Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 983

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 5
Chunk 983
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9A. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures 

Disclosure
controls and procedures (as defined in Exchange Act Rule 15d-15(e)) are designed with the objective of ensuring that information required
to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized, and reported within
the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective
of ensuring that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As
of December 31, 2024, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls
and procedures. Such evaluation was carried out under the supervision of our Chief Executive
Officer by our Chief Financial Officer with the assistance of our Vice Present of Regulations, our President and Chief Operating Officer,
and our third-party consultants. Based on this evaluation, management
concluded that our disclosure controls and procedures were, and continues to be, ineffective as of December 31, 2024. Based on the foregoing,
our management concluded that our internal controls over the following financial reporting areas to be material weaknesses:

    ●
    Our written accounting policies and documentation of management’s
contemplation of the accounting treatment and implications over significant unusual transactions, including complex accounting associated
with debt and equity transactions, was limited and resulted in ineffective monitoring of financial reporting. These were contributing
factors which lead to untimely filings.

    ●
    Our
    written policies and procedures over accounting transaction processing and period end financial close and reporting are limited,
    which has resulted in ineffective oversight in the establishment of proper monitoring controls over accounting and financial reporting;
    in addition, we lacked sufficient review and segregation of duties for certain financial transactions, manual journal entries, and
    critical financial spreadsheets, such that a proper review had not been performed by someone other than preparer, and that process
    documentation is lacking for review and monitoring controls over accounting and financial reporting. These were contributing factors
    which led to untimely filings for certain periods in fiscal year 2024. 

    ●
    We
    lack a formal process to identify and ensure the proper classification of operating expenses as Research and Development.

    ●
    We
    identified findings related to overall information technology general controls (“ITGCs”) including issues with super-user