What changed in this filing

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Item 4. Controls and Procedures

2026-05-20 compared with 2025-11-14 · 58 added, 18 removed, 4 unchanged (95% of the section changed)

1 unchanged sentence

OF DISCLOSURE CONTROLS AND PROCEDURES

controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit

under the Exchange Act 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 Chief Executive Officer and Chief Financial

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

required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out

an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025.

upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, due to the previously reported material

weakness in internal control over financial reporting described below, our disclosure controls and procedures were not effective as of

September 30, 2025.

Although we have determined that the existing controls and procedures are not effective, the deficiencies identified

have not been deemed material to our reporting disclosures.

Weakness in Internal Control over Financial Reporting

connection with the audit of our financial statements for the year ended December 31, 2024, we identified a material weakness in our

Evaluation of Disclosure and Control Procedures

maintain “disclosure controls and procedures”, as such terms are defined under Exchange Act Rule 13a-15(e), that are designed

to ensure that information required to be disclosed 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 Chief Executive Officer (“CEO”) and Principal Accounting Officer, as appropriate, to allow timely decisions

regarding required disclosures.

The Company acknowledges that any controls and procedures can provide only reasonable assurances of achieving

the desired control objectives.

have carried out an evaluation as required by Rule 13a-15(d) under the supervision of and with the participation of our management, including

our Chief Executive Officer and Principal Accounting Officer, of the effectiveness of the design and operation of our disclosure controls

and procedures as of March 31, 2026.

Based upon their evaluation, the Chief Executive Officer and Principal Accounting Officer concluded

that, as of March 31, 2026, the Company’s disclosure controls and procedures were not effective.

Although we have determined that

the existing controls and procedures are not effective, the deficiencies identified have not been deemed material to our reporting disclosures.

Management’s Report on Internal Controls over Financial Reporting

Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such

term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f).

Internal control over financial reporting refers to the process designed

by, or under the supervision of, our Chief Executive Officer and Principal Accounting Officer, and affected by our Board, management

and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial

statements for external purposes in accordance with generally accepted accounting principles.

control over financial reporting cannot provide absolute assurance of achieving their objectives.

Internal control over financial reporting

Specifically, we identified a material weakness in our controls related to segregation of

duties and other immaterial weaknesses in several areas of data management and documentation.

in Internal Control Over Financial Reporting

were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially

affected, or are reasonably likely to materially affect, our internal control over financial reporting.

is a process that involves human diligence and compliance and is subject to lapses in judgement and breakdowns resulting from human failures.

Due to their inherent limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by

internal control over financial reporting.

It is possible to design safeguards to reduce, but not eliminate, this risk.

Management is

responsible for establishing and maintaining adequate internal control over financial reporting for the Company.

has used the framework set forth in the report entitled Internal Control—Integrated Framework published by the Committee of Sponsoring

Organizations of the Treadway Commission (2013 framework), known as COSO, to evaluate the effectiveness of our internal control over

financial reporting.

material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is

a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented

or detected on a timely basis.

Based on such an evaluation, our CEO concluded that, as of March 31, 2026, our internal controls over

financial reporting were not effective.

a result of our evaluation, we identified a material weakness in our controls related to segregation of duties and other immaterial weaknesses

in several areas of data management and documentation.

management is composed of a small number of professionals resulting in a situation where limitations on segregation of duties exist.

Accordingly, and as a result of the material weakness identified above, we have concluded that the control deficiencies result in a reasonable

possibility that a material misstatement of the annual or interim financial statements may not be prevented on a timely basis by the

Company’s internal controls.

We continue to employ and refine a structure in which critical accounting policies, issues and estimates

are identified, and together with other complex areas, are subject to multiple reviews by executives.

In addition, we evaluate and assess

our internal controls and procedures regarding our financial reporting, utilizing standards incorporating applicable portions of the

Public Company Accounting Oversight Board’s 2009 Guidance for Smaller Public Companies in Auditing Internal Controls Over Financial

Reporting as necessary on an on-going basis.

the material weakness set forth above was the result of the scale of the Company’s operations and is intrinsic to its small size,

the Company believes the risk of material misstatements relative to financial reporting are minimal.

annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial

Management’s report was not subject to attestation by its registered public accounting firm pursuant to the Dodd-Frank

Wall Street Reform and Consumer Protection Act, which permits the Company to provide only management’s report in this annual report.

Changes in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act,

during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal

control over financial reporting.

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