Digital Brand Media & Marketing Group Files 10-Q

TL;DR

**DBMM files 10-Q for Q ended May 31, 2024. Check financials.**

AI Summary

Digital Brand Media & Marketing Group, Inc. filed its 10-Q for the quarterly period ended May 31, 2024. The company, incorporated in Florida, is headquartered in New York, NY. This filing covers their quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934.

Why It Matters

This 10-Q filing provides investors with an update on the company's financial performance and operational status for the most recent quarter.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not inherently indicate significant new risks.

Key Players & Entities

• Digital Brand Media & Marketing Group, Inc. (company) — Filer of the 10-Q
• May 31, 2024 (date) — End of the quarterly reporting period
• New York, NY (location) — Principal executive offices location
• Florida (location) — State of incorporation
• 000-52838 (other) — SEC file number

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value DBMM OTC Markets Indica

Filing Documents

• dbmm20240531_10q.htm (10-Q) — 835KB
• ex_695205.htm (EX-31.1) — 12KB
• ex_695206.htm (EX-32.1) — 5KB
• dbmm20240531_10qimg001.jpg (GRAPHIC) — 15KB
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• 0001185185-24-000696.txt ( ) — 4364KB
• dbmm-20240531.xsd (EX-101.SCH) — 38KB
• dbmm-20240531_def.xml (EX-101.DEF) — 135KB
• dbmm-20240531_lab.xml (EX-101.LAB) — 249KB
• dbmm-20240531_pre.xml (EX-101.PRE) — 134KB
• dbmm-20240531_cal.xml (EX-101.CAL) — 26KB
• dbmm20240531_10q_htm.xml (XML) — 297KB

CONDENSED CONSOLIDATED FINANCIAL INFORMATION - UNAUDITED

PART I. CONDENSED CONSOLIDATED FINANCIAL INFORMATION - UNAUDITED

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 3 Consolidated Balance Sheets as of May 31, 2024 (unaudited) and August 31, 2023 (audited) 3 Consolidated Statements of Operations and Comprehensive Loss for the Three months and Nine months ended May 31, 2024 and 2022 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Deficit for the Three months and Nine months ended May 31, 2024 and 2022 (unaudited) 5 Consolidated Statements of Cash Flows for the Nine months ended May 31, 2024 and May 31, 2023 (unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sale of Equity Securities and Use of Proceeds

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Submission of Matters to a Vote of Security Holders

Item 4. Submission of Matters to a Vote of Security Holders 36

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 36

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS DIGITAL BRAND MEDIA & MARKETING GROUP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) May 31, August 31, 2024 2023 ASSETS CURRENT ASSETS Cash $ 23,585 $ 44,521 Accounts receivable, net 11,099 20,739 Prepaid expenses and other current assets 19,196 470 Total assets 53,880 $ 65,730 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 720,081 $ 724,272 Accrued interest 1,475,992 1,189,387 Accrued compensation 1,130,027 1,313,536 Derivative liability 389,404 206,476 Loans payable, net 2,970,665 2,478,291 Officers loans payable 42,969 53,893 Convertible debentures, net 517,242 517,242 7,246,380 6,483,097 Loan payable, net of short-term portion 14,105 27,297 TOTAL LIABILITIES 7,260,485 6,510,394 STOCKHOLDERS' DEFICIT Preferred stock, Series 1, par value .001 ; authorized 2,000,000 shares; 1,995,185 , and 1,995,185 shares issued and outstanding 1,995 1,995 Preferred stock, Series 2, par value .001 ; authorized 2,000,000 shares; 0 and 0 shares issued and outstanding - - Common stock, par value .001 ; authorized 2,000,000,000 shares; 825,218,631 shares issued and outstanding 825,218 825,218 Additional paid in capital 9,813,090 9,813,090 Other comprehensive loss ( 9,239 ) 51,427 Accumulated deficit ( 17,837,669 ) ( 17,136,394 ) TOTAL STOCKHOLDERS' DEFICIT $ ( 7,206,605 ) $ ( 6,444,664 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 53,880 $ 65,730 See Notes to Unaudited Consolidated Financial Statements. 3 DIGITAL BRAND MEDIA & MARKETING GROUP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Unaudited) (Unaudited) (Unaudited) For the three-month period ended May 31, For the nine-month period ended May 31, 2024 2023 2024

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View this 10-Q filing on SEC EDGAR