Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 319

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 319
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 2022, our audited financial statements
for the year ended December 31, 2023 and the quarterly periods included in the Company’s 2023 Form 10-K, and the Quarterly Report
on Form 10-Q for the period ended March 31, 2024, required restatement and were not reliable. We reported this determination in our Form
8-K filed on July 16, 2024 and subsequently filed an Annual Report on Form 10-K/A amending the Company’s 2023 Form 10-K and a Quarterly
Report on form 10-Q/A amending the Company’s Form 10-Q for the period ended March 31, 2024, which reports were each filed on September
4, 2024.

Item
9A. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures 

Disclosure
controls and procedures (as defined in Exchange Act Rule 15d-15(e)) are designed with the objective of ensuring that information required
to be disclosed in our reports filed under the Exchange Act, such as this report, is recorded, processed, summarized, and reported within
the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures are also designed with the objective
of ensuring that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief
Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As
of December 31, 2024, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls
and procedures. Such evaluation was carried out under the supervision of our Chief Executive
Officer by our Chief Financial Officer with the assistance of our Vice Present of Regulations, our President and Chief Operating Officer,
and our third-party consultants. Based on this evaluation, management
concluded that our disclosure controls and procedures were, and continues to be, ineffective as of December 31, 2024. Based on the foregoing,
our management concluded that our internal controls over the following financial reporting areas to be material weaknesses:

    ●
    Our written accounting policies and documentation of management’s
contemplation of the accounting treatment and implications over significant unusual transactions, including complex accounting associated
with debt and equity transactions, was limited and resulted in ineffective monitoring of financial reporting. These were contributing
factors which lead to untimely filings.

    ●
    Our
    written policies and procedures over accounting transaction processing and period end financial close and reporting are limited,