Business
Dewmar International BMC, Inc. (DEWM) Completes Filing of Financials at OTCMarkets.com
Dewmar International BMC, Inc. (DEWM) Completes Filing of Financials at OTCMarkets.com.
About this update from Dewmar Intl Bmc Inc
[{"type":"text","content":"\n All Liabilities Significantly Reduced by $2,773,111 New York, NY, Dec. 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Dewmar International BMC, Inc. (OTCPINK: DEWM) announced that it is has completed the filing of its financial statements at OTCMarkets.com. During the quarter for the period ended September 30, 2019, the company reported total liabilities of $278,057 as compared to liabilities of $3,051,168 for the same period in the previous year. The significant reduction in liabilities was a key goal for the new management team as it would have been difficult to execute the new management team’s business plan while it was continuing to pay off old debts. During the same period ended September 30, 2019, the shareholder’s deficit was reported at a deficit of $228,242 as compared to a deficit of $2,980,133 for the same period in the previous year. Donald Hunter, Chairman and Chief Executive Officer of Dewmar, commented, “The task of completing the financials was not an easy one but we are glad we have been able to complete the filing of these financials as quickly as possible. Our next very near-term goal is to improve the health of the balance sheet by improving the company’s cash position. We have already begun working on that goal and we are making progress.” Mr. Hunter continued, “When I took over, I assessed the company’s products and financial statements and knew there was much work to do. We immediately disassociated the company with Lean and as we announced previously, our focus will be on Kush Cakes and hemp products going forward. I recently met with one of the largest culinary arts schools in the world to discuss product formulations. Dewmar is working on formalizing a relationship with that institution.” Mr. Hunter concluded by saying, “We have engaged counsel to provide a current information notice to OTC Markets and if the information and the current information letter that we submit to OTC Markets is satisfactory, we expect to be able to achieve “current information” status over the next 1-2 weeks. I would like to personally thank shareholders for their patience and their continued patience during this transition period.  Our goal remains products that we believe can achieve $25,000,000 in revenue.” Up until December 20, 2018, most he...