Followers | 12 |
Posts | 1574 |
Boards Moderated | 0 |
Alias Born | 12/03/2015 |
Monday, September 23, 2019 7:00:07 PM
Since these motions were filed, DBMM has made some amendments to past filings addressing some of the Divisions' complaints. The Divisions' list of complaints is getting smaller and diminishing in substance.
Most recently, in a response filed by the division on June 21st, the Division lists ongoing material deficiencies in DBMMs filings. The material deficiencies are regarding language used pertaining to IFCR (Internal Controls of Financial Reporting) and Disclosure Controls and Proceedures DCP. The deficiencies are regarding qualifying language DBMM used regarding their IFCR and DCP.
DBMM seemingly has addressed these issues omitting the qualifying language in it's last Quarterly report filed on July 12th. We have not heard any complaints from the Division of enforcement since this last filing.
There are some recent precedents with companies becoming compliant during revocation proceedings and getting them dismissed. Most notably Can Cal Resources Ltd and GDSI. The prior seems to have been given significant leeway in correcting their deficiencies which appear to have been greater than DBMMs. It appears that DBMM is now filing reports in a manner compliant with SEC regulations and that the Judge should dismiss the proceedings. It is possible that the Judge could also require DBMM to amend the qualifying language of past filings but that would seem to be a higher level of accountability than Can Cal and GDSI have been held to.
Additionally, making it appear that the proceedings are coming to an end, the Judge recently ordered the other company (Intellicell Biosciences Inc) in the proceeding to show cause by october 4th for no response or face immediate revocation. Since Intellicell is clearly not contesting revocation, it should be completed Oct 4th. It would make sense that the ALJs try and wrap up the individual cases in these proceedings around the same time so they can close the proceedings entirely.
Things are looking better now, than they have for DBMM in the last two years. There are many signs pointing to the conclusion of the Administrative proceeding soon with a positive outcome for DBMM. Once this occurs the possibilities are expansive.
JMHO
Recent DBMM News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/15/2024 08:30:45 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 04/15/2024 08:54:16 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 01/16/2024 09:32:32 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/29/2023 09:31:08 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM