11 unchanged sentences
of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange
−Removed: Based upon that evaluation, as of September 30, 2024, our principal executive officer and principal financial officer concluded that
+Added: Based upon that evaluation, as of March 31, 2025, our principal executive officer and principal financial officer concluded that
our disclosure controls and procedures were not effective due to the material weakness in our internal controls.
3 unchanged sentences
Material Weaknesses in Internal Controls
−Removed: The Company’s management has concluded that
−Removed: our controls around the accounting for certain notes receivable accounted for at fair value and certain long-term investments accounted
−Removed: for at fair value or with the equity security measurement alternative was not effectively designed or maintained, and therefore initially
−Removed: were not accounted for correctly.
−Removed: As a result, our management performed additional analysis as deemed necessary to ensure that our financial
−Removed: statements were prepared in accordance with accounting principles generally accepted in the United States of America.
−Removed: Management understands
−Removed: that the accounting standards applicable to our financial statements are complex and will seek to enhance internal controls over financial
−Removed: reporting and engage experienced third-party professionals with whom management can consult with respect to accounting matters and remediate
−Removed: this material weakness.
+Added: As of December 31, 2024, due to staffing and resource
+Added: constraints, the Company required significant additional time to close the books and records.
+Added: Management after year end, continued to
+Added: perform its account reconciliations which required further adjustments to be recorded.
+Added: As such, information technology, business processes
+Added: and financial reporting controls were deemed to be ineffective due to (a) the lack of personnel to ensure the books and records are closed
+Added: accurately and on a timely basis, (b) lack of proper review over the accounting for certain notes receivable accounted for at fair value,
+Added: (c) the lack of appropriate segregation of duties, (d) certain general information technology control deficiencies regarding user access
+Added: provisioning and administrative access review, and (e) insufficient documentation to support and evidence the design and implementation
Changes in Internal Control Over Financial Reporting
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above, the Company has implemented changes to our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f)
−Removed: under the Exchange Act) as of the quarter ended September 30, 2024.
−Removed: The Company is actively increasing the quantity and quality of our
−Removed: internal accounting personnel and has engaged external valuation specialists and accounting advisors with financial reporting expertise,
−Removed: so as to provide the Company with resources sufficient to properly design and implement internal controls which will prevent and detect
−Removed: material misstatements to the financial statements in a timely manner.
−Removed: In addition, the Company has implemented a multi-layered process
−Removed: to establish and review the valuation of long-term investments with such outside specialists discussed above.
+Added: under the Exchange Act) as of the quarter ended March 31, 2025.
+Added: The Company is actively increasing the quantity and quality of our internal
+Added: accounting personnel and has engaged external valuation specialists and accounting advisors with financial reporting expertise, so as
+Added: to provide the Company with resources sufficient to properly design and implement internal controls which will prevent and detect material
+Added: misstatements to the financial statements in a timely manner.
As a result of these changes, the Company believes
15 unchanged sentences
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.