Company: EQS
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001712543-25-000034
Chunk: 1

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 4
Chunk 1
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 this Quarterly Report on Form 10-Q are accurate.

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  Table of Contents  

We have begun the process
of, and we are focused on, enhancing effective internal control measures to improve our internal control over financial reporting and
remediate the material weaknesses. Our internal control remediation efforts include the following:

  Enhancing existing controls that address the completeness and accuracy of underlying data and information supplied to third parties assisting management in its determination of fair value and i...  

  Enhancing policies and procedures to improve the precision of review and evidence of review procedures performed to demonstrate effective design and operation of such controls.  

We believe our planned
actions to enhance our processes and controls will address the material weakness, but these actions are subject to ongoing management
evaluation, and we will need a period of execution to demonstrate remediation. We are committed to the continuous improvement of our internal
control over financial reporting and will continue to diligently review our internal control over financial reporting.

There were no other
changes in our internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are
reasonably likely to affect, our internal control over financial reporting.

Part II. Other Information

Item 1. Legal Proceedings

From time to time,
the Fund is a party to certain proceedings incidental to the normal course of our business including the enforcement of our rights under
contracts with our portfolio companies. While the outcome of these legal proceedings cannot at this time be predicted with certainty,
we do not expect that these proceedings will have a material effect upon the Fund’s financial condition or results of operations.

Item 1A. Risk Factors