Company: HCTI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026218
Chunk: 114

Company: Healthcare Triangle, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 114
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 as appropriate, to allow timely decisions regarding required
disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving
the desired control objectives.

At the end of the period being reported upon,
the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the
Company’s Chief Executive Officer and principal financial officer, of the effectiveness of the design and operation of the Company’s
disclosure controls and procedures.

The Company carried out adjustments to the financial
statements as a result of the audits for 2024 and 2023 and due to the number of adjustments the company’s internal controls over
financial reporting were determined to be ineffective.

Based on the foregoing, our Chief Executive Officer
and principal financial officer concluded that our disclosure controls and procedures were ineffective to ensure that the material information
required to be included in our Securities and Exchange Commission reports is accumulated and communicated to our management, including
our principal executive and financial officer, recorded, processed, summarized and reported within the time periods specified in Securities
and Exchange Commission rules and forms relating to the Company, based on the assessment and control of disclosure decisions currently
performed by a small team. The Company plans to expand its management team and build a fulsome internal control framework required by
a more complex entity. 

Management’s Annual Report on Internal Control over Financial
Reporting

Our management is responsible for establishing
and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act.
Our management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set
forth in “Internal Control - Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway
Commission.

The Company carried out various assessments for
the financial year ended December 31, 2024:

    1.
    The Company recorded revenues and expenses from an acquisition from a related party; the contracts had not novated at the year end. 

    2.
    As part audit of Financial Statements, the management carried out adjustments to remove the value of unsupported intangible assets. 

    3.
    As part audit of Financial Statements, the management carried out adjustments to correct the recording of Preferred Series B Common Stocks issued to an affiliate, as a deemed dividend. 

    4.
    Adjustment to record amortization of Debt discount. 

    5.
    Adjustment