Okay. So DBMM lost compliance with Rule 15c2-11 in 2017, when it was suspended for delinquency. It was very lucky to avoid revocation of registration. And then it took years for it to regain compliance with Rule 15c2-11, which only occurred when FINRA cleared its Form 211 in October 2022.
The company says it's been successful in renegotiating some of its loans so they no longer contain a conversion feature. That's a good thing.
But:
The Company has outstanding loans and convertible notes payable aggregating $2.5 million at August 31, 2022 and doesn’t have sufficient cash on hand to satisfy such obligations. The preceding raise substantial doubt about the ability of the Company to continue as a going concern. However, the Company generated proceeds of approximately $389,000 from financing activities during fiscal 2022. The Company also has a non-binding Commitment Letter from an investor of $250,000 which also includes a right of first refusal on additional capital raise up to $3 million which will contribute to satisfying such obligations and fund any potential cash flow deficiencies from operations for the foreseeable future.
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