1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: We have performed an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
−Removed: Based on that evaluation, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were effective as of September 30, 2023 to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
−Removed: Such disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed is accumulated and communicated to our management, including our CEO and CFO, to allow timely decisions regarding required disclosures.
+Added: We have performed an evaluation under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”).
+Added: As a result of the material weakness in our internal control over financial reporting described in Item 9A.
+Added: Controls and Procedures in our Annual Report on Form 10-K for the year ended December 30, 2023 filed with the SEC, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were not effective as of March 30, 2024 to provide reasonable assurance that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control over Financial Reporting
−Removed: There was no change in our internal controls during the fiscal quarter ended September 30, 2023 that materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
+Added: There was no change in our internal controls during the fiscal quarter ended March 30, 2024 that materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting, with the exception of ongoing remediation efforts of the aforementioned material weakness.
+Added: We are currently in the process of designing and implementing appropriate controls for the remediation plan specific to the inventory valuation process.
+Added: Our remediation efforts are ongoing and include the following:
+Added: • Evaluating and reassessing the design of our inventory valuation methods, including key assumptions used in the determination of the net realizable value of our inventory;
+Added: • Refining the critical assumptions to be used in the inventory valuation assessment, including demand forecast information, historical results, market conditions, and aging of inventory;
+Added: • Formalizing management's review and assessment of information used in the inventory valuation assessment;
+Added: • Designing and implementing enhanced controls and documentation requirements over the completeness and accuracy of data used in the inventory valuation assessment.
+Added: Management believes that the outlined plans will effectively address the deficiency constituting the material weakness, with the remediation efforts, including necessary testing, anticipated to conclude by the end of 2024.
+Added: However, the exact timing of completion cannot be guaranteed.
+Added: As the remediation progresses, management may enact additional measures or refine elements of the remediation plan described above as deemed necessary.
Other Information
3 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.