Company: JOCM
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-022470
Chunk: 47

Company: JOCOM HOLDINGS CORP.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 47
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 inadequate segregation of duties and effective risk assessment; (iii) insufficient written policies and procedures for accounting
and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines; and (iv) lack of internal
audit function due to the fact that the Company lacks qualified resources to perform the internal audit functions properly and that the
scope and effectiveness of the internal audit function are yet to be developed. The aforementioned material weaknesses were identified
by our chief executive officer in connection with the review of our financial statements as of September 30, 2025.

Changes
in Internal Control over Financial Reporting:

There
were no changes in our internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

5

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings

We
know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings
or pending litigation. There are no proceedings in which any of our directors, officers are an adverse party or has a material interest
adverse to us.

Item
1A. Risk Factors.

We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds

Between
the period of April 9, 2025 to May 19, 2025, the Company issued 7,000,000 shares of restricted common stock to 5 foreign parties, all
of which do not reside in the United States. A total of 7,000,000 shares of restricted common stock were sold at a price of $0.10 per
share. The total proceeds to the Company amounted to a total of $700,000 went to the Company to be used as working capital.

Between
the period of July 7, 2025 to July 7, 2025, the Company issued 1,000,000 shares of restricted common stock to 1 foreign party, all of
which do not reside in the United States. A total of 1,000,000 shares of restricted common stock were sold at a price of $0.10 per share.
The total proceeds to the Company amounted to a total of $100,000 went to the Company to be