What changed in this filing

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Item 4. Controls and Procedures

2023-11-13 compared with 2023-08-14 · 19 added, 52 removed, 7 unchanged (91% of the section changed)

CONTROLS AND PROCEDURES

Management’s Evaluation of Disclosure Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our

2 unchanged sentences

controls and procedures are designed to ensure that information required to be disclosed by a company in the reports that it files or

submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules

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.

Our management, including our principal executive officer and principal financial officer, after evaluating

the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report, concluded that as of such

date, certain of our disclosure controls and procedures were not effective, due to the material weaknesses in our internal controls over

financial reporting as described in our financial statements for the year ended December 31, 2022, as filed on Form 8-K/A on April 7,

Management noted a material weakness in our internal

control over financial reporting related to the understatement of unit-based compensation expense.

The understatement of the grant

date fair value was due to a revision in the underlying fair value determination, and such revision was not appropriately reflected in

the financial statements.

Management concluded that the grant date fair value and corresponding incremental expense should be adjusted

by recognizing the additional expense in Intermediate’s March 31, 2022 financials.

As part of such process, management identified

a material weakness in its internal control over financial reporting related to the grant date fair value revision.

Additionally, Intermediate

did not maintain effective internal control regarding the date on which to apply new accounting standards based upon CENAQ’s elections

made as an emerging growth company under the JOBS Act, which required Intermediate to apply new accounting standards as if it were a public

business entity.

Remediation Efforts to Address Disclosed

Material Weakness

Effective internal controls are necessary to provide

reliable financial reports and prevent fraud, and material weaknesses could limit the ability to prevent or detect a misstatement of accounts

or disclosures that could result in a material misstatement of annual or interim financial statements.

Our management continues to evaluate

steps to remediate the material weaknesses.

These material weaknesses have not been fully remediated.

We are in the early stages of designing

and implementing a plan to remediate the material weaknesses identified.

Our plan includes the below:

Designing and implementing a risk assessment process supporting the identification of risks facing the Company.

Implementing controls to enhance our review of significant accounting transactions and other new technical accounting and financial reporting issues and preparing and reviewing accounting memoranda addressing these issues.

Hiring additional experienced accounting, financial reporting and internal control personnel and changing roles and responsibilities of our personnel as we transition to being a public company and are required to comply with Section 404 of the Sarbanes Oxley Act of 2002.

Implementing controls to enable an accurate and timely review of accounting records that support our accounting processes and maintain documents for internal accounting reviews.

We cannot assure you that these measures will

significantly improve or remediate the material weaknesses described above.

The implementation of these remediation measures is in the

early stages and will require validation and testing of the design and operating effectiveness of our internal controls over a sustained

period of financial reporting cycles and, as a result, the timing of when we will be able to fully remediate the material weaknesses is

uncertain and we may not fully remediate these material weaknesses during the year ending December 31, 2023.

If the steps we take

do not remediate the material weaknesses in a timely manner, there could be a reasonable possibility that these control deficiencies or

others may result in a material misstatement of our annual or interim financial statements that would not be prevented or detected on

a timely basis.

This, in turn, could jeopardize our ability to comply with our reporting obligations, limit our ability to access the

capital markets and adversely impact our stock price.

submits under the Exchange Act is recorded, processed and summarized within the time periods specified in the SEC’s rules and forms.

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.

Based on such evaluation, our principal executive officer and principal financial officer have concluded that,

as of the end of the period covered by this Quarterly Report on Form 10-Q, we have taken the necessary steps to design our disclosure

controls and procedures to attain a reasonable level of assurance.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control

over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,

our internal control over financial reporting.

Our management is implementing a plan to mitigate risks associated

with disclosure controls and procedures.

The status of our plan is as follows:

Designed and implemented a risk assessment process supporting the identification of risks facing the Company.

Designed controls to enhance our review of significant accounting transactions and other new technical accounting and financial reporting issues and preparing and reviewing accounting memoranda addressing these issues.

Hired additional experienced accounting, financial reporting and internal control personnel and changing roles and responsibilities of our personnel as required to comply with Section 404 of the Sarbanes Oxley Act of 2002.

In the process of implementing controls to enable an accurate and timely review of accounting records that support our accounting processes and maintenance of documents for internal accounting reviews.

Aside from the update detailed above, there were no changes in our

internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15 (e) and 15d-15 (e) of

the Exchange Act during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our

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.

What changed 10-Q

Item 4. Controls and Procedures