Item 4. Controls and Procedures
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the direction and with
the participation of the Company’s management, including the Company’s Chief Executive and Chief Financial Officer, the Company
has conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of September
30, 2021. The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed
in its periodic reports with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods
specified in the SEC’s rules and regulations, and that such information is accumulated and communicated to the Company’s management,
including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required
disclosure. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching
its desired disclosure control objectives. Based on the evaluation, the Chief Executive and Chief Financial Officer concluded that the
Company’s disclosure controls and procedures were not effective as of September 30, 2021. Our disclosure controls and procedures
are ineffective due to a lack of segregation of duties and the lack of formal documentation of our control environment.
In light of the material weakness
described above, we continue to perform additional analysis and other post-closing procedures to ensure our financial statements are prepared
in accordance with GAAP. Accordingly, we believe that the financial statements included in this report fairly present, in all material
respects, our financial condition, results of operations and cash flows for the periods presented. Additional experienced personnel will
be hired in the accounting and finance department, appropriate consultants will be retained, and our accounting system will be upgraded
as soon as it becomes economically feasible and sustainable.
Changes in Internal Control over Financial
Reporting
There was no change in the
Company’s internal control over financial reporting that occurred during the nine months ended September 30, 2021 that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
19
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.