Company: QSEA
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001829126-25-005007
Chunk: 75

Company: Quartzsea Acquisition Corp
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 4. Controls and Procedures.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our 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 our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and
forms, and that such information is accumulated and communicated to management including our Chief Executive Officer, Chief
Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief
Financial Officer carried out an evaluation with the participation of management of the effectiveness of our disclosure controls and
procedures as of the end of the quarter ended May 31, 2025, as such term is defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded
that that during the period covered by this report, our disclosure controls and procedures were ineffective. 

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Management
has identified the following material weaknesses which are not yet remediated. Management continues to devote significant planning and
execution efforts toward remediation these material weaknesses:

●Our
                                            controls over the preparation of expense accruals and detecting errors in expense accruals
                                            through our financial close process are ineffective, and

●Our
                                            controls over the accounting of short-term investments and detecting errors in asset classification
                                            through our financial close process are ineffective.

Management
plans to remediate the material weakness by enhancing our processes to identify and appropriately apply applicable accounting requirements
and increased communication among our personnel and third-party professionals with whom we consult regarding accounting applications.
The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately
have the intended effects.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is