Item 1A. Risk Factors
Item 1A. Risk Factors
Except as described herein, there have been no material changes from
the risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.
We have identified a material weakness in
our internal control over financial reporting which may, if not effectively remediated, result in additional material misstatements in
our financial statements.
Our management is responsible
for establishing and maintaining adequate internal control over our financial reporting, as defined in Rule 13a-15(f) under the Securities
Exchange Act of 1934. As disclosed in “Controls and Procedures” in Part I, Item 4 of this Report, management identified a
material weakness in our internal control over financial reporting due to insufficient segregation of duties and the lack of information
technology general controls to prevent the risk of management override, which we are currently working to remediate.
A material weakness is defined
as a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. As a result
of the material weakness, our management concluded that its internal control over financial reporting and related disclosure controls
and procedures were not effective based on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission.
Our management is actively engaged in developing a remediation plan
designed to address this material weakness. If our remedial measures are insufficient to address the material weakness, or if additional
material weaknesses or significant deficiencies in the Company’s internal control are discovered or occur in the future, the Company’s
financial statements may contain material misstatements and we could be required to restate its financial results.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
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