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Further, because of changes in conditions, the effectiveness of our internal controls may vary over time.
−Removed: Our management evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of March 31, 2024.
+Added: Our management evaluated, with the participation of our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of June 30, 2024.
Based on this evaluation, our chief executive officer and our chief financial officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were not effective to accomplish their objectives at the reasonable assurance level due to the material weaknesses described below.
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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 the annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: In the course of preparing our financial statements for the interim period ended March 31, 2024, management identified material weaknesses in our internal controls over financial reporting that existed because the company did not have sufficient resources which in turn led to an inability to effectively perform certain control activities and fulfill its internal control and accounting responsibilities.
+Added: As reported in our Form 10-Q for the quarter ended March 31, 2024, as filed with the SEC on May 24, 2024, management identified material weaknesses in our internal controls over financial reporting that existed because the company did not have sufficient resources which in turn led to an inability to effectively perform certain control activities and fulfill its internal control and accounting responsibilities.
+Added: As of June 30, 2024, the previously identified material weaknesses in our internal controls over financial reporting had not been remediated.
Management believes that the condensed consolidated and combined financial statements and related financial information included in this Form 10-Q fairly present, in all material respects, our balance sheets, statements of operations, comprehensive income and cash flows as of and for the periods presented.
Remediation Efforts to Address a Material Weaknesses in Internal Control over Financial Reporting
−Removed: We are actively developing and implementing a comprehensive remediation plan.
−Removed: We plan to hire, develop and retain incremental personnel with appropriate accounting and internal controls expertise and review and update (as appropriate) training programs on relevant internal controls over financial reporting matters.
−Removed: We have engaged a leading public accounting firm to support our remediation efforts.
−Removed: To further remediate the material weaknesses identified herein, management, including our chief executive officer and chief financial officer, have reaffirmed and re-emphasized the importance of internal controls, control consciousness and a strong control environment.
+Added: Remediation of the identified material weaknesses and strengthening our controls and procedures is a priority.
+Added: In response to the material weaknesses, we are actively implementing a comprehensive remediation plan.
+Added: We are hiring, developing and working to retain personnel with appropriate accounting and internal controls expertise.
+Added: Additionally, we have and will continue to review and update (as appropriate) training programs on relevant internal controls over financial reporting matters.
+Added: We have also engaged experienced third parties to support our remediation efforts.
+Added: To further remediate the material weaknesses discussed above, management, including our chief executive officer and chief financial officer, have reaffirmed and re-emphasized the importance of internal controls, control consciousness and a strong control environment.
We are committed to maintaining a strong control environment and believe that these remediation efforts represent continued improvement in our control environment.
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The Company is in the process of implementing certain changes in its internal controls to remediate the material weaknesses described above.
−Removed: There has been no change in the Company’s internal control over financial reporting
−Removed: during the quarter ended March 31, 2024 that has materially affected or is reasonably likely to materially affect its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.
+Added: There has been no change in the Company’s internal control over financial reporting during the quarter ended June 30, 2024 that has materially affected or is reasonably likely to materially affect its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).
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.