Dewmar International BMC Inc (DEWM)

[jfboston]

I don't think the tax returns have to be made public. As for the 30 day SEC extension I'm not exactly sure of the consequences besides being labeled as non-current. OTC companies are notorious for being more than 30 days late.

As for Jrsh's question about why it would take this long. First year audits take a lot longer than second, third year etc. Additionally, this could have nothing to do with the financials and more to do with the subsequent events in the opinions & notes (deals, litigation etc.)

The thing with multinational companies is that they are audited by Big 4 companies (PWC, Deloitte, E&Y, KPMG) and they have staff performing field work nearly all year round. If you are an auditor at PWC there is a chance you have like 3 clients you work on all year round.

Smaller CPA firms do not have this luxury or manpower. They typically will perform field work for a few weeks and then have a long period of back & forth to close down open items and issue reports. It is long and drawn out. Engagements become more seamless after the first year.

I don't know anymore about DEWM than anybody here, but I do know that audits often incur serious delays, so much so that there is a clause in the engagement letter about it. Nothing more to do than wait it out or sell.