1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: Under the supervision, and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), in connection with the period ending September 30, 2025.
+Added: Under the supervision, and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in connection with the period ending March 31, 2026.
Based on that evaluation, management has concluded that as of the respective period, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described below.
4 unchanged sentences
In making this assessment, our management used the criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework”).
−Removed: Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of December 31, 2024, continuing through September 30, 2025, because of the material weaknesses described below.
+Added: Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of December 31, 2025, continuing through March 31, 2026, because of the material weaknesses described below.
Material Weaknesses
1 unchanged sentence
Management concluded that material weaknesses existed as of the year ended December 31, 2025.
−Removed: Specifically, management identified deficiencies in the principles associated with the control environment, risk assessment, control activities, information and communication and monitoring components of internal control, based on the criteria established by the COSO Framework, that constitute material weaknesses, either individually or in the aggregate.
+Added: Specifically, management identified deficiencies in the principles associated with the control environment, risk assessment, control activities, information and
+Added: communication and monitoring components of internal control, based on the criteria established by the COSO Framework, that constitute material weaknesses, either individually or in the aggregate.
● Control Environment:
14 unchanged sentences
Management did not appropriately select, develop, and perform ongoing evaluations to ascertain whether the components of internal controls are present and functioning
−Removed: These material weaknesses resulted in errors that required the restatement of the Company’s consolidated financial statements as of and for the fiscal years ended December 31, 2023 and December 31, 2022, as well as the restatement of the Company’s condensed consolidated financial statements as of and for the interim periods ended March 31, 2024, September 30, 2023, June 30, 2023, March 31, 2023, September 30, 2022, June 30, 2022, and March 31, 2022.
−Removed: Additionally, these material weaknesses could result in a misstatement of the account balances or disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or timely detected.
Management’s Plan to Remediate the Material Weaknesses
The process of designing and maintaining effective internal control over financial reporting is a continuous effort that requires management to anticipate and react to changes in our business, economic and regulatory environments and to expend significant resources.
−Removed: In early 2024, the Company began recruiting and hired qualified accounting and financial reporting personnel to supplement our level of knowledge and experience with internal control over financial reporting in order to begin to design and implement a formal control environment and risk assessment process.
−Removed: Such process includes identification of risks, the level of detail in our risk assessment, and the clarity of the linkage between risks and internal controls.
−Removed: The results of this effort are expected to enable us to effectively identify, develop, evolve and implement controls and procedures to address risks.
−Removed: As our remediation efforts are still on-going, we will continue to consider the need for additional resources and implement further enhancements to our policies and procedures as necessary to further improve our internal control over financial reporting.
+Added: As our remediation efforts are ongoing, we will continue to consider the need for additional resources and implement further enhancements to our policies and procedures as necessary to further improve our internal control over financial reporting.
As we work to improve our internal control over financial reporting, we may modify our remediation plan and may implement measures as we continue to review, optimize and enhance our financial reporting controls and procedures in the ordinary course.
1 unchanged sentence
Changes in Internal Control over Financial Reporting
−Removed: Except for the identification of the material weaknesses described above, there has been no change in our internal control over financial reporting during the period ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
+Added: Except for the identification of the material weaknesses described above, there has been no change in our internal control over financial reporting during the period ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
OTHER INFORMATION
Legal Proceedings
−Removed: We may be a party to proceedings in the ordinary course of business;
−Removed: however, we do not anticipate that the outcome of such matters and disputes will materially affect our financial statements.
+Added: We may be a party to proceedings in the ordinary course of business, however, we do not anticipate that the outcome of such matters and disputes will materially affect our financial statements.
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.