WASHINGTON, March 25, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Hollywall Entertainment Inc. (OTC: HWAL), a telecommunication, infrastructure, media, technology, broadcasting and entertainment company, announces the completion of Public Company Accounting Oversight Board (United States) (PCAOB) audited financial statements for fiscal year (s) ending in December 31, 2019 and December 31, 2018.
Accell Audit and Compliance, P.A. (Accell) is an independent registered public accounting firm in compliance with SEC Rule 3520 which operates within the jurisdiction of the federal securities laws administered by the Securities and Exchange Commission (SEC). On March 1, 2020 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, in conjunction with the accounting firm of Noble Accounting and Consultant Executives LLC it has completed auditing the balance sheets of HWAL for the ending periods of December 31, 2019 and 2018, 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.
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.
Accell Founder and Managing Director, Chris Hiestand states, “We proudly represent our work on behalf of Hollywall Entertainment, Inc. and look forward to an ever-growing relationship with the company. We conducted our audit in accordance with the standards of the PCAOB. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion and have been prepared assuming that the Company will continue as a going concern.”
Securus Law Group’s (a securities law firm) Founder and President, Craig Huffman states, “Now that the audit by Accell has been completed, our firm now expands its ongoing corporate retention to provide all legal services relating to the preparation of HWAL’s anticipated S-1 Registration for filing to the SEC, which will be announced in the near future. Securus Law Group will remain available to respond to any and all questions during a subsequent SEC comment period, if any.”
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
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 this past year in support of our mission to become a fully reporting public company, while yet maintaining our focus of 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."
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, 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, 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.
Los Angeles, California