What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2024-05-10 compared with 2023-11-13 · 18 added, 42 removed, 6 unchanged (91% of the section changed)

Quantitative and Qualitative Disclosures about Market Risk

Not Applicable.

As a smaller reporting company, we are not required to provide the information required by this Item.

Disclosure Controls and Procedures

have adopted and maintain disclosure controls and procedures that are designed to provide reasonable assurance that information

required to be disclosed in the reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected,

recorded, processed, summarized and reported within the time periods specified in the rules of the SEC.

Our disclosure controls

and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely

decisions regarding required disclosure.

As required under Exchange Act Rule 13a-15, our management, including our Chief Executive

Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures

as of the end of the period covered by this report.

Based upon that evaluation, management identified material weaknesses in our

internal control over financial reporting.

We have adopted and maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the SEC.

Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure.

As required under Exchange Act Rule 13a-15, our management, including our Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report.

Based upon that evaluation, management identified material weaknesses in our internal control over financial reporting.

The material weaknesses identified to date include:

(i) lack of sufficient resources

necessary to provide adequate segregation of duties related to the preparation and review of financial information used in financial

reporting and review of controls over the financial reporting process, including documentation of review/approval of journal entries

and reconciliations;

and (ii) insufficient IT controls which are effectively designed and implemented, specifically related to

user/superuser access to the Company’s financial reporting system.

of September 30, 2023, based on evaluation of these disclosure controls and procedures, management concluded that our disclosure

controls and procedures were not effective.

To address our material weakness, we intend to engage an outside firm to advise on

our financial reporting processes and intend to implement new financial accounting controls and processes.

We intend to continue

to take steps to remediate the material weakness described above through implementing enhancements and controls within our accounting

systems, subject to budget limitations.

We will not be able to remediate these control deficiencies until these steps have been

completed and have been operating effectively for a sufficient period of time and management has concluded, through testing, that

the controls are operating effectively.

The redesign and implementation of improvements to our accounting and proprietary systems

and controls may be costly and time consuming and the cost to remediate may impair our results of operations in the future.

light of the conclusion that our disclosure controls and procedures were not effective at September 30, 2023, we have applied

particular procedures and processes as necessary to ensure the reliability of our financial reporting with respect to this quarterly

(i) lack of sufficient resources necessary to provide adequate segregation of duties related to the preparation and review of financial information used in financial reporting and review of controls over the financial reporting process, including documentation of review of reconciliations;

and (ii) insufficient IT controls which are effectively designed and implemented, specifically related to user/superuser access to the Company’s financial reporting system.

As of March 31, 2024, based on evaluation of these disclosure controls and procedures, management concluded that our disclosure controls and procedures were not effective.

To address our material weakness, we intend to engage an outside firm to advise on our financial reporting processes and intend to implement new financial accounting controls and processes.

We intend to continue to take steps to remediate the material weakness described above through implementing enhancements and controls within our accounting systems, subject to budget limitations.

We will not be able to remediate these control deficiencies until these steps have been completed and have been operating effectively for a sufficient period of time and management has concluded, through testing, that the controls are operating effectively.

The redesign and implementation of improvements to our accounting and proprietary systems and controls may be costly and time consuming and the cost to remediate may impair our results of operations in the future.

In light of the conclusion that our disclosure controls and procedures were not effective at March 31, 2024, we have applied particular procedures and processes as necessary to ensure the reliability of our financial reporting with respect to this quarterly report.

Accordingly, we believe, based on our knowledge that:

(i) this quarterly report does not contain any untrue statement of

material fact or omit a statement of material fact necessary to make the statements made, in light of the circumstances under which

they were made, not misleading with respect to the period covered by this report;

and (ii) the consolidated financial statements,

and other financial information included in this quarterly report, fairly present in all material respects our financial condition,

results of operations, and cash flows as of and for the periods presented in this quarterly report.

in Internal Control over Financial Reporting

were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f)

of the Exchange Act) during the fiscal quarter ended September 30, 2023 that have materially affected, or are reasonably likely

to materially affect, our internal control over financial reporting.

II—OTHER INFORMATION

(i) this quarterly report does not contain any untrue statement of material fact or omit a statement of material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading with respect to the period covered by this report;

and (ii) the consolidated financial statements, and other financial information included in this quarterly report, fairly present in all material respects our financial condition, results of operations, and cash flows as of and for the periods presented in this quarterly report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent 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

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 3. Quantitative and Qualitative Disclosures About Market Risk