Item 4. Controls and Procedures
Item 4. Controls and Procedures
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Evaluation of Disclosure Controls and Procedures
Our management, with the participation
of our chief executive officer and chief financial officer, has performed an evaluation of the effectiveness of our disclosure controls
and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report.
Based upon this evaluation,
our management concluded that as of September 30, 2024, our disclosure controls and procedures were not effective at the reasonable assurance
level due to the material weaknesses described below.
● We are lacking adequate segregation of duties and effective
risk assessment; and
● We are lacking sufficient written policies and procedures
for accounting and financial reporting with respect to the requirements and application of both the U.S. GAAP, and SEC guidelines.
A material weakness is a deficiency, or a combination of deficiencies,
within the meaning of PCAOB Auditing Standard AS2201, 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. We plan to address the weaknesses identified above by implementing the following measures:
(i) Continuously hiring additional accounting staffs with comprehensive
knowledge of U.S. GAAP and SEC reporting requirements;
(ii) Designing and implementing formal procedures and controls
supporting the Company’s period-end financial reporting process, such as controls over the preparation and review of account reconciliations
and disclosures in the consolidated financial statements; and
(iii) Ameliorating our internal audit to assist with assessment
of Sarbanes-Oxley compliance requirements and improvement of internal controls related to financial reporting.
Changes in Internal Control over Financial
Reporting
During the most recent fiscal
quarter, there has not been any change in our internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.