Company: SATT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002119
Chunk: 52

Company: SATIVUS TECH CORP.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 52
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igned to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified, and that such information is accumulated and communicated to management, including
the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

During evaluation of disclosure controls and procedures
as of December 31, 2024, conducted as part of our annual audit and preparation of our annual financial statements, management conducted
an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures and concluded that our disclosure
controls and procedures were not effective.

Management’s Report on Internal Control
over Financial Reporting

Management is responsible for the preparation
and fair presentation of the financial statements included in this annual report. The financial statements have been prepared in conformity
with accounting principles generally accepted in the United States of America and reflect management’s judgment and estimates concerning
effects of events and transactions that are accounted for or disclosed.

Management is also responsible for establishing
and maintaining adequate internal control over financial reporting. Our internal control over financial reporting includes those policies
and procedures that pertain to our ability to record, process, summarize and report reliable data. Management recognizes that there are
inherent limitations in the effectiveness of any internal control over financial reporting, including the possibility of human error and
the circumvention or overriding of internal control. Accordingly, even effective internal control over financial reporting can provide
only reasonable assurance with respect to financial statement presentation. Further, because of changes in conditions, the effectiveness
of internal control over financial reporting may vary over time.

In order to ensure that our internal control over
financial reporting is effective, management regularly assesses controls and did so most recently for its financial reporting as of December
31, 2024.

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.

The material weaknesses identified are described
below.

Procedures for Control Evaluation.
Management has not established with appropriate rigor the procedures for evaluating internal controls over financial reporting. Due to
limited resources and lack of segregation of duties, documentation of the limited control structure has not been accomplished.

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Lack of Audit Committee. To date,
the Company has not established an Audit Committee. It is management’s view that such a committee, including a financial expert,
is