What changed in this filing

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Item 4. Controls and Procedures

2022-08-15 compared with 2022-05-16 · 21 added, 23 removed, 30 unchanged (59% of the section changed)

15 unchanged sentences

we are required to perform an evaluation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the

Exchange Act, as of March 31, 2022.

Management has not completed such evaluation and, as such, has concluded that our disclosure controls

and procedures were not effective to provide reasonable assurance that information required to be disclosed by us in reports we file

or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s

rules and forms, and is accumulated and communicated to our management, including our principal executive officer and our principal financial

officer, as appropriate to allow timely decisions regarding required disclosures.

As a result of the material weaknesses in internal

control over financial reporting described below, we concluded that our disclosure controls and procedures as of March 31, 2022 were

not effective.

Exchange Act.

As of June 30, 2022 our management has completed their evaluation and has concluded that our disclosure controls and procedures

were not effective, as a result of the material weaknesses in internal control over financial reporting described below, and thus that there

remains a reasonable possibility that a material misstatement of the Company’s interim financial statements will not be prevented

or detected on a timely basis.

Our assessment of internal controls over financial reporting does not include an evaluation by the Company’s

registered public accounting firm.

Weaknesses in Internal Control over Financial Reporting

assessed the effectiveness of the Company’s internal control over financial reporting as of March 31, 2022 based on the framework

established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Based on this assessment, management has determined that the Company’s internal control over financial reporting as

of March 31, 2022 was not effective.

assessed the effectiveness of the Company’s internal control over financial reporting as of the quarter ended June 30, 2022 based

on the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations

of the Treadway Commission.

Based on this assessment, management has determined that the Company’s internal control over financial

reporting as of June 30, 2022 was not effective.

material weakness, as defined in the standards established by the Sarbanes-Oxley, is a deficiency, or a combination of deficiencies,

2 unchanged sentences

ineffectiveness of the Company’s internal control over financial reporting was due to the following material weaknesses:

of adherence to formal policies and procedures post-bankruptcy;

of risk assessment procedures on internal controls to detect financial reporting risks in a timely manner;

of sufficient formal procedures and controls to achieve complete and accurate financial reporting and disclosures, including controls

Lack of adherence to formal policies and procedures;

Lack of risk assessment procedures on internal controls to detect financial reporting risks in a timely manner;

Lack of sufficient formal procedures and controls to achieve complete and accurate financial reporting and disclosures, including controls

over the preparation and review of journal entries and account reconciliations.

3 unchanged sentences

The remediation actions include:

management personnel, including our new Chief Financial Officer, who is overseeing the financial reporting process and implementation

of enhanced controls and governance;

of external financial consulting firm to continue to enhance financial reporting, financial operations and internal controls;

Documentation

of key procedures and controls using a risk-based approach.

Engagement of external

financial consulting firm to continue to enhance financial reporting, financial operations and internal controls;

Documentation of key procedures

and controls using a risk-based approach.

will continue to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing

1 unchanged sentence

in Internal Control Over Financial Reporting

than described above there have been no changes in our internal control over financial reporting that occurred during our first quarter

of 2022 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

than described above there have been no changes in our internal control over financial reporting that occurred during the three months

ended June 30, 2022 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial

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.

What changed 10-Q

Item 4. Controls and Procedures