15 unchanged sentences
Financial Officer determined, based upon the existence of the material weakness described below, that we did not maintain effective internal
−Removed: control over financial reporting as of March 31, 2023.
−Removed: Specifically, we lack a sufficient number of professionals with an appropriate
−Removed: level of accounting knowledge, training and experience to appropriately analyze, record and disclose accounting matters timely and accurately
+Added: control over financial reporting as of June 30, 2023.
+Added: Specifically, we lack a sufficient number of professionals with an appropriate level
+Added: of accounting knowledge, training and experience to appropriately analyze, record and disclose accounting matters timely and accurately
while maintaining appropriate segregation of duties.
Without such professionals, we did not design and maintain formal accounting policies,
−Removed: procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures, including controls
−Removed: over the preparation and review of account reconciliations and journal entries.
+Added: procedures and controls to achieve complete, accurate and timely financial accounting, reporting and disclosures, including controls over
+Added: the preparation and review of account reconciliations and journal entries.
The lack of adequate staffing levels and expertise
−Removed: of unusual or infrequent transactions with complex or infrequently applied accounting topics resulted in the insufficient level of supervision,
+Added: for unusual or infrequent transactions with complex or infrequently applied accounting topics resulted in the insufficient level of supervision,
review and approval of certain information used to prepare our financial statements and the maintenance of effective controls to adequately
13 unchanged sentences
management will:
−Removed: the number of accounting personnel;
−Removed: third party experts to assist management in completing a comprehensive risk assessment to identify, design and implement control activities;
−Removed: and enhance business policies, procedures and related internal controls to standardize business processes.
−Removed: We expect to complete the remediation by the
+Added: Increase the number of accounting personnel;
+Added: Engage third party experts to assist management in completing a comprehensive risk assessment to identify, design and implement control activities;
+Added: Review and enhance business policies, procedures and related internal controls to standardize business processes.
+Added: We expect to complete the remediation by the end
We expect to incur additional costs to remediate this weakness, primarily personnel costs.
1 unchanged sentence
There have been no changes in our internal control
−Removed: over financial reporting identified in connection with the evaluation that occurred during the quarter ended March 31, 2023 that have
−Removed: materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
+Added: over financial reporting identified in connection with the evaluation that occurred during the quarter ended June 30, 2023 that have materially
+Added: affected, or are reasonably likely to materially affect, the internal control over financial reporting.
PART II – OTHER INFORMATION
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.