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As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our President and Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report.
−Removed: Based on that evaluation, our President and Chief Executive Officer and Chief Financial Officer have concluded that as of the end of the period covered by this quarterly report, our disclosure controls and procedures (as defined in Rule 13a- 15(e) under the Exchange Act) were not effective as of June 30, 2020 due to the following material weaknesses which were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and continue to exist as of June 30, 2020:
+Added: Based on that evaluation, our President and Chief Executive Officer and Chief Financial Officer have concluded that as of the end of the period covered by this quarterly report, our disclosure controls and procedures (as defined in Rule 13a- 15(e) under the Exchange Act) were not effective as of September 30, 2020 due to the following material weaknesses which were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and continue to exist as of September 30, 2020:
• Material weakness related to the control environment
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Notwithstanding these material weaknesses, management has concluded that the condensed consolidated financial statements included in this quarterly report on Form 10-Q state fairly, in all material aspects, our financial position at the end of, and the results of operations and cash flows for, the periods stated in conformity with accounting principles generally accepted in the United States.
−Removed: Refer to Note 13.
−Removed: Revision of Prior Period Financial Statements for further details on adjustments made to our interim and annual financial statements.
Remediation Plan Activities
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◦ The above changes were supported by the enhancements made to address the material weakness in the control environment and included various new members of management and staff identified as control owners for the modified controls.
−Removed: We remain committed to the continued hiring and on-boarding of additional members of the Finance organization, including our new Chief Financial Officer.
−Removed: As of June 30, 2020, we have filled key positions within the Finance organization and will continue to add skilled talent as complexities grow and needs arise.
+Added: We remain committed to the continued hiring and on-boarding of additional members of the Finance organization.
+Added: As of September 30, 2020, we have filled key positions within the Finance organization and will continue to add skilled talent as complexities grow and needs arise.
We are in the process of testing the operational effectiveness of the key controls discussed above.
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Changes in Internal Control Over Financial Reporting
−Removed: Under the supervision and with the participation of our management, including our President and Chief Executive Officer and Chief Financial Officer, we evaluated whether there were any changes in our internal control over financial reporting during the second quarter of fiscal 2020.
−Removed: Based on that evaluation, other than the changes discussed above in connection with the changes designed and implemented as a result of our remediation plan of the previously identified material weaknesses, there were no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the quarter ended June 30, 2020.
+Added: Under the supervision and with the participation of our management, including our President and Chief Executive Officer and Chief Financial Officer, we evaluated whether there were any changes in our internal control over financial reporting during the third quarter of fiscal year 2020.
+Added: Based on that evaluation, other than the changes discussed above in connection with the changes designed and implemented as a result of our remediation plan of the previously identified material weaknesses, there were no changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the quarter ended September 30, 2020.
Limitations on Effectiveness of Controls and Procedures
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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.