Hollywall Entertainment : Audited Financial Statements 2018 and 2019







HOLLYWALL ENTERTAINMENT, INC.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDING 12/31/2019 and 12/31/2018 Restated

TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

1

RESTATED CONSOLIDATED BALANCE SHEETS

2

RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS

3

RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS

4

RESTATED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Hollywall Entertainment, Inc

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Hollywall Entertainment, Inc (the Company) as of December 31, 2019 and 2018, and the related consolidated statements of operations, changes in stockholders’ deficit and cash flows for each of the years in the two-year period ended December 31, 2019, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

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.

Emphasis of Matters

As discussed in Note 2 to the financial statements, during the 2020 audit, certain errors were discovered in the 2019 and 2018 financial statements, which have been restated in the accompanying financial statements. These adjustments have been audited by us and this opinion is not modified with respect to this matter; however, the opinion dated March 23, 2021 and the related financial statements should not longer be relied upon.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 6, the Company has incurred net losses and negative cash flow from operations since inception. These factors, and the need for additional financing in order for the Company to meet its business plans raises substantial doubt about the Company’s ability to continue as a going concern. Our opinion is not modified with respect to that matter.

We have served as the Company’s auditor since 2020.

Tampa, Florida

February 11, 2022

3001 N. Rocky Point Dr., Suite 200 i Tampa, Florida 33607 i 813.367-3527

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Balance Sheets

Restated

As of

ASSETS

12/31/2019

12/31/2018

Current Assets

Cash and Cash Equivalents

$

3,945

$

160,923

Prepaid Expenses

3,197,000

911,000

Total Current Assets

3,200,945

1,071,923

Property and Equipment, net

Vehicles, net

70,476

91,171

Total Property and Equipment, net

70,476

91,171

Other Non Current Assets

Intangibles, net

26,055,556

30,522,222

Total Other Non Current Assets

26,055,556

30,522,222

TOTAL ASSETS

$

29,326,977

$

31,685,316

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Current Liabilities

Accounts Payable

$

52,207

$

17,470

Accrued Expenses

621,059

691,392

Convertible Notes Payable

588,750

588,750

Total Current Liabilities

1,262,016

1,297,612

TOTAL LIABILITIES

1,262,016

1,297,612

Commitments and Contingencies (Note 12)

STOCKHOLDERS’ EQUITY

Preferred Stock, $0.001 par value, 200,000 shares

authorized, 99,391 issued and outstanding

99

99

Common Stock, $0.001 par value; 300,000,000 shares

authorized, 71,325,284 and 15,041,320 issued and

outstanding at December 31, 2019 and 2018, respectively

71,325

15,041

Common Stock to be Issued

2,068,250

14,251,206

Additional Paid-In Capital

65,650,885

50,637,063

Accumulated Deficit

(39,725,598)

(34,515,705)

Total Stockholders’ Equity

28,064,961

30,387,704

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

29,326,977

$

31,685,316

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

2

Hollywall Entertainment, Inc. and Subsidiaries

Consolidated Statements of Operations

Restated

For the years ending

12/31/2019

12/31/2018

REVENUE

Music Licensing Income

$

21,760

$

3,251

Lobbying Income

180,000

TOTAL REVENUE

201,760

3,251

OPERATING EXPENSES

Amortization Expense

4,466,667

4,466,667

Executive Management Compensation

475,000

475,000

General and Administrative Expenses

380,698

248,507

Professional Fees

38,906

175,407

Depreciation Expense

20,695

4,726

TOTAL OPERATING EXPENSES

5,381,966

5,370,307

Loss from Operations

(5,180,206)

(5,367,056)

Other Expenses

Interest Expense

(29,687)

(25,045)

(5,209,893)

(5,392,101)

Provision for income taxes

Net Loss

$

(5,209,893)

$

(5,392,101)

Basic and diluted loss per share

$

(0.11)

$

(0.40)

Weighted average number of shares outstanding, basic and diluted

47,746,988

13,612,161

THE ACCOMPANYING FOOTNOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Hollywall Entertainment Inc. published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 18:24:02 UTC.

Publicnow 2022

All news about HOLLYWALL ENTERTAINMENT, INC.


Chart HOLLYWALL ENTERTAINMENT, INC.



Duration :


Period :




Hollywall Entertainment, Inc. Technical Analysis Chart | MarketScreener