What changed in this filing

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Item 4. Controls and Procedures

2024-11-14 compared with 2024-05-15 · 54 added, 57 removed, 2 unchanged (98% of the section changed)

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures

are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted

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

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required

to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including

our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15

and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness

of the design and operation of our disclosure controls and procedures as of March 31, 2024.

Based upon their evaluation, our Chief Executive

Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e)

under the Exchange Act) were not effective.

Management’s Controls Over Financial

Our disclosure controls and

procedures are designed to ensure that the information we are required to disclose in reports that 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 Securities and Exchange Commission (“SEC”) rules and forms, and that such information is accumulated and communicated

to our management to allow timely decisions regarding required disclosure.

Our management, with the participation

and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls

and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly

Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of such date, our disclosure

controls and procedures were not, in design and operation, effective as of March 31, 2024 at a reasonable assurance level due to the material

weaknesses in internal control over financial reporting described below:

Material Weaknesses

We did not have qualified full-time personnel with appropriate levels of accounting knowledge and experience to address complex U.S.

GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S.

We did not have comprehensive written control policies in place;

we did not have an internal audit function or IT function to ensure the internal controls are properly designed and implemented.

We lacked evidence of certain review and approval procedures performed.

A material weakness is a deficiency,

or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board Auditing Standard AS 2201, 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.

Following the identification

of the material weaknesses, we plan to take remedial measures including:

hiring qualified accounting personnel with relevant U.S.

GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework;

implementing regular and continuous U.S.

GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel;

establishing internal audit function by engaging an external consulting firm to assist us with assessment of Sarbanes-Oxley Act of 2002 compliance requirements and improvement of overall internal control;

strengthening corporate governance.

We believe, however, that

a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls systems

are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any,

within a company have been detected.

Changes in Internal Control over Financial

The Company is in the process

of implementing certain changes in its internal control over financial reporting to remediate the material weaknesses described above.

The implementation of the material aspects of this plan began in the second quarter of fiscal year 2024, and the Company is planning to

remediate the material weaknesses described above by the end of fiscal year 2024.

As a result, there has been no change in the Company’s

internal control over financial reporting during the third quarter of fiscal year 2024, that has materially affected, or is reasonably

likely to materially affect, its internal control over financial reporting.

PART II - OTHER INFORMATION

of Disclosure Controls and Procedures

controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our

reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in

the SEC’s rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to

ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated

to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

of Disclosure Controls and Procedures

required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation

of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024.

Based upon their

evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined

in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective.

Controls Over Financial Reporting

disclosure controls and procedures are designed to ensure that the information we are required to disclose in reports that 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 Securities and Exchange Commission (“SEC”) rules and forms, and that such information

is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated the

effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the

end of the period covered by this quarterly report.

Based on such evaluation, our Chief Executive Officer and Chief Financial Officer

have concluded that as of such date, our disclosure controls and procedures were not, in design and operation, effective as of September

30, 2024 at a reasonable assurance level due to the material weakness in internal control over financial reporting described below:

did not have qualified full-time personnel with appropriate levels of accounting knowledge and experience to address complex U.S.

accounting issues and to prepare and review financial statements and related disclosures under U.S.

did not have comprehensive written control policies in place related to complex transactions and revenue recognition, or an internal

audit function to ensure the internal controls are properly designed and implemented.

material weakness is a deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board

Auditing Standard AS 2201, 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.

the identification of the material weakness, we plan to take remedial measures including:

additional qualified accounting personnel with relevant U.S.

GAAP and SEC reporting experience

and qualifications to strengthen the financial reporting function and to set up a financial

and system control framework

● establishing

internal audit function by engaging an external consulting firm to assist us with assessment

of Sarbanes-Oxley Act of 2002 compliance requirements and improvement of overall internal

believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives

of the controls systems are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of

fraud or error, if any, within a company have been detected.

in Internal Control over Financial Reporting

Company is in the process of implementing certain changes in its internal control over financial reporting to remediate the material

weaknesses described above.

The implementation of the material aspects of this plan began in the second quarter of fiscal year 2024.

Additional qualified personnel with appropriate levels of accounting knowledge and experience to address U.S.

GAAP accounting issues

have been added to prepare and review financial statements and related disclosures under U.S.

Non-routine transactions are analyzed

by in-house staff and third-party consultants to ensure proper accounting treatment.

Narratives and policies for business processes that

relate to financial statements have been put in place to establish proper segregation of duties and internal controls.

II - OTHER INFORMATION

LEGAL PROCEEDINGS

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