Hollywall Entertainment Inc. (OTCMKTS:HWAL) Formally Completes Audits of 2019 and 2020
With subsidiaries such as Hollywall Development Company, Hollywall Music, Hollywall TV, Hollywall Sports, etc., telecommunications, infrastructure, technology, media, entertainment, and broadcasting company, Hollywall Entertainment, Inc. (OTCMKTS:HWAL) has certainly made its presence felt in several industries. 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, and many more.
Market Stats
On Wednesday, HWAL stock soared 16.25% to $1 with more than 200 shares, compared to its average volume of 8K shares. The stock moved within a range of $1.0000 – 1.0000 after opening trading at $1.
Hollywall Entertainment Inc., (OTC:HWAL) Announces the completion of its 2020 and 2019 Audit(s)
Hollywall Entertainment Inc. has successfully completed its Public Company Accounting Oversight Board United States (PCAOB) audited financial statements for fiscal years ending on December 31, 2020, and 2019, as announced on June 29, 2022. The finalization of this audit, along with the pending completion of its 2021 audit, ensures that Hollywall can qualify once again as a fully reporting issuer with the United States Securities and Exchange Commission (SEC).
Accell Audit and Compliance, P.A. was retained by Hollywall back in May 2021, to conduct a full and comprehensive audit of the company, in compliance with SEC Rule 3520. After a diligent and thorough auditing preparation and review, spanning a year, and together with the accounting firm of Noble Accounting and Consultant Executives LLC., Accell has finished auditing the balance sheets of Hollywall for the periods ending December 31, 2020, and 2019.
Accell is dedicated to working towards completing the company’s 2021 audit, along with its 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. Moreover, Hollywall has recently filed an application to qualify for an uplisting to the OTC Markets Group’s OTCQB Venture Market in the United States.
Hollywall Entertainment, Inc, President and CEO Darnell Sutton, has wholeheartedly thanked the numerous exceptional and diverse professional firms and people that have lent support to their mission of becoming a fully reporting public company. He also elaborates on the vision of bringing about an end to the digital divide that troubles the country’s poorest of communities, by serving many of these disenfranchised regions, with much required and incredible state-of-the-art broadband infrastructure products and services. The focus also remains firmly on offering an ever-increasing value to each and every Hollywall stakeholder.
Key Quote
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.”
Traders Corner
HWAL stock is trading above the 20-Day and 50-Day Moving averages of $0.98 and $0.92 respectively. However, the stock is trading below the 200-Day moving average of $1.26.
