Business
Cloud-based Lending Platform Business Warrior Nears Completion of Its Audited Annual Financial Statements
Cloud-based Lending Platform Business Warrior Nears Completion of Its Audited Annual Financial Statements.
About this update from Business Warrior Corporation
[{"type":"text","content":"\n PHOENIX, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Business Warrior Corp. (OTCQB: BZWR), the cloud-based lending platform for success and long-term growth for businesses, provided an update to shareholders today regarding their team’s product focus and the filing of its audited annual financial statements for the year ended August 31, 2022. The company announced that it had encountered challenges in preparing its end-of-year financials due to the acquisitions made in 2022. However, despite these challenges, the company has successfully launched its new flagship product, PayPlan, in a short period of time. In addition, the company is announcing a major marketing campaign for 2023, which shows a clear strategic vision and plan to move forward and capitalize on the new product launch. This can potentially create more revenue and awareness for the company. CEO, Rhett Doolittle stated “We are committed to ensuring accurate financial reporting and are transparent with our shareholders. We have taken immediate corrective action to address the past mismanagement of financial reporting at Alchemy and have implemented controls to prevent similar issues from occurring in the future. More importantly, this is an inflection point for the long-term success of the company as we begin to scale PayPlan.” The delay in filing is due primarily to the additional time required for the accounting of acquisitions completed in 2022. During the auditing process, the company made several corrections to Alchemy’s accounts receivables, revenue reporting, and liabilities. The company has improved controls to adhere to GAAP and PCAOB standards, and management has taken the following steps to address any discrepancies and improve the overall financial performance of the company: Adhering to GAAP accounting standards by making several adjustments to Alchemy financial reportsAmended client agreements to be accurate as we advanceIssued client credits where appropriate to ensure the integrity of each relationshipImplemented improved processes and controls on costs to improve profitability and lower total costs to the clientsPlaced controls to achieve regulatory filing dates going forward \"Providing clear and transparent communication to our shareholders is important,\" said Rhett Doolittle, Chief Executive Officer of Business Warrior. \"We real...