Item 4. Controls and Procedures
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
of the end of the six-month period ended December 31, 2022, we carried out an evaluation, under the supervision and with the participation
of management, including our chief executive officer and principal financial officer, of the effectiveness of the design and operation
of our disclosure controls and procedures. Based upon those evaluations, management concluded that our disclosure controls and procedures
were not effective as of December 31, 2022 to cause the information required to be disclosed by us in reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported within the time periods prescribed by SEC, and that such information
is accumulated and communicated to management, including our chief executive officer and principal financial officer, as appropriate,
to allow timely decisions regarding required disclosure.
Going
forward from this filing, the Company intends to work on maintaining disclosure controls and procedures (as defined in Rules 13a-15(e)
and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in
providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated
and communicated to our management to allow timely decisions regarding required disclosure.
In
designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a
control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to
their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments
in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. The design of any system of controls
is based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions.
Changes
in Internal Control over Financial Reporting
During
the quarter covered by this Report, there were no changes in our internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
19
Part
II - Other Information
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.