WASHINGTON, DC -- July
11, 2022 -- InvestorsHub NewsWire
-- Hollywall Entertainment Inc.
(OTCPink:
HWAL),
a
multi-faceted developer, telecommunications, technology, media,
sports and entertainment and broadcasting company,
announces the
successful completion of its Public Company Accounting Oversight
Board United States (PCAOB) audited financial statements for fiscal
years ending in December 31, 2020 and
2019.
The finalization of
this audit, along with the pending completion of its 2021 audit
lays the foundation for Hollywall to qualify once again as a fully
reporting issuer with the United States Securities and Exchange
Commission (SEC).
On
May 2021, Accell Audit and Compliance, P.A. (Accell) was retained
by HWAL to administer a full and complete audit of the
Company in compliance with
SEC Rule 3520. After a year
of diligent and thorough auditing preparation and review, and in
conjunction with the accounting firm of Noble Accounting and
Consultant Executives LLC. (NACE), Accell has
completed auditing the balance sheets of HWAL for the periods
ending December 31, 2020 and 2019, and continues to work diligently
towards the anticipated completion of the company’s 2021 audit,
along with the Company’s related consolidated statements of
operations, stockholders' deficit and cash flows for the years then
ended, which is intended to be filed in a Form S-1 under the
Securities Exchange Act of 1933.
Further, Hollywall has
recently made it’s application to qualify for an uplisting to the
OTC Markets Group’s OTCQB Venture Market in the United
States.
Accell, an independent
registered public accounting firm in compliance with SEC
Rule 3520, operates within the jurisdiction of the federal
securities laws administered by the Securities and Exchange
Commission (SEC). The consolidated
financial statements of HWAL have been prepared in accordance with
accounting principles generally accepted in the United States (U.S.
GAAP) and audited in accordance with the standards of the
PCAOB.
Previously on March of
2021 the company announced the completion of the (PCAOB) audited
financial statements for fiscal year (s) ending in December 31,
2019 and December 31, 2018.
NACE Founder and
Managing Director, Alejandro Gonzalez states, “We are proud to
announce that Hollywall Entertainment, Inc. has completed auditing
of its corporate financial statements and disclosure statements
from the period of its last filed audit period of 2012 until 2020.
The Company took longer than expected to
conduct its thorough audit in accordance with the
standards of the PCAOB, but are happy to state that our
auditing and compliance professional team have prepared extensive
comprehensive financials and disclosures that will be filed in an
S-1 registration statement with the SEC, enabling the Company to
become fully reporting.”
Securus Law Group’s (a securities law firm)
Founder and President, Craig Huffman states; “Now that the
Company’s audit is complete, our firm will expand its ongoing
corporate retention to provide all legal services relating to the
preparation of HWAL’s anticipated S-1 Registration Statement, which
will be announced in the near future. In preparation for the
Company to become fully reporting with the SEC, they have retained
the services of a second CPA firm to help with the preparation
services for the Company’s S-1 registration statement and future
concurrent annual and quarterly disclosure and filings, to be filed
timely with the SEC. Securus Law Group will remain available to
respond to any and all questions during a subsequent SEC comment
period, if any.”
Hollywall
Entertainment, Inc, President and CEO Darnell Sutton states, “We
wish to thank the many exceptional and diverse professional firms
and people that we have had the pleasure to work with over these
past many years in support of our mission to become a fully
reporting public company, while maintaining our vision to
bring about an end to the digital divide which
plagues our country's poorest of communities, by serving
many of these disenfranchised regions throughout our beloved nation
with much needed and exceptional state of the art broadband
infrastructure products and services while offering an ever
increasing value to each and every Hollywall stakeholder
... Fiber to the
People."
SEC S1
Filing
An S-1 is a
registration filing form for companies to complete registration of
securities offering under the Securities Act of 1933. This
act, also known as the Truth in Securities Act was enacted to bring
greater transparency to securities. Through form S-1, companies
offering securities are required to disclose a description of the
company’s properties and business; a description of the security
being offered; information about management running the company and
financial statements that have been certified by independent
accountants. S-1 registration filings typically include information
about the total number of shares offered and the price per share as
well as Investment Prospectus information offered to
investors.
SEC Full reporting
company
Companies that file
a Form S-1 registration
statement under the
Securities Act of 1933, as amended (“Securities Act”) become
subject to Reporting Requirements. The underlying basis of the
Reporting Requirements is to keep shareholders and the markets
informed on a regular basis in a transparent manner. All reports
filed with the SEC are subject to
SEC review and comment and, in fact, the Sarbanes-Oxley Act.
Reports filed with the SEC can be viewed by the public on the SEC
EDGAR website. The required reports include an annual Form 10-K,
quarterly Form 10Q’s and current periodic Form 8-K as well as proxy
reports and certain shareholder and affiliate reporting
requirements. A reporting company also has record keeping
requirements, must implement internal accounting controls and is
subject to the Sarbanes-Oxley Act of
2002
About Hollywall
Development Company (HWDC)
Hollywall Development
Company LLC, (HWC) is a subsidiary of Hollywall Entertainment Inc.,
a minority-majority controlled, and operated consortium enterprise
company led by founder, President & CEO Darnell Sutton, an
award-winning visionary, strategist, and
entrepreneur.
HWDC builds, restores
and creates “smart” cities/communities and fiber networks
throughout the U.S. HWDC services, initiatives and investments
include broadband and 5G networks, IOT, smart city technologies,
energy, tele-medicine, tele-education, transportation, clean water,
waste management and the development of green
environments.
HWDC employment growth
opportunities continue to attract the industry’s best, brightest
and most seasoned corporate executives to join its staff, as well
as its ongoing efforts to develop highly effective and profitable
strategic partnerships with investment banks, global capital funds,
public financial and wealth management firms, construction and
engineering companies, telecommunications companies, federal
agencies, state and local governments, nonprofits, faith-based
organizations and housing
authorities.
Some of HWAL
initiatives include:
- Designing,
engineering, constructing, operating, and providing 5G
infrastructure, Rural and Urban Wireless and Broadband
Telecommunications Network
Infrastructure,
- Fostering, developing,
and implementing entrepreneurial and economic development
opportunities for minority business enterprises
(MBEs),
- Working in partnership
with Historically Black Colleges and Universities (HBCUs) and
Tribal Colleges and Universities (TCUs) to solve the challenges of
deploying broadband in vulnerable communities,
and
- The installation of
Rural Broadband Connectivity throughout agriculturally-rich
communities ensures farmers can maintain and increase sustainable
practices using digital tools, among other initiatives of the
Company.
About Hollywall
Entertainment, Inc.
Hollywall
Entertainment, Inc. (OTC:HWAL)
is a telecommunications, infrastructure, technology, media, sports
and entertainment and broadcasting company that operates through
its various subsidiaries, including Hollywall Development Company
(HWDC), HW Vision and HW Latlong, and multiple divisions to include
HW School of Communications, Hollywall Music, Hollywall TV,
Hollywall Sports, HW Productions, HW Networks, HWRadio, HWGOV and
The Hollywall Foundation. HWAL continues to maximize rights to its
music, film, television, home videos and software game libraries.
Hollywall owns exclusive and nonexclusive rights to market,
manufacture and distribute music master recordings performed by
legends such as Ray Charles, Ella Fitzgerald, The Jackson 5, Frank
Sinatra, Dolly Parton, Elvis Presley, Tony Bennett, The Bee Gees,
Chicago, The Platters, George Gershwin, Marvin Gaye, James Brown,
The Who, Janis Joplin, Rolling Stones, Nat King Cole, John Lee
Hooker, Willie Nelson, Rod Stewart, Hall and Oates, James Taylor,
Etta James, Aretha Franklin, and other multiple-platinum-selling
acts. Learn more at www.hollywall.com.
This press release
contains forward-looking statements within the meaning
of Section
27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and, as such, may
involve risks and uncertainties. These forward-looking statements
relate to, amongst other things, current expectation of the
business environment in which the company operates, potential
future performance, projections of future performance and the
perceived opportunities in the market. The company's actual
performance, results and achievements may differ materially from
those expressed or implied in such forward-looking statements as a
result of a wide range of factors.
Hollywall
Entertainment, Inc.
202-827-2220
info@hollywall.com
Corporate
Communications:
Instagram :https://www.instagram.com/hollywalltv
Facebook: https://www.facebook.com/HWAL.Hollywall
Twitter: https://twitter.com/theHollywall
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