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 principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness
of our disclosure controls and procedures as of the fiscal quarter ended June 30, 2021, as such term is defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that
our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not deemed to be effective
as of June 30, 2021, due solely to the material weakness in our internal control over financial reporting described in “Management’s
Report on Internal Control over Financial Reporting” included in our Annual Report on Form 10K/A as filed with the SEC on May 28,
2021. In light of this material weakness, we performed additional analysis as deemed necessary to ensure that our unaudited condensed
consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management
believes that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q present fairly in all material
respects our financial position, results of operations and cash flows for the periods presented.
Disclosure controls and
procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports 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 or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over
financial reporting that occurred during the three months ended June 30, 2021 covered by this Quarterly Report on Form 10-Q that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting, other than the remediation steps
taken in response to the material weakness in our internal control over financial reporting described in “Management’s Report
on Internal Control over Financial Reporting” included in our Annual Report on Form 10K/A as filed with the SEC on May 28,
2021, which included expanding and improving our review process for complex securities and related accounting standards. As of June 30,
2021, the Company was still evaluating the effectiveness of the aforementioned remediation steps that have been implemented.
20
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.