Replies to post #355896 on Digital Brand Media and Marketing Group Inc (DBMM)

[Jetmek_03052]

And that last paragraph in regard to the "accrued compensation" does NOT jive up with the "Accrued Compensation" figures stated in each of the last 10K's for Reggie and Linda. ALL those financials can be found here:

https://www.sec.gov/edgar/browse/?CIK=1127475&owner=exclude

Look in each of the last 10K's since 2007 (for Linda) and since 2011 (for Reggie) - under "executive compensation". Including the 2024 10K, you'll see "accrued" compensation for Reggie summing up to around $650K to date. And for Linda, you'll see almost $3M accrued to date. Added together, the "accrued compensation" figures listed IN EACH 10K since 2007 for Reggie and Linda total over $3.5M!

In my opinion, the figures listed in the "Accrued Compensation" (note 10 I believe) CANNOT represent the totals of the "accrued compensation" given to Linda and Reggie, listed in those past 10K's. Something doesn't add up!

It's pure eyewash, in my opinion.

[Jetmek_03052]

My digging into the salaries assigned to DBMM's two executives have opened up some interesting questions about the present "accrued compensation" numbers listed in the most recent published financials! Something just doesn't add up!

Here is a link to the latest 10K published:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1127475/000118518524001176/dbmm20240831_10k.htm

The present accrued compensation amounts are listed here:

Note 7 - Accrued Compensation

The Company owes $1,109,178 and $1,313,536 as of August 31, 2024 and 2023, respectively, in accrued compensation and expenses to certain directors and consultants. The amounts are non-interest bearing.

Yet gathering all the "unpaid salary" numbers for Linda and Reggie PER YEAR - since 2007 - reveals the following:


Since 2012, Reggie James has accrued $54,000 each year in "unpaid salary". This amounts to $648,000. Any other salary listed was already paid to Mr. James (OVER $1.5M).

Reggie James:

Unpaid Salary to date - $648,000

Since 2007, the following Unpaid Salary numbers for Ms. Linda Perry are stated in the PUBLISHED FINANCIALS:

2007 - $162,590 Not Paid (Salary of $185,000 - with $22,410 being paid in cash)
2008 - $177,500 Not Paid (Salary of $185,000 - with $7,500 being paid in cash)
2009 - $157,500 Not Paid (Salary of $185,000 - with $27,500 being paid in cash)
2010 - $0 (10K lists $107,414 as being "earned" - no amount was stated as being PAID)
2011 - $150,000 Not Paid
2012 - $150,000 Not Paid
2013 - $150,000 Not Paid
2014 - $150,000 Not Paid

2015 - $ 14,166*Not Paid
2016 - $150,000 Not Paid
2017 - $150,000 Not Paid

2018 - $150,000 Not Paid
2019 - $150,000 Not Paid
2020 - $150,000 Not Paid
2021 - $150,000 Not Paid
2022 - $150,000 Not paid
2023 - $150,000 Not Paid
2024 - $150,000 Not Paid
===============
$2,461,756 in Unpaid Salary

*The "Super 10K" covering the years of 2015 through 2017 state Ms. Perry received $150,000 per year, of which $135,834 was PAID to her! The 10K does not state which years that amount was paid to her, so I simply accounted for all of it in the year of 2015.


Adding up the numbers per year from EACH of the legal and published AUDITED 10K annual reports gives a FAR DIFFERENT amount than the Accrued Compensation figure in Note 7 of the 2024 10K!

Reggie James has unpaid salary of $648,000, as per the numbers taken from EACH YEARLY 10K (as of fiscal year 2024)!

Linda Perry has unpaid salary of $2,461,756, as per the numbers taken from EACH YEARLY 10K (as of fiscal year 2024)!

Combined, that's $3,109,756!

The figure in Note 7 for the accrued compensation in the latest 10K lists the figure at $1,109,178 for the 2024 Fiscal Year . Yet by the numbers taken from EACH PUBLISHED 10K? Just Linda Perry alone should have almost $2.5 MILLION DOLLARS in unpaid salary! Why isn't this listed under the "accrued compensation" note???? Maybe the SEC should be informed of this difference???

I mean really. IF the "salary not paid" to Linda and Reggie (approx $3.1M) is not represented in the "Accrued Compensation" amount in Note 7? Then WHERE IN THE FINANCIALS IS IT REPRESENTED? That "salary not paid" is a liability, is it not? Anyone think that Reggie and Linda is going to say "hey guys - let's just forget about all the past salaries I'm owed! Forget about it. It's all GOOD!"

I SERIOUSLY doubt THAT is going to HAPPEN! So, that unpaid salary is a liability, and I cannot find anywhere in the 10K where it is listed.

Think the SEC would be interested in this?