10-K/A: Golden Matrix Group Files Amendment to 10-K to Include XBRL Tagging

Golden Matrix Group files an amendment to its 2024 Annual Report on Form 10-K to include required XBRL tagging and restate certain items.

Summary

• Golden Matrix Group, Inc. filed Amendment No. 2 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
• The amendment addresses the omission of certain required XBRL tagging in the original filing and Amendment No. 1.
• Specifically, the amendment restates Part I, Item 1C (Cybersecurity) and Part III, Item 10 (Directors, Executive Officers and Corporate Governance) to include the required XBRL tagging.
• New certifications from the principal executive officer and principal financial officer are also included as exhibits.
• The amendment does not otherwise change or update any of the disclosures set forth in the Original Form 10-K, as amended by Amendment No. 1, and does not reflect events occurring after the filing of the Original Form 10-K.
• As of March 24, 2025, the registrant had 132,087,080 shares of its Common Stock outstanding (not including 918,375 shares of common stock that were issued upon settlement of Restricted Stock Units which vested upon the filing of the Annual Report on Form 10-K).

Sentiment

Score: 7

Explanation: The document is primarily a compliance filing, indicating a neutral to slightly positive sentiment as the company is taking steps to meet regulatory requirements. However, the mention of cybersecurity risks and past reporting errors tempers the positivity.

Positives

• The company is taking steps to ensure compliance with SEC reporting requirements by filing this amendment.
• The company has a Code of Business Conduct and Ethics in place.
• The company has a Clawback Policy in place.
• The company has an insider trading policy in place.

Negatives

• The original Form 10-K and Amendment No. 1 failed to include certain required XBRL tagging, necessitating this Amendment No. 2.
• Cybersecurity risks are increasing as the company outsources more information systems.
• Several directors and officers failed to timely report transactions in the company's stock during the year ended December 31, 2024.

Risks

• Cybersecurity threats could result in damage to the company's reputation and/or subject it to fines, payment of damages, lawsuits and restrictions on its use of data.
• The development and maintenance of cybersecurity systems, controls and processes is costly and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated.
• There can be no assurance that the company's internal information technology systems or those of its third-party contractors, or its consultants efforts to implement adequate security and control measures, will be sufficient to protect the company against breakdowns, service disruption, data deterioration or loss in the event of a system malfunction, or prevent data from being stolen or corrupted in the event of a cyberattack, security breach, industrial espionage attacks or insider threat attacks which could result in financial, legal, business or reputational harm.

Future Outlook

The company continuously works to enhance its cybersecurity risk management program.

Industry Context

The document highlights the increasing importance of cybersecurity in the gaming industry, especially as companies rely more on outsourcing and cloud-based systems. It also reflects the broader trend of companies needing to comply with SEC regulations regarding XBRL tagging.

Comparison to Industry Standards

• The document does not contain specific comparisons to industry standards.
• However, the company's efforts to enhance its cybersecurity risk management program and comply with SEC regulations are in line with industry best practices.

Stakeholder Impact

• The amendment ensures accurate financial reporting, which benefits shareholders and other stakeholders.
• Enhanced cybersecurity measures aim to protect stakeholder data and maintain trust.

Key Dates

Keywords

XBRL, Golden Matrix Group, 10-K, Amendment, Cybersecurity, Corporate Governance, SEC, Financial Reporting, Directors, Executive Officers