Table of Contents
Introduction
Golden Matrix Group, Inc. (ticker GMGI) recently released its quarterly report, highlighting several important updates and developments within the company. One notable aspect is the appointment of new board members and the implementation of equity incentive plans. These changes reflect the company’s commitment to growth and its focus on attracting and retaining top talent.
New Board Appointments
Thomas E. McChesney
The report revealed that on April 24, 2020, Thomas E. McChesney was appointed as a member of the Board of Directors. As part of his appointment, Mr. McChesney was granted options to purchase 100,000 shares of common stock. The report further disclosed that Mr. McChesney exercised his options to purchase 40,000 shares of common stock on January 28, 2022.
In terms of compensation, Mr. McChesney’s service on the Board entailed a monthly payment of $2,000 from the date of his appointment until November 1, 2021. From November 1, 2021, to May 25, 2022, the payment increased to $3,000 per month, and from May 25, 2022, onwards, the payment rose to $5,000 per month.
Murray G. Smith
Similarly, Murray G. Smith was appointed as a member of the Board of Directors on July 27, 2020. As part of his appointment, Mr. Smith received options to purchase 100,000 shares of common stock. His compensation structure mirrored that of Mr. McChesney, with monthly payments of $2,000, $3,000, and $5,000 during different periods of his service.
Philip D. Moyes
Philip D. Moyes, the most recent addition to the Board of Directors, was appointed on December 3, 2022. Mr. Moyes is entitled to the same compensation structure as other non-executive directors, which currently stands at $5,000 per month.
Aaron Richard Johnston
The quarterly report also included information about Aaron Richard Johnston, a former member of the Board of Directors until November 1, 2022. Mr. Johnston was compensated with monthly payments of $2,000, $3,000, and $5,000, similar to his fellow board members. However, it was noted that he resigned from the Board of Directors before the expiration of his term, leading to the forfeiture of 100,000 restricted stock units (RSUs) granted to him. Out of the 150,000 RSUs initially awarded, 50,000 RSUs vested based on the company’s performance metrics and were settled in shares of common stock.
Compensation for Brett Goodman
The report also shed light on the employment agreement with Brett Goodman, who serves as the Vice President of Business Development. Mr. Goodman’s agreement, effective from September 1, 2022, provides for an annual salary of $60,000, with a 10.5% Superannuation. Additional bonuses and salary increases are at the discretion of the Board of Directors. Mr. Goodman was granted options to purchase 50,000 shares of common stock and received 40,000 RSUs, with additional RSUs scheduled to vest in the coming years.
Business Relationships
Marla Goodman and Articulate Pty Ltd.
Another significant aspect highlighted in the report is the involvement of Marla Goodman, the wife of the company’s Chief Executive Officer, in Articulate Pty Ltd. Marla Goodman owns 50% of Articulate Pty Ltd., and the company entered into a License Agreement with Articulate, allowing its use of the GM2 Asset technology.
Golden Matrix Group, Inc. and Elray Resources Inc.
The report also touched on the relationship between Golden Matrix Group, Inc. and Elray Resources Inc., where Mr. Anthony Brian Goodman, the CEO of Golden Matrix Group, Inc., serves as CEO and Director, and Weiting ‘Cathy’ Feng, the COO of Golden Matrix Group, Inc., serves as Treasurer and Director of Elray. The companies entered into a Software License Agreement, granting Elray a license to utilize online games developed by Golden Matrix Group, Inc.
Conclusion
The quarterly report provides investors and stakeholders with valuable insights into the company’s corporate governance, compensation policies, and strategic partnerships. These actions taken by Golden Matrix Group, Inc. reflect its commitment to attracting and retaining top talent, driving growth, and building strong business relationships to enhance shareholder value.
Disclaimer
This article is based on information found in the quarterly report of Golden Matrix Group, Inc. The facts and statistics provided are accurate as per the report. However, readers are advised to conduct further research and consult with financial professionals before making any investment decisions.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!