 | ASM Admin | | 11mos | | Legal Update | For anyone interested in the ongoing litigation with the SEC, I have posted an update on my CEO blog. You are able to sign up for free (select the NONE/Public Posts on the far right) and you will receive future updates as well as have access to previous postings.
The latest update includes a copy of the SEC's motion for final judgment with accompanying exhibits, Defendant Rabalais' brief and the separated company's brief and accompanying exhibits.
I provided a brief synopsis of the history as well as what is next.
https://fromtheceo.substack.com
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| ASM Admin | | 11mos | | Re: Legal Update | I have updated the Legal page on my CEO blog to provide the most current status on our case which includes the most recent filed documents.
As a reminder, this page is useful for anyone interested in keeping up to date on our current case. Any company related filings on the docket have been uploaded to the cloud for free download.
Here you can access the SEC's initial brief filing, our reply and most current status.
https://fromtheceo.substack.com/p/legal
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| ASM Admin | | 3mos | | Re: Legal Update | LEGAL UPDATE:
Some of you may already be aware of this but many may not be aware so I would like to give a quick update to all of our shareholders. The Washington D.C. District Court finally handed down their judgment and issued an opinion on the matter. I will provide links below should you want to download those documents and give them a read.
A high level read of the situation goes like this:
1) The judge tried to help us as much as possible. He did not find that the expenses were necessarily illegitimate, he found that they were not shown to be attributable to something other than the donor program. Since the entire donor program was ruled to be illegal, (unregistered securities), the case law made it clear that those expenses could not be deducted. ($1.8 million in donations - roughly $700k in expenses were allowed leaving us with a $1.1 million judgment + $299k in interest owed). (All due within 30 days of the 28th or the SEC can then start collection processes including and up to asset seizure or forced sale of our IP which is what we dont want, thats everything for us).
2) The judge was clearly affected by the shareholder survey that we conducted because he felt it worthwhile to include in the opinion that several of you were present remotely and interested in the outcome. He gave us as positive an opinion as possible in light of the local established precedent that he was bound to.
3) We are considering multiple possibilities at the moment and another message will be posted once we figure out the next best step.
Below are the links for your reading:
1) Judgment order: https://drive.google.com/file/d/1yvCehlMjlfOHkt0Lm1VNmYecazD75Qi4/view?usp=sharing (PDF Download)
2) Judge's Issued Opinion: https://drive.google.com/file/d/1zW51xAyjQi_Z_wUSiCxwqcuNN_6XlxKv/view?usp=sharing
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| ASM Admin | | 2mos | | Re: Legal Update | 2/27/25: The DC Circuit Court's decision has been appealed avoiding an immediate bankruptcy filing for the companies.
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