What changed in this filing

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Item 4. Controls and Procedures

2022-11-07 compared with 2022-11-07 · 15 added, 14 removed, 79 unchanged (27% of the section changed)

Item 4 – Controls and

Item 4 – Controls and Procedures

Conclusion Regarding the Effectiveness of Disclosure Controls and

The Company’s management, with the participation of the

Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of June 30, 2022, the end of the period covered by this report.

Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of March 31, 2022, the end of the period covered by this report.

Based on that evaluation, the Chief

Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered

by this report were not effective as of June 30, 2022 because of the material weaknesses in internal control over financial reporting, as described below under “Material Weaknesses in Internal Control over Financial Reporting.”

by this report were not effective as of March 31, 2022 because of the material weaknesses in internal control over financial reporting, as described below under “Material Weaknesses in Internal Control over Financial Reporting.”

Notwithstanding the ineffective disclosure controls and

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control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Management identified the following material weaknesses in the Company’s

internal control over financial reporting as of June 30, 2022 :

Management identified the following material weaknesses in the Company’s internal control over financial reporting as of March 31, 2022:

The Company did not design and maintain an effective internal control environment, as former management failed to set an appropriate tone at the top.

38 unchanged sentences

Strengthen internal controls over the accounting for customer incentive arrangements, including:

(i) implementing formal controls to continuously review and

document the methodology and assumptions used in estimating variable based incentives, and (ii) formal controls to ensure the accuracy of the estimated accrued liability analysis;

(i) implementing formal

controls to continuously review and document the methodology and assumptions used in estimating variable based incentives, and (ii) formal controls to ensure the accuracy of the estimated accrued liability analysis;

Evaluate finance and commercial operations talent and address identified gaps;

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foregoing remediation efforts and will oversee the effective execution.

In addition, under the direction of the Audit and Finance Committee, management will continue to identify and implement actions to improve the effectiveness of its disclosure

controls and procedures and internal control over financial reporting, including plans to enhance its resources and training with respect to financial reporting and disclosure responsibilities and make necessary changes to policies and procedures

to improve the overall effectiveness of such controls.

In addition, under the direction of the Audit and Finance Committee, management will continue

to identify and implement actions to improve the effectiveness of its disclosure controls and

procedures and internal control over financial reporting, including plans to enhance its resources and training with respect to financial reporting and disclosure responsibilities and make necessary changes to policies and procedures to improve

the overall effectiveness of such controls.

Management believes the foregoing efforts will effectively remediate the material

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As of the filing of this Form 10-Q, the material weaknesses

described above have not yet been remediated.

described above have not been remediated.

The material weaknesses described above cannot be considered remediated until the applicable controls have operated for a sufficient period of time and management has concluded, through testing, that

2 unchanged sentences

described above.

The Company’s management will continue to work towards full

The Company’s management will continue to work towards

remediation of these material weaknesses to improve its internal control over financial reporting.

Changes in Internal Control Over Financial

Changes in Internal Control Over

Financial Reporting

There have been no changes in the Company’s internal

control over financial reporting that occurred during the three months ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

control over financial reporting that occurred during the three months ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

PART II – OTHER INFORMATION

6 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.

What changed 10-Q

Item 4. Controls and Procedures