NEXT-ChemX Corporation. 10-K Cybersecurity GRC - 2025-04-28

Page last updated on April 30, 2025

NEXT-ChemX Corporation. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2025-04-28 16:18:04 EDT.

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10-K filed on 2025-04-28

NEXT-ChemX Corporation. filed a 10-K at 2025-04-28 16:18:04 EDT
Accession Number: 0001641172-25-006431

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Item 1C. Cybersecurity.

Item 1C. Two important adjustments were made to the Company’s financial statements: 1) the Company’s technology, considered in filings since September 2021 to be an indefinite intangible asset was reevaluated and is now considered to have an estimated useful life equivalent to the period of its underlining patent protection, appropriate amortization being charged to the value of the asset accordingly. This has resulted in an adjustment of $458k to the asset value as of December 31, 2023. This has resulted in a charge of $149,782 against the value of the asset as amortization; and 2) the balance sheet was readjusted to include $308,365.00 of retained earnings. In Item 5, under the heading ‘Market for Registrant’s Common Equity’ disclosure was changed to reflect the fact that 200,000 shares of common stock were issued during fiscal 2023. In Item 7, Management Discussion and Analysis of Financial Condition and Results of Operations was modified to reflect other changes made to the Report. Matters relating to projected timing in the Report have been changed from the original disclosure better to reflect the current belief of management regarding such projections. Where necessary or helpful, the circumstances relating to the need for such adjustment are also reported. A number of other changes were made to punctuation and grammar that do not affect the sense of disclosure, and where dollar figures included cents, these were rounded up to the nearest dollar. 2 TABLE OF CONTENTS PART I ITEM 1. BUSINESS 5 ITEM 1A. RISK FACTORS 18 ITEM 1B. UNRESOLVED STAFF COMMENTS 18 ITEM 1C CYBERSECURITY DISCLOSURE 18
ITEM 1C. CYBERSECURITY DISCLOSURE As a Company with new technology, the Company may be a significant target of attack by competitors, foreign governments and other interested and malicious parties particularly as the knowledge of the potential impact of Company’s iTDE Technology becomes more widely known. The analysis of susceptibility to cyberattack distinguishes between 2 main types of risk, the first area being the business that relates to the technology and the second, more generally, as relates to the activities of the administration and management and encompasses the corporate records of the Company. In addition, the needs and requirements of cyber security control vary according to whether the person is operating from a mobile phone or a computer. Moreover, issues relating to cybersecurity are overshadowed by the fact that the Company operates from a variety of different offices in different companies; each employee operates using their own personal computer and in most cases this is also used for personal purposes resulting in an enhanced risk of breach from such alternative use. There is no single backup system for all files to preserve corporate records. There is no single required operating system (although most coworkers use MacBook) nor single software required for all coworkers, except Microsoft Word, Excel and PowerPoint, however, different employees operate different versions of these software. Employees are expected, but not required to keep their software up to date. The Company has no established process for assessing, identifying, and managing any material risks from cybersecurity threats. Breaches are not required to be reported. In the event, therefore of a cyber security incident, there is no system in place to assess whether such incident has materially affected or is reasonably likely to materially affect the Company. There is also oversight of the risks posed by cybersecurity threats and no analysis of what may be the result of such a breach of cybersecurity. There is no audit of Company personnel software loaded on computers or security requirements and no audit of computer usage. Given the distance between coworkers this would be too expensive at the present time in the cycle of the Company were we are severely underfunded. All personnel are expected to maintain a computer free from games and potentially hazardous sites such as non-solicited offers of services, purchases or investments, get rich-quick-schemes, sites with pornographic content. Personnel are required to maintain good internet security software and regularly to check their computers for cyber breaches or viruses.

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