Audit helps pave path to public capital markets, makes company more investable for public entities
MEMPHIS, Tenn., March 22, 2022 /PRNewswire/ -- Planet Wealth, Inc. today announced successful completion of a rigorous audit conducted by the Public Company Accounting Oversight Board (PCAOB). The PCAOB helps minimize future audit risk by reviewing companies' financial information and establishing a strict set of accounting guidelines. Though the PCAOB typically monitors publicly traded companies, privately held companies like Planet Wealth can voluntarily undergo the stringent audit process in preparation for a public equity offering or to raise internal accounting standards to comply with those required of public companies.
"This is the first step – and a very important first step – towards our ultimate goal of putting the tools to achieve personal financial independence in the hands of every investor," said Lance Woodson, CIO of Planet Wealth. "The Planet Wealth community and the tools we provide our members make achieving personal wealth not only possible, but also simple and cost-effective. We're extremely confident in our mission and our methods, so this PCAOB audit just made sense for our business and our investment community."
Founded in 2018, Planet Wealth continues to deliver on its mandate to provide individuals and businesses of any size the same level of access to investment capital that large corporations have. Planet Wealth community members can raise, earn, and grow capital by choosing from the intuitive suite of investment products offered on the Planet Wealth platform.
Network-building and collaboration are also core elements of the Planet Wealth investment model. Community members can help capitalize one another's investment ideas if they so choose, and Planet Wealth's proprietary investment platform provides both the scale and the features of service required to minimize transactional costs while still providing a superior customer experience.
Planet Wealth CEO Greg Sossaman describes his approach in simpler terms: "We're private equity for everyone," he comments. "Our platform provides affordable capital formation resources delivered in turnkey fashion, with investor-advantaged terms built in. This audit is one of many actions we're taking on a continuing basis so that every Planet Wealth member has instant access to a world of financial opportunity and support without paying exorbitant Wall Street fees."
The Planet Wealth PCAOB audit consisted of a thorough review of the company's financial statements for the years ended February 28, 2021, and February 28, 2020, respectively. Auditors found that statements of operation, shareholder equity, and cash flow, among many other measures, were presented fairly and accurately, and in accordance with accounting principles generally accepted in the U.S. International advisory and accounting firm Prager Metis administered the audit.
About Planet Wealth:
Planet Wealth is democratizing access to America's investment system - taking it from Wall Street to Main Street. Planet Wealth aims to provide income and wealth building opportunities that empower strong income and return potential for the average player; to assist the masses in building financial networks worldwide which wield as much power as the pros, taking advantage of opportunity with their combined force. Headquartered in Memphis, TN, the company launched on July 4th, 2021. https://planetwealth.com/
SOURCE Planet Wealth, Inc.