Item 4. Controls and Procedures
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
The
Company’s management, with the participation of its Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”),
evaluated the effectiveness of the Company’s disclosure controls and procedures (defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act of 1934, as amended (the “Exchange Act”)), as of June 30, 2022 (the “Evaluation Date”). Based
upon that evaluation, the CEO and CFO concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures
are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act (i) are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii)
are accumulated and communicated to the Company’s management, including its CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.
37
Changes
in Internal Control Over Financial Reporting
Over
the past several years, the Company implemented significant measures to remediate past instances of ineffectiveness of the Company’s
internal control over financial reporting, The remediation measures consisted of the hiring of a new CFO, the engagement of accounting
consultants as needed to provide expertise on specific areas of the accounting guidance, the hiring of individuals with appropriate experience
in internal controls over financial reporting, and the modification to the Company’s accounting processes and enhancement to the
Company’s financial control. Further, the Company expanded its board of directors to include a majority of independent disinterested
directors; established an audit, compensation, and corporate governance committee of the board of directors; and adopted a formal policy
with respect to related party transactions.
Other
than as described above, there was no change to the Company’s internal control over financial reporting (as defined in Rules 13a-15(f)
or 15d-15(f) under the Exchange Act) identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) that occurred
during the fiscal quarter ended June 30, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.
PART
II – OTHER INFORMATION
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