What changed in this filing

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Item 4. Controls and Procedures

2020-08-06 compared with 2020-05-18 · 13 added, 60 removed, 4 unchanged (95% of the section changed)

1 unchanged sentence

Evaluation of Disclosure Controls and Procedures

Our management, with the supervision of our Chief Executive Officer

and Chief Financial Officer (our principal executive officer and

principal financial officer, respectively), evaluated the

effectiveness of our disclosure controls and procedures, as defined

in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act

of 1934, as amended (the “Exchange Act”), as of the end

of the period covered by this Quarterly Report on Form

10-Q. In designing and evaluating the disclosure controls and

procedures, management recognizes that any controls and procedures,

no matter how well designed and operated, can provide only

reasonable assurance of achieving the desired control objectives.

In addition, the design of disclosure controls and procedures must

reflect the fact that there are resource constraints and that

management is required to apply its judgment in evaluating the

benefits of possible controls and procedures relative to their

Based on our evaluation, our Chief Executive Officer and Chief

Financial Officer concluded that, as of March 31, 2020, our

disclosure controls and procedures were not effective as a result

of the material weakness in our internal control over financial

reporting discussed below.

The material weakness in internal control over financial reporting

resulted from a deficiency in our disclosure controls and

procedures which could have resulted in the Company not disclosing

a material potential loss that was reasonably possible, and

therefore requiring a qualitative disclosure in consolidated

financial statements under ASC 450 –

Contingencies .

The Company is still in the process of analyzing and addressing the

material weakness that existed in its control over its financial

reporting for the quarter ended March 31, 2020.

weakness will not be considered remediated until the applicable

remedial control operates for a sufficient period of time and

management has concluded, through testing, that this control is

operating effectively.

We expect that the remediation of this

material weakness will be completed prior to the end of year

Our Chief Executive Officer and Chief Financial Officer believe

that, notwithstanding the material weakness discussed above, the

condensed consolidated financial statements in our Quarterly Report

on Form 10-Q for the quarter ended March 31, 2020 present fairly,

in all material respects, our financial position, results of

operations and cash flows for the periods presented.

Our management, with the supervision of our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q.

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2020, our disclosure controls and procedures were not effective as a result of the material weakness in our internal control over financial reporting discussed below.

The material weakness in internal control over financial reporting resulted from a deficiency in our disclosure controls and procedures which could have resulted in the Company not disclosing a material potential loss that was reasonably possible, and therefore requiring a qualitative disclosure in consolidated financial statements under ASC 450 – Contingencies .

The Company has developed and adopted an applicable remedial control addressing the material weakness that existed in its control over its financial reporting for the quarter ended June 30, 2020.

The material weakness will not be considered remediated until the applicable remedial control operates for a sufficient period of time and management has concluded, through testing, that this control is operating effectively.

We expect that the remediation of this material weakness will be completed prior to the end of year 2020.

Our Chief Executive Officer and Chief Financial Officer believe that, notwithstanding the material weakness discussed above, the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented.

Changes in Internal Control over Financial Reporting

evaluation was also performed under the supervision and with the

participation of our management, including our Chief Executive

Officer and Chief Financial Officer, of any change in our internal

control over financial reporting (as defined in Rule

13a−15(f) promulgated under the Exchange Act) that occurred

during our last fiscal quarter and that has materially affected, or

is reasonably likely to materially affect, our internal control

over financial reporting.

Other than as discussed above, there were

no changes in internal control over financial reporting that

occurred during the Company’s first fiscal quarter that have

materially affected, or are reasonably likely to materially affect,

our internal control over financial reporting.

PA R T II - OTHER

An evaluation was also performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of any change in our internal control over financial reporting (as defined in Rule 13a−15(f) promulgated under the Exchange Act) that occurred during our last fiscal quarter and that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Other than as discussed above, there were no changes in internal control over financial reporting that occurred during the Company’s second fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

description of our legal proceedings, see Note 11, Commitments and

Contingencies, Legal Proceedings of the Notes to Consolidated

Financial Statements, included in Part I, Item 1 of this Quarterly

Report on Form 10-Q.

For a description of our legal proceedings, see Note 12, Commitments and Contingencies, Legal Proceedings of the Notes to Consolidated Financial Statements, included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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