Replies to post #315887 on Digital Brand Media and Marketing Group Inc (DBMM)

[THall]

So you are saying the information the company reported to the SEC is false? Everything I posted came directly from the 10q just posted and I supplied the link. So I ask, who is really lying here?

Just some highlights from the latest 10-q potential shareholders should know about. Looks like bankruptcy is in DBMM's near future.

https://www.otcmarkets.com/filing/html?id=16794761&guid=seD-kqGn-ecpJth

Total Stockholders' Deficit $(6,541,033)

CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(715,714)

Loans payable $2,372,214

The aggregate schedule maturities of the Company’s loans payable outstanding as of May 31, 2023 are as follows:


2024 $2,344,917
2025 $11,948
2026 $12,708
2027 $2,641

Convertible notes payable $517,242

The convertible debentures matured in 2015, and bear interest at ranges between 6% and 15%. The convertible debentures are convertible at ratios varying between 45% and 50% of the closing price at the date of conversion through, at its most favorable terms for the holders, the average of the three lowest closing bids for a period of 5-30 days prior to conversion.


As of May 31, 2023, and August 31, 2022, the Company owes $1,326,086 and $1,377,136, respectively, in accrued compensation and expenses to certain directors and consultants. The amounts are non-interest bearing.

During June 2023, the Company issued 30,000,000 restricted shares of its common stock to a lender in accordance with the terms of two aged loans payable.

We had $22,000 in cash and our working capital deficiency amounted to approximately $6.5 million at May 31, 2023.

During the nine-month period ended May 31, 2023, we used cash in our operating activities amounting to $296,000. Our cash used in operating activities was comprised of our net loss of approximately $716,000

Accounts payable, accrued expenses, accrued interest, and accrued compensation, of approximately $303,000, resulting from a short fall in liquidity and capital resources.



We generated cash from financing activities of $262,000 which primarily consists of the proceeds from notes payable.


The Company has outstanding loans and convertible notes payable aggregating $2.9 million at May 31, 2023 and doesn’t have sufficient cash on hand to satisfy such obligations. The preceding raises substantial doubt about the ability of the Company to continue as a going concern.