Item 4. Controls and Procedures
ITEM
4. CONTROLS AND PROCEDURES
We
maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act,
that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange
Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information
is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regarding
required disclosure.
Under
the supervision and with the participation of our management, we conducted an evaluation, as of September 30, 2020, of the effectiveness
of the design and operations of our disclosure controls and procedures. Based upon our evaluation, our management, including our
principal executive officer and principal financial officer, has concluded that, as of September 30, 2020, our disclosure controls
and procedures were not effective due to our limited internal audit functions and lack of ability to have multiple levels of transaction
review.
The
Company intends to address the foregoing deficiency the Company by upgrading its accounting software to a ERP (“Enterprise
Resource Planning”), a cloud-based solution, which would add the necessary controls to manage day to day activities such
as accounting, procurement, project management, risk management and compliance as well as to automate the consolidation process
of its entities, adding a level of reliability to the Company’s financial reporting. The Company intends to add personnel
to address the need for multiple level transaction reviews.
Management
intends to complete these steps in the near future, but in any event before the end of the 2020 fiscal year. However, until additional
capital is raised, no assurance can be made that the implementation of such remedial steps will be completed in a timely manner
or that they will be adequate once implemented.
Changes
in Internal Controls
There
have been no changes in our internal control over financial reporting during the three months ended September 30, 2020 that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
58
PART
II: OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
None.
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