Its domain names expire — DigitalTown let
Firm drops fresh top level domains as it becomes a shell firm.
DigitalTown, Inc. filed its delayed 10-K yesterday. It covers the fiscal year ending February 28, 2019.
The annual note discloses that the Firm is no longer acquiring or renewing its domain name portfolio. It had $0 in renewal fees during the fiscal year, so many of these domains have by now expired. At one point, it had 13,000 .city domain names.
DigitalTown also appears to have wound down most of its “Domain Marketing Development Obligations” in which fresh top level domain registries paid DigitalTown to register their domain names.
The firm has sold off all of its revenue-generating assets and is effectively a shell firm. It owes lots of money to creditors, which it hopes to pay off with nearly worthless stock. Shares (OTC: DGTW) last traded yesterday at $.0006. (Hey, it was up 50% on the day!)
Many of the acquisitions the firm made in recent years were paid with stock. Assuming the owners didn’t liquidate this stock earlier, they have been wiped out.
