What changed in this filing

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Item 4. Controls and Procedures

2024-02-13 compared with 2023-11-13 · 28 added, 27 removed, 74 unchanged (43% of the section changed)

1 unchanged sentence

Controls and Procedures

the end of the period covered by this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, an evaluation was

the end of the period covered by this Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, an evaluation was

carried out under the supervision of and with the participation of our management, including the CEO and the Chief Financial Officer

15 unchanged sentences

implementing, and evaluating controls and procedures and the assumptions used in identifying the likelihood of future events.

Weaknesses in Internal Control over Financing Reporting Existing as of September 30, 2023

Weaknesses in Internal Control over Financing Reporting Existing as of December 31, 2023

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

2 unchanged sentences

concluded that the material weaknesses disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended June

30, 2023 continued to exist as of September 30, 2023.

30, 2023 continued to exist as of December 31, 2023.

Specifically, management concluded that the following material weaknesses

exist as of September 30, 2023:

exist as of December 31, 2023:

Management did not design and maintain an effective control environment

33 unchanged sentences

Plan for the Material Weaknesses

address our material weaknesses existing as of September 30, 2023, we are currently devising a detailed plan to address each individual

address our material weaknesses existing as of December 31, 2023, we have implemented a detailed plan to address each individual

material weakness identified, as well as the overall monitoring process, including the following:

order to remediate the material weaknesses relating to the Company’s control environment

and risk assessment process, we plan to develop and implement controls to ensure work

performed by Company personnel and other experts is reviewed by individuals with the

appropriate level of U.S.

GAAP knowledge and experience.

This may include separating

the performance and review of certain close procedures among current accounting personnel

and/or engaging third party accounting consultants with the requisite U.S.

GAAP knowledge

and experience to perform work under the control and oversight of Company personnel.

In addition, we plan to enhance the design of our controls over the consideration of

all related relevant accounting guidance for the initial recording and subsequent measurements

of non-routine transactions.

and risk assessment process, the following control procedures are in the process of being implemented:

consultation with our third-party advisors, we are in the process of implementing a technical accounting policy that

provides for separation of the analysis and review of identified accounting issues from the

detailed review steps to be performed by the Corporate Controller.

Initially, this policy

includes transactions related to warrants, convertible debt, debt modifications, and earnout

share liabilities.

This policy will be maintained to ensure that additional non-routine transactions

identified in our normal course of business (as discussed below), are included in the review

We are in the process of developing and implementing a non-routine transactions policy to

ensure the timely identification, analysis, and monitoring of potential non-routine transactions.

Further, the policy provides for third-party assistance, as needed, in the review of U.S.

GAAP issues related to the proposed transaction.

order to remediate the material weakness relating to the Company’s controls activities,

we are in the process of designing and implementing controls over the completeness and

accuracy of identifying and adequately assessing the assumptions utilized in the valuation

analysis of complex financial instruments, as well as engaging third party consultants

with the relevant background and expertise to perform the appropriate complex valuation

analyses under the control and oversight of Company personnel.

we are in the process of implementing the technical accounting policy discussed above to ensure the completeness and accuracy of identifying

and adequately assessing the assumptions utilized in the valuation analysis of complex

financial instruments.

In addition, we have engaged third-party consultants with the relevant

background and expertise to perform the appropriate complex valuation analyses under

the control and oversight of Company personnel.

order to remediate the material weakness relating to the Company’s controls over

monitoring activities, we plan to design and implement controls to manage and monitor

our progress towards the remediation of internal control deficiencies and material weaknesses,

including oversight by, and periodic reporting to, the Audit Committee.

assist us in devising and implementing our remediation plan, we have recently engaged a third-party consulting firm.

monitoring activities, we are in the process of enhancing controls over our financial statement close and reporting

process, and designing and implementing additional closing steps to review, manage and monitor our progress towards

the remediation of internal control deficiencies and material weaknesses, including periodic reporting of progress to the

process of designing and maintaining effective internal control over financial reporting is a continuous effort that requires

7 unchanged sentences

than as discussed above, there have been no changes in the Company’s internal control over financial reporting during the

three months ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s

three months ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s

internal control over financial reporting.

1 unchanged sentence

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