HOUSTON, June 22, 2016 /PRNewswire/ -- Dewmar International BMC, Inc. (OTCPink: DEWM), a diversified operating company announced today that it shall provide its investors with an in depth review and discussion of key elements of the most recent filing of its Quarterly Report with the Securities and Exchange Commission on Form 10-Q for the quarter ended March 31, 2014.
Dewmar has engaged MaloneBailey, LLP, a PCAOB accredited accounting firm, to audit and review its current and all future financial statements to-date. Dewmar plans to file its 1934 Act periodic reports, namely Form 10-Q and Form 10-K, with audited financial statements as soon as they become available from MaloneBailey.
Founder & CEO, Dr. Marco Moran, commented, "The Company has performed well against its revenue goals and we are excited to have these financial results reviewed and validated through an official audit process." He continued, "As the results of this most recent filing confirms, I'm particularly pleased to reiterate that Dewmar has completely cycled through all of the toxic financing instruments the Company took on dating back to October, 2012 and the Company has no long-term debt in the form of bank loans or corporate bonds."
Highlights for Period ending March 31, 2014 as compared to Prior Year:
- Net revenue increased 42%
- The Company generated a gross profit of 61%
- Increase in Cash & Cash Equivalents by over 2,100%
- Operating expenses decreased 25%. The overall decrease in operating expenses resulted primarily from decreases in stock based compensation arrangements
- Contract labor costs decreased 88%
- The "Going Concern" section was authorized to be removed from the subject Form 10-Q. Based on the auditor's consideration of Dewmar's current financials and strong liquidity, the former statement which expressed substantial doubt about the Company's ability to continue as a going concern, was authorized by the auditor to be removed from the subject Form 10-Q.
Company management agrees with the auditor's decision to remove the Going Concern statement. Per the Form 8K that Dewmar filed on September 25, 2015, for the period ending December 31, 2014; the Company generated a gross profit of 96% on revenues of $4,130,950. From a gross profit standpoint, that's a better performance than what Roche Holding Ltd delivered over the same time period and many view Roche as a world-class organization.
Dr. Moran commented, "We are proud of what we have been able to accomplish operationally and now, administratively, and we are diligently working on establishing a schedule with our accountants that project Dewmar International to be current with its periodic reports this year to gives investors complete access to the Company's entire financial history." Dewmar CEO stated that the Company's in-house bookkeeping records have been and remains current and up-to-date for the past two years, however, those records must be transferred to a third party accounting firm who in turn prepares them for audit and review by Malone Bailey."
Dewmar International hopes that its current and prospective investors would take a moment to visit its website and http://www.otcmarkets.com/stock/DEWM/quote to review recent filings and previous CEO Messages that provide insightful information on company activity, market developments and an outlook on the future growth of the Company.
About Dewmar International BMC, Inc.
Dewmar International BMC, Inc. is a diversified operating company headquartered in Clinton, Mississippi. The company conducts business across a variegated set of categories and sectors including consumer goods, wholesale trade, pharmaceuticals and health sciences. The company and its subsidiaries develop, market and distribute goods, therapeutics and services across national and international markets through licensing agreements, distribution contracts, fee-for-service arrangements and e-commerce platforms.
Investment & Company Information and company Safe Harbor Statement click here.
For Investment & Company Information
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dewmar-international-bmc-inc-dewm-announces-review-of-quarterly-filed-report-300288415.html
SOURCE Dewmar International BMC, Inc.