Business Context and Reporting Period
This Form 8-K is filed by Golden Matrix Group, Inc. (GMGI), a Nevada corporation trading on the NASDAQ Capital Market. The report covers events occurring on November 25, 2025, regarding the departure of its Chief Executive Officer and the appointment of an interim successor.
Key Financial Metrics and Agreements
The filing details a material definitive agreement involving significant cash outflows related to executive compensation:
- Total Severance Payment: $951,750 (comprising 18 months of base salary and the 2025 targeted bonus).
- Accrued Vacation Pay: $46,792.
- Attorney Fee Reimbursement: Up to $10,000.
- Payment Structure:
- $60,000 to superannuation fund.
- $401,215 to the Australian Tax Office.
- $537,327 held in escrow pending the Termination Date and non-revocation of the agreement.
- Equity Impact: All unvested restricted stock units (RSUs) granted to the departing CEO will become 100% vested.
Note: The filing does not provide current revenue, profit, cash flow, or debt metrics for the company.
Material Changes
The primary material change is the termination of the employment of Anthony Brian Goodman, who served as President, CEO, Secretary, Treasurer, and Board Member. His employment terminates effective December 12, 2025. Consequently, his First Amended and Restated Employment Agreement is terminated without material early termination penalties beyond the agreed severance.
Outlook, Management Commentary, and Risks
- Leadership Transition: On November 26, 2025, the Board appointed William Scott (current Executive Chairman) as Interim CEO and Principal Executive Officer, effective December 12, 2025.
- Restrictive Covenants: Mr. Goodman is subject to a one-year non-solicitation and non-compete restriction regarding online casino, sports book, and raffle businesses, though he may maintain roles with Elray Resources Inc., Articulate Pty Ltd., and Luxor Capital LLC.
- Contingencies: The release of the escrowed portion of the severance ($537,327) is contingent upon Mr. Goodman not revoking the Severance Agreement prior to the Termination Date.
Investor Verification Checklist
- Verify the exact date of the CEO's resignation and the interim CEO's assumption of duties (December 12, 2025).
- Confirm the total cash impact of the severance package ($998,542 total including vacation pay) against current liquidity.
- Review the status of the escrowed funds and the conditions for their release.
- Assess the impact of the immediate vesting of all unvested RSUs on future dilution.
- Examine the "MeridianBet Sellers" voting agreement referenced in the filing to understand the influence of major shareholders on the new interim leadership.