Company: FEBO
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001641172-25-010075
Chunk: 157

Company: Fenbo Holdings Ltd
Filing Date: 2025-05-14
Form: 20-F
Item: Item 15
Chunk 157
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 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. Based
on management’s assessment, the Company determined that there were material weaknesses in its internal control over financial reporting
as of December 31, 2024. The material weaknesses identified were as follows:

(i)
we have limited controls over information processing;

(ii)
we have inadequate segregation of duties;

(iii)
we do not have sufficient formal written policies and procedures for accounting and financial reporting with respect to the requirements
and application of both generally accepted accounting principles in the United States of America, or GAAP, and SEC guidelines; and

(iv)
we donot have a qualified CFO, with US GAAP accounting knowledge and significant experience working in U. S. listed companies on
financial reporting, in place to oversee our financial reporting, and we currently rely on external consultants regarding financial reporting
functions.

As a result of these material
weaknesses, our management concluded that our internal control over financial reporting was not effective as of December 31, 2024.

This Annual Report does not include
an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s
report was not subject to attestation by the Company’s registered public accounting firm pursuant to the exemption provided to issuers
that are not “large accelerated filers” nor “accelerated filers” under the Dodd-Frank Wall Street Reform and Consumer
Protection Act.

Changes in Internal Control
over Financial Reporting

During
the year ended December 31, 2024, there was no change in the Company’s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

  95  

Item 16. Reserved