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Our management conducted an evaluation, with the participation of our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) as of the end of the period covered by this report.
−Removed: Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of June 27, 2020.
+Added: Based on this evaluation, due to the elimination of our audit committee in August 2020, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of September 26, 2020.
+Added: Notwithstanding the material weakness in our internal control over financial reporting, we have concluded that the unaudited condensed consolidated financial statements included in this Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America.
Changes in Internal Control over Financial Reporting
−Removed: During our fiscal quarter ended June 27, 2020, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
−Removed: Inherent Limitations on Controls
−Removed: A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
−Removed: Further, the benefits of controls must be considered relative to their costs.
−Removed: Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
−Removed: These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors.
−Removed: Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.
−Removed: The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and any design may not succeed in achieving its stated goals under all potential conditions.
−Removed: Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
−Removed: This being said, we are not aware of any fraudulent activity.
−Removed: In addition, projections of any evaluation of effectiveness to future periods are subject to risks that controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with the controls.
+Added: During the quarter ended September 26, 2020, our Board of Directors evaluated various cost-cutting measures, including review of the Board and committee structure, operations and compensation of the members thereof.
+Added: As a result of its evaluation, the Board determined it to be in the best interests of its stockholders to reduce the number of directors serving on the Board to one director, our Chief Executive Officer, and to dissolve all committees of the Board effective immediately after our 2020 annual meeting of stockholders on August 7, 2020, including but not limited to the dissolution of the Audit Committee of the Board.
+Added: Our management identified this lack of an audit committee with a financial expert and lack of a majority of independent directors on our Board to be material weaknesses in internal control over financial reporting due to the ineffective oversight within the financial reporting process.
+Added: Other than the item described above, there were no changes in our internal control over financial reporting that occurred during the quarter ended September 26, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Remediation Initiatives
+Added: In an effort to remediate the identified material weakness and enhance our internal controls, we continue to maintain our financial reporting process we followed to prepare financial statements in accordance with accounting principle generally accepted in the United States for audit committee meetings on a quarterly and annual basis.
+Added: Our Chief Executive Officer and sole director will oversee the process to ensure all required disclosures are made in our financial statements on a quarterly and annual basis.
— 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.