BTCS Inc. 10-Q

ITEM 4 Controls and Procedures Evaluation of Disclosure Controls and Procedures We conducted an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of June 30, 2021 to ensure that information required to be disclosed by us in the reports filed or submitted by us 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, including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2021, our disclosure controls and procedures were not effective at the reasonable assurance level due to the following material weakness in our internal control over financial reporting: ● Due to our small number of employees, we have limited segregation of duties, as a result of which there is insufficient independent review of duties performed. Remediation Plan On June 28, 2021, near the end of our most recently completed fiscal quarter, we hired a full-time Chief Financial Officer. Since then, our new Chief Financial Officer has been implementing controls to provide segregation of duties and other controls to remediate our disclosure controls and internal control over financial reporting. We believe that our implementation of the remediation plan has removed the material weakness and that our disclosure controls and procedures are now effective. Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 24 PART II - OTHER INFORMATION ITEM 1 Legal Proceedings None. ITEM 1A Risk Factors Not applicable to smaller reporting companies.