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Business Warrior Corporation

Vendor or contractor

PPP · EIDL
Type
Company or group
Role
Vendor or contractor
Programs
PPP, EIDL
Updated
  • Type: Publicly-traded small-business marketing and lending-software company (OTC Pink: BZWR, currently flagged "CE": caveat emptor). Operating subsidiary is Bluume LLC dba Business Warrior. Self-described "virtual staff" with no single office; Las Vegas, Nevada mailing address.
  • Legal entities: Business Warrior Corporation (Wyoming, redomiciled January 31, 2020); operating sub Bluume LLC; corporate shell originally Kading Companies, S.A. (British Virgin Islands, incorporated October 10, 1995; traded as KDNG before the merger).
  • Founded: Bluume founded by Rhett Doolittle; took the Kading listing via a reverse merger on January 31, 2020 (Reg A offering circular and 10-K).
  • HQ: No physical HQ. Las Vegas mailing address per SEC filings; "virtual staff … spread across the globe."
  • CEO/Chair: Rhett Doolittle (Chairman and CEO). Jonathan Brooks (President and director). Jeremy Keehn (Chief Technology Officer).
  • Role in the Blueacorn cluster: Supplemental PPP eligibility-verification vendor. One of two outsourcer chains (with Elev8 Advisors) paid out of Blueacorn's $13.7 million eligibility-verification budget. Pitched Blueacorn on reviews timed at ~90 seconds per application (40 per reviewer per hour) at $3 per application reviewed.

Pandemic-role map

  • Reader shorthand: supplemental eligibility-verification vendor for Blueacorn.
  • What Business Warrior did for borrowers: reviewed PPP application files behind the scenes; borrowers did not receive a loan from Business Warrior.
  • What Business Warrior sold to Blueacorn/Elev8: high-throughput file-review labor priced per application.
  • Where responsibility sat: Blueacorn owned the portal and lender handoff; Prestamos and Capital Plus were lenders of record; Business Warrior was a subcontracted review-capacity provider.

Before the pandemic (2014–early 2020)

Bluume was the operating software business. Doolittle's career before Business Warrior ran through payments and small-business marketing (see his profile). Bluume sold a SaaS product that told small businesses which marketing levers to pull across Facebook, Yelp, and Google.

The public-company shell came separately. Kading Companies, S.A. was a BVI-incorporated entity trading as KDNG since 1995. On January 31, 2020, in a triangular reverse merger, Kading acquired Bluume, changed its name to Business Warrior Corporation, and redomiciled in Wyoming. Bluume, the software business, is what survived; Kading is the listing it took over. The Reg A offering circular Business Warrior filed in 2021 documents the corporate history; the FY2023 Form 10-K identifies Doolittle as Chairman/CEO and Brooks as President/director.

During the pandemic (March 2020 – 2022)

Business Warrior's revenue rose from $380,787 in the year to August 2020 to $5,523,458 a year later, and its offering circular says one customer supplied 94% of it.1 In those twelve months the company advertised a free PPP application "powered by blueacorn" and took two PPP loans of its own; a House report says Blueacorn agreed to pay it $3 for each PPP application it reviewed.234

Free software, then its own loans

On March 27, 2020 the company said it would "offer free, one-year access to its Business Warrior software," an offer it valued at $710.5 The terms limited it to new subscribers and to "the basic monitoring services of Reputation, Listings and Website."6 By September the company said this "COVID pledge" had reached "over 2,000 small business owners."7 Its first offering circular put that year's revenue at $386,087, down from $1,060,053, and blamed "our change in revenue model."8

PPP principal can be forgiven if the program's conditions are met.1 SBA records show three loans to two company borrowers. Kading Companies got $60,600 on April 9, 2020 and a second-draw $77,500 on February 19, 2021, both from MidFirst Bank; the subsidiary Bluume LLC got $62,002 on March 3, 2021 from Capital Plus Financial.3 All three were forgiven, $200,102 in principal.9 USAspending lists a $150,000 COVID-19 EIDL to Bluume dated May 23, 2020.10 The filings carry an SBA loan of $149,900 at 3.75%, which they call "a normal SBA loan," with repayment deferred to October 2022.9 Chief executive Rhett Doolittle took a $19,807 PPP loan from Prestamos CDFI as an independent contractor on June 30, 2020.3

The PPP portal

On January 21, 2021 Business Warrior announced a PPP application with Elev8 Advisors and Hownd, headlined "Business Warrior Helping Deploy Thousands of PPP Loans to SMB's," with its new Scout software "bundled with each PPP loan."11 The company's PPP page said the application was "powered by blueacorn" and answered "How much does it cost to apply" with "Absolutely nothing!" It sat above a sales letter offering Scout for $29 as a "Black Friday" deal, "$49 or more" after launch.2

On February 24 the company's blog reported 750 applications approved and "over $49 million" approved.12 On March 24 it reported "about 3,000 funded loans since January, which represents over $28 million," and a plan to sell Scout to about 1,000 of those borrowers.13

Behind the portal

The House Select Subcommittee found that Elev8 brought Business Warrior in "to also conduct PPP loan verification services" for Blueacorn.4 President Jonathan Brooks told Blueacorn's chief operating officer, Matt Yahes, and its founder, Noah Spirakus, that his staff could "review a PPP application in just 90 seconds and complete 40 applications per hour per reviewer." Blueacorn "arranged to pay the company three dollars per PPP application reviewed."4 Elev8's own reviewers, the report says, were told a review "should take you less than 30 seconds." Blueacorn spent $13.7 million on eligibility verification; its fees from its two lenders were $700 million from Prestamos and $386 million from Capital Plus.4 The report says Business Warrior and its CEO received over $80,000 in PPP loans facilitated by Blueacorn's lending partners. Its footnote cites the Bluume and Doolittle loans, which come to $81,809.43 Doolittle's loan was made in June 2020, more than nine months before Prestamos signed its April 14, 2021 agreement with Blueacorn.34

Where the revenue came from

The filings do not name the customer. The S-1 says the growth was mostly "non-recurring revenue and 95% was from one project or channel partner"; the 2022 10-K says 97%.149 Subscription software revenue fell that year, to $253,280 from $353,428.14 A December 2021 company release was titled "Business Warrior Reports 1,331% Annual Financial Growth"; the S-1 put the year's growth at 1,350%.1514 In July 2021 Doolittle said the company was "projecting to be profitable for the year."16 Operations earned $778,445. A $2,238,941 derivative loss, $620,375 of settlement costs and $150,872 of interest, partly offset by a $191,675 gain on extinguished debt, left a net loss of $2,032,533.14 In June 2021 the company said it had funded one partner's advertising campaigns and "shared in the profits"; advertising expense rose to $1,733,865 from $235,238.171 Fiscal 2022 revenue fell to $3,710,370, which the 10-K put down to the end of "nonrecurring projects that produced an inordinate amount of one-time revenue."9

Staff

None of the company's 2020–2022 filings or releases reports a layoff, furlough or pay cut. The company went virtual on March 31, 2020, a move it said cut operating expenses by 17%; that November it had its chief executive, its president and four other full-time employees.818 It said the team "doubled in size" between December 2020 and April 2021; the S-1 counted 25 full-time employees in May 2022 and the 10-K 32 that August.19149 Annual bonuses of $667,200 went out in the quarter to February 2022.14 By August 2023 the count was 21.20

Notes

  1. Business Warrior Corp., Form 1-A POS offering circular (filed April 20, 2022) — original: https://www.sec.gov/Archives/edgar/data/1830503/000147793222002499/business_1a.htm ↩
  2. Business Warrior, PPP application page (January 22, 2021) — original: https://businesswarrior.com/ppp/ ↩
  3. SBA PPP FOIA loan-level data, release through September 30, 2024: loans 9078837008, 1480578501, 6430348507, 6490248002. Measured 2026-09-26. ↩
  4. U.S. House Select Subcommittee on the Coronavirus Crisis, "We Are Not the Fraud Police" (December 1, 2022): printed p. 22 (Prestamos agreement date), p. 23 (Blueacorn's fees), p. 33 and nn. 244–248 (verification work, 90 seconds, $3; emails to Yahes and Spirakus), pp. 39–40 and n. 319 (over $80,000; Bluume and Doolittle loans), executive summary ($13.7 million). ↩
  5. Business Warrior, "Business Warrior Offers Free Marketing and Advertising Software to Small Businesses During Coronavirus Outbreak" (March 27, 2020) — original: https://businesswarrior.com/business-warrior-offers-free-marketing-and-advertising-software-to-small-businesses-during-coronavirus-outbreak/ ↩
  6. Business Warrior, COVID-19 offer page (April 3, 2020) — original: https://businesswarrior.com/covid-19-stimulus/ ↩
  7. Business Warrior, "Business Warrior Achieves 18% Monthly Revenue Increase" (September 24, 2020) — original: https://businesswarrior.com/business-warrior-achieves-18-monthly-revenue-increase/ ↩
  8. Business Warrior Corp., Form 1-A offering statement (filed November 16, 2020) — original: https://www.sec.gov/Archives/edgar/data/1830503/000147793220006544/business_1a.htm ↩
  9. Business Warrior Corp., Form 10-K for the year ended August 31, 2022 (filed February 15, 2023) — original: https://www.sec.gov/Archives/edgar/data/1830503/000147793223001035/bzwr_10k.htm ↩
  10. USAspending, COVID-19 EIDL prime award ASST_NON_2420067802_073, Bluume LLC — original: https://www.usaspending.gov/award/ASST_NON_2420067802_073/ ↩
  11. Newsfile, "Business Warrior Helping Deploy Thousands of PPP Loans to SMB's" (January 21, 2021) — original: https://www.newsfilecorp.com/release/72469/Business-Warrior-Helping-Deploy-Thousands-of-PPP-Loans-to-SMBs local copy ↩
  12. Business Warrior, "Business Warrior Featured in Phoenix Business Journal to Highlight New PPP Application for SMB's" (February 24, 2021) — original: https://businesswarrior.com/business-warrior-featured-in-phoenix-business-journal-new-ppp-application/ ↩
  13. Business Warrior, "Business Warrior Announces Major Financial Milestones in Q2" (March 24, 2021) — original: https://businesswarrior.com/business-warrior-announces-major-financial-milestones/ ↩
  14. Business Warrior Corp., Form S-1 (filed June 8, 2022) — original: https://www.sec.gov/Archives/edgar/data/1830503/000147793222004198/business_s1.htm ↩
  15. Business Warrior Reports 1,331% Annual Financial Growth (Yahoo, December 1, 2021) — original: https://finance.yahoo.com/news/business-warrior-reports-1-331-130000227.html Business Warrior Reports 1 331 130000227 Html 7b01d9e6d0666c07 (stored capture) ↩
  16. Business Warrior, "Business Warrior Continues Record-Breaking Revenue Performance" (July 20, 2021) — original: https://businesswarrior.com/business-warrior-continues-record-breaking-revenue-performance/ ↩
  17. Business Warrior, "Business Warrior Leaps Ahead From Strong March Revenue" (June 3, 2021) — original: https://businesswarrior.com/business-warrior-leaps-ahead-from-strong-march-revenue/ ↩
  18. Business Warrior, "Business Warrior Q1 financial results since merger" (June 8, 2020) — original: https://businesswarrior.com/business-Warrior-Q1-financial-results/ ↩
  19. Business Warrior, "Business Warrior Announces Record Breaking Second Quarter Results" (April 16, 2021) — original: https://businesswarrior.com/business-warrior-announces-record-breaking-second-quarter-results/ ↩
  20. Business Warrior Corp., Form 10-K for the year ended August 31, 2023 (filed March 18, 2024) — original: https://www.sec.gov/Archives/edgar/data/1830503/000147793224001283/0001477932-24-001283-index.htm ↩

After the pandemic (mid 2021 – present)

Operating performance: from 1,331% growth release to micro-cap losses

Business Warrior's later financial posture is cited to its SEC filings: a net loss of $7,591,250 and a goodwill impairment of $4,023,823 for the fiscal year ended August 31, 2022 (prior-year column of the Form 10-K for fiscal 2023) and, per its Form 10-Q for the period ended September 30, 2024:

  • Accumulated deficit of $61.5 million.
  • Cash of $1,033.
  • Working-capital deficit of $10.3 million, including a $1.6 million derivative liability.
  • Negative operating cash flow of about $0.5 million for the nine months then ended.

Product pivot: from SMB marketing SaaS to "PayPlan" lending software

The pandemic-era product line — small-business marketing managed services — was repositioned around PayPlan, a cloud-based lending platform marketed to banks, lenders and fintechs (FY2023 10-K, company blog and product page cited, but we do not have copies).

The Innovative Payment Solutions merger: signed July 2024, terminated January 2025

On July 28, 2024, Business Warrior and Innovative Payment Solutions, Inc. (OTC: IPSI) signed a definitive merger agreement, and on January 22, 2025 the two sides mutually terminated it (Forms 8-K). The January 2025 disclosure described the company's near-term focus as scaling PayPlan, getting current with its SEC reporting and regaining Rule 15c2-11 compliance.

Litigation: the two verification vendors sued each other

In January 2024, Adam Spencer, ELEV8 Advisors Group LLC, and EVRGRN Industries LLC filed a Verified Complaint against Business Warrior Corporation and its officers in the Superior Court of Arizona, Maricopa County (No. CV2024-001136). The operative first amended complaint pleads claims including breach of contract, fraud, breach of fiduciary duty and misappropriation of trade secrets; Business Warrior answered and counterclaimed (case folder README; FY2023 10-K).

The suit is a private commercial dispute between the two firms that worked the Blueacorn eligibility-verification line, not a government finding, settlement, or admission of PPP-related conduct against either party.

Share price and market posture

BZWR trades on OTC Pink with the "CE" (caveat emptor) flag (ADVFN quote page, listed under Sources).

Current posture (as of September 2026)

Business Warrior remains a public reporting issuer under the BZWR ticker, with Doolittle as Chairman and CEO and Brooks as President (FY2023 10-K, later filings cited, but we do not have copies). No public criminal proceeding, SBA debarment, FTC action, False Claims Act settlement or bankruptcy filing involving the company has been located.

Where Business Warrior doesn't appear

  • SBA suspensions (December 2022): Business Warrior was not among the companies SBA suspended; the agency suspended Blueacorn and Womply on December 8, 2022.
  • House Select Subcommittee referrals: Business Warrior is named as the second eligibility-verification vendor and quoted via its President, but is not the subject of a discrete referral; the report's referrals targeted Blueacorn founders, the Spencers, and other principals.
  • DOJ criminal charges against Business Warrior or its officers: none located.

Sources

Primary documents and SEC filings

Congressional record

  • House Select Subcommittee on the Coronavirus Crisis, How Fintechs Facilitated Fraud in the Paycheck Protection Program (Dec 1, 2022) — Business Warrior as Elev8's verification subcontractor; the 90-seconds/40-per-hour pitch; the $3-per-application fee: full report capture

Press and company releases

Reverse-merger / corporate history

Borrower-level PPP records

Biographical

Market data and post-pandemic financial posture

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