Item 4. Controls and Procedures
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
Based
on an evaluation as of the date of the end of the period covered by this report, the Company’s Chief Executive Officer and
Interim Chief Financial Officer conducted an evaluation of the effectiveness of the design and operation of the Company’s
disclosure controls and procedures, as required by Exchange Act Rule 13a-15. Based on that evaluation, the Company’s Chief
Executive Officer and Interim Chief Financial Officer concluded that, because of the disclosed material weaknesses in the Company’s
internal control over financial reporting, the Company’s disclosure controls and procedures were ineffective as of the end
of the period covered by this report to ensure that information required to be disclosed by the Company in the reports that the
Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
by the SEC’s rules and forms.
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Disclosure
controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed
in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within
the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be disclosed in the Company’s reports filed under
the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and the
Company’s Interim Chief Financial Officer, to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting that occurred during the period ended March
31, 2021 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting.
The
term “internal control over financial reporting” is defined as a process designed by, or under the supervision of,
the registrant’s principal executive and principal financial officers, or persons performing similar functions, and effected
by the registrant’s board of directors, 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 and includes those policies and procedures that:
(a)
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of
the assets of the registrant;
(b)
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the registrant are being made only in
accordance with authorizations of management and directors of the registrant; and
(c)
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the registrant’s
assets that could have a material effect on the financial statements.
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PART
II
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.