Golden Matrix Group Inc. (GMGI)

[roger wilco]

Something is wrong with the financials in the eyes of NASDAQ compliance to pay such a "High Ransom" to an accountant for his or her services.

In connection with Mr. Jimenez’s appointment, the Company entered into a Consulting Agreement with Mr. Jimenez. The Consulting Agreement provides for Mr. Jimenez to be paid $12,500 per month (which may be increased from time to time with the mutual consent of Mr. Jimenez and the Company), to be granted options to purchase 50,000 shares of common stock, granted under the Company’s 2018 Equity Compensation Plan, with an exercise price of $9.91 per share, of which options to purchase 25,000 shares vested on April 22, 2021, and options to purchase 25,000 shares vest on the six month anniversary of the entry into the Consulting Agreement, subject to Mr. Jimenez’s continued service to the Company, and have a term of two years. Mr. Jimenez may also receive discretionary bonuses from time to time in the discretion of the Board of Directors in cash, stock or options.

The Consulting Agreement has customary assignment of invention and work for hire language, confidentiality and indemnification requirements and requires Mr. Jimenez to devote at least 20 hours per week to the Company, which may be increased from time to time with the mutual approval of Mr. Jimenez and the Chief Executive Officer of the Company.

let's look at the "math" of this hire....

$12,500 x 80 hours a month = $156.25 per hour
12,500 month x 52 weeks = $150,000 a year for Part-Time Work
Oh..... Plus "+" bonuses....

This all suggests there is something A~FOUL with the accounting to pay so much for a very high priced part-time accountant.

Look for the soon to be filed 10-K to be "fixed" over the summer.

There is little doubt the 10-K to will be replaced with a 10-KT/A.

The up-list will be delayed until NASDAQ compliance is satisfied with the financial statements...

This really doesn't say much for $GMGI's prior corporate accounting team......

It certainly suggests the up-list will likely never occur before the 4th quarter of this year....

If it walks like a duck.....


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