6 unchanged sentences
Based upon this evaluation, our chief executive officer
−Removed: and chief financial officer concluded that our disclosure controls and procedures are not effective to ensure that information required
+Added: and chief financial officer concluded that our disclosure controls and procedures are effective to ensure that information required
to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within
1 unchanged sentence
including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
−Removed: connection with the filing of our Form 10-K for the year ended March 31, 2021, we identified a material weakness primarily related to
−Removed: the consolidated financial statement close process that failed to detect errors which could have been material in the accounting for
−Removed: inventory cutoff and the inventory valuation of estimated returns.
−Removed: Specifically, the Company currently has a deficient process to close
−Removed: the consolidated financial statements and prepare comprehensive and timely account analysis, due in part to a new accounting software
−Removed: system, which resulted in certain adjusting journal entries.
−Removed: for Material Weakness in Internal Control over Financial Reporting
−Removed: Company’s management has begun to design and implement certain remediation measures to address the above-described material weakness
−Removed: and enhance the Company’s internal control in order to remediate this material weakness.
−Removed: As part of our remediation measures, the
−Removed: Company has identified and will implement plans to enhance the Company’s process and controls including the following measures:
−Removed: Company implemented a new Enterprise Resource Planning (“ERP”) system in Fiscal
−Removed: 2021 that contributed to the material weaknesses.
−Removed: Management has identified system processing
−Removed: errors specifically related to when returned goods are recognized in inventory and how they
−Removed: Management is currently working with our third-party systems support group to
−Removed: correct these system errors.
−Removed: plans on strengthening the ERP system training for both finance and warehouse personnel with
−Removed: regards to inventory cutoff and valuation procedures to insure personnel working with inventory
−Removed: are thoroughly familiar with procedures for processing returns.
−Removed: will also assess whether current resources are adequate to maintain proper inventory controls
−Removed: once the system errors have been remediated and additional training is completed and will
−Removed: explore the possibility of additional third-party assistance if necessary.
−Removed: on the progress to date of implementing these remediation measures, the Company anticipates that this material weakness will be remediated
−Removed: by March 31, 2022.
Changes in Internal Controls
−Removed: were no changes in the Company’s internal controls over financial reporting during the quarter ended December 31, 2021, that materially
+Added: were no changes in the Company’s internal controls over financial reporting during the quarter ended June 30, 2022, that materially
affected, or were reasonably likely to materially affect the Company’s internal control over financial reporting.
II - OTHER INFORMATION
−Removed: LEGAL PROCEEDINGS
−Removed: is not aware of any legal proceedings other than matters that arise in the ordinary course of business.
−Removed: applicable for smaller reporting companies
−Removed: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: DEFAULTS UPON SENIOR SECURITIES
−Removed: are not currently in default upon any of our senior securities.
−Removed: MINE SAFETY DISCLOSURES
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.