Item 4. Controls and Procedures
ITEM 4. CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures
As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)). Based upon that evaluation, the principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.
(b) Changes in Internal Control Over Financial Reporting
During the Company’s fiscal quarter ended March 31, 2023, there have been no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
On January 31, 2023, the Company completed the acquisition of ARB. The results of this acquisition are included in the Company's consolidated financial statements for the first three months of 2023. The total and net assets of ARB represented less than 1% of the Company's total assets and net assets as of March 31, 2023. The net sales of ARB represented less than 1% of the Company's consolidated net sales for the first three months of 2023
The scope of the Company's assessment of the effectiveness of internal control over financial reporting will not include the ARB acquisition noted above. This exclusion is in accordance with the SEC's general guidance that an assessment of a recently acquired business may be omitted from the Company's scope in the year of acquisition.
On November 4, 2022, the Company completed the acquisition of GGB. The results of this acquisition are included in the Company's consolidated financial statements for the first three months of 2023. The total and net assets of GGB represented 7% of the Company's total assets and 14% of the Company's net assets as of March 31, 2023. The net sales of GGB represented 4% of the Company's consolidated net sales for the first three months of 2023.
On May 31, 2022, the Company completed the acquisition of Spinea. The results of this acquisition are included in the Company's consolidated financial statements for the first three months of 2023. The total and net assets of Spinea represented 3% of the Company's total assets and 6% of the Company's net assets as of March 31, 2023. The net sales of Spinea represented less than 1% of the Company's consolidated net sales for the first three months of 2023.
The Company is currently integrating these acquisitions into its internal control framework and processes, and as prescribed by U.S Securities and Exchange Commission rules and regulations, the Company will include Spinea and GGB in the internal control over financial reporting assessment as of December 31, 2023.
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PART II. OTHER INFORMATION
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.