10-Q/A: Golden Matrix Group Files Amended 10-Q to Include XBRL Tagging
10-Q/A Filing
Golden Matrix Group files an amendment to its 10-Q report for the quarter ended June 30, 2024, to include required XBRL tagging and updated certifications.
Summary
- Golden Matrix Group, Inc. filed an amendment to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
- The amendment (No. 1) was filed to include certain required XBRL tagging under Item 5.
- The original 10-Q was filed on August 13, 2024.
- The amendment restates Item 5 and includes new certifications from the principal executive officer and principal financial officer.
- On June 28, 2024, Meridian Serbia amended its Facility Agreement with Unicredit Bank to allow a six-month grace period for interest payments, with all accrued interest due on November 18, 2024, and extended the deadline for certain documents and a legal opinion to September 30, 2024.
- On August 9, 2024, the company amended its Senior Secured Convertible Promissory Note, setting an event of default if the company's market capitalization falls below $250 million for ten consecutive days after December 31, 2024.
- As a result of the July 2, 2024 sale of the Secured Convertible Note, the exercise price of warrants to purchase up to 496,429 shares of common stock sold in October 2021 was re-priced from $8.63 to $1.75 per share.
- Weiting Cathy Feng, the company's Chief Operating Officer and Director, terminated her 10b5-1 trading arrangement on May 28, 2024.
Sentiment
Score: 5
Explanation: The document primarily addresses regulatory compliance and minor financial adjustments. The sentiment is neutral as it focuses on procedural updates rather than significant financial performance or strategic shifts.
Positives
- Meridian Serbia obtained a six-month grace period for interest payments, providing short-term financial relief.
Risks
- The amended Senior Secured Convertible Promissory Note includes a clause that could trigger an event of default if the company's market capitalization falls below $250 million for ten consecutive days after December 31, 2024.
Key Dates
| Date | Description |
|---|---|
| October 2021 | Warrants to purchase up to 496,429 shares of common stock were sold. |
| May 1, 2024 | Date of Facility Agreement between Meridian Serbia and Unicredit Bank. |
| May 28, 2024 | Weiting Cathy Feng terminated her 10b5-1 trading arrangement. |
| June 28, 2024 | Meridian Serbia entered into a First Amendment Agreement with Unicredit Bank. |
| June 30, 2024 | End of the fiscal quarter for which the 10-Q/A is being filed. |
| July 2, 2024 | Sale of the Secured Convertible Note. |
| August 9, 2024 | The Company and the Investor entered into a First Amendment to Senior Secured Convertible Promissory Note. |
| August 13, 2024 | Original Form 10-Q was filed. |
| September 30, 2024 | Extended deadline for certain documents and a legal opinion related to the Facility Agreement. |
| November 18, 2024 | Date when all interest accrued during the six-month grace period is payable by Meridian Serbia. |
| December 31, 2024 | Starting date for the market capitalization covenant in the amended Senior Secured Convertible Promissory Note. |
| April 30, 2025 | Date of certifications of Principal Executive Officer and Principal Accounting Officer. |
| October 28, 2024 | Expiration date of warrants to purchase up to 496,429 shares of common stock. |
Keywords
XBRL, 10-Q, Amendment, Golden Matrix Group, Convertible Note, Warrants, Meridian Serbia, Unicredit Bank, Market Capitalization, 10b5-1 Trading Plan
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