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Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures.
−Removed: Based on the evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2022, our disclosure controls and procedures were not effective.
+Added: Based on the evaluation, our principal executive officer and principal financial officer concluded that, as of March 31, 2023, our disclosure controls and procedures were not effective.
A material weakness is a deficiency, or a 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.
−Removed: We identified the following material weakness as of September 30, 2022:
+Added: We identified the following material weakness as of March 31, 2023:
insufficient personnel resources within the accounting function to segregate the duties over financial transaction processing and reporting.
−Removed: To remediate our internal control weaknesses, management intends to implement the following measures, as finances allow:
−Removed: Adding sufficient accounting personnel or outside consultants to properly segregate duties and to effect a timely, accurate preparation of the financial statements.
−Removed: We currently engage a bookkeeping service provider to supplement our resources for accounting tasks, including preparation of financial statements and periodic reports filed with the SEC.
−Removed: Upon the hiring of additional accounting personnel or outside consultants, develop and maintain adequate written accounting policies and procedures.
+Added: To remediate the material weakness, management intends to implement the following measures during 2023, as the Company’s financial means allow:
+Added: Add additional accounting personnel or outside consultants, such as a new controller, to properly segregate duties and to effect timely, accurate preparation of the financial statements;
+Added: Complete the development of and maintain adequate written accounting policies and procedures.
The additional hiring is contingent upon our efforts to obtain additional funding and the results of our operations.
−Removed: However, based on current capital needs for the Company’s core operations, competitive labor market, and general economic conditions, management provides no assurances that it will be able to raise sufficient funding in order to support such additional hiring during the current fiscal year.
+Added: Management expects to secure funds in the coming fiscal year but provides no assurances that it will be able to do so.
Changes in Internal Control over Financial Reporting
−Removed: There were no changes to our internal control over financial reporting or in other factors that could affect these controls during the nine months ended September 30, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
+Added: There were no changes to our internal control over financial reporting or in other factors that could affect these controls during the three months ended March 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
+Added: However, our management is currently seeking to improve our controls and procedures in an effort to remediate the deficiency described above.
PART II - OTHER INFORMATION
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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.