Item 4. Controls and Procedures
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation
of our chief executive officer and principal financial and accounting officer, has evaluated the effectiveness of the design and operation
of our disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934. Based on this
evaluation, management concluded that our disclosure controls and procedures were not effective as of March 31, 2025 because of the material
weakness described below.
Changes in Internal Control over Financial Reporting
As disclosed in our Annual
Report on Form 10-K for the year ended December 31, 2024, management previously identified a material weakness in our internal controls
because we did not design and implement effective controls over the review and approval of journal entries into our general ledger. We
have implemented enhanced controls during the three months ended March 31, 2025 to review and approve journal entries and are currently
testing the operational effectiveness of these controls.
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PART II. Other Information
Item 1A. Risk Factors
The primary risk factors affecting
our business have not changed materially from the risk factors set forth in our Annual Report on Form 10-K for the year ended December
31, 2024 filed with the SEC on March 4, 2025.
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.