Item 4. Controls and Procedures
Item 4. CONTROLS
AND PROCEDURES
As
of the end of the period covered by this report, the Company conducted 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.
- 23 -
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.