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Management’s Evaluation of Disclosure Controls and Procedures
−Removed: Our management, with the participation of our chief executive officer (principal executive officer) and chief financial officer (principal financial officer), conducted an evaluation of the effectiveness of our disclosure controls and procedures for the reporting period ended September 30, 2022 as such terms is defined in Rule 13a-15(f) under the Exchange Act.
−Removed: Based on that evaluation and as a result of material weaknesses in our internal control over financial reporting described below, our chief executive officer and chief financial officer concluded that the Company’s controls and procedures were not effective as of September 30, 2022.
−Removed: The Company did not appropriately design a control to monitor the functional currency assessment of its subsidiaries in accordance with ASC Topic 830, Foreign Currency Matters, specifically with regard to foreign currency held by a newly formed subsidiary to effectuate a large international acquisition.
−Removed: The Company did not record the foreign currency transaction loss through earnings as required by ASC Topic 830 and did not reassess this conclusion upon review of the accumulated other comprehensive loss account each subsequent period.
−Removed: This design deficiency contributed to the potential for there to have been material errors in the Company’s financial statements and therefore resulted in the following material weaknesses:
−Removed: • Risk Assessment— control deficiencies constituting a material weakness, either individually or in the aggregate, relating to identifying and assessing changes in the business that could impact the system of internal controls;
−Removed: • Control Activities— control deficiencies constituting a material weakness, either individually or in the aggregate, relating to:
−Removed: (i) designing controls that would address relevant risks identified through the assessment of changes in the business and (ii) operation at a level of precision to identify all potentially material errors.
−Removed: A material weakness is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: If we are unable to satisfactorily address the deficiencies underlying these material weaknesses in a timely fashion, or if additional material weaknesses in our internal control over financial reporting are discovered or occur in the future, then our consolidated financial statements may contain material misstatements and we could be required to restate future financial results and the price of our common stock could be adversely impacted.
−Removed: As of September 30, 2022 the material weaknesses described above have not yet been remediated.
−Removed: Management is in the process of developing a remediation plan.
−Removed: The material weaknesses cannot be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively.
−Removed: The Company will monitor the effectiveness of its remediation plan and will make changes management determines to be appropriate.
−Removed: In response to the material weaknesses in the Company’s internal control over financial reporting, management is enhancing its risk assessment to identify changes in our business that could impact the system of internal controls and are in the process of designing control activities related to the monitoring of foreign currency and the application of ASC 830.
−Removed: The Company will continue to work towards full remediation of the material weaknesses to improve its internal control over financial reporting.
+Added: Our management, with the participation of our chief executive officer (principal executive officer) and chief financial officer (principal financial officer), conducted an evaluation of the effectiveness of our disclosure controls and procedures for the reporting period ended March 31, 2023 as such terms is defined in Rule 13a-15(f) under the Exchange Act.
+Added: Based on that evaluation, our chief executive officer and chief financial officer concluded that the Company’s controls and procedures were effective as of March 31, 2023.
Changes in Internal Control over Financial Reporting
−Removed: The Company completed its acquisition of Tropicana Las Vegas on September 26, 2022.
−Removed: See Note 5 “ Acquisitions ” included in Part I.
−Removed: Item 1 of this Quarterly Report on Form 10-Q for a discussion of the acquisitions and related financial data.
−Removed: The Company is currently in the process of integrating Tropicana Las Vegas’ internal controls over financial reporting.
−Removed: Except for the inclusion of Tropicana Las Vegas, and the material weaknesses described above, there has been no change in our internal control over financial reporting that occurred during the third quarter of 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
+Added: There has been no change in our internal control over financial reporting that occurred during the first quarter of 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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.