Company: KAVL
Filing Date: 2025-02-10
Form Type: 10-K
Source: 0001731122-25-000185
Chunk: 428

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-02-10
Form: 10-K
Item: Item 2
Chunk 428
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,
more diligent review and approval of all disbursements and more timely review of all banking transactions sales orders and inventory management.

45

A control system, no matter how well conceived and
operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met under all potential conditions,
regardless of how remote, and may not prevent or detect all errors and all fraud. Because of the inherent limitations in all control systems,
no evaluation of controls can provide absolute assurance that all control issues, if any, within the Company have been detected. These
inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of a
simple error or mistake. Our internal control over financial reporting is designed 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.

Auditor’s Report on Internal Control Over
Financial Reporting

This Report does not include an attestation report
of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was
not subject to attestation by our independent registered public accounting firm pursuant to the rules of the SEC that permit us to provide
only management’s report in this Report.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control
over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Exchange Act) that have occurred during
the fourth quarter ended October 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections 

Not Applicable.

PART III

Item 10. Directors, Executive Officers and Corporate
Governance.  

The following table and text set
forth the names and ages of our directors and executive officers as of the date of this Report. Our board of directors (the “Board”)
is comprised of only one class of directors. Also provided herein are brief descriptions of the business experience of each director and
executive officer during the past five years (based on information supplied by them) and an indication of directorships held by each director
in other public companies subject to the reporting requirements under the Federal securities laws. During the past ten years, none of
our directors or executive officers has