Item 4. Controls and Procedures
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls
and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, to allow for timely decisions regarding required disclosure.
As of September 30, 2023,
our management carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our management
concluded that our internal controls over financial reporting were not effective because, among other things, (i) we lack effective communication
and reconciliation procedures in our controlled subsidiaries, and (ii) our controls related to the financial statements closing process
were not adequately designed or appropriately implemented to identify material misstatements in our financial reporting on a timely basis.
Management has evaluated remediation plans to address these deficiencies and is implementing changes to address the material weakness
identified, including hiring additional accountants and consultants and implementing controls and procedures over the financial reporting
process.
Changes in Internal Controls
There have been no changes
in our internal controls over financial reporting that occurred during the quarter ended September 30, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal controls over financial reporting.
UHY LLP, our independent registered
public accounting firm, is not required to and has not provided an assessment concerning the design or effectiveness of our internal controls
over financial reporting.
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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.