Company: OMQS
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001813
Chunk: 455

Company: OMNIQ Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 455
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 early adoption permitted. We are assessing the impact of this guidance on our disclosures; it will not
have an impact on our results of operations, cash flows, or financial condition.

In November 2024, the FASB issued ASU 2024-03 “Income
Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)” to improve the disclosures about
an entity’s expenses. Upon adoption, we will be required to disclose in the notes to the financial statements a disaggregation of
certain expense categories included within the expense captions on the face of the income statement. The standard is effective for our
2027 annual period, and our interim periods beginning in 2028, with early adoption permitted. The standard can be applied either prospectively
or retrospectively. We are currently assessing adoption timing and the effect that the updated standard will have on our financial statement
disclosures.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This
section is not required for smaller reporting companies.

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The
financial statements required by this Item are included as a separate section of this report commencing on page F-1.

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

NONE

17

ITEM
9A. CONTROLS AND PROCEDURES

(a)
Evaluation of Disclosure and Control Procedures

We
maintain “disclosure controls and procedures”, as such terms are defined under Exchange Act Rule 13a-15(e), that are designed
to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within
the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,
including our Chief Executive Officer (“CEO”) and Principal Accounting Officer, as appropriate, to allow timely decisions
regarding required disclosures. The Company acknowledges that any controls and procedures can provide only reasonable assurances of achieving
the desired control objectives.

We
have carried out an evaluation as required by Rule 13a-15(d) under the supervision of and with the participation of our management, including
our Chief Executive Officer and Principal Accounting Officer, of the effectiveness of the design and operation of our disclosure controls
and procedures as of December 31, 2024. Based upon their evaluation