What changed in this filing

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Item 4. Controls and Procedures

2026-09-30 compared with 2026-09-30 · 31 added, 35 removed, 84 unchanged (44% of the section changed)

3 unchanged sentences

Evaluation of Disclosure Controls and Procedures

maintain “disclosure controls and procedures,” as such term is defined under Exchange Act Rule 13a-15(e), that are

designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and

reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and

communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely

decisions regarding required disclosures.

In designing and evaluating the disclosure controls and procedures, our management

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

achieving the desired control objectives and, in reaching a reasonable level of assurance, our management necessarily was required

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

maintain “disclosure controls and procedures,” as such term is defined under Exchange Act Rule 13a-15(e), that are designed

to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within

the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management,

including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter

how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and, in reaching a

reasonable level of assurance, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship

of possible controls and procedures.

have carried out an evaluation, as required by Rule 13a-15(d) under the supervision and with the participation of our management, including

our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls

and procedures as of June 30, 2025.

upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, our disclosure controls

and procedures as of March 31, 2025.

upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2025, our disclosure controls

and procedures were not effective at the reasonable assurance level because the material weaknesses in our internal control over financial

reporting described in Item 4(b) below had not been remediated as of June 30, 2025.

reporting described in Item 4(b) below had not been remediated as of March 31, 2025.

As described in Item 4(b), those material weaknesses

10 unchanged sentences

in connection with the preparation of this Amendment, that the consolidated financial statements and other financial information included

in our Quarterly Report on Form 10-Q for the three months period ended June 30, 2025 fairly present, in all material respects, our financial

in our Quarterly Report on Form 10-Q for the three months period ended March 31, 2025 fairly present, in all material respects, our financial

condition, results of operations and cash flows as of and for the periods presented.

6 unchanged sentences

errors or all instances of fraud.

Management’s Report on Internal Control over Financial Reporting

Management’s Report on Internal Control over Financial

management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined

25 unchanged sentences

on that evaluation, management has concluded that the Company’s internal control over financial reporting was not effective as

of June 30, 2025, due to the material weaknesses described below.

preparing our consolidated financial statements for the three months period ended June 30, 2025, our management identified material

weaknesses in our internal control over financial reporting, as defined in the standards established by the Public Company

Accounting Oversight Board of the United States, and other significant deficiencies.

A “material weakness” is a

deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable

possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or

detected on a timely basis.

of December 31, 2025, due to the material weaknesses described below.

preparing our consolidated financial statements for the three months period ended March 31, 2025, our management identified material

weaknesses in our internal control over financial reporting, as defined in the standards established by the Public Company Accounting

Oversight Board of the United States, and other significant deficiencies.

A “material weakness” is a deficiency, or a combination

of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement

of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

material weaknesses identified are as follows:

5 unchanged sentences

of internal control over the preparation of the financial statements being audited.

material weaknesses remained as of June 30, 2025.

material weaknesses remained as of March 31, 2025.

As a result of inherent limitations, our internal control over financial reporting

15 unchanged sentences

statement close process, the review of significant accounting judgments and estimates, and the review of related-party transactions.

these measures had not been fully implemented as of June 30, 2025, and we have concluded that the material weaknesses in our

internal control over financial reporting had not been remediated as of June 30, 2025.Management will consider the material

weaknesses remediated only when the relevant controls have been designed and implemented, have operated for a period of time

sufficient for management to conclude, through testing, that such controls are operating effectively, and when no additional

material weaknesses or significant deficiencies have been identified in the relevant processes.

We expect the remediation measures

described above to be substantially implemented during the fiscal year ending December 31, 2026，although we can provide no

assurance that these measures will be completed within that period.

The Audit Committee of our Board of Directors has been, and will

continue to be, actively involved in overseeing the implementation of these remediation measures and will receive regular updates on

their status.

these measures had not been fully implemented as of March 31, 2025, and we have concluded that the material weaknesses in our internal

control over financial reporting had not been remediated as of March 31, 2025.Management will consider the material weaknesses remediated

only when the relevant controls have been designed and implemented, have operated for a period of time sufficient for management to conclude,

through testing, that such controls are operating effectively, and when no additional material weaknesses or significant deficiencies

have been identified in the relevant processes.

We expect the remediation measures described above to be substantially implemented during

the fiscal year ending December 31, 2026，although we can provide no assurance that these measures will be completed within that

The Audit Committee of our Board of Directors has been, and will continue to be, actively involved in overseeing the implementation

of these remediation measures and will receive regular updates on their status.

Changes in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting during the three months period ended June 30, 2025 that have materially

were no changes in our internal control over financial reporting during the three months period ended March 31, 2025 that have materially

affected, or are reasonably likely to materially affect, our internal control over financial reporting.

4 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/A

Item 4. Controls and Procedures