Golden Matrix (GMGI) Insider Conversion: 85,470 Shares Issued for $100K

Rhea-AI Filing Summary

A reporting person, Aleksandar Milovanovic, converted $100,000 of post-closing cash consideration into common stock of Golden Matrix Group, Inc. (GMGI) on September 26, 2025. The conversion produced 85,470 shares at an effective conversion price equal to the closing sales price on September 26, 2025 ($1.17 per share as reported). After the transaction the Reporting Person directly held 85,328,294 shares. The Form 4 discloses that Milovanovic is a director and may be part of a Voting Agreement that could result in being deemed a member of a group that, in aggregate, beneficially owns more than 10% of the issuer; the filing includes a disclaimer that he disclaims beneficial ownership of securities held by other signatories.

Positive

• $100,000 of post-closing cash consideration was converted into 85,470 common shares
• Conversion price was tied to the closing market price on the date of conversion (reported as $1.17)
• Transaction is fully disclosed on Form 4 with explanatory remarks and signature

Negative

• Form 4 states the Reporting Person may be deemed part of a Voting Agreement group that collectively owns more than 10% of outstanding common stock
• Post-conversion direct holdings are large (85,328,294 shares), which indicates significant ownership concentration

Insights

Financial Analyst

TL;DR: Insider converted $100,000 of cash into 85,470 GMGI shares at a market-based conversion price; transaction is routine and immediately dilutive to cash creditors.

The conversion reduced the issuer's cash obligation by $100,000 in exchange for 85,470 common shares, using a conversion price equal to the closing market price on the conversion date. This is a non-derivative issuance increasing insider-held common stock. The filing reports a large direct stake post-transaction (85,328,294 shares), which is material for ownership concentration analysis. No exercise of options or other derivative activity beyond a related conversion was reported.

Corporate Governance Expert

TL;DR: Transaction is clearly disclosed and includes a Voting Agreement disclosure that raises group-beneficial-ownership considerations.

The Form 4 appropriately discloses the Post-Closing Cash Conversion Agreement and provides the Voting Agreement context that may cause the Reporting Person to be deemed part of a group owning over 10% of the company. The filing contains the standard disclaimer of beneficial ownership with respect to other signatories; investors should rely on the filing record rather than inference. The disclosure meets Section 16 reporting norms for related-party conversions.

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).

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)
09/26/2025

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	09/26/2025		J(1)		85,470(1)	A	$1.17	85,328,294(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)	09/26/2025		C(1)			100,000	(1)	(1)	Common Stock	(1)	(1)	$0	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 26, 2025, $100,000 of post-closing cash consideration owed to the Reporting Person by the Issuer was converted into 85,470 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 26, 2025.

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/ Aleksandar Milovanovic	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Aleksandar Milovanovic report on the GMGI Form 4?

He reported converting $100,000 of post-closing cash consideration into 85,470 shares of Golden Matrix Group common stock on September 26, 2025.

At what price were the GMGI shares issued in the conversion?

The conversion used a price equal to the issuer's closing sales price on September 26, 2025, reported in the filing as $1.17 per share.

How many GMGI shares does Milovanovic beneficially own after the transaction?

The Form 4 reports 85,328,294 shares beneficially owned following the reported transaction.

Does the Form 4 indicate any group ownership or voting agreement?

Yes. The filing discloses an Amended and Restated Nominating and Voting Agreement that may cause the Reporting Person to be deemed part of a group that in aggregate beneficially owns more than 10% of outstanding common stock.

Was the transaction a derivative or non-derivative security event?

The 85,470-share issuance was reported in Table I (Non-Derivative Securities); a related conversion entry appears in Table II as a cash conversion explanation.