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Based upon their evaluation, our Chief Executive
−Removed: Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2024 due
−Removed: to the material weaknesses described below.
+Added: Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of September 30, 2024
+Added: due to the material weaknesses described below.
In light of these material weaknesses, we performed additional analysis as deemed necessary
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Officer and Chief Financial Officer concluded that, solely due to the below-mentioned material weaknesses, the Company’s disclosure
−Removed: controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of June 30, 2024.
+Added: controls and procedures (as defined in Rules 13a-15 (e) and 15d-15 (e) under the Exchange Act) were not effective as of September 30,
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
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or detected on a timely basis.
−Removed: Prior to March 31, 2024, the Company has the following material weakness outstanding which we consider
−Removed: remediated as of and during the period ended March 31, 2024:
−Removed: As of March 31, 2023, the Company did not update its provision for credit losses correctly.
−Removed: The initial shortcomings
−Removed: included a lack of supportive documentation for the model used in our calculations and an error in applying the modified retrospective
−Removed: adoption method.
−Removed: Specifically, adjustments were made through the Consolidated Statements of Operations instead of the Consolidated Stockholders’
−Removed: Equity on January 1, 2023.
−Removed: To address this material weakness, from June 30, 2023, to December 31, 2023, the Company improved the documentation
−Removed: for its allowance model.
−Removed: Additionally, a robust quarterly process was established, featuring enhanced management review controls for
−Removed: performing and reviewing the Current Expected Credit Loss (CECL) calculations.
−Removed: These processes and calculations are now regularly reviewed
−Removed: by senior management, ensuring accuracy in documentation and disclosures.
−Removed: On March 31, 2024, these corrective actions successfully remediated
−Removed: the identified material weakness.
−Removed: consider the following material weaknesses to be outstanding as of June 30, 2024:
+Added: consider the following material weaknesses to be outstanding as of September 30, 2024, which existed at previous periods:
Recognition :
−Removed: During the six months ended June 30, 2024 and June 30, 2023, the Company’s revenue was earned through certain
−Removed: related party contracts with PCCU that define contractually the revenue earned by the Company from PCCU for account servicing.
−Removed: has identified a material weakness in our internal control over financial reporting related to the need to enhance the design and operating
−Removed: effectiveness of internal controls over the review of revenue recognition from allocations that occurs on a monthly basis between the
−Removed: Company and PCCU.
+Added: The Company’s revenue is earned through certain related party contracts with PCCU that define contractually
+Added: the revenue earned by the Company from PCCU for account servicing.
+Added: The Company has identified a material weakness in our internal control
+Added: over financial reporting related to the need to enhance the design and operating effectiveness of internal controls over the review of
+Added: revenue recognition from allocations that occurs on a monthly basis between the Company and PCCU.
remediate this material weakness, the Company has implemented a monthly process with enhanced management review controls to perform and
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Financial Instruments:
−Removed: During the six months ended June 30, 2024 and June 30, 2023, the Company had a material weakness with
−Removed: regard to the ineffectiveness in management review controls of the accounting, disclosure and valuation of complex financial instruments
−Removed: (warrants, deferred consideration, forward purchase agreement, and stock-based compensation).
+Added: The Company has had a material weakness with regard to the ineffectiveness in management review controls
+Added: of the accounting, disclosure and valuation of complex financial instruments (warrants, deferred consideration, forward purchase agreement,
+Added: and stock-based compensation).
remediate this material weakness, the Company has implemented a quarterly process with enhanced management review controls to perform
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in Internal Control over Financial Reporting
−Removed: than as noted above in the June 30, 2024 material weaknesses, there was no changes in our internal control over financial reporting that
−Removed: occurred during the six months ended June 30, 2024 covered by this Report on Form 10-Q that has materially affected, or is reasonably
−Removed: likely to materially affect, our internal control over financial reporting.
+Added: than as noted above in the September 30, 2024 material weaknesses, there was no changes in our internal control over financial reporting
+Added: that occurred during quarterly period ended September 30, 2024 covered by this Report on Form 10-Q that has materially affected, or is
+Added: reasonably likely to materially affect, our internal control over financial reporting.
Company’s management has expended, and will continue to expend, a substantial amount of effort and resources for their mediation
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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.