Incorrect.
The REAL reason DBMM chose not to file?
Because they very stupidly entered into a death spiral financing agreement with an unsavory lender (Archer).
When they saw Archer bleeding the stock price down, they decided to fight Archer in court to get out of the agreement.
Since they have very little money (hence the stupid agreement with Archer), they decided to spend what little cash they had to take Archer to Court.
They even admitted to the SEC (finally) that it was “an easy decision” not to file. They figured they could “file later”.
Except they decided not to file for A LONG TIME. When they DID finally try to get their financials in order, it was with a shady accounting firm that the SEC BANNED companies from using.
Then they went through THREE accounting firms. The first one they STIFFED for payment, because they’re broke!
The second one didn’t work out. They even claimed they had finally landed an accountant to do the financials- but apparently that was news to the accountant!
It’s been one disaster after another for this company.
Finally when they DID file, the SEC cited problems with the filings (well documented on this board), which required them to AMEND filing after filing!
To this day, the last amended “super 10K” they filed is being called materially deficient because of missing 10Q numbers from the years of delinquent filings.
This is what the petition is all about. The Div of Corp Finance believes TO THIS DAY that DBMM is materially deficient because of the missing quarterly numbers. These numbers HAVE NEVER BEEN SEEN and WERE NOT cured by any “language corrections”, as Maranda Fritz incorrectly advised the ALJ presiding over the case (Foelak).
In fact, Foelak has a legitimate case against Fritz, who incorrectly told Foelak that DBMM was compliant.
This company is nothing but a share printing sham.
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