Item 4. Controls and Procedures
Item 4. CONTROLS AND PROCEDURES
As of the end of the period covered by
this report, the Company carried out an evaluation under the supervision of the Company's President (and principal financial
officer) of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Securities
Exchange Act Rules 13a - 15(e) and 15d - 15(e). Based on this evaluation, the Company's President (and principal financial officer)
has concluded that the disclosure controls and procedures as of the end of the period covered by this report are not effective. As
described in the Company‘s Annual Report on Form 10-K filed with the Securities and Exchange commission (the
“SEC”) on March 31, 2021, our Chief Executive Officer and President (principal financial officer) concluded that, as of
December 31, 2020, our reporting and disclosure controls and procedures were not effective at a reasonable assurance level as we do
not have sufficient resources in our accounting function, which restricts the Company’s ability to gather, analyze and
properly review information related to financial reporting in a timely manner. In addition, due to our size and nature, segregation
of all conflicting duties may not always be possible and may not be economically feasible. The Company engaged a financial
consultant during the quarter to assist with the evaluation of its disclosure controls and procedures and will continue to perform
additional analysis and procedures to implement appropriate disclosure controls and procedures. Notwithstanding the assessment
that our disclosure controls and procedures were not effective, we believe that our condensed consolidated financial statements
fairly present our consolidated financial position, results of operations and cash flows for the periods thereby covered in all
material respects.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
Not applicable.
Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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.