UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 |
For the transition period from ______ to _______
Commission File Number:
(Exact name of registrant as specified in its charter) |
| ||
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
|
| |
(Address of principal executive offices) |
| (Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
|
| The (The NASDAQ Capital Market) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☒ | Smaller reporting company | ||
|
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standard provided pursuant to Section 13(a) of the Exchanger Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of November 12, 2024, there were
EXPLANATORY NOTE
On April 9, 2024 (the “Closing Date”), Golden Matrix Group, Inc. (the “Company”, “we” and “us”), consummated the transactions contemplated by that certain June 30, 2023, Amended and Restated Sale and Purchase Agreement of Share Capital (as amended and restated from time to time, the “Purchase Agreement”), between the Company and Aleksandar Milovanović, Zoran Milošević and Snežana Božović (collectively, the “Sellers”), the owners of Meridian Tech Društvo Sa Ograničenom Odgovornošću Beograd, a private limited company formed and registered in and under the laws of the Republic of Serbia (“Meridian Serbia”); Društvo Sa Ograničenom Odgovornošću “MeridianBet” Društvo Za Proizvodnju, Promet Roba I Usluga, Export Import Podgorica, a private limited company formed and registered in and under the laws of Montenegro; Meridian Gaming Holdings Ltd., a company formed and registered in the Republic of Malta; and Meridian Gaming (Cy) Ltd, a company formed and registered in the republic of Cyprus (collectively, the “MeridianBet Group”). On the Closing Date, the Company acquired 100% of the MeridianBet Group (the “Purchase”), effective for all purposes as of April 1, 2024. References herein to “Golden Matrix” refer to the Company prior to the Purchase.
Because the Sellers collectively owned approximately 69.2% of the Company’s outstanding shares of common stock on the Closing Date (with Aleksandar Milovanović (“Milovanović” owning 58.8%), and became the majority stockholders of the Company and received rights to appoint certain persons to the Board of Directors of the Company, the Purchase was accounted for as a reverse merger and recapitalization of the Company under Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations” (“ASC 805”), with the MeridianBet Group as the accounting acquirer and the Company as the accounting acquiree.
Therefore, the historical basis of MeridianBet Group’s assets and liabilities has not been remeasured as a result of the acquisition. Instead, as described more fully in “NOTE 1 - BASIS OF PRESENTATION AND ACCOUNTING POLICIES” and in “NOTE 22 – MERIDIANBET GROUP PURCHASE AGREEMENT”, below, the assets and liabilities of Golden Matrix have been recorded at their fair value at the acquisition date and are included in the Company’s consolidated financial statements. In identifying MeridianBet Group as the acquiring entity, the companies considered the structure of the acquisition, the relative equity ownership and the largest portion of the voting rights, in the combined companies after the closing of the acquisition, along with the composition of the board of directors.
On, and effective on, April 5, 2024, the Board of Directors of the Company approved a change in the Company’s fiscal year end from October 31st to December 31st, to align the Company’s fiscal year end with that of MeridianBet Group. As a result of the timing of the Purchase, the Company was not required to file a quarterly report for the quarter ended March 31, 2024. For more information regarding MeridianBet Group’s financial results for the quarter ended March 31, 2024, see the Current Report on Form 8-K/A filed by the Company with the Securities and Exchange Commission on June 4, 2024, which includes financial statements of MeridianBet Group for the quarters ended March 31, 2024 and 2023.
As a result, all historical financial information presented in the unaudited consolidated financial statements below represents the accounts of MeridianBet Group as if MeridianBet Group is the predecessor to the Company.
2 |
Table of Contents |
GOLDEN MATRIX GROUP, INC.
TABLE OF CONTENTS
| Page | |||
| 4 |
| ||
|
|
|
| |
|
|
| ||
|
| |||
| 7 |
| ||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| 59 |
| |
| 79 |
| ||
| 79 |
| ||
|
| |||
|
| |||
|
| |||
| 80 |
| ||
| 80 |
| ||
| 102 |
| ||
| 103 |
| ||
| 104 |
| ||
| 104 |
| ||
| 104 |
|
3 |
Table of Contents |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information included in this Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and the Private Securities Litigation Reform Act of 1995. This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Golden Matrix Group, Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. You should read the matters described and incorporated by reference in “Risk Factors” and the other cautionary statements made in this Report, and incorporated by reference herein, as being applicable to all related forward-looking statements wherever they appear in this Report. We cannot assure you that the forward-looking statements in this Report will prove to be accurate and therefore prospective investors are encouraged not to place undue reliance on forward-looking statements.
Summary Risk Factors
Our business is subject to numerous risks and uncertainties, including those included in, and incorporated by reference in, the section entitled “Risk Factors” and elsewhere in this Report. These risks include, but are not limited to, the following:
| · | our need for significant additional financing to grow and expand our operations, complete acquisitions and pay post-closing amounts due in connection therewith, including in connection with the MeridianBet Group acquisition; |
|
| |
| · | dilution caused by the conversion of outstanding preferred stock, convertible notes and warrants, and/or acquisitions; |
4 |
Table of Contents |
| · | the Company’s ability to complete acquisitions, and the available funding for such acquisitions, disruptions caused by acquisitions, and other risks associated therewith; |
|
|
|
| · | the reliance on suppliers of third-party gaming content and the cost of such content; |
|
|
|
| · | the ability of the Company to obtain additional gaming licenses and maintain existing gaming licenses; |
|
|
|
| · | the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; |
|
|
|
| · | the ability of the Company to manage growth; |
|
|
|
| · | the Company’s expectations for future growth, revenues, and profitability; |
|
|
|
| · | the Company’s expectations regarding future plans and timing thereof; |
|
|
|
| · | the Company’s reliance on its management; |
|
|
|
| · | the fact that Aleksandar Milovanović has voting control over the Company; |
|
|
|
| · | related party relationships as well as conflicts of interest related thereto; |
|
|
|
| · | the potential effect of economic downturns, recessions, changes in interest rates and inflation, and market conditions, including recessions, decreases in discretionary spending and therefore demand for our products, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects as a result of increased inflation, increasing interest rates, global conflicts and other events; |
|
|
|
| · | the Company’s ability to protect its proprietary information and intellectual property (IP); |
|
|
|
| · | the ability of the Company to compete in its market; |
|
|
|
| · | the effect of current and future regulation, the Company’s ability to comply with regulations (both current and future) and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; |
|
|
|
| · | the risks associated with gaming fraud, user cheating and cyber-attacks; |
|
|
|
| · | risks associated with systems failures and failures of technology and infrastructure on which the Company’s programs rely, as well as cybersecurity and hacking risks; |
5 |
Table of Contents |
| · | risks relating to inventory management; |
|
|
|
| · | foreign exchange and currency risks; |
|
|
|
| · | the outcome of contingencies, including legal proceedings in the normal course of business; |
|
|
|
| · | the ability to compete against existing and new competitors; |
|
|
|
| · | the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and |
|
|
|
| · | general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products, including potential recessions and global economic slowdowns. |
|
|
|
| · | the risk of loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations; principally from receivables from customers and transactions with financial institutions with which the Company deposits its surplus funds or mandatory deposits of funds for licensing purposes. |
|
|
|
| · | the risk that the Company will have difficulty meeting its obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. |
|
|
|
| · | the risk that changes in market prices – such as foreign exchange rates and interest rates, will affect the Company’s income or the value of its holdings of financial instruments. |
|
|
|
| · | the risks relating to protection of the players’ deposits; and |
|
|
|
| · | Risks that participants in a sports event intentionally lose or alter the outcome, leading to an unexpected outcome and potentially resulting in a higher payout than expected. |
6 |
Table of Contents |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Golden Matrix Group, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
|
| As of |
|
| As of |
| ||
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||
|
| (Unaudited) |
|
| (Audited) |
| ||
ASSETS |
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ |
|
| $ |
| ||
Accounts receivable, net |
|
|
|
|
|
| ||
Accounts receivable – related parties |
|
|
|
|
|
| ||
Taxes receivable |
|
|
|
|
|
| ||
Inventory |
|
|
|
|
|
| ||
Prepaid expenses |
|
|
|
|
|
| ||
Other current assets |
|
|
|
|
|
| ||
Total current assets |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Goodwill & intangible assets, net |
|
|
|
|
|
| ||
Property, plant & equipment, net |
|
|
|
|
|
| ||
Investments |
|
|
|
|
|
| ||
Deposits |
|
|
|
|
|
| ||
Operating lease right-of-use assets |
|
|
|
|
|
| ||
Other non-current assets |
|
|
|
|
|
| ||
Total non-current assets |
|
|
|
|
|
| ||
Total assets |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
| $ |
|
| $ |
| ||
Accounts payable - related parties |
|
|
|
|
|
| ||
Current portion of operating lease liability |
|
|
|
|
|
| ||
Current portion of long-term loan |
|
|
|
|
|
| ||
Taxes payable |
|
|
|
|
|
| ||
Other current liabilities |
|
|
|
|
|
| ||
Deferred revenues |
|
|
|
|
|
| ||
Contingent liability |
|
|
|
|
|
| ||
Current portion of consideration payable |
|
|
|
|
|
| ||
Total current liabilities |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Non-current portion of operating lease liability |
|
|
|
|
|
| ||
Non-current portion of long-term loan |
|
|
|
|
|
| ||
Other non-current liabilities |
|
|
|
|
|
| ||
Non-current portion of consideration payable - Meridian acquisition |
|
|
|
|
|
| ||
Convertible note |
|
|
|
|
|
| ||
Total non-current liabilities |
|
|
|
|
|
| ||
Total liabilities |
| $ |
|
| $ |
| ||
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock: $ |
|
|
|
|
|
| ||
Preferred stock, Series B: $ |
|
|
|
|
|
| ||
Preferred stock, Series C: $ |
|
|
|
|
|
| ||
Common stock: $ |
| $ |
|
| $ |
| ||
Stock payable |
|
|
|
|
|
| ||
Stock payable – related party |
|
|
|
|
|
| ||
Additional paid-in capital |
|
|
|
|
|
| ||
Treasury stock, at cost (September 2024 – |
|
| ( | ) |
|
|
| |
Accumulated other comprehensive income (loss) |
|
| ( | ) |
|
| ( | ) |
Accumulated earnings |
|
|
|
|
|
| ||
Total shareholders’ equity of GMGI |
|
|
|
|
|
| ||
Noncontrolling interests |
|
|
|
|
|
| ||
Total equity |
|
|
|
|
|
| ||
Total liabilities and equity |
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
7 |
Table of Contents |
Golden Matrix Group, Inc and Subsidiaries | ||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
| ||||||||||||||||
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Revenues |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||
Cost of goods sold |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) from operations |
|
| ( | ) |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Interest earned |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Foreign exchange gain (loss) |
|
| ( | ) |
|
|
|
|
| ( | ) |
|
|
| ||
Other income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total other income (expense) |
|
| ( | ) |
|
|
|
|
|
|
|
|
| |||
Net income (loss) before tax |
|
| ( | ) |
|
|
|
|
|
|
|
|
| |||
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net income (loss) |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
| |||
Less: Net income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net income (loss) attributable to GMGI |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net earnings (losses) per ordinary share attributable to GMGI: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
| |||
Diluted |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
| |||
Foreign currency translation adjustments |
|
|
|
|
| ( | ) |
|
| ( | ) |
|
| ( | ) | |
Comprehensive income (loss) |
|
| ( | ) |
|
|
|
|
|
|
|
|
| |||
Less: Net income attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Comprehensive income (loss) attributable to GMGI |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
8 |
Table of Contents |
Golden Matrix Group, Inc. and Subsidiaries
Consolidated Statement of Shareholders’ Equity
(Unaudited)
For the Nine Months Ended September 30, 2024
|
| Preferred Stock- Series B |
|
| Preferred Stock – Series C |
|
| Common Stock |
|
| Treasury Stock |
|
| Additional Paid-in |
|
| Stock |
|
| Stock Payable – Related |
|
| Accumulated Other Comprehensive Income |
|
| Accumulated |
|
| Total Equity of |
|
| Non-controlling |
|
| Total Shareholders’ |
| ||||||||||||||||||||||||||||
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Capital |
|
| Payable |
|
| Party |
|
| (Loss) |
|
| Earnings |
|
| GMGI |
|
| interest |
|
| Equity |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Balance at December 31, 2023 |
|
| - |
|
| $ | - |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| - |
|
| $ |
|
| $ |
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||||||||||
Fair value of non-controlling interest in subsidiary |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Other comprehensive income (loss) |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) | |||||||||
Shares issued for vested RSUs |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Shares issued for exercise of options |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued for services |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued as consideration to acquire subsidiaries |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued for debt conversion |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
FV of warrant granted |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fair value of stock-based compensation |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Purchase of treasury stock |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) | |||||||||
Dividends issued to former owners of MeridianBet Group |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
| ( | ) | |||||||||
Recapitalization |
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Profit for the period |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Balance at September 30, 2024 |
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
9 |
Table of Contents |
For the Three Months Ended September 30, 2024
|
| Preferred Stock- Series B |
|
| Preferred Stock – Series C |
|
| Common Stock |
|
| Treasury Stock |
|
| Additional Paid-in |
|
| Stock |
|
| Stock Payable – Related |
|
| Accumulated Other Comprehensive Income |
|
| Accumulated |
|
| Total Equity of |
|
| Non-controlling |
|
| Total Shareholders’ |
| ||||||||||||||||||||||||||||
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Capital |
|
| Payable |
|
| Party |
|
| (Loss) |
|
| Earnings |
|
| GMGI |
|
| interest |
|
| Equity |
| ||||||||||||||||
Balance at June 30, 2024 |
|
|
|
| $ | - |
|
|
|
|
| $ | - |
|
|
|
|
| $ |
|
|
| - |
|
| $ |
|
| $ |
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
| ||||||||||||
Fair value of non-controlling interest in subsidiary |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Other comprehensive income |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Shares issued for vested RSUs |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued for services |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued as consideration to acquire subsidiaries |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares issued for debt conversion |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
| |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
FV of warrant granted |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Fair value of stock-based compensation |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Purchase of treasury stock |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) | |||||||||
Profit for the period |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
|
|
|
| ( | ) | |||||||||
Balance at September 30, 2024 |
|
|
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
|
| ( | ) |
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
10 |
Table of Contents |
For the Nine Months Ended September 30, 2023
|
| Preferred Stock- Series B |
|
| Preferred Stock – Series C |
|
| Common Stock |
|
| Additional Paid-in |
|
| Accumulated Other Comprehensive |
|
| Accumulated |
|
| Total Equity of |
|
| Non-controlling |
|
| Total Shareholders’ |
| |||||||||||||||||||||
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Capital |
|
| Income (Loss) |
|
| Earnings |
|
| GMGI |
|
| interest |
|
| Equity |
| ||||||||||||
Balance at December 31, 2022 |
|
| - |
|
| $ | - |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
| |||||||||
Other comprehensive income (loss) |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) | ||||||
Dividends |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) | |||||
Profit for the period |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Balance at September 30, 2023 |
|
| - |
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
11 |
Table of Contents |
For the Three Months Ended September 30, 2023
|
| Preferred Stock- Series B |
|
| Preferred Stock – Series C |
|
| Common Stock |
|
| Additional Paid-in |
|
| Accumulated Other Comprehensive |
|
| Accumulated |
|
| Total Equity of |
|
| Non-controlling |
|
| Total Shareholders’ |
| |||||||||||||||||||||
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Shares |
|
| Amount |
|
| Capital |
|
| Income (Loss) |
|
| Earnings |
|
| GMGI |
|
| interest |
|
| Equity |
| ||||||||||||
Balance at June 30, 2023 |
|
| - |
|
| $ | - |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
| |||||||||
Other comprehensive income (loss) |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) |
|
|
|
|
| ( | ) | ||||||
Dividends |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) | |||||
Profit for the period |
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Balance at September 30, 2023 |
|
| - |
|
| $ |
|
|
|
|
| $ |
|
|
|
|
| $ |
|
| $ |
|
| $ | ( | ) |
| $ |
|
| $ |
|
| $ |
|
| $ |
|
See accompanying notes to consolidated financial statements.
12 |
Table of Contents |
Golden Matrix Group, Inc. and Subsidiaries | ||||||||||||
Consolidated Statements of Cash Flow | ||||||||||||
(Unaudited) | ||||||||||||
|
|
|
| |||||||||
|
| Nine Months Ended |
| |||||||||
|
| September 30, |
| |||||||||
|
| 2024 |
|
| 2023 |
| ||||||
Cash flows from operating activities: |
|
|
|
|
|
| ||||||
Net income |
| $ |
|
| $ |
| ||||||
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
|
|
| ||||
Fair value of stock-based compensation |
|
|
|
|
|
| ||||||
Non-cash interest expense related to debt discount amortization |
|
|
|
|
|
| ||||||
Amortization of intangible assets |
|
|
|
|
|
| ||||||
Depreciation of property, plant and equipment |
|
|
|
|
|
| ||||||
Bad debt expense |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| ||||
(Increase) decrease in accounts receivable |
|
| ( | ) |
|
| ( | ) | ||||
(Increase) decrease in accounts receivable – related party |
|
|
|
|
| ( | ) | |||||
(Increase) decrease in taxes receivable |
|
|
|
|
|
| ||||||
(Increase) decrease in prepaid expenses |
|
| ( | ) |
|
|
| |||||
(Increase) decrease in other current assets |
|
| ( | ) |
|
| ( | ) | ||||
(Increase) decrease in inventories |
|
| ( | ) |
|
|
| |||||
(Increase) decrease in deposits |
|
| ( | ) |
|
| ( | ) | ||||
(Increase) decrease in other non-current assets |
|
| ( | ) |
|
|
| |||||
Increase (decrease) in accounts payable and accrued liabilities |
|
|
|
| ( | ) | ||||||
Increase (decrease) in accounts payable – related party |
|
| ( | ) |
|
| ( | ) | ||||
Increase (decrease) in taxes payable |
|
| ( | ) |
|
|
| |||||
Increase (decrease) in deferred revenues |
|
|
|
|
|
| ||||||
Increase (decrease) in customer deposit |
|
|
|
|
|
| ||||||
Increase (decrease) in other current liabilities |
|
|
|
|
| ( | ) | |||||
Increase (decrease) in due to shareholders |
|
|
|
|
| ( | ) | |||||
Increase (decrease) in other liabilities |
|
|
|
|
| ( | ) | |||||
Increase (decrease) in operating lease liabilities |
|
|
|
|
|
| ||||||
Net cash provided by operating activities |
| $ |
|
| $ |
| ||||||
|
|
|
|
|
|
|
|
| ||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
| ||||
Cash paid for intangible assets |
|
| ( | ) |
|
| ( | ) | ||||
Cash paid for investments |
|
| ( | ) |
|
|
| |||||
Cash paid for property, plant and equipment |
|
| ( | ) |
|
| ( | ) | ||||
Cash paid for purchase of subsidiaries |
|
| ( | ) |
|
|
| |||||
Cash assumed from investment in subsidiaries |
|
|
|
|
|
| ||||||
Cash distribution to former owners of MeridianBet Group in connection with the Purchase |
|
| ( | ) |
|
|
| |||||
Cash assumed from acquisition with Golden Matrix |
|
|
|
|
|
| ||||||
Net cash used in investing activities |
| $ | ( | ) |
| $ | ( | ) | ||||
|
|
|
|
|
|
|
|
| ||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
| ||||
Repayment on debt |
|
| ( | ) |
|
|
| |||||
Proceeds from loans and borrowings |
|
|
|
|
|
| ||||||
Proceeds from sale of note and warrant |
|
|
|
|
|
| ||||||
Repayment of lease |
|
| ( | ) |
|
| ( | ) | ||||
Payments of dividends |
|
| ( | ) |
|
| ( | ) | ||||
Share repurchase |
|
| ( | ) |
|
|
| |||||
Proceeds from option exercise |
|
|
|
|
|
| ||||||
Net cash provided by (used in) financing activities |
| $ |
|
| $ | ( | ) | |||||
|
|
|
|
|
|
|
|
| ||||
Effect of exchange rate changes on cash |
|
| ( | ) |
|
| ( | ) | ||||
|
|
|
|
|
|
|
|
| ||||
Net increase in cash and cash equivalents |
|
|
|
|
|
| ||||||
Cash and cash equivalents at beginning of year |
|
|
|
|
|
| ||||||
Cash and cash equivalents at end of the quarter |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
| ||||
Supplemental cash flows disclosures |
|
|
|
|
|
|
|
| ||||
Interest paid |
| $ |
|
| $ |
| ||||||
Tax paid |
| $ |
|
| $ |
| ||||||
Non-cash financing activities |
|
|
|
|
|
|
|
| ||||
Debt conversion |
| $ | |
|
| $ | |
|
See accompanying notes to consolidated financial statements.
13 |
Table of Contents |
Golden Matrix Group, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION AND ACCOUNTING POLICIES
Organization and Operations
Golden Matrix Group, Inc. (together with its consolidated subsidiaries, collectively, “GMGI” “we”, “our”, “us”, or the “Company”) is incorporated and registered in the State of Nevada, (i) operates online sports betting, online casino, and gaming operations in more than 15 jurisdictions across Europe, Africa and Central and South America, (ii) is an innovative provider of enterprise Software-as-a-Service (“SaaS”) solutions for online casino operators and online sports betting operators, commonly referred to as iGaming operators and, (iii) offers pay-to-enter prize competitions in the United Kingdom (UK) and leads trade promotions in Australia, providing members with free prizes.
The Company is a well-established brand and operator in the sports betting and gaming industry, spanning across over 15 markets in Europe, Central and South America, and Africa. The Company employs approximately 1,200 personnel, operating both online (mobile and web) and approximately 700 company-owned or franchised betting shops, with a primary focus (in those shops) on sports betting, online casino games, and virtual games. Of those 700 shops, approximately 250 are owned by the Company’s subsidiaries and approximately 450 shops are owned by franchisees. This is complemented by a variety of slot machines and online casinos, eSports, fixed odds games, and other entertainment options, contingent on the regulatory parameters of the specific jurisdictions. While sports betting is a primary focus, the Company’s online casino revenue has grown significantly over the past years. Following the closing of the Purchase (defined below) and effective April 1, 2024, as discussed below, the Company expanded into the business-to-business (“B2B”) segment where it develops and owns online gaming intellectual property (IP) and builds configurable and scalable, turn-key, and white-label gaming platforms for international customers, located primarily in the Asia Pacific region. As part of the Purchase, the Company acquired a proprietary Internet gaming enterprise software system that provides for unique casino and live game operations on the platforms that include GM-X System (“GM-X”) and GM-Ag System, Turnkey Solution and White Label Solutions. These platforms are provided to Asia Pacific Internet-based and land-based casino operators as a turnkey technology solution for regulated real money Internet gaming (“RMiG”), Internet sports gaming, and virtual simulated gaming (“SIM”). In addition, following the Purchase, the Company broadened its operations in pay-to-enter prize competitions in the UK
On April 9, 2024, GMGI completed the acquisition (the “Purchase”) of
In connection with the Purchase, on April 9, 2024, the Company (A) issued
14 |
Table of Contents |
The Purchase Agreement is described in greater detail below under “NOTE 22 – MERIDIANBET GROUP PURCHASE AGREEMENT”.
On July 11, 2024, the Company entered into a share purchase agreement related to sale and purchase of one hundred and twenty thousand (120,000) ordinary shares of one euro (€1) each in Media Games Malta (EU) Limited (“Media Games Malta”), bearing company registration number C 44807 incorporated under the laws of Malta (the “SPA”).
On August 16, 2024, the Company entered into a Share Exchange Agreement to acquire an
Change of Control
As a result of the closing of the Purchase Agreement, and on April 9, 2024, the Sellers obtained majority voting control over the Company, with each of the Sellers obtaining voting rights as follows:
| · | Aleksandar Milovanović ( |
| · | Zoran Milošević ( |
| · | Snežana Božović ( |
The total of the shares referenced above amount to
Prior to the closing of the Purchase Agreement, Mr. Anthony Brian Goodman, the Chief Executive Officer and director of the Company, held voting control over the Company due to his beneficial ownership of
Amendment to Articles of Incorporation
On March 20, 2024, at a special meeting of stockholders of the Company held on March 19, 2024, the stockholders of the Company approved, among other things (collectively, the “Amendments”) the adoption of Certificate of Amendments to amend the Company’s Amended and Restated Articles of Incorporation to (a) remove the provisions thereof providing for a three class, classified Board of Directors of the Company; (b) opt out of Nevada Revised Statutes Sections 78.378 to 78.3793 (the Nevada Control Share Act); (c) amend Article VI thereof to (i) remove the Board of Directors’ exclusive right to make, amend, alter, or repeal the bylaws of the Company; and (ii) provide that nothing in the Amended and Restated Articles of Incorporation shall deny the concurrent power of the stockholders (together with the directors) to adopt, alter, amend, restate, or repeal the Bylaws of the Company; and (d) amend Article III, Section 1, to increase the Company’s authorized number of shares of common stock from two hundred and fifty million (
On April 4, 2024, the Company filed a combined Certificate of Amendment to its Articles of Incorporation with the Secretary of State of Nevada, amending such Articles of Incorporation to affect each of the Amendments, which filing became effective on April 4, 2024.
15 |
Table of Contents |
As a result of the Amendments, (i) we no longer have a classified Board of Directors, and each member of the Board of Directors will continue to serve in such position until the next annual meeting of stockholders of the Company, and/or until their earlier resignation, removal or death. Any vacancies on the Board which occur during the year may be filled by the Board of Directors until the next annual meeting of stockholders of the Company; (ii) we are no longer subject to the Nevada Control Share Act; (iii) stockholders have the concurrent right, together with the Board of Directors, of amending the Bylaws of the Company; and (iv) we now have
Series C Preferred Stock
Additionally, on April 4, 2024, in contemplation of the closing of the transactions contemplated by the Purchase Agreement, and pursuant to the power provided to the Company by the Articles of Incorporation of the Company, as amended, the Company’s Board of Directors approved the adoption of, and filing of, a Certificate of Designation of Golden Matrix Group, Inc. Establishing the Designation, Preferences, Limitations and Relative Rights of Its Series C Preferred Stock (the “Series C Designation”), which was filed with, and became effective with, the Secretary of State of Nevada on the same date. The Series C Designation designated
Interim Financial Statements
These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with (i) the financial statements for the fiscal year ended October 31, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K which the Company filed with the Securities and Exchange Commission (the “SEC”) on January 17, 2024; (ii) the audited financial statements, comprising the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of owners’ equity, and consolidated statements of operations and comprehensive income, and consolidated statements of cash flows, for MeridianBet Group for the years then ended, and the related notes to the financial statements, which the Company filed with the SEC as an exhibit to a Current Report on Form 8-K/A on June 4, 2024, (iii) Management’s Discussion and Analysis of Financial Condition and Results of Operations of the MeridianBet Group for the three months ended March 31, 2024 and 2023, and the years ended December 31, 2023 and 2022, which the Company filed with the SEC as an exhibit to a Current Report on Form 8-K/A on June 4, 2024, and (iv) the unaudited financial statements, comprising the consolidated balance sheets as of March 31, 2024 and December 31, 2023, and the related consolidated statements of owners’ equity, and consolidated statements of operations and comprehensive income, and consolidated statements of cash flows for MeridianBet Group for the three months ended March 31, 2024 and 2023, and the related notes to the financial statements, which the Company filed with the SEC as an exhibit to a Current Report on Form 8-K/A on June 4, 2024.
Principles of Consolidation
The consolidated financial statements as of September 30, 2024, include the accounts of the Company and its subsidiaries which include:
| · | Global Technology Group Pty Ltd. (“GTG”), a limited proprietary company formed and registered under the laws of Australia. |
| · | Classics Holdings Co. Pty Ltd (“Classics”), a limited proprietary company formed and registered under the laws of Australia, with direct subsidiaries of: |
|
| o Classics For A Cause Pty Ltd (Australia) |
| · | RKingsCompetitions Ltd., (“RKings”), a limited company formed and registered under the laws of Northern Ireland. |
| · | Golden Matrix MX, S.A. DE C.V., (“GM MX”), a corporation incorporated under the laws of Mexico. |
| · | GMG Assets Limited, (“GMGA”) a limited company formed and registered under the laws of Northern Ireland. |
16 |
Table of Contents |
| · | Golden Matrix (IOM) Limited, (“GMIOM”) a limited company formed and registered under the laws of the Isle of Man. |
| · | Golden Matrix Group Beograd-Novi Beograd (“Golden Matrix Serbia”), a private limited company formed and registered in and under the laws of the Republic of Serbia. |
| · | Meridian Tech Društvo Sa Ograničenom Odgovornošću Beograd (Meridian Tech d.o.o.), a private limited company formed and registered in and under the laws of the Republic of Serbia, with direct subsidiaries of: |
| o | Meridian Tech (Bosnia) |
| o | Meridian Bet Brcko (Bosnia) |
| o | Meridian Tech (PYT) LTD (South Africa) |
| o | Meridianbet Brasil Ltda (Brazil) |
| o | Meridian Gaming Brasil SPE Ltda (Brazil) |
| · | Društvo Sa Ograničenom Odgovornošću “Meridianbet” Društvo Za Proizvodnju, Promet Roba I Usluga, Export Import Podgorica (MeridianBet), a private limited company formed and registered in and under the laws of Montenegro, with direct subsidiaries of: |
| o | Meridian WorldWide (Cyprus) | |
| o | Bit Tech Ltd (Tanzania) | |
| · | Meridian Gaming Holdings Ltd., a company formed and registered in the Republic of Malta, with direct subsidiaries of: | |
| o | Meridian Gaming (Malta) | |
| o | My Best Odds (Belgium) | |
| o | Meridian Gaming (Peru) | |
| o | Global Meridian Gaming (Curacao) | |
| o | Fair Champions Meridian Ltd (Cyprus) | |
| o | Meridian Global Consulting (Montenegro) | |
| o | Expanse Studios (Serbia) | |
| o | Media Games Malta Ltd. (Malta) |
| · | Meridian Gaming (Cy) Ltd, a company formed and registered in the Republic of Cyprus |
17 |
Table of Contents |
The descriptions of the ownership and the percentages of ownership are identified below. All intercompany transactions and balances have been eliminated.
Company | Country | Original Date Acquired | Ownership |
Companies under Golden Matrix (Legal Acquirer / Accounting Acquiree) | United States |
|
|
Global Technology Group Pty Ltd. (“GTG”) | Australia | January 19, 2021 | 100% |
RKingsCompetitions Ltd.* | United Kingdom | November 1, 2021 & November 4, 2022* | 100% |
Golden Matrix MX, S.A. DE C.V. | Mexico | July 11, 2022 | 99.99% |
GMG Assets Limited | United Kingdom | August 1, 2022 | 100% |
Golden Matrix (IOM) Limited | Isle of Man | November 14, 2023 | 100% |
Golden Matrix Group Beograd-Novi Beograd | Serbia | March 27, 2024 | 100% |
Classics Holdings Co. Pty Ltd | Australia | August 1, 2024 | 80% |
Subsidiary: Classics For A Cause Pty Ltd | Australia | August 1, 2024 | 80% |
Companies under MeridianBet Group (Legal Acquiree / Accounting Acquirer) |
|
|
|
Meridian Tech d.o.o. – Accounting Acquirer | Serbia | March 3, 2001** |
|
Subsidiary: Meridian Tech |