2 unchanged sentences
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the U.S.
−Removed: Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Interim Chief Financial Officer (“CFO”), to allow timely decisions regarding required disclosure.
−Removed: In connection with the preparation of this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of the CEO and CFO, of the effectiveness and operation of our disclosure controls and procedures as of June 30, 2023.
+Added: Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure.
+Added: In connection with the preparation of this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of the CEO and CFO, of the effectiveness and operation of our disclosure controls and procedures as of September 30, 2023.
Based upon that evaluation, the CEO and CFO have concluded that, as of such date, based on the identification of the material weakness described below, our disclosure controls and procedures were not effective.
9 unchanged sentences
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
−Removed: These inherent limitations include the realities that judgments in decision-making can be faulty, and that
−Removed: breakdowns can occur because of a simple error or mistake.
+Added: These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls.
2 unchanged sentences
Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our consolidated financial statements would be prevented or detected.
−Removed: Management assessed the effectiveness of the Company’s internal control over financial reporting as of June 30, 2023.
+Added: Management assessed the effectiveness of the Company’s internal control over financial reporting as of September 30, 2023.
In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (COSO) in Internal Control-Integrated Framework.
−Removed: Based on this assessment and those criteria, management concluded that our internal control over financial reporting was not effective as of June 30, 2023.
−Removed: We identified a material weakness in our controls over completeness of revenue as of December 31, 2022 that still existed as of June 30, 2023.
+Added: Based on this assessment and those criteria, management concluded that our internal control over financial reporting was not effective as of September 30, 2023.
+Added: We identified a material weakness in our controls over completeness of revenue as of December 31, 2022 that still existed as of September 30, 2023.
A material weakness is 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.
4 unchanged sentences
however, it could have resulted in understated revenue that could have resulted in a material misstatement to the annual or interim financial statements that would not have been prevented or detected on a timely basis.
−Removed: Due to the material weakness, we have concluded that our internal control over financial reporting was not effective as of June 30, 2023.
+Added: Due to the material weakness, we have concluded that our internal control over financial reporting was not effective as of September 30, 2023.
Management’s Plan to Remediate the Material Weakness
6 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.