Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 312

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 9
Chunk 312
---
There
were no changes in the Company’s independent registered public accounting firm and no disagreements with the auditor on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal years ended June
30, 2025 and 2024, and through the date of this Annual Report. In addition, there were no “reportable events” as defined
in Item 304(a)(1)(v) of Regulation S-K during those periods.

Item
9A. Controls and Procedures.

EVALUATION
OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure
controls and procedures are designed to provide reasonable assurance that information required to be disclosed in our reports filed under
the Exchange Act is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.
Disclosure controls are also designed to provide reasonable assurance that such information is accumulated and communicated to our management,
including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely
decisions regarding required disclosure.

As
of June 30, 2025, as required by Rules 13a-15 and 15d-15 under the Exchange Act, our principal executive officer and principal financial
and accounting officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures.
Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective because of a material weakness in our internal
control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial
statements will not be prevented or detected on a timely basis. Specifically, the Company’s management has concluded that controls
over the identification, interpretation, and accounting for certain non-routine, complex stock-based compensation matters (including
option modification and related valuation/modeling inputs) were not effectively designed or maintained. In light of this material weakness,
we performed additional analyses and procedures deemed necessary to ensure that our financial statements were prepared in accordance
with GAAP. Accordingly, management believes that the financial statements included in this Annual Report on Form 10-K present fairly
in all material respects our financial position, results of operations and cash flows for