Company: HCTI
Filing Date: 2025-02-18
Form Type: 10-K/A
Source: 0001213900-25-014503
Chunk: 113

Company: Healthcare Triangle, Inc.
Filing Date: 2025-02-18
Form: 10-K/A
Chunk 113
---
 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. 48 Management’s Annual Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of our financial statements in accordance with U.S. generally accepted accounting principles, or GAAP. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate. Our initial assessment based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), completed on December 31, 2023 deemed internal controls effective. Subsequently, the Company carried out various assessments for the financial year ended December 31, 2023, and modified the managements initial estimates and projections.

| 1. | As                                                                                                 
 part of this review, it was determined that certain intangible assets lacked sufficient supporting 
 documentation to justify their capitalization.                                                     |

| 2. | As                                                                                           
 part of re-audit of Prior Financial Statements, the management revised estimates of Goodwill 
 and Intangible from the acquisition of Devcool, Inc in the respective year of occurrence.    |

| 3. | Non-application                                                                           
 of ASU 2020-06 resulted in Debt Discount, writeback in the value of warrant liability and 
 a corresponding increase in Additional Paid-in Capital                                    |

| 5. | Additional                                                                                
 cost accrued has been reversed resulting in a reduction of current liability and increase 
 in Additional Paid-in Capital                                                             |

| 6. | Adjustment                                            
 to record revaluation gain on contingent liabilities. |

| 7. | In                                                                                            
 addition, our management concluded that our small size and limited resources prevented us     
 from being able to employ sufficient resources to enable us to have an adequate level of      
 supervision and segregation of duties. Further we