Company: SATT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002119
Chunk: 282

Company: SATIVUS TECH CORP.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 282
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 in this annual report. The financial statements have been prepared in conformity
with accounting principles generally accepted in the United States of America and reflect management’s judgment and estimates concerning
effects of events and transactions that are accounted for or disclosed.

Management is also responsible for establishing
and maintaining adequate internal control over financial reporting. Our internal control over financial reporting includes those policies
and procedures that pertain to our ability to record, process, summarize and report reliable data. Management recognizes that there are
inherent limitations in the effectiveness of any internal control over financial reporting, including the possibility of human error and
the circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide
only reasonable assurance with respect to financial statement presentation. Further, because of changes in conditions, the effectiveness
of internal control over financial reporting may vary over time.

In order to ensure that our internal control over
financial reporting is effective, management regularly assesses controls and did so most recently for its financial reporting as of December
31, 2024.

A 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.

The material weaknesses identified are described
below.

Procedures for Control Evaluation.
Management has not established with appropriate rigor the procedures for evaluating internal controls over financial reporting. Due to
limited resources and lack of segregation of duties, documentation of the limited control structure has not been accomplished.

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Lack of Audit Committee. To date,
the Company has not established an Audit Committee. It is management’s view that such a committee, including a financial expert,
is an utmost important entity level control over the financial reporting process.

Insufficient Documentation of Review Procedures
We employ policies and procedures for reconciliation of the financial statements and note disclosures.

Insufficient Information Technology Procedures.
Management has not established methodical and consistent data back-up procedures to ensure loss of data will not occur.

As a result of the management evaluation of company
internal control over financial reporting described above, the Company’s management has concluded that, as of December 31, 2024,
the Company’s internal control over financial reporting was not based on the criteria in Internal Control – Integrated Framework
issued by COSO.

This Annual Report does not include an attestation
report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required
to have