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 reports
- Amended client agreements to be accurate as we advance
- Issued client credits where appropriate to ensure the integrity of each relationship
- Implemented improved processes and controls on costs to improve profitability and lower total costs to the clients
- Placed 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 realize how important it is for our shareholders to have accurate and reliable financial information to make informed decisions. The audit process has been more complex and time-consuming than our management team or our auditors had originally anticipated. We are working on the final steps in the audit process and expect to file the required documents very shortly. We thank our shareholders for their patience and look forward to reviewing the audited financials and providing a corporate update as soon as we file them."
Despite the delay on the audit, Business Warrior has been able to successfully launch its new flagship product, PayPlan. The company is kicking off a major marketing campaign for PayPlan in 2023 to create more revenue and awareness for the company. With the growth of PayPlan, a turnkey all-in-one lending solution, Business Warrior’s revenue will be more scalable and profitable.
Overall, Business Warrior has taken a proactive and adaptive approach to addressing the challenges it has encountered, and its ability to successfully launch a new product in a short period of time is an extremely positive sign for the company’s long-term success.
About Business Warrior
Business Warrior Corp. is a software-as-a-service (SaaS) company offering turnkey lending solutions to high-growth companies. We are a full-service provider with an end-to-end lending technology platform and customer acquisition marketing services. Founded in 2014, Business Warrior is a SaaS marketing company with a virtual workforce and employees worldwide. The company has worked with over 25,000 global businesses ranging from small to enterprise businesses. Business Warrior acquired Helix House and Alchemy Technologies in 2022. For more information, visit https://businesswarrior.com.
Forward Looking Statement
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Investor Relations:
John Bailey
Investors@BusinessWarrior.com
(855) 884-5805
