1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: As of March 31, 2021, our management, with the participation of our principal executive officer and principal financial officer, evaluated
−Removed: the effectiveness of 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 (Exchange
−Removed: Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the
−Removed: cost-benefit relationship of possible controls and procedures.
−Removed: Based upon the evaluation, our management concluded that, as of
−Removed: March 31, 2021, our disclosure controls and procedures were not effective at a reasonable assurance level as a result of the material weakness that existed in our internal control over financial reporting as described below, and which continued
−Removed: to exist as of March 31, 2021.
−Removed: Notwithstanding the identified material weakness, management believes the unaudited condensed
−Removed: financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented
−Removed: in accordance with U.S.
−Removed: Material Weakness in Internal Control over Financial Reporting
−Removed: In connection with the audit of our financial statements as of and for the years ended December 31, 2019 and 2020, we identified a
+Added: As of June 30, 2021, our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e)
+Added: and 15d-15(e)
+Added: under the Securities Exchange Act of 1934, as amended (“Exchange Act”)).
+Added: Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
+Added: Based upon the evaluation, our management concluded that, as of June 30, 2021, our disclosure controls and procedures were not effective at a reasonable assurance level as a result of the material weakness that existed in our internal control over financial reporting as described below, and which continued to exist as of June 30, 2021.
+Added: Notwithstanding the identified material weakness, management believes the unaudited condensed financial statements included in this Quarterly Report on Form 10-Q
+Added: fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented in accordance with U.S.
Material Weakness in Internal Control over Financial Reporting
−Removed: The material weakness related to a lack of sufficient number of qualified personnel within our accounting function to adequately segregate duties, to perform sufficient reviews and
−Removed: approval of manual journal entries posted to the general ledger and to consistently execute review procedures over general ledger account reconciliations, financial statement preparation and accounting for
−Removed: non-routine transactions.
+Added: In connection with the audit of our financial statements as of and for the years ended December 31, 2019 and 2020, we identified a material weakness in internal control over financial reporting.
+Added: The material weakness related to a lack of sufficient number of qualified personnel within our accounting function to adequately segregate duties, to perform sufficient reviews and approval of manual journal entries posted to the general ledger and to consistently execute review procedures over general ledger account reconciliations, financial statement preparation and accounting for non-routine
+Added: transactions.
We have begun to undertake specific remediation actions to address the control deficiencies in our financial reporting.
−Removed: We have hired one full-time and retained experienced
−Removed: consultants in the accounting function, and we are recruiting for additional full-time positions.
+Added: We have hired one full-time employee and retained experienced consultants in the accounting function, and we are recruiting for additional full-time positions.
We have also initiated implementation of an accounting system that will allow certain segregation of duties to be automated.
−Removed: We cannot assure you that
−Removed: we have identified all, or that we will not in the future have additional, material weaknesses.
+Added: We cannot assure you that we have identified all, or that we will not in the future have additional, material weaknesses.
Changes in Internal Control over Financial Reporting
−Removed: Due to a transition period established by SEC rules applicable to newly public companies, our management is not required to evaluate
−Removed: the effectiveness of our internal control over financial reporting until after the filing of our Annual Report on Form 10-K for the year ended December 31, 2021.
−Removed: As a result, this Quarterly Report on Form
−Removed: 10-Q does not address whether there have been any changes in our internal control over financial reporting.
+Added: Due to a transition period established by SEC rules applicable to newly public companies, our management is not required to evaluate the effectiveness of our internal control over financial reporting until after the filing of our Annual Report on Form 10-K
+Added: for the year ended December 31, 2021.
+Added: As a result, this Quarterly Report on Form 10-Q
+Added: does not address whether there have been any changes in our internal control over financial reporting.
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.