Company: SHPH
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023263
Chunk: 4

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 4
Chunk 4
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Evaluation
of Disclosure Controls and Procedures

Disclosure
controls and procedures (as defined in Securities Exchange Act of 1934, as amended, or the 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.

31

As
of June 30, 2025, 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 with the participation of our  Chief Financial Officer, and our third-party financial service provider. Based on this evaluation,
management concluded that our disclosure controls and procedures were, and continue to be, ineffective as of June 30, 2025. Based on
the foregoing, our management concluded that our internal controls over the following financial reporting areas to be material weaknesses:

    ●
    Our
    written policies and procedures over accounting transaction processing and period end financial close and reporting are limited,
    which has resulted in ineffective oversight in the establishment of proper monitoring controls over accounting and financial reporting;
    in addition, we lacked sufficient review and segregation of duties for certain financial transactions, manual journal entries, and
    critical financial spreadsheets, such that a proper review had not been performed by someone other than preparer, and that process
    documentation is lacking for review and monitoring controls over accounting and financial reporting. These were contributing factors
    which led to untimely filings for certain periods in fiscal year 2024.
  
    ●
    We
    identified findings related to overall information technology general controls (“ITGCs”) including issues with super-user
    access and segregation of duties for systems supporting the Company’s internal control processes and controls.

Management’s
Remediation Measures

While
the Company has improved its organizational capabilities, the Company’s remediation efforts will continue to take place. Management
is committed to maintaining a strong internal control environment. In response to the identified material weaknesses in the overall control
environment, management has implemented additional measures which include:

    ●
    Hired
    a new Chief Financial Officer during