12 unchanged sentences
and communicated to our management.
−Removed: Material Weaknesses Previously Identified
−Removed: and Remediation Status
−Removed: As disclosed in our Form 10-K for the fiscal year
−Removed: ending June 30, 2024, we did not properly value our raw material and work-in-process inventory resulting in an overstatement of inventory
−Removed: and an understatement of cost of goods sold in the amount of $320,000.
−Removed: We used a manually updated spreadsheet to maintain our records
−Removed: of quantities and costs in inventory, prior to transitioning to a new ERP system.
−Removed: The new ERP system was not properly updated to reflect
−Removed: current costs, and proper units of measure for certain items in inventory.
−Removed: During the period ending September 30, 2024, we conducted a
−Removed: thorough review of inventory item costs, updating incorrect item costs and units of measure in the new ERP system, established a methodology
−Removed: and now continually monitor changes in costs through an analysis of purchase price variances and customer margin analysis.
−Removed: Additionally, we realized during the preparation
−Removed: of the financial statements for the fiscal year ended June 30, 2024 that we did not properly expense certain research and development
−Removed: costs totaling $147,000 which was corrected prior to the filing of our financial statements on Form 10-K for the fiscal year ending June
−Removed: We erroneously believed certain research and development costs were allowed to be capitalized under GAAP.
−Removed: The remediation of
−Removed: this material weakness was completed effective September 30, 2024.
Changes in Internal Control over Financial
−Removed: Except for the material weaknesses and remediation
−Removed: discussed above, there was no change in our internal control over financial reporting that occurred during the period covered by this
−Removed: Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial
+Added: There has been no change in our internal control
+Added: over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or
+Added: is reasonably likely to materially affect, our internal control over financial reporting.
OTHER INFORMATION
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.