LZG International Inc, dba FatBrain AI ($LZGI), Announces Putting Systems in Place to Automate International Audit Compliance

Rhea-AI Summary

FatBrain AI announces efforts to automate international audit compliance, experiencing 130% Q/Q revenue growth in FY2023. The company is implementing safeguards and adding team members to overcome complexities in year-end filings. Financial reporting automation is led by Mr. Niyaz Salybayev, a 20-year audit and automation veteran. The company expects revenue and customer growth to continue in fiscal year 2024.

Positive

• FatBrain AI has achieved 130% Q/Q average revenue growth during FY2023, indicating strong financial performance.
• The company is implementing systems to automate international audit compliance, which will ensure timely future filings.
• The addition of team members and safeguards will help overcome complexities in year-end reporting.

Negative

• None.

NEW YORK, Oct. 13, 2023 /PRNewswire/ -- FatBrain AI (LZG International, Inc., OTCQB: LZGI) (the "Company," or "we"), the leader in powerful and easy-to-use AI solutions for enterprise stars of tomorrow, today announced putting systems in place to automate international audit compliance. 

FatBrain AI has realized 130% Q/Q average revenue growth during FY2023, including from the strategic international acquisitions during that time. While these acquisitions had accounting processes and audit firms in place in their ordinary course of business, FatBrain's consolidated year-end reporting has required new processes under the Public Company Accounting Oversight Board ("PCAOB") regime. These complexities have posed the main hurdle to complete the year-end filings. To overcome this, FatBrain AI has initiated a number of safeguards to be put in place, including automating systems and adding team members at the international facilities.

The financial reporting automation efforts are being led by Mr. Niyaz Salybayev, CPA, co-founder of EasyTax SaaS and a 20-year audit and automation veteran with Arthur Anderson, Ernst & Young, and PwC, including his decade and a half tenure as PwC's CFO for its Eurasian operations.

"We see the revenue and customer growth trends continuing in the fiscal year 2024," said Peter B. Ritz, Co-Founder and CEO of FatBrain AI. "While we did not anticipate international accounting hurdles and late filings, we are now on a path to fix and manage through these issues systematically. Automating our international systems will ensure that future filings will be timely, and the Company is confident in its current financial reporting. We are grateful for our shareholders' patience and are delighted to deliver an exciting future boosted by AI solutions."

About FatBrain AI (LZG International, Inc., OTCQB:LZGI)
FatBrain AI provides powerful and easy-to-use AI solutions to empower the enterprise stars of tomorrow to grow, innovate, and drive the majority of the global economy. FatBrain's AI 2.0 technologies and advanced data services transform continuous learning, narrative reasoning, large language models, and cloud and blockchain technologies into auditable, explainable and easy to integrate AI solutions. FatBrain's subscriptions allow all companies to deploy its advanced AI solutions quickly, easily, and securely behind their firewalls or via cloud. FatBrain's global delivery includes 600+ team across design, development centers in the US, UK, India, and Kazakh Republic. 

For more information, please visit: https://www.fatbrain.ai 

Forward Looking Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on September 13, 2022. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are based entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. 

Contact
Brokers and Analysts: 
Chesapeake Group 
410-825-3930 
info@chesapeakegp.com 

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SOURCE LZG International, Inc.

FAQ

What is the revenue growth of FatBrain AI in FY2023?

FatBrain AI has achieved 130% Q/Q average revenue growth in FY2023.

What efforts is FatBrain AI making to overcome complexities in year-end filings?

FatBrain AI is implementing safeguards and adding team members to overcome complexities in year-end filings.

Who is leading the financial reporting automation efforts?

Mr. Niyaz Salybayev, a 20-year audit and automation veteran, is leading the financial reporting automation efforts.

What is the outlook for revenue and customer growth in fiscal year 2024?

FatBrain AI expects revenue and customer growth to continue in fiscal year 2024.

What is the purpose of automating international systems?

Automating international systems will ensure timely future filings for FatBrain AI.