Golden Matrix Group, Inc. (GMGI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: April 28, 2026

Risk Assessment Details

Potential Dilution: 186.31% of current shares
Recent Dilution: 19.74% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
13M
Potential Supply
24M
Additional shares possible
Splits
None
Past 2 years

Summary

GMGI currently has 12.6M outstanding shares. with significant dilution risk as 23.6M authorized shares could dilute existing holders by 186.3%. The company has diluted shareholders by 19.74% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 28, 2026

10-Q filing | 12.6M shares outstanding

13M 24M
Sep 12, 2025

8-K filing: Golden Matrix Group, Inc. converts $200,000 of debt into 181,339 shares of common stock for Aleksandar Milovanović, a greater than 5% stockholder, as part of the Eight Amendment to Amended and Restated Sale and Purchase Agreement of Share Capital.

140M 0
Aug 27, 2025

8-K filing: Golden Matrix Group, Inc. converted $260,000 of post-closing cash consideration into 160,150 shares of common stock for Aleksandar Milovanović, Zoran Milošević, and Snežana Božović. ($0.32M proceeds)

140M 0
Jun 20, 2025

S-3/A filing: Golden Matrix Group, Inc. is offering common stock, preferred stock, debt securities, warrants, or a combination of these securities for an aggregate initial offering price of up to $300 million.

140M 0
Jun 03, 2025

S-3/A filing: Golden Matrix Group, Inc. files an S-3/A to offer common stock, preferred stock, debt securities, warrants, or a combination of these securities for an aggregate initial offering price of up to $300 million.

140M 0
May 08, 2025

10-Q filing | 131.7M shares outstanding

130M 0
May 02, 2025

S-3 filing: Golden Matrix Group, Inc. files an S-3 to offer common stock, preferred stock, debt securities, warrants, or a combination of these securities for an aggregate initial offering price of up to $300 million.

140M 0
Apr 14, 2025

8-K filing: Golden Matrix Group, Inc. converts $9,445,460 of debt into 4,843,826 shares of common stock for Aleksandar Milovanović at $1.95 per share, $100,000 of debt into 50,000 shares for Zoran Milošević and $25,000 of debt into 12,500 shares for Snežana Božović at $2.00 per share. ($9.57M proceeds)

130M 0
Mar 24, 2025

10-K filing | 129.2M shares outstanding

130M 0
Feb 26, 2025

8-K filing: Golden Matrix Group, Inc. converted $1,165,358 of contingent cash into 647,422 shares of common stock at a conversion price of $1.80 per share. ($1.17M proceeds)

120M 0
Nov 12, 2024

10-Q filing | 121.5M shares outstanding

120M 0
Oct 15, 2024

8-K filing: Golden Matrix Group issued 5,000,000 restricted shares of common stock to the former owners of Meridian Tech as part of the consideration for the acquisition.

120M 0
Oct 02, 2024

8-K filing: Golden Matrix Group, Inc. issued shares of common stock in exchange for debt and cash consideration related to the acquisition of Meridian Companies. ($4.13M proceeds)

120M 0
Aug 29, 2024

S-3 filing: This prospectus relates to the possible resale or other disposition of up to 7,607,143 shares of our common stock issuable upon exercise of warrants and conversion of a Senior Secured Convertible Promissory Note by the selling stockholder.

120M 0
Aug 27, 2024

8-K filing: The Shareholders exchanged 80% of the outstanding capital stock of Classics with the Company in consideration for 810,390 shares of the Company's common stock, $4,407,000 United States dollars, $21,975, up to an additional $325,000 payable in the future and the right to certain earnout payments. ($4.43M proceeds)

120M 0
Aug 20, 2024

8-K filing: Golden Matrix Group, Inc. entered into a Share Exchange Agreement with Classics Holdings Co. Pty Ltd. and its shareholders, acquiring 80% of Classics' outstanding capital stock in exchange for cash and stock of Golden Matrix Group, Inc. ($2.03M proceeds)

120M 0
Aug 13, 2024

10-Q filing | 120.6M shares outstanding

120M 0
Jul 03, 2024

8-K filing: Golden Matrix Group, Inc. entered into a Securities Purchase Agreement with Lind Global Asset Management VIII LLC, issuing a $12,000,000 secured convertible promissory note and a warrant to acquire 750,000 shares of common stock, with $10,000,000 funded on July 3, 2024, to be used for acquisition costs.

300M 0
Jun 21, 2024

8-K filing: Golden Matrix Group, Inc. issued 1,333,333 shares of restricted common stock to Aleksandar Milovanović at a conversion price of $3.00 per share, satisfying $4 million of deferred cash consideration. ($4.0M proceeds)

300M 0
Apr 09, 2024

8-K filing: Golden Matrix Group increased its authorized number of shares of common stock from 250,000,000 to 300,000,000 and designated 1,000 shares of Series C Voting Preferred Stock with super voting rights.

300M 0
Mar 14, 2024

10-Q filing | 36.3M shares outstanding

36M 0
Jan 17, 2024

10-K filing | 28.2M shares outstanding

28M 0
Oct 20, 2023

8-K filing: The Board of Directors of the Company agreed to extend the Termination Date of the RSUs to May 1, 2024, in consideration for Mr. Johnston's continued services in connection with the Company's previously announced January 2023 Sale and Purchase Agreement of Share Capital.

36M 0
Sep 07, 2023

10-Q filing | 36.1M shares outstanding

36M 0
Jun 14, 2023

10-Q filing | 36.1M shares outstanding

36M 0
Mar 16, 2023

10-Q filing | 28.2M shares outstanding

28M 0
Jan 30, 2023

10-K filing | 28.0M shares outstanding

28M 0
Nov 02, 2022

8-K filing: Golden Matrix Group, Inc. issued 165,444 shares of restricted common stock at $8.00 per share to Mark Weir and Paul Hardman for USD $661,773 each, totaling USD $1,323,546, in connection with the exercise of a buyout right to acquire the remaining 20% interest in RKingsCompetitions Ltd. ($1.32M proceeds)

28M 0
Sep 07, 2022

10-Q filing | 28.1M shares outstanding

28M 0
Jun 03, 2022

10-Q filing | 28.1M shares outstanding

28M 0
Apr 22, 2022

S-3 filing: This is an S-3 filing for Golden Matrix Group, Inc. registering an aggregate initial offering price of up to $300 million of common stock, preferred stock, and debt securities.

28M 0
Mar 08, 2022

10-Q filing | 27.7M shares outstanding

28M 0
Dec 08, 2021

8-K filing: The company sold 666,250 shares of common stock in an unregistered offering pursuant to Section 4(a)(2) and/or Rule 506 of Regulation D.

15M 5.5M
Dec 03, 2021

8-K filing: Golden Matrix Group, Inc. entered into a Sale and Purchase Agreement to acquire 80% of RKingsCompetitions Ltd, issuing 666,250 restricted shares of the Company's common stock at $8.00 per share as part of the consideration, along with a cash payment and potential future payments in cash or shares. ($5.33M proceeds)

15M 5.5M
Oct 27, 2021

8-K filing: Golden Matrix Group, Inc. sold 496,429 shares of common stock and warrants to purchase 496,429 shares of common stock at $7.00 per share and warrant, for gross proceeds of approximately $3.475 million. ($6.95M proceeds)

15M 5.5M
Oct 27, 2021

8-K filing: Golden Matrix Group, Inc. closed a registered direct offering of 496,429 shares of common stock, along with warrants to purchase 496,429 shares of common stock, at $7.00 per share and warrant, for gross proceeds of $3.475 million. ($6.95M proceeds)

15M 5.5M
Oct 13, 2021

RW filing: Golden Matrix filed a Registration Statement to register shares of Golden Matrix's common stock for an underwritten public offering but has withdrawn the Registration Statement and plans to instead issue and sell securities under a Form S-3 registration statement.

15M 5.5M
Oct 05, 2021

S-3 filing: Golden Matrix Group, Inc. files an S-3 to offer common stock, preferred stock, debt securities, warrants, or units with an aggregate initial offering price of up to $180 million.

15M 5.5M
Sep 10, 2021

10-Q filing | 23.4M shares outstanding

23M 0
Jul 15, 2021

8-K filing: Golden Matrix Group, Inc. issued 170,000 shares of common stock upon the exercise of warrants at a price of $6.00 per share, resulting in gross proceeds of $1,020,000. ($1.02M proceeds)

23M 0
Jun 09, 2021

10-Q filing | 22.9M shares outstanding

23M 0
Apr 30, 2021

10-K filing | 23.3M shares outstanding

23M 0
Mar 19, 2021

S-1 filing: This is an S-1 filing for Golden Matrix Group, Inc. related to an offering of common stock, with the intention to list on The NASDAQ Capital Market. The company intends to use the net proceeds from this offering for working capital and general corporate purposes, including sales and marketing activities, product development and capital expenditures.

23M 0
Jan 26, 2021

8-K filing: Golden Matrix Group, Inc. sold 1,000,000 units to one investor at $5.00 per unit, with each unit consisting of one share of restricted common stock and one warrant to purchase one share of common stock, raising a total of $5,000,000. ($5.0M proceeds)

20M 0
Jan 12, 2021

8-K filing: From December 9, 2020, to January 7, 2021, ten warrant holders exercised warrants to purchase an aggregate of 409,029 shares of common stock, paying an aggregate exercise price of $1,676,992 to the company, and the company issued such warrant holders an aggregate of 409,029 shares of restricted common stock. ($1.68M proceeds)

20M 0
Dec 11, 2020

10-Q filing | 20.3M shares outstanding

20M 0
Sep 08, 2020

10-Q filing | 19.0M shares outstanding

19M 0
Aug 27, 2020

8-K filing: Golden Matrix Group, Inc. sold 527,029 units at $3.40 per unit in a private offering on August 20, 2019, raising $1,791,899. Each unit consisted of one share of restricted common stock and one warrant to purchase one share of common stock. ($1.79M proceeds)

2.8B 0
Jun 26, 2020
Stock Split

8-K filing: Stock split 1-for-150 | Outstanding: 2,845,318,757 → 18,968,791

19M 0
Jun 12, 2020

10-Q filing | 2845.3M shares outstanding

2.8B 0
Mar 03, 2020

10-Q filing | 2845.3M shares outstanding

2.8B 0
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