What changed in this filing

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Item 4. Controls and Procedures

2021-05-13 compared with 2021-02-12 · 44 added, 7 removed, 27 unchanged (65% of the section changed)

4 unchanged sentences

covered by this Quarterly Report on Form 10-Q, and have concluded that, based on such evaluation, our disclosure controls and

procedures were effective as of December 31, 2020 to ensure that information required to be disclosed by us in the reports that

we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in

the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer

and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required

in Internal Controls over Financial Reporting

were no changes in our internal control over financial reporting that occurred during the three months ended December 31, 2020

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

procedures were not effective due to the material weakness in our internal control over financial reporting as of March 31,

2021 as described below.

Notwithstanding

the conclusion that our disclosure controls and procedures were not effective as of the end of the period covered by this report,

we believe that our consolidated financial statements and other information contained in this quarterly report present fairly,

in all material respects, our business, financial condition and results of operations for the interim periods presented.

Company completed the IPO in December 2020.

Prior to the IPO, the Company was a private corporation with limited accounting personnel

and other supervisory resources necessary to adequately execute its accounting processes and address its internal controls over

financial reporting requirements.

As a result, previously existing internal controls are no longer sufficient, and the Company

is in the process of updating these controls.

The design and implementation of internal control over financial reporting for the

Company’s post-IPO has required and will continue to require significant time and resources from management and other personnel.

part of this updating process, our management identified a material weakness in its internal control over financial reporting.

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 our annual or interim financial statements will not be prevented or

detected on a timely basis.

The material weakness identified relates to the fact that the Company has not yet designed and maintained

an effective control environment commensurate with its financial reporting requirements, including a) has not yet completed the

formally documented policies and procedures with respect to the review, supervision and monitoring of the Company’s accounting

and reporting functions and b) lack of evidence to support the performance of controls and the adequacy of review procedures,

including the completeness and accuracy of information used in the performance of controls.

is committed to continuing with the steps necessary to remediate the control deficiencies that constituted the above material

During 2021, we made the following enhancements to our control environment:

added accounting and finance personnel to provide additional individuals to allow for segregation of duties in the preparation

and review of schedules, calculations, and journal entries that support financial reporting, to provide oversight, structure and

reporting lines, and to provide additional review over our disclosures;

enhanced our controls to improve the preparation and review over complex accounting measurements, and the application of GAAP

to significant accounts and transactions, and our financial statement disclosures;

are in the process of engaging outside consultants to assist us in our evaluation of the design, implementation, and documentation

of internal controls that address the relevant risks, and that provide for appropriate evidence of performance of our internal

controls (including completeness and accuracy procedures).

the direction of the audit committee of the board of directors, management will continue to take measures to remediate the material

weakness in 2021.

As such, we will continue to enhance corporate oversight over process-level controls and structures to ensure

that there is appropriate assignment of authority, responsibility, and accountability to enable remediation of our material weakness.

We believe that our remediation plan will be sufficient to remediate the identified material weakness and strengthen our internal

control over financial reporting.

we continue to evaluate, and work to improve, our internal control over financial reporting, management may determine that additional

measures to address control deficiencies or modifications to the remediation plan are necessary.

Limitation on the Effectiveness of Internal Controls

13 unchanged sentences

will be sufficient to provide us with effective internal control over financial reporting.

in Internal Controls over Financial Reporting

as noted above, there were no changes in our internal control over financial reporting that occurred during the three months ended

March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial

II—OTHER INFORMATION

6 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