12 unchanged sentences
and Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures were not, in design and operation,
−Removed: effective as of March 31, 2025 at a reasonable assurance level due to the material weakness in internal control over financial reporting
+Added: effective as of June 30, 2025 at a reasonable assurance level due to the material weakness in internal control over financial reporting
described below:
Material Weaknesses
−Removed: A material weakness is a
−Removed: deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board Auditing Standard AS 2201,
−Removed: in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual
−Removed: or interim financial statements will not be prevented or detected on a timely basis.
+Added: A material weakness is a deficiency,
+Added: or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board Auditing Standard AS 2201, in internal
+Added: control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial
+Added: statements will not be prevented or detected on a timely basis.
We had the following material weakness:
−Removed: ● We did not have qualified full-time personnel with appropriate levels of accounting knowledge and
−Removed: experience to address complex U.S.
−Removed: GAAP accounting issues and to prepare and review financial statements and related disclosures
+Added: We did not have qualified full-time personnel with appropriate levels of accounting knowledge and experience to address complex U.S.
+Added: GAAP accounting issues and to prepare and review financial statements and related disclosures under U.S.
In light of this material
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These remediation efforts included:
−Removed: ● Adding qualified personnel with
−Removed: appropriate levels of accounting knowledge and experience to address U.S.
−Removed: GAAP accounting issues and prepare and review financial statements
−Removed: and related disclosures
−Removed: ● Implementing processes whereby
−Removed: non-routine transactions are analyzed by in-house staff and third-party consultants to ensure proper accounting treatment
−Removed: ● Establishing narratives and
−Removed: policies for business processes that relate to financial statements to ensure proper segregation of duties and internal controls
+Added: Adding qualified personnel with appropriate levels of accounting knowledge and experience to address U.S.
+Added: GAAP accounting issues and prepare and review financial statements and related disclosures
+Added: Implementing processes whereby non-routine transactions are analyzed by in-house staff and third-party consultants to ensure proper accounting treatment
+Added: Establishing narratives and policies for business processes that relate to financial statements to ensure proper segregation of duties and internal controls
While the Company has remediated
−Removed: certain previously identified material weaknesses, our Chief Executive Officer and Chief Financial Officer concluded that as of March
+Added: certain previously identified material weaknesses, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30,
2025, our disclosure controls and procedures were not effective at the reasonable assurance level.
4 unchanged sentences
In addition, the design of disclosure controls and
−Removed: procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the
−Removed: benefits of possible controls and procedures relative to their costs.
+Added: procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating
+Added: the benefits of possible controls and procedures relative to their costs.
PART II - OTHER INFORMATION
1 unchanged sentence
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.