Item 4. Controls and Procedures
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our
principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures, as
defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act, as of the end of the period covered by this quarterly report. Disclosure
controls and procedures are designed to ensure that information required to be disclosed by a company in the reports that it files or
submits under the Exchange Act is recorded, processed and summarized within the time periods specified in the SEC’s rules and forms.
Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance
of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible
controls and procedures. Based on such evaluation, our principal executive officer and principal financial officer have concluded that,
as of the end of the period covered by this Quarterly Report on Form 10-Q, we have taken the necessary steps to design our disclosure
controls and procedures to attain a reasonable level of assurance.
Changes in Internal Control Over Financial Reporting
Our management is implementing a plan to mitigate risks associated
with disclosure controls and procedures. The status of our plan is as follows:
●
Designed and implemented a risk assessment process supporting the identification of risks facing the Company.
●
Designed controls to enhance our review of significant accounting transactions and other new technical accounting and financial reporting issues and preparing and reviewing accounting memoranda addressing these issues.
●
Hired additional experienced accounting, financial reporting and internal control personnel and changing roles and responsibilities of our personnel as required to comply with Section 404 of the Sarbanes Oxley Act of 2002.
●
In the process of implementing controls to enable an accurate and timely review of accounting records that support our accounting processes and maintenance of documents for internal accounting reviews.
Aside from the update detailed above, there were no changes in our
internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15 (e) and 15d-15 (e) of
the Exchange Act during our most recent fiscal quarter that have materially affected, or are 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.