The SEC Board of Commissioners will FIRMLY stand behind Ms. Williams!
The SEC will review this case and plainly see that Foelak called DBMM “compliant” directly against the opinion of the Div of Corp Finance Senior Accountant Robert Shapiro.
From a June 15, 2018 SEC filing, signed by SEC Atty’s James Carlson and Neil Welch Jr:
In this filing is the Declaration of the Senior accountant for the Division of Corp Finance (Robert Shapiro). He states that DBMM is materially deficient because of the lack of the 10Q financial numbers in the “Super 10K”.
“A. The Division of Corporation Finance has found Digital Brand's "Super 10-K" for fiscal years 2015 through 2017 to be materially deficient, thus making Digital Brand still delinquent in its periodic reports. The Division of Corporation Finance reviewed Digital Brand's "Super 10-K" for its fiscal years 2015 through 2017, and found the report materially deficient in that the report failed to provide any of the necessary quarterly information."
The Super 10-K was reviewed by Robert Shapiro, Senior Staff Accountant for the Division of Corporation Finance, and he found it to be materially deficient because the financial statements included in the Super 10-K are not complete as they do not include the required quarterly interim financial statements or disclose comparable financial information for each of the most recent two fiscal years as required by Article 10 of Regulations S-X.
In Addition:
The following disclosures in the “Super 10K” requiring amending:
" Management's Discussion and Analysis of Financial and Results of Operation ("MD&A") does not contain a balanced discussion of the company's industry position and give undue prominence to industry metrics for digital adveristing and larger public companies that use digital advertising with no clear correlation to the company’s business. Such information is more heavily weighted than the discussion of the company's results of operations, financial conditions, and its trends, risks, and uncertainties in MD&A in the “Super I0K” pursuant to Item 303 of Regulation S-K.
"Item 9(A) ICFR “Controls and Procedures" disclosures in the Super 10-K are not compliant with Item 308 of Regulation S-K because they do not disclose the conclusions of Digital Brand's principal executive and principal financial officer, or persons performing similar functions, regarding the effectiveness of the company’s internal controls over financial reporting."
All from the Declaration of Robert Shapiro.
==================
We know that these 10Q numbers HAVE NEVER BEEN POSTED.
The claim of Maranda Fritz that ALL filing deficiencies had been cleared with the simple correction of the ICFR “language” is FALSE and that opinion SHOULD NEVER have been given to ALJ Foelak.
Samantha Williams’s reference to Foelak “erring” when she called DBMM fully compliant is based upon these (TO DATE NEVER SEEN) missing 10Q numbers!
This unequivocally proves that Div of Corp Finance believes that DBMM remains MATERIALLY DEFICIENT.
These are the facts and are supported by legal documents.
I keep telling myself....deep breath....count to ten....try to answer without personal attack...if available, always try to present fact to back up your opinion.
AI
