What changed in this filing

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Item 4. Controls and Procedures

2022-01-14 compared with 2021-10-14 · 41 added, 47 removed, 13 unchanged (87% of the section changed)

1 unchanged sentence

of Disclosure Controls and Procedures

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

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

August 31, 2021.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us

in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods

specified in the SECs rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive

Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our management recognizes

that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving

their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls

and procedures.

on the evaluation of our disclosure controls and procedures as of August 31, 2021, our Chief Executive Officer and Chief Financial

Officer concluded that due to the existence of material weaknesses in our internal controls over financial reporting, as discussed

in more detail in our Annual Report on Form 10-K for the year ended February 28, 2021, our disclosure controls and procedures

were not completely effective as of August 31, 2021.

Management has continued to monitor the implementation of the remediation

plan described below.

previously disclosed in our Annual Report on Form 10-K for the year ended February 28, 2021, management concluded that material

weaknesses existed in our internal control over financial reporting.

management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure

controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of November 30, 2021.

disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or

submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SECs

rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer,

as appropriate to allow timely decisions regarding required disclosure.

Our management recognizes that any controls and procedures, no

matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily

applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

on the evaluation of our disclosure controls and procedures as of November 30, 2021, our Chief Executive Officer and Chief Financial

Officer concluded that due to the existence of material weaknesses in our internal controls over financial reporting, as discussed in

more detail in our Annual Report on Form 10-K for the year ended February 28, 2021, our disclosure controls and procedures were not completely

effective as of November 30, 2021.

Management has continued to monitor the implementation of the remediation plan described below.

previously disclosed in our Annual Report on Form 10-K for the year ended February 28, 2021, management concluded that material weaknesses

existed in our internal control over financial reporting.

Specifically, we determined that:

did not have written documentation of our internal control policies and procedures.

Written documentation of key internal controls

over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act, which is applicable to us as a reporting company;

have limited segregation of duties and oversight of work performed as well as lack of compensating controls in the Companys

finance and accounting functions due to limited personnel.

As a result, segregation of all conflicting duties may not always

be possible and may not be economically feasible.

Furthermore, we cannot provide reasonable assurance that receipts and expenditures

are being made only in accordance with management and director authorization.

However, to the extent possible, the initiation

of transactions, the custody of assets and the recording of transactions should be performed by separate individuals.

order to remediate the documented material weaknesses, management has begun implementing the following corrective measures:

corporate governance policies that will further align the Companys governance procedures with the requirements noted

in the Sarbanes-Oxley Act;

a comprehensive Code of Conduct, which reflects the overall corporate principles, policies and values that will also provide

the overall guidance for our control procedures.

is committed to improving our internal control processes and believes that the measures described above should remediate the material

weaknesses identified and strengthen internal control over financial reporting.

As we continue to evaluate and improve internal

control over financial reporting, additional measures to remediate the material weaknesses or modifications to certain of the

remediation procedures described above may be necessary.

The material weaknesses will not be considered remediated until the applicable

remediated controls operate for a sufficient period of time and management has concluded, through testing, that these controls

are operating effectively.

Notwithstanding the material weaknesses in our internal control over financial reporting, we believe

that our consolidated financial statements contained in this Quarterly Report on Form 10-Q fairly present our financial position,

Written documentation of key internal controls over

financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act, which is applicable to us as a reporting company;

have limited segregation of duties and oversight of work performed as well as lack of compensating controls in the Companys finance

and accounting functions due to limited personnel.

As a result, segregation of all conflicting duties may not always be possible and

may not be economically feasible.

Furthermore, we cannot provide reasonable assurance that receipts and expenditures are being made only

in accordance with management and director authorization.

However, to the extent possible, the initiation of transactions, the custody

of assets and the recording of transactions should be performed by separate individuals.

order to remediate the documented material weaknesses, management has now implemented corporate governance policies that will further

align the Companys governance procedures with the requirements noted in the Sarbanes-Oxley Act, including a Codes of Business

Conduct and Ethics, which reflects the overall corporate principles, policies and values that provides overall guidance for our control

is committed to improving our internal control processes and believes that the implementation of the corporate governance policies and

charters will assist with remediating the material weaknesses identified and strengthen internal control over financial reporting.

we continue to evaluate and improve internal control over financial reporting, additional measures to remediate the material weaknesses

or modifications to certain of the remediation procedures described above may be necessary.

The material weaknesses will not be considered

remediated until the applicable remediated controls operate for a sufficient period of time and management has concluded, through testing,

that these controls are operating effectively.

Notwithstanding the material weaknesses in our internal control over financial reporting,

we believe that our consolidated financial statements contained in this Quarterly Report on Form 10-Q fairly present our financial position,

results of operations and cash flows for the period covered thereby.

1 unchanged sentence

for the remediation procedures being implemented by the Company as described above, there have been no other changes in our internal

control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the

fiscal quarter ended August 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal

control over financial reporting.

control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fiscal

quarter ended November 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over

financial reporting.

II – OTHER INFORMATION

5 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.

What changed 10-Q

Item 4. Controls and Procedures