3 unchanged sentences
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
−Removed: Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2020.
+Added: Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021.
Based upon the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were not effective at a reasonable assurance level as a result of the material weaknesses that existed in our internal control over financial reporting as described below.
−Removed: These material weaknesses related to our financial close process, reconciliation of deferred revenue and unbilled revenue and inventory cut-off and pricing, specifically due to lack of qualified accounting and finance personnel which resulted in certain material corrections to the financial statements.
−Removed: Material Weaknesses in Internal Control over Financial Reporting
−Removed: In connection with the audit of our financial statements as of and for each of the years ended December 31, 2018 and 2019, we identified material weaknesses in our internal control over financial reporting.
−Removed: We are implementing measures designed to improve our internal control over financial reporting to remediate these material weaknesses, including the following:
−Removed: • We have hired additional accounting and finance personnel with technical accounting and financial reporting experience as well as implemented procedures and controls in the financial statement close process.
−Removed: • We have taken steps intended to remediate the inventory cut-off and pricing material weakness through additional procedures and controls in the financial statement close process while working to deploy system enhancements designed to improve the accuracy of inventory reporting.
−Removed: • We began an evaluation of third parties to assist us with formalizing our internal control documentation and implementation of enhancements to our internal control over financial reporting.
−Removed: These additional resources and activities are designed to enable us to broaden the scope and quality of our internal review of underlying information related to financial reporting and to formalize and enhance our internal control procedures.
−Removed: With the oversight of senior management and our audit committee, we have begun taking steps and plan to take additional measures to remediate the underlying causes of the material weaknesses.
+Added: These material weaknesses related to our inventory cut-off, specifically due to lack of sufficient systems.
Changes in Internal Control over Financial Reporting.
−Removed: Other than the implementation of measures described above under Material Weaknesses in Internal Control over Financial Reporting , there were no changes in our internal control over financial reporting during the quarter ended September 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There were no changes in our internal control over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II—OTHER INFORMATION
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.