Item 4. Controls and Procedures
ITEM 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation
of our management, including our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of our disclosure
controls and procedures, as such term is defined under Securities and Exchange Act of 1934 Rules 13a-15(f). Based on this evaluation,
our Chief Executive Officer and our Chief Financial Officer concluded that the Company’s disclosure controls and procedures were
not effective as of May 31, 2022. As of May 31, 2022, management’s assessment identified the following material weaknesses in the
Company’s internal control over financial reporting: (1) ineffective controls over transactions for debt issuances to provide for
review of all terms in a timely and accurate manner, to ensure reporting is in conformity with generally accepted accounting principles
and properly reflected in the financial results; and (2) ineffective controls over transactions for issuances of common stock, options,
and warrants to provide for review of all terms in a timely and accurate manner, to ensure reporting is in conformity with generally accepted
accounting principles and properly reflected in the financial results.
Remediation Plan
In an effort to remediate the identified material
weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:
We have increased our personnel resources and
technical accounting expertise within the accounting function with the hiring of a new Chief Financial Officer as disclosed on Form 8-K
filed with the Securities and Exchange Commission on February 17, 2022. We intend to hire one or more additional personnel for the finance
and accounting function which will provide the manpower to perform timely and complete reviews of debt and equity transactions consistent
with control objectives. We also plan to prepare written policies and procedures for accounting and financial reporting to establish a
formal process to account for all transactions, including equity and debt transactions. We plan to test our updated controls and remediate
our deficiencies in the fiscal year 2023.
The Company continues to remediate the findings
contained in our Annual Report on Form 10-K, for the fiscal year ended February 28, 2022, issued on June 21, 2022.
Changes in Internal Control over Financial
Reporting
There have been no other changes in our internal
control over financial reporting during our fiscal quarter ended May 31, 2022, not previously identified in our Annual Report on Form
10-K, for the fiscal year ended February 28, 2022 and issued on June 21, 2022 which have materially affected or are reasonably likely
to materially affect our internal control over financial reporting.
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PART II - OTHER INFORMATION
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