Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 238

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 238
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 and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those
policies and procedures that:

    ●
    pertain
    to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

    ●
    provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
    authorizations of management and/or directors of the Company; and

    ●
    provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
    assets that could have a material effect on the financial statements.

We
are required to include in our Annual Report on Form 10-K a report of management on the effectiveness of our internal control over
financial reporting. We expect to incur additional expenses and diversion of management’s time as a result of performing the
system and process evaluation, testing and remediation required in order to comply with the management certification
requirements.

Presently,
we have identified financial reporting internal control weaknesses relating to segregation of duties, information technology general
controls and various accounting processes. While we have improved our organizational capabilities, we still may not have a
sufficient number of employees to segregate responsibilities and may be unable to afford further enhancements to our staff or
engaging outside consultants or professionals further to fully mitigate these internal control deficiencies. During the course of
our testing, we may identify other deficiencies that we may not be able to timely remediate. If we cannot provide reliable financial
reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported
financial information, and the trading price of our common stock, if a market ever develops, could drop significantly.

43

The
Jobs Act has reduced the information that we are required to disclose.

Under
the Jobs Act, the information that we will be required to disclose has been reduced in a number of ways.

As
a company that had gross revenues of less than $1.235 billion during the Company’s last fiscal year, the Company is an “emerging
growth company,” as defined in the Jobs Act (an “EGC”). We will retain that status until the earliest of (a) the last
day of the fiscal year which we have total annual gross revenues of $1.235 billion (as indexed for inflation in the manner