−Removed: AND PROCEDURES.
Controls and Procedures
+Added: of Disclosure Controls and Procedures
Securities and Exchange Commission (“SEC”) defines the term “disclosure controls and procedures” to mean a company’s
20 unchanged sentences
in Internal Control Over Financial Reporting
−Removed: these significant deficiencies, however, is that, commencing in 2020 and 2021, the Company has a new management team and new members
−Removed: of the Board of Directors, including a new Chair of the Audit Committee, and a new Chief Financial Officer, which are focused on transitioning
−Removed: the Company to a new management approach, modern thinking, new systems and practices, modern approaches to engagement and a system of
−Removed: internal controls and procedures.
−Removed: Management’s daily involvement in the business provides it with more than adequate knowledge
−Removed: to identify the areas of financial reporting risks and related controls.
−Removed: In addition, the procedures followed are integrated within the
−Removed: daily responsibilities of the Company’s employees, allowing management to rely on their own intimate knowledge and supervision
−Removed: As the Company’s business plan is implemented and additional staff is added, management will be able to address these
−Removed: significant deficiencies and the resulting material weakness.
−Removed: has also engaged a contract Controller and a third-party firm to assist in developing Disclosure Controls and Procedures and Internal
−Removed: Controls Over Financial Reporting.
−Removed: The Company intends to remediate these significant deficiencies dependent on having the financial
−Removed: resources available to complete them.
+Added: these significant deficiencies, however, is that, commencing in December of 2021, the Company has replaced certain accounting resources
+Added: by engaging qualified finance and accounting staff who are experienced in established and proven internal controls and accounting procedures
+Added: with other companies in the same industry.
+Added: As the work product of these qualified staff are reflected in Company transactions more fully
+Added: in 2022, management will be able to address these remaining significant deficiencies.
+Added: part of the afore-mentioned engagement, Management has engaged a third-party firm to assist in developing Disclosure Controls and Procedures
+Added: and Internal Controls Over Financial Reporting.
+Added: The Company intends to remedy these significant deficiencies dependent on having the
+Added: financial resources available to complete them.
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.