Item 4. Controls and Procedures
Item 4. Controls and Procedures
We maintain disclosure controls and procedures that
are designed to ensure that information required to be disclosed in our periodic and current reports that we file with the SEC is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate,
to allow timely decisions regarding required disclosure.
Limitation on Effectiveness of Controls
The design of any control system 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. The inherent limitations in any control system include the realities that judgments related to decision-making can be
faulty, and that reduced effectiveness in controls can occur because of simple errors or mistakes. Due to the inherent limitations in
a cost-effective control system, misstatements due to error may occur and may not be detected.
Disclosure Controls and Procedures
We carried out an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of
June 30, 2021. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our
Chief Financial Officer. Based upon 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. The Company is in process of implementing increased internal controls
and procedures across all its subsidiaries, both recently formed and/or acquired with a goal of having effective controls by the end of
its current fiscal year.
Changes
in Internal Control over Financial Reporting
Other than remediation actions related to
our previous material weakness in our internal controls, there has been no change in our internal control over financial reporting during
the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.
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Table of Contents
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.