11 unchanged sentences
effective including the following material weakness:
−Removed: sufficient accounting staff to appropriately segregate duties and leverage decision makers to consolidate new entities and complete
−Removed: timely reporting of financial data
−Removed: sufficient orientation and experience with new ERP systems platform which hindered productivity and required additional supervision
−Removed: delaying timely reporting of financial statements.
−Removed: is in the process of implementing the Management Remediation Initiatives (the “Initiatives”) detailed in the Company’s
−Removed: Annual Report on Form 10-K filed with the U.S.
−Removed: Securities and Exchange Commission on May 27, 2022.
−Removed: Management believes that the material
−Removed: weaknesses set forth in items (1) and (2) above did not have an effect on our financial results.
−Removed: However, management believes that without
−Removed: the implementation of the Initiatives, such matters could result in a material misstatement in our financial statements in future periods.
+Added: sufficient accounting staff to appropriately segregate duties and leverage decision makers
+Added: to consolidate new entities and complete timely reporting of financial data;
+Added: sufficient orientation and experience with new ERP systems platform which hindered productivity
+Added: and required additional supervision delaying timely reporting of financial statements.
+Added: Remedial Measures
+Added: September 19, 2022, the Company hired a well-qualified Chief Financial Officer (Anthony Gruber), with significant experience in financial
+Added: reporting and controls, who reports to the Chief Executive Officer.
+Added: Effective December 12, 2022, the Company has additionally hired a
+Added: well-qualified and experienced Corporate Controller with substantial public company experience.
+Added: The CFO and Controller will be leading
+Added: a thorough review of the Company’s financial and disclosure controls.
+Added: In addition, they will focus on the completion of the implementation
+Added: of the Company’s new financial reporting system.
Changes in Internal Control over Financial Reporting
−Removed: were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act,
−Removed: during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal
−Removed: control over financial reporting.
+Added: than the above, there were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under
+Added: the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially
+Added: affect, our internal control over financial reporting.
II - OTHER INFORMATION
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.