What changed in this filing

/stocks — the workspaceLOADING

Item 4. Controls and Procedures

2023-05-19 compared with 2022-11-14 · 30 added, 31 removed, 32 unchanged (66% of the section changed)

1 unchanged sentence

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of

our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as

defined in Rule 13a-15 I of the Exchange Act) as of the end of the period covered by this report.

Based on that evaluation, our

Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the

period covered by this report were not effective at a reasonable assurance level due to the material weaknesses in internal control

over financial reporting described below.

The Company’s disclosure controls and procedures are designed to provide reasonable

assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded,

processed, summarized and reported within the time periods specified in the SEC’s rules and forms;

and (ii) accumulated and

communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely

discussions regarding required disclosure.

We believe that a control system, no matter how well designed and operated, cannot

provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute

assurance that all control issues and instances of fraud, if any, within a company have been detected.

Our management, with the participation of our

Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined

in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report.

Based on that evaluation, our Chief Executive

Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this

report were not effective at a reasonable assurance level due to the material weaknesses in internal control over financial reporting

described below.

The Company’s disclosure controls and procedures are designed to provide reasonable assurance that information

required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported

within the time periods specified in the SEC’s rules and forms;

and (ii) accumulated and communicated to management, including our

Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.

that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control

system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within

a company have been detected.

Internal Control Over Financial Reporting

1 unchanged sentence

meet the requirements of our IPO, we determined that material weaknesses in our internal control over financial reporting existed during

fiscal 2018 and remained unremediated as of June 30, 2022.

fiscal 2018 and remained unremediated as of March 31, 2023.

A material weakness is a deficiency or combination of deficiencies in internal

7 unchanged sentences

of duties within our financial reporting function including the preparation and review of journal entries.

In response to the material

weaknesses, we took a number of actions to improve our internal control over financial reporting and determined that as of March 31, 2023,

that although the controls that were designed have been implemented, the documentation and testing of such controls was not yet completed

sufficiently enough to conclude that the material weaknesses have been remediated.

Remediation Activities

1 unchanged sentence

the above-described material weaknesses.

The following remedial actions have been taken during the quarter ended September 30, 2022:

The following remedial actions have been taken during the quarter ended March 31, 2023:

continue to strengthen our internal policies, processes, and reviews, including drafting of related documentation thereof;

engage outside consultants to ensure that appropriate level of knowledge and experience is applied based on risk and complexity of transactions and tasks under review

developing internal control documentation and risk assessments along with engage outside consultants to assist in the design, implementation and documentation of internal controls to address the relevant risks

continue to engage outside consultants to ensure that appropriate level of knowledge and experience is applied based on risk and complexity of transactions and tasks under review;

complete the internal control documentation with our consultants who have been engaged to assist in the design, implementation, and documentation of internal controls to address the relevant risks;

hired additional accounting resources with appropriate levels of experience, including a new chief financial officer in February of 2023

The process of implementing an effective financial

6 unchanged sentences

Additional time

is required to complete implementation and to assess and ensure the sustainability of these procedures.

is required to complete this phase and to assess and ensure the sustainability of these procedures.

We believe the above actions will

1 unchanged sentence

remedial efforts.

However, the material weaknesses cannot be considered remediated until the applicable remedial controls operate for

a sufficient period of time and management has concluded that these controls are operating effectively.

However, the material weaknesses cannot be considered remediated until the applicable remedial controls have been documented

and tested such that management has concluded that these controls are operating effectively.

Changes in Internal Control Over Financial

Other than the applicable remediation efforts

described in “Remediation Activities” above, there have been no changes in our internal control over financial reporting (as

defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the second quarter of 2022 that have materially affected, or are

reasonably likely to materially affect, our internal control over financial reporting.

described in “Remediation of Previously Reported Material Weaknesses” above, there have been no changes in our internal control

over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the first quarter of 2023 that have

materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Legal Proceedings

From time to time, we may become involved in legal proceedings

arising in the ordinary course of our business.

We are not currently aware of any such proceedings or claims that we believe will have,

individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

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.

What changed 10-Q

Item 4. Controls and Procedures