What changed in this filing

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Item 4. Controls and Procedures

2023-02-13 compared with 2022-08-11 · 32 added, 31 removed, 2 unchanged (97% of the section changed)

Controls and Procedures

of Disclosure Controls and Procedures

maintain disclosure controls and procedures that are designed to ensure that information we are required to disclose in our Exchange

Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and

that such information is accumulated and communicated to our management, including our principal executive officer and principal financial

officer, as appropriate, to allow timely decisions regarding required disclosure.

NeuroOne Medical Technologies Corporation

designed and evaluate our disclosure controls and procedures recognizing that any controls and procedures, no matter how well designed

and operated, can provide only reasonable assurance and not absolute assurance of achieving the desired control objectives.

design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered

relative to their costs.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance

that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because

of simple error or mistake.

The design of any system of controls is based, in part, upon certain assumptions about the likelihood of

future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

the supervision of and with the participation of our management, including our principal executive officer and principal financial officer,

we evaluated the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15(d- 15(e)

promulgated under the Exchange Act as of June 30, 2022.

Based on this evaluation, our principal executive officer and principal financial

officer concluded that our disclosure controls and procedures were effective as of June 30, 2022.

in Internal Control Over Financial Reporting

were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the quarter

ended June 30, 2022, that have materially affected, or are reasonably likely to materially affect, the Company’s internal

control over financial reporting.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities

Exchange Act of 1934, as amended, or the Exchange Act, under the direction of the Chief Executive Officer and the Chief Financial

Officer, we have evaluated our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form

Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls

and procedures were not effective as of the end of the period covered by this report due to the material weakness in our internal

controls over financial reporting related to our verification process concerning wire transfer payments to vendors as discussed further

Notwithstanding this material weakness, our management has concluded that the financial statements included elsewhere in this

Quarterly Report present fairly, in all material respects, our financial position, results of operations and cash flows in conformity

with generally accepted accounting principles.

In January 2023, we became aware that we had been

a victim of a criminal fraud that law enforcement authorities refer to as business email compromise fraud, which involved impersonation

of our vendor and fraudulent demands for wire transfers that targeted our finance department.

The fraud resulted in a loss of approximately

$0.1 million.

The Company’s investigation into this matter continues as further discussed in Item 1A.

During the second fiscal quarter of 2023, enhancements

were made to our controls relating to electronic payments, including by wire transfer of funds.

These enhancements include additional

verification and documentation procedures to be followed prior to the initiation or approval of electronic payments by or for us.

these enhancements increase the ability of our personnel to identify and block attempts by third parties to fraudulently initiate electronic

payments from us.

Our management believes that the foregoing actions will help improve our internal controls over financial reporting.

We are actively working to implement effective internal control over financial reporting, which includes remediation of the material weakness.

However, such compliance is not guaranteed, and we cannot provide any assurance that our internal control over financial reporting will

be effective as a result of these efforts.

Changes in Internal Control over Financial

Other than the identification of the material

weakness described above, there has not been any change in our internal control over financial reporting (as such term is defined in

Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this Quarterly Report on Form

10-Q that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting.

NeuroOne Medical Technologies Corporation

II – OTHER INFORMATION

Legal Proceedings

The material legal proceedings in which we are

involved are discussed in Note 4, “Commitments and Contingencies – Legal” of the Notes to the Condensed Financial Statements

in this Quarterly Report on Form 10-Q, and are hereby incorporated by reference.

addition to the other information set forth elsewhere in this Report, you should carefully consider the factors discussed in Part I,

PART II – OTHER INFORMATION

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures