3 unchanged sentences
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
−Removed: In connection with the preparation of this Quarterly Report on the Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management including our Chief Executive Officer and Chief Financial Officer of the Company, of the effectiveness 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 Act as of June 30, 2025.
+Added: In connection with the preparation of this Quarterly Report on the Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management including our Chief Executive Officer and Chief Financial Officer of the Company, of the effectiveness 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 Act as of September 30, 2025.
Based upon that evaluation and other than as disclosed herein, our Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this report, the Company’s disclosure controls and procedures were not operating effectively due to the material weakness in internal control over financial reporting described below.
3 unchanged sentences
The Company was not able to attract, develop and retain sufficient resources to fulfill internal control responsibilities during the first half of 2025, resulting in the lack of a sufficient complement of personnel with an appropriate degree of knowledge and experience as of the quarter ended June 30, 2025.
+Added: Management has made significant progress in remediating this weakness during the three months ended September 30, 2025, as described below.
Plan of Remediation of Material Weakness in Internal Control Over Financial Reporting
−Removed: To address the material weakness, management has developed and is actively implementing the following remediation plan:
+Added: To address the material weakness, management has developed and has been actively implementing the following remediation plan:
Increase Accounting Staffing:
−Removed: We will allocate additional resources to the accounting department, including hiring additional personnel with the required U.S.
−Removed: GAAP and SEC expertise, to ensure sufficient staffing levels for accurate and timely financial reporting.
+Added: We have successfully allocated additional resources to the accounting department.
+Added: During the three months ended September 30, 2025, we hired 1 additional qualified accounting personnel with the required SEC expertise, to ensure sufficient staffing levels for accurate and timely financial reporting.
Enhance Review Processes:
−Removed: Management will enhance the review and approval procedures for journal entries and financial reporting, including establishing more rigorous internal controls and implementing a formalized review process for all significant financial transactions.
+Added: Management has implemented enhanced review and approval procedures for journal entries and financial reporting, including establishing more rigorous internal controls and implementing a formalized review process for all significant financial transactions.
+Added: These enhanced procedures are now in effect and are being consistently applied.
Training and Development:
−Removed: We will provide additional training to key personnel involved in the financial reporting process to enhance their knowledge and capability in identifying and addressing accounting and financial reporting issues.
+Added: We have provided additional training to key personnel involved in the financial reporting process to enhance their knowledge and capability in identifying and addressing accounting and financial reporting issues.
Ongoing Monitoring and Evaluation:
Management will continuously monitor and assess the effectiveness of these measures to ensure that the remediation efforts are achieving their intended objectives.
+Added: This includes ongoing evaluation of the newly implemented staffing enhancements and reinforced review processes.
We will continue to evaluate and improve our internal control over financial reporting to address this issue and ensure the effectiveness of our financial reporting processes.
2 unchanged sentences
Changes in Internal Control Over Financial Reporting
−Removed: The Company is in the process
−Removed: of implementing certain changes in its internal controls to remediate the material weakness described above.
−Removed: Except as noted above, no
−Removed: change to the Company’s internal control over financial reporting occurred during the three months ended June 30, 2025 that has
−Removed: materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting (as
−Removed: defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).
+Added: The Company has implemented certain changes in its internal controls, including the addition of qualified accounting personnel and the formalization of enhanced review procedures, to remediate the material weakness described above.
+Added: Except as noted above, no change to the Company’s internal control over financial reporting occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).
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.