Company: DJTWW
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001140361-25-004822
Chunk: 68

Company: Trump Media & Technology Group Corp.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 68
---
 in Part II, Item 9A, “Controls and Procedures,” TMTG’s management identified a material weakness in designing and
          maintaining formal accounting policies, processes, and controls to analyze and account for complex transactions, and it identified a need for additional accounting personnel who have the requisite experience in SEC reporting regulation; moreover,
          management concluded that its internal control over financial reporting was not effective as of December 31, 2024, due to the material weakness. TMTG historically had limited accounting and financial reporting personnel and other resources with
          which to address its internal controls and procedures.

          39

          The material weakness did not result in any material misstatements to TMTG’s consolidated financial statements or any
            changes to previously filed financial statements, and management has concluded that TMTG’s financial statements and other financial information included in this Annual Report, and other periodic filings, fairly and accurately present TMTG’s
            financial condition, results of operations, and cash flows for the periods in accordance with GAAP.

          TMTG is committed to remediating the material weaknesses described above and continuing remediation efforts during 2025. TMTG
            intends to initiate and implement several remediation measures including, but not limited to hiring additional accounting staff with the requisite background and knowledge, engaging third parties to assist in complying with the accounting and
            financial reporting requirements related to significant and complex transactions, and adding personnel to assist TMTG with formalizing its business processes, accounting policies and internal control documentation, strengthening supervisory
            reviews by TMTG’s Management Team, and evaluating the effectiveness of its internal controls in accordance with the framework established by Internal Control —
              Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission. As part of its remediation measures, to date, TMTG has engaged a third-party advisor to assist with acquisition tax
            diligence, valuation and purchase price allocation in the context of complex transactions, such as the WCT acquisition, and has enhanced its documentation of formal supervisory reviews of TMTG’s financial statements. While TMTG’s efforts are
            ongoing, TMTG plans to continue to take additional steps to remediate the material weaknesses, improve its financial reporting systems, and implement new policies, procedures, and controls; however, TMTG cannot guarantee those measures will
            prevent or detect material weaknesses in the future.  If TMTG fails to remediate the material weaknesses or