Item 4. Controls and Procedures
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the
“Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file
or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including
our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
We
carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of June 30, 2025. Based on the evaluation
of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting,
our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective .
Management’s
Remediation Initiatives
In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to initiate
the following series of measures to further strengthen the Company’s internal controls going forward:
1.
hire a reporting manager (“Internal Finance Manager”) who has the requisite relevant U.S. GAAP and SEC reporting experience
and qualifications;
2.
make an overall assessment on the current finance and accounting resources and hire additional accounting members with appropriate levels
of accounting knowledge and experience;
3.
streamline our accounting department structure and enhance our staff’s U.S. GAAP and SEC reporting requirements on a continuous
basis through internal training provided by the Internal Finance manager;
4.
participate in trainings and seminars provided by professional services firms on a regular basis to gain knowledge on regular U.S. GAAP
/SEC reporting requirements updates; and
5.
engage an external “Sarbanes-Oxley 404” consulting firm to help us implement Sarbanes-Oxley 404 internal controls compliance
together with the establishment of our internal audit function.
We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2025.
Changes
in Internal Controls over Financial Reporting
There
was no change in the Company’s internal control over financial reporting period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
13
PART
II - OTHER INFORMATION
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