of other signatories' shares.

The disclosure explains the Reporting Person is party to an Amended and Restated Nominating and Voting Agreement with the issuer and several individuals/entities. The filer notes the group collectively owns more than 10% of outstanding common stock yet disclaims beneficial ownership of other signatories' securities and any pecuniary interest in those holdings. The Form 4 provides the required transaction details and a signed certification; it does not allege group formation for Section 16 purposes.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

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)
09/09/2025

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	09/09/2025		J(1)		81,300(1)	A	$1.23	84,945,001(2)	D
Common Stock	09/09/2025		J(1)		98,039(1)	A	$1.02	85,043,040(2)	D
Common Stock	09/12/2025		J(1)		99,009(1)	A	$1.01	85,142,049(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	(3)(1)	09/09/2025		P(1)		500,000		(3)(1)	(3)(1)	Common Stock	(3)(1)	(1)(3)	500,000	D
Post-Closing Cash Consideration Conversion Rights	(1)	09/09/2025		C(1)			200,000	(1)	(1)	Common Stock	(1)	(1)	300,000	D
Post-Closing Cash Consideration Conversion Rights	(1)	09/12/2025		C(1)			100,000	(1)	(1)	Common Stock	(1)	(1)	200,000	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: (i) on September 9, 2025, $100,000 of post-closing cash consideration owed to the Reporting Person by the Issuer was converted into 81,300 shares of Issuer common stock; (ii) on September 9, 2025, $100,000 of post-closing cash consideration owed to the Reporting Person by the Issuer was converted into 98,039 shares of the Issuer's common stock; and (iii) on September 12, 2025, $10,000 of post-closing cash consideration owed to the Reporting Person by the Issuer was converted into 99,009 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 12, 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: (i) on September 19, 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 19, 2025; and (ii) 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	09/18/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions were reported for Golden Matrix Group (GMGI)?

The reporting person converted post-closing cash into common stock: 81,300 shares at $1.23 and 98,039 shares at $1.02 on Sept. 9, 2025, and 99,009 shares at $1.01 on Sept. 12, 2025.

How many shares did the reporting person own after the reported transactions for GMGI?

The Form 4 lists 85,142,049 shares of common stock as beneficially owned by the reporting person following the reported transactions.

Are there additional scheduled conversions disclosed in the filing?

Yes, the Post-Closing Cash Conversion Agreement provides for automatic conversions of $100,000 on Sept. 19, 2025, and $100,000 on Sept. 26, 2025, into common stock based on those days' closing prices.

Does the filing indicate any ownership grouping under Section 13(d)?

The filing states the reporting person is party to a Voting Agreement that may be deemed a group owning >10% collectively, but the reporting person disclaims beneficial ownership of securities held by other signatories.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Aleksandar Milovanovic on Sept. 18, 2025.