Dewmar International BMC, Inc. (OTCMKTS:DEWM) Up Despite Overdue Reports
In Friday trading Dewmar International BMC, Inc. (OTCMKTS:DEWM) managed a bounce of 50%. Share volume picked up considerably, with 72 million shares changing hands – the biggest number for the past month. By the closing bell DEWM reached $0.007 per share.
The sudden interest in DEWM is a little difficult to explain, considering the lack of official press releases coming from the company and, more importantly, the delay in their filings. DEWM is currently stamped as Pink Limited Info. The company has two late filings now, with a missing annual report for 2013 and no report for Q1 of 2014 either.
Traders can only look at the numbers DEWM reported 8 months ago in their Q3 of 2013 report. The information contained in that is not exactly impressive either. Here is the brief number rundown as of September 30, 2013:
- $12 thousand in cash
- $1.1 million in current liabilities
- $51 thousand in quarterly revenues
- $340 thousand in quarterly net loss
The company has kept a low PR profile for a while, with collateral mentions of DEWM in press announcements coming from Hemp, Inc. (OTCMKTS:HEMP). DEWM‘s own upbeat PR released back in April rings particularly hollow. The company claimed a 600% increase of online sale revenues in Q1 compared against the last quarter of 2013. This would be admirable achievement if traders had the numbers for either of those quarters but with the annual report for 2013 missing there’s no way to tell what sales were recorded in the two periods compared.
Additionally, over the quarter ended September 2013 DEWM issued 339 million shares to clear convertible debt. Due to its cash issues, DEWM is also handing out shares to pay for various services rendered, with over 200 million shares issued for general and consulting services. With no reports covering the last 8 months, there’s no way to know what else happened with the company’s share structure.
There’s always a chance that traders may be in for a nasty surprise once the two overdue reports come out so conducting one’s own, thorough due diligence is a must.