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Evaluation of Disclosure Controls and Procedures
−Removed: Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) 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.
+Added: Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are controls and other procedures that are designed to ensure that information required to be disclosed in the Company’s 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.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements and projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated, as of the end of the period covered by this Quarterly Report, the effectiveness of our disclosure controls and procedures.
−Removed: Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, due to the material weaknesses in internal control over financial reporting described below, our disclosure controls and procedures were not effective at the reasonable assurance level as of September 30, 2021.
−Removed: Notwithstanding these material weaknesses, management has concluded that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly stated in all material respects in accordance with U.S.
+Added: EVgo, with the participation of its chief executive officer and chief financial officer, evaluated, as of the end of the period covered by this Quarterly Report, the effectiveness of the Company’s disclosure controls and procedures, which were not effective at a reasonable assurance level as of March 31, 2022 due to material weaknesses in its internal control over financial reporting described below.
+Added: Notwithstanding these material weaknesses, EVgo has concluded that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are fairly stated in all material respects in accordance with GAAP.
Material Weakness Remediation Plan
−Removed: As previously described in the Registration Statement under the heading “Risk Factors,” we determined that we had material weaknesses in our internal control over financial reporting.
−Removed: A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of its financial statements would not be prevented or detected on a timely basis.
+Added: As previously described in the Company’s Annual Report under the heading “Risk Factors,” EVgo has determined that the Company had material weaknesses in its internal control over financial reporting.
+Added: A material weakness is a
+Added: deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of its financial statements would not be prevented or detected on a timely basis.
Specifically, material weaknesses were identified with respect to segregation of duties and review;
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● Designing and implementing controls over the preparation and review of journal entries and account reconciliations, including controls over the segregation of duties.
−Removed: EVgo is remediating the material weaknesses as efficiently and effectively as possible and remediation efforts could continue beyond the fiscal year ending December 31, 2022.
+Added: As of December 31, 2021, EVgo remediated the material weakness related to the review and approval of journal entries.
+Added: EVgo is continuing to remediate the remaining material weaknesses as efficiently and effectively as possible, and remediation efforts could continue beyond the fiscal year ending December 31, 2022.
At this time, EVgo cannot provide an estimate of costs expected to be incurred in connection with implementing this remediation plan;
−Removed: however, these remediation measures will be time consuming, will result in it incurring significant costs, and will place significant demands on its financial and operational resources.
+Added: however, these remediation measures will be time consuming, result in increased costs and place significant demands on the Company’s financial and operational resources.
Changes in Internal Control Over Financial Reporting
−Removed: Other than as discussed above, there were no changes in our internal control over financial during the three months ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Other than as discussed above, there were no changes in the Company’s internal control over financial reporting during the three months ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II — OTHER INFORMATION
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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.