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

Rhea-AI Filing Summary

On August 21, 2025, Aleksandar Milovanovic, a director and officer of Golden Matrix Group, Inc. (GMGI), converted $200,000 of post-closing cash consideration into 155,038 shares of the issuer's common stock at a conversion price of $1.29 per share under a Post-Closing Cash Consideration Conversion Agreement. After the reported transaction, the filing states the reporting person beneficially owned 84,863,701 shares, excluding shares held by a related voting group described in the remarks. The filing notes the reporting person is party to a Nominating and Voting Agreement that may create a Section 13(d) group with several other parties, though the reporting person disclaims beneficial ownership of others' shares.

Positive

• Conversion executed: $200,000 of contractual consideration was converted into 155,038 common shares at $1.29 per share.
• Full disclosure of voting arrangement: The filing describes the Amended and Restated Nominating and Voting Agreement and the parties involved.

Negative

• Increase in reported beneficial holdings: The reporting person is shown as beneficially owning 84,863,701 shares following the transaction.
• Potential group attribution: The reporting person may be deemed part of a Section 13(d) voting group with other signatories, which could affect aggregate ownership calculations.

Insights

Securities Analyst

TL;DR: Director converted $200,000 of consideration into 155,038 shares at $1.29; filing discloses possible voting group affiliation.

The Form 4 documents a straightforward conversion of contractual cash consideration into common stock under a dated conversion agreement, specifying the conversion price and resulting share count. The report also discloses potential group voting arrangements via an Amended and Restated Nominating and Voting Agreement, while explicitly disclaiming shared beneficial ownership of other signatories' holdings. For compliance and ownership-tracking purposes, the filing provides clear transaction mechanics and a post-transaction beneficial ownership figure.

Corporate Governance Expert

TL;DR: Transaction documented clearly; voting agreement disclosed with disclaimer of beneficial ownership.

The disclosure neatly ties the equity issuance to an underlying Amended and Restated Sale and Purchase Agreement and a specific conversion agreement dated August 21, 2025. The remarks transparently describe the Reporting Person's participation in a Nominating and Voting Agreement with the issuer and other parties and include an explicit disclaimer regarding beneficial ownership of other signatories' shares. The filing includes the reporting person’s manual signature and date, satisfying Form 4 formality requirements reflected in the document.

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

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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)
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		J(1)		155,038(1)	A	$1.29	84,863,701(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 $200,000 of 18 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 155,038 shares of common stock of the Issuer, based on a conversion price of $1.29 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/ Aleksandar Milovanovic	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.
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 transaction did Aleksandar Milovanovic report on Form 4 for GMGI?

The report discloses conversion of $200,000 of post-closing cash consideration into 155,038 shares of GMGI common stock on August 21, 2025 at a price of $1.29 per share.

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

The Form 4 states the reporting person beneficially owned 84,863,701 shares following the reported transaction (excluding shares related to the voting group).

Does the filing mention any voting or group agreements?

Yes. The filing discloses an Amended and Restated Nominating and Voting Agreement dated January 29, 2025, and notes the reporting person may be deemed part of a Section 13(d) group with other signatories.

What was the conversion agreement referenced in the Form 4?

The Form 4 references a Post-Closing Cash Consideration Conversion Agreement dated August 21, 2025, converting the specified cash consideration into common stock under the Amended and Restated Sale and Purchase Agreement dated June 27, 2023.

Did the reporting person disclaim beneficial ownership of other parties' shares?

Yes. The reporting person explicitly disclaims beneficial ownership of securities owned by other signatories to the Voting Agreement and their control persons.