Controls and Procedures
−Removed: For the period ended June 30, 2012, we carried out an evaluation, under the supervision and with the participation of the Companys management, including the Companys Chief Executive
−Removed: Officer along with the Companys Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) and 15d-15(e).
−Removed: Based upon that evaluation, the
−Removed: Companys Chief Executive Officer along with the Companys Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2012 to ensure that the information required to be disclosed by us
−Removed: in this quarterly report was recorded, processed, summarized and reported within the time periods specified in the SECs rules and regulations and were also effective to ensure that information required to be disclosed by us in this quarterly
−Removed: report was accumulated and communicated to our management including the Companys Chief Executive Officer and the Companys Chief Financial Officer to allow timely decisions regarding its disclosure.
−Removed: During the three months ended June 30, 2012, there was no change in our internal control over financial reporting (as defined in
−Removed: Exchange Act Rule 13a-15(f)) that materially affected, or is reasonably likely to materially affect, the Companys internal control over financial reporting.
+Added: Evaluation of Disclosure Controls and Procedures
+Added: Based on management’s evaluation (with the participation of the Company’s Global Chief Executive Officer (CEO) and Principal Accounting Officer (PAO), as of March 31, 2023, our CEO and PAO have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in U.S.
+Added: SEC rules and forms, and that such information is accumulated and communicated to management, including our CEO and PAO, as appropriate, to allow timely decisions regarding required disclosure.
+Added: Subsequent to that evaluation and as a result of the restatement discussed in the explanatory note, our CEO and PAO concluded that our disclosure controls and procedures were not effective at a reasonable assurance level as of March 31, 2023.
+Added: Material Weakness
+Added: We have identified a material weakness in our internal control over financial reporting related to having sufficient resources for the accounting for certain non-routine, non-recurring, unusual or complex transactions within our financial statement closing and reporting process.
+Added: Specifically, the Company did not have internal financial staff with sufficient specific expertise to ensure complete and timely financial reporting and disclosures related to technical and complex accounting transactions.
+Added: Remediation Plan
+Added: We have made progress towards remediation and continue to implement our remediation plan for the material weakness in internal control over financial reporting described above.
+Added: Specifically, we realigned certain of our personnel, improved reporting processes, and designed and implemented new controls in preparation for the next non-routine, non-recurring, unusual or complex transaction.
+Added: We are committed to maintaining a strong internal control environment and implementing measures designed to help ensure that control deficiencies contributing to the material weakness are remediated as soon as possible.
+Added: We will consider the material weakness remediated after the applicable controls operate for a sufficient period of time.
+Added: As outlined above, we are in the process of taking steps to remediate the material weakness previously reported related to non-routine, non-recurring, unusual or complex transactions.
+Added: During the quarter ended March 31, 2023, we made no other changes in internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Changes in Internal Control over Financial Reporting
+Added: During the quarter ended March 31, 2023, there were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.
PART II—OTHER INFORMATION
Legal Proceedings
−Removed: information set forth under Note 5 Commitments and Contingencies to the condensed consolidated financial statements included in Part I, Item 1 of this report is incorporated herein by reference.
+Added: The information set forth under “Note 4—Commitments and Contingencies” to the accompanying unaudited condensed consolidated financial statements included in Part I, Item 1 of this report is incorporated herein by reference.
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.