Company drops new top level domains as it becomes a shell company.
DigitalTown, Inc. filed its delayed 10-K yesterday. It covers the fiscal year ending February 28, 2019.
The annual report discloses that the Company 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 already 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 new top level domain registries paid DigitalTown to register their domain names.
The company has sold off all of its revenue-generating assets and is effectively a shell company. 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 company made in recent years were paid with stock. Assuming the owners didn’t liquidate this stock earlier, they have been wiped out.