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Based on such evaluation of our disclosure controls
−Removed: and procedures as of August 31, 2024, our Chief Executive Officer and Chief Financial Officer concluded that due to the existence of material
−Removed: weaknesses in our internal controls over financial reporting, as discussed in more detail below, our disclosure controls and procedures
−Removed: were not effective as of August 31, 2024.
−Removed: Management has continued to monitor the implementation of the remediation plan described below.
+Added: and procedures as of November 30, 2024, our Chief Executive Officer and Chief Financial Officer concluded that due to the existence of
+Added: material weaknesses in our internal controls over financial reporting, as discussed in more detail below, our disclosure controls and
+Added: procedures were not effective as of November 30, 2024.
+Added: Management has continued to monitor the implementation of the remediation plan
+Added: described below.
Management’s quarterly report on internal
23 unchanged sentences
Our management, including our principal financial
−Removed: officer, assessed the effectiveness of the Company’s internal control over financial reporting as of August 31, 2024 in accordance
+Added: officer, assessed the effectiveness of the Company’s internal control over financial reporting as of November 30, 2024 in accordance
with the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations
1 unchanged sentence
Based on this assessment,
−Removed: Management concluded that certain aspects of the Company's internal control over financial reporting as of August 31, 2024, were not effective.
+Added: Management concluded that certain aspects of the Company's internal control over financial reporting as of November 30, 2024, were not
A material weakness,
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Management has taken
−Removed: significant steps towards remediation of these material weaknesses in 2023 and has been implementing and continues to implement measures
−Removed: designed to ensure that control deficiencies contributing to the material weakness are remediated, such that these controls are designed,
−Removed: implemented, validated, and operating effectively.
+Added: significant steps towards remediation of these material weaknesses in 2023, including implementing measures designed to address the control
+Added: deficiencies.
+Added: While progress has been made in designing and implementing these controls, testing and validating their effectiveness has
+Added: yet to commence.
The remediation actions include:
Management has documented a complete set of controls incorporating segregation of duties, separate individuals performing and reviewing controls, and proper authorization and segregation of duties around payments and expenditures in 2023.
−Removed: Management has implemented most of these controls in calendar year 2023 and will complete implementation in calendar year 2024.
+Added: While significant progress has been made in implementing most of these controls, the process is not yet complete.
+Added: Management continues to work on finalizing the implementation and expects to complete it throughout 2025.
Management has implemented corporate governance policies and charters that will further align the Company’s 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 procedures.
Notwithstanding the assessment that our ICFR was
−Removed: not effective as of August 31, 2024 and that there is a material weaknesses as identified herein, we believe that our consolidated financial
+Added: not effective as of November 30, 2024 and that there is a material weaknesses as identified herein, we believe that our consolidated financial
statements contained in this Quarterly Report fairly present our financial position, results of operations and cash flows for the period
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by the Company as described above, there have been no other changes in our internal control over financial reporting (as defined in Rules
−Removed: 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended August 31, 2024, that have materially affected,
−Removed: or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during our fiscal quarter ended November 30, 2024, that have materially
+Added: affected, or are reasonably likely to materially affect, our 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.