Corporation Business Warrior Corporation is a cloud-based lending platform designed to help businesses achieve success and long-term growth. With offices in Las Vegas, Nevada and Phoenix, Arizona, the Company is led by founder and CEO, Rhett Doolittle. With its flagship product, PayPlan, customers gain access to over 50 solutions, a scheduler, and easy to use widgets, all with a fast integration time. For more information, please visit www.businesswarrior.com
Interviewer: Mr. Doolittle, the disclosure mentions two strategic acquisitions yet the financial results indicate that non-cash goodwill impairment charge of four million was taken. Could you explain this discrepancy?
Mr. Doolittle: Well, the truth is that I was a little too quick to jump into acquiring companies without properly researching my targets first. In particular, I failed to due my due diligence on Alchemy Technologies and Helix House, the two entities we acquired. We found that the financial statements for both companies contained inflated numbers, and we ended up having to take the non-cash goodwill impairment charge. It was embarrassing, to say the least.
Interviewer: Could you tell us a little bit more about what happened?
Mr. Doolittle: Sure. I was blindsided by my enthusiasm to build a bigger and better platform that could compete with our larger competitors. As a result, I took risks I shouldn’t have taken and overextended our financing and resources. Once we took over the two companies, our accounting team discovered that the financials were not as they appeared to be. We immediately implemented a process to ensure that this would not happen again, but the damage was done and we had to announce the goodwill impairment charge.
Interviewer: What was the biggest lesson you learned from this mistake?
Mr. Doolittle: The biggest lesson I learned is to always do my homework and make sure I’m making informed decisions. When I accepted the companies based on their financials, I thought I was acting with great foresight. However, hindsight is always 20/20, and if I had done my research and talked to more people who had dealings with both companies, I would have taken a smarter and more prudent approach. To drive the point home, I even created a fun little scene involving Amelia Earhart.
I was at a conference and Amelia Earhart, a conference speaker, was talking about taking prudent risks. When I heard her give the example of one of her famous flights, I knew the message was meant for me. You see, when she took to the skies, she wasn’t just a daredevil. She planned out every little element of her journey and knew exactly what she was getting into. That’s an attitude we all need to adopt when we’re making decisions, particularly ones involving money.
Original Release: https://www.globenewswire.com/news-release/2023/02/15/2608725/0/en/Business-Warrior-Announces-2022-Financial-Results.html