Company: RAIN
Filing Date: 2025-04-16
Form Type: 10-K
Source: 0001213900-25-032239
Chunk: 550

Company: Rain Enhancement Technologies Holdco, Inc.
Filing Date: 2025-04-16
Form: 10-K
Item: Item 2
Chunk 550
---
 necessary to ensure that our consolidated
financial statements were prepared in accordance with U.S. GAAP. Accordingly, management believes that the consolidated financial statements
included in this Annual Report present fairly in all material respects our financial position, results of operations and cash flows for
the periods presented.

Management has identified a material
weakness in internal controls related to the calculation of deferred tax assets and disclosure of income taxes in accordance with
FASB ASC 740 and the preparation of the Company's consolidated financial statements and footnote disclosures.. While we have processes to identify and appropriately apply applicable accounting requirements, we intend to
take steps to remediate this material weakness, including plans to hire or engage a specialist to assist in the preparation of the
income tax provision and disclosures. 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.

Management’s Report on Internal Controls
Over Financial Reporting

This Annual Report does not include a report
of management’s assessment regarding internal control over financial reporting or an attestation report of the company’s
registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly
public companies.

This Report does not include an attestation report
of our independent registered public accounting firm due to our status as an emerging growth company under the JOBS Act.

Changes in Internal Control over Financial
Reporting

Management has implemented steps to remediate
the material weakness identified. Specifically, we expanded and improved our review process for income taxes calculation and disclosures,
and hired third-party professionals with whom to consult for such issues.

There was no other change in our internal control
over financial reporting that occurred during the period covered by this Annual Report on Form 10-K that has materially affected, or
is 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.

52

PART
III

Item 10. Directors,
Executive Officers and Corporate Governance.

Directors and Executive
Officers

The following sets
forth certain information, as of the date of this report, concerning the directors and officers of Rain Enhancement Technologies Holdco,
Inc. Ages are shown as of April 15, 2025.

    Name
     
    Age
     
    Position

    Randy Seidl
     
    61
     
    Chief Executive Officer and Director