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Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.
−Removed: Based on the foregoing evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2024, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weakness described below.
+Added: Based on the foregoing evaluation, our management concluded that, as of June 30, 2024, our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weakness described below.
Identified Material Weakness
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Management identified a material weakness during its assessment of internal controls over financial reporting as of March 31, 2024.
−Removed: Specifically, because of the tax accounting treatment of intangible assets related to the acquisition of ATD, we concluded that our controls to address the risks associated with the tax implications of significant and unusual transactions and their impact to our financial reporting were not effectively designed or maintained.
+Added: Specifically, because of the accounting treatment related to the acquisition of ATD, we concluded that our controls to address the risks associated with significant and unusual transactions and their impact to our financial reporting were not effectively designed or maintained.
Accordingly, we concluded that this control deficiency resulted in a reasonable possibility that a material misstatement of the interim financial statements would not be prevented or detected on a timely basis by our internal controls.
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While we have processes to properly identify significant or unusual transactions, we plan to continue to improve these processes to ensure that the nuances of such transactions are effectively evaluated in the context of the increasingly complex accounting and tax standards.
−Removed: To further strengthen our internal controls, we plan to modify our management review controls over significant and unusual transactions to engage our tax experts prior to our reporting deadlines to assist in identifying the tax implications of transactions deemed to be significant and unusual that occurred during the applicable period.
+Added: To further strengthen our internal controls, we plan to modify our management review controls over significant and unusual transactions to engage our accounting and tax experts prior to our reporting deadlines to assist in identifying the implications of transactions deemed to be significant and unusual that occurred during the applicable period.
The material weakness will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively.
4 unchanged sentences
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.