v3.25.2
Note 3 - Restatement of Previously Issued Consolidated Financial Statements (as Restated) (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Restated Income Statement [Table Text Block]
  

Year Ended December 31

  

Year Ended December 31

 
  

2024

  

2023

 
  

As Previously Reported

  

Adjustment

  

Restated

  

As Previously Reported

  

Adjustment

  

Restated

 
                         

Net revenues

 $196,814  $(33,185) $163,629  $262,747  $(74,873) $187,874 

Related party - cost of revenues

  -   -   -   5,197   -   5,197 

Cost of revenues

  158,357   (28,325)  130,032   202,070   (63,830)  138,240 

Gross profit

  38,457   (4,860)  33,597   55,480   (11,043)  44,437 

Selling, general and administrative expense

  37,265   (3,385)  33,880   43,673   (7,047)  36,626 

(Gain) / Loss on sale of business

  (1,348)  (1,188)  (2,536)  408   -   408 

Depreciation and amortization

  1,616   (63)  1,553   2,001   (174)  1,827 

Operating income (loss)

  924   (224)  700   9,398   (3,822)  5,576 

Interest expense (income)

  2,222   (31)  2,191   1,919   312   2,231 

Other expense, net

  171   -   171   346   -   346 

Income (loss) before income tax expense

  (1,469)  (193)  (1,662)  7,133   (4,134)  2,999 

Income tax expense (benefit)

  1,218   (1,074)  144   2,357   (1,709)  648 

Income (loss) from continuing operations

  (2,687)  881   (1,806)  4,776   (2,425)  2,351 
                         

Discontinued Operations

                        

Income from discontinued operations

  -   1,381   1,381   -   4,134   4,134 

Loss on disposal of business

  -   (1,188)  (1,188)  -   -   - 

Income tax expense

  -   (1,074)  (1,074)  -   (1,709)  (1,709)

Net (loss) income from discontinued operations

  -   (881)  (881)  -   2,425   2,425 
                         

Net income (loss)

  (2,687)  -   (2,687)  4,776   -   4,776 

Net income attributable to non-controlling interest

  (463)  -   (463)  (874)  -   (874)

Net income (loss) attributable to SPAR Group, Inc.

 $(3,150) $-  $(3,150) $3,902  $-  $3,902 

Basic earnings (loss) per common share attributable to SPAR Group, Inc. from continuing operations

 $(0.13) $0.04  $(0.09) $0.17  $(0.10) $0.07 

Diluted earnings (loss) per common share attributable to SPAR Group, Inc. from continuing operations

 $(0.13) $0.04  $(0.09) $0.16  $(0.10) $0.06 

Basic earnings (loss) per common share attributable to SPAR Group, Inc. from discontinued operations

 $-  $(0.04) $(0.04) $-  $0.10  $0.10 

Diluted earnings (loss) per common share attributable to SPAR Group, Inc. from discontinued operations

 $-  $(0.04) $(0.04) $-  $0.10  $0.10 

Basic earnings (loss) per common share attributable to SPAR Group, Inc.

 $(0.13) $-  $(0.13) $0.17  $-  $0.17 

Diluted earnings (loss) per common share attributable to SPAR Group, Inc.

 $(0.13) $-  $(0.13) $0.16  $-  $0.16 

Weighted-average common shares outstanding – basic

  23,555   -   23,555   23,333   -   23,333 

Weighted-average common shares outstanding – diluted

  23,729   -   23,729   24,455   -   24,455 
                         

Net income (loss)

 $(2,687) $-  $(2,687) $4,776  $-  $4,776 

Other comprehensive (loss) income

                        

Foreign currency translation adjustments

  (1,553)  –   (1,553)  1,283   –   1,283 

Comprehensive income (loss)

  (4,240)  -   (4,240)  6,059   -   6,059 

Comprehensive income attributable to non-controlling interest

  (172)  -   (172)  (317)  -   (317)

Comprehensive income (loss) attributable to SPAR Group, Inc.

 $(4,412) $-  $(4,412) $5,742  $-  $5,742 
Restated Balance Sheets [Table Text Block]
  

December 31, 2023

 
  

As Previously Reported

  

Adjustment

  

Restated

 
             

Assets

            

Current assets:

            

Cash and cash equivalents

 $10,719  $(6,228) $4,491 

Accounts receivable, net

  59,776   (16,670)  43,106 

Prepaid expenses and other current assets

  5,614   (3,350)  2,264 

Current assets of discontinued operations

  -   26,248   26,248 

Total current assets

  76,109   -   76,109 

Property and equipment, net

  2,871   (154)  2,717 

Operating lease right-of-use assets

  2,323   (392)  1,931 

Goodwill

  1,382   (88)  1,294 

Intangible assets, net

  1,180   (2)  1,178 

Deferred income taxes, net

  4,687   (1,365)  3,322 

Other assets

  1,729   (2)  1,727 

Non-current assets of discontinued operations

  -   2,003   2,003 

Total assets

 $90,281  $-  $90,281 

Liabilities and stockholders' equity

            

Current liabilities:

            

Accounts payable

 $9,488  $(4,673) $4,815 

Accrued expenses and other current liabilities

  15,274   (10,564)  4,710 

Due to affiliates

  3,205   -   3,205 

Customer incentives and deposits

  1,905   -   1,905 

Lines of credit and short-term loans

  17,530   -   17,530 

Current portion of operating lease liabilities

  1,163   (218)  945 

Current liabilities of discontinued operations

  -   15,455   15,455 

Total current liabilities

  48,565   -   48,565 

Operating lease liabilities, net of current portion

  1,160   (174)  986 

Long-term debt

  310   -   310 

Non-current liabilities of discontinued operations

  -   174   174 

Total liabilities

  50,035   -   50,035 

Commitments and contingencies – See Note 7

            

Stockholders' equity:

            

Preferred stock, Series - B. $.01 par value:

            

Authorized and available shares– 2,000,000 Issued and outstanding shares– 0 at December 31, 2024 and 650,000 at December 31, 2023

  7   -   7 

Common stock, $.01 par value:

            

Authorized shares – 47,000,000 Issued and outstanding shares – 23,449,701 at December 31, 2024 and 23,240,959 at December 31, 2023

  232   -   232 

Treasury stock, at cost 1,205,485 shares at December 31, 2024 and 205,485 Shares at December 31, 2023

  (285)  -   (285)

Additional paid-in capital

  21,004   -   21,004 

Accumulated other comprehensive (loss)

  (3,341)  -   (3,341)

Retained earnings

  10,609   -   10,609 

Total stockholders' equity attributable to SPAR Group, Inc.

  28,226   -   28,226 

Non-controlling interest

  12,020   -   12,020 

Total stockholders’ equity

  40,246   -   40,246 

Total liabilities and stockholders’ equity

 $90,281  $-  $90,281 
Restated Cash Flow Statements [Table Text Block]
  

Year Ended December 31, 2024

 
  

As Previously Reported

  

Adjustment

  

Restated

 

Cash flows from operating activities:

            

Net loss

 $(2,687) $-  $(2,687)

Adjustments to reconcile net loss to net cash used in operating activities

            

Depreciation and amortization

  1,616   (63)  1,553 

Amortization of operating lease assets

  545   -   545 

Provision for expected credit losses

  128   -   128 

Deferred income tax benefit

  (1,500)  -   (1,500)

Share based compensation

  137   -   137 

Gain on disposal of business

  (1,348)  (1,188)  (2,536)

Changes in operating assets and liabilities, net of business disposals:

            

Accounts receivable

  (5,656)  3,567   (2,089)

Prepaid expenses and other assets

  (2,375)  2,791   416 

Accounts payable

  6,958   501   7,459 

Operating lease liabilities

  (541)  -   (541)

Accrued expenses, other current liabilities and customer incentives and deposits

  4,058   (5,182)  (1,124)

Net cash (used in) provided by operating activities of continuing operations

  (665)  426   (239)

Net cash used in operating activities of discontinued operations

  -   (426)  (426)

Net cash used in operating activities

  (665)  -   (665)

Cash flows from investing activities:

            

Proceeds from sale of joint ventures, net of cash transferred

  11,020   (3,761)  7,259 

Purchases of property and equipment and internal use software

  (1,139)  10   (1,129)

Net cash provided by (used in) investing activities of continuing operations

  9,881   (3,751)  6,130 

Net cash provided by investing activities of discontinued operations

  -   3,751   3,751 

Net cash provided by investing activities

  9,881   -   9,881 

Cash flows from financing activities:

            

Borrowings under lines of credit

  132,133   -   132,133 

Repayments under lines of credit

  (128,347)  -   (128,347)

Payment of notes to seller

  (1,843)  -   (1,843)

Repurchase of common stock

  (1,800)  -   (1,800)

Distribution to non-controlling investors

  (1,315)  1,315   - 

Payments to acquire noncontrolling interests

  (500)  -   (500)

Proceeds from long-term debt

  15   -   15 

Net cash (used in) provided by financing activities of continuing operations

  (1,657)  1,315   (341)

Net cash used in financing activities of discontinued operations

  -   (1,315)  (1,315)

Net cash used in financing activities

  (1,657)  -   (1,656)
             

Effect of foreign exchange rate changes on cash

  (58)  -   (58)

Net increase in cash and cash equivalents

  7,502   -   7,502 

Cash and cash equivalents at beginning of year

  10,719   -   10,719 

Cash and cash equivalents at end of year

 $18,221  $-  $18,221 

Less cash and cash equivalents of discontinued operations

  -   -   - 

Cash and cash equivalents from continuing operations

 $18,221  $-  $18,221 
  

Year Ended December 31, 2023

 
  

As Previously Reported

  

Adjustment

  

Restated

 

Cash flows from operating activities:

            

Net income

 $4,776  $-  $4,776 

Adjustments to reconcile net income to net cash provided by operating activities

            

Depreciation and amortization

  2,001   (174)  1,827 

Amortization of operating lease assets

  875   -   875 

Provision for expected credit losses

  88   -   88 

Deferred income tax expense

  921   337   1,258 

Share based compensation

  297   -   297 

Loss on disposal of business

  408   -   408 

Changes in operating assets and liabilities, net of business disposals:

            

Accounts receivable

  3,232   (2,986)  246 

Prepaid expenses and other assets

  2,082   (3,432)  (1,350)

Accounts payable

  (2,960)  950   (2,010)

Operating lease liabilities

  (875)  -   (875)

Accrued expenses, other current liabilities and customer incentives and deposits

  (4,024)  2,105   (1,919)

Net cash (used in) provided by operating activities of continuing operations

  6,821   (3,200)  3,621 

Net cash provided by operating activities of discontinued operations

  -   3,200   3,200 

Net cash provided by operating activities

  6,821   -   6,821 

Cash flows from investing activities:

            

Proceeds from sale of joint ventures, net of cash transferred

  (1,027)  (40)  (1,067)

Purchases of property and equipment and internal use software

  (1,242)  48   (1,194)

Net cash provided by (used in) investing activities of continuing operations

  (2,269)  8   (2,261)

Net cash used in investing activities of discontinued operations

  -   (8)  (8)

Net cash used in investing activities

  (2,269)  -   (2,269)

Cash flows from financing activities:

            

Borrowings under lines of credit

  103,742   -   103,742 

Repayments under lines of credit

  (104,845)  -   (104,845)

Payment of notes to seller

  -   -   - 

Repurchase of common stock

  -   -   - 

Distribution to non-controlling investors

  (1,673)  1,247   (426)

Payments to acquire noncontrolling interests

  (473)  -   (473)

Proceeds from long-term debt

  930      930 

Payments on term debt

  (701)  -   (701)

Net cash (used in) provided by financing activities of continuing operations

  (3,020)  1,247   (1,773)

Net cash used in financing activities of discontinued operations

  -   (1,247)  (1,247)

Net cash used in financing activities

  (3,020)  -   (3,020)
             

Effect of foreign exchange rate changes on cash

  (158)  -   (158)

Net increase in cash and cash equivalents

  1,374   -   1,374 

Cash and cash equivalents at beginning of year

  9,345   -   9,345 

Cash and cash equivalents at end of year

 $10,719  $-  $10,719 

Less cash and cash equivalents of discontinued operations

  -   6,228   6,228 

Cash and cash equivalents from continuing operations

 $10,719  $(6,228) $4,491 
Disposal Groups, Including Discontinued Operations [Table Text Block]

Summary of Results from Discontinued Operations

 
  

Twelve Months Ended December 31,

 

$ in thousands

 

2024

  

2023

 

Net revenues

 $33,185  $74,873 

Cost of revenues

  28,325   63,830 

Gross profit

  4,860   11,043 

Selling, general, and administrative expenses

  3,385   7,047 

Loss on disposal of business

  1,188   - 

Depreciation and amortization

  63   174 

Income from operations before tax

  224   3,822 

Income tax expense

  1,074   1,709 

Interest expense (income)

  31   (312)

Income (loss) from discontinued operations, net of tax

 $(881) $2,425 
Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block]

Summary of assets and liabilities of discontinued operations

 

$ in thousands

 

December 31, 2024

  

December 31, 2023

 

Assets

        

Current Assets:

        

Cash and cash equivalents

 $-  $6,228 

Accounts receivable, net

  -   16,670 

Prepaid expenses and other current assets

  -   3,350 

Total current assets

  -   26,248 

Property and equipment, net

  -   154 

Operating lease right-of-use assets

  -   392 

Goodwill

  -   88 

Intangible assets, net

  -   2 

Deferred income taxes, net

  -   1,365 

Other assets

  -   2 

Total assets

  -   28,251 
         

Liabilities:

        

Current Liabilities:

        

Accounts payable

  -   4,673 

Accrued expenses and other current liabilities

  -   10,564 

Current portion of operating lease liabilities

  -   218 

Total current liabilities

  -   15,455 

Operating lease liabilities, net of current portion

  -   174 

Total liabilities

 $-  $15,629 
Schedule of Segment Reporting Information, by Segment [Table Text Block]

(in Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

 

Net revenues

        

Americas

 $144,047  $128,832 

Asia - Pacific

  11,305   24,480 

EMEA

  8,277   34,562 

Total Net revenues

 $163,629  $187,874 
         

Selling, general and administrative expense

        

Americas

 $29,635  $23,166 

Asia - Pacific

  3,107   8,437 

EMEA

  1,138   5,023 

Total Selling, general and administrative expense

 $33,880  $36,626 
         

Operating Income (loss)

        

Americas

 $1,597  $3,418 

Asia - Pacific

  (999)  (599)

EMEA

  102   2,757 

Total Operating Income

 $700  $5,576 
         

Interest expense

        

Americas

 $2,126  $1,700 

Asia - Pacific

  65   122 

EMEA

  -   409 

Total Interest expense

 $2,191  $2,231 
         

Other expense (income), net

        

Americas

 $(1,083) $1,070 

Asia - Pacific

  1,254   (759)

EMEA

  -   35 

Total Other expense, net

 $171  $346 
         

Income (loss) from continuing operations before taxes

        

Americas

 $554  $170 

Asia - Pacific

  (1,064)  236 

EMEA

  (1,152)  2,593 

Total Income (loss) from continuing operations before taxes

 $(1,662) $2,999 
         

Income tax expense (benefit)

        

Americas

 $169  $(166)

Asia - Pacific

  (64)  62 

EMEA

  39   752 

Total Income tax expense

 $144  $648 
         

Income (loss) from continuing operations

        

Americas

 $385  $811 

Asia - Pacific

  (1,000)  (24)

EMEA

  (1,191)  1,564 

Total Income (loss) from continuing operations

 $(1,806) $2,351 
         

Depreciation and amortization:

        

Americas

 $1,455  $1,563 

Asia - Pacific

  66   94 

EMEA

  32   170 

Total Depreciation and amortization:

 $1,553  $1,827 
         

Capital expenditures:

        

Americas

 $1,134  $1,077 

Asia - Pacific

  5   71 

EMEA

  -   101 

Total Capital expenditures:

 $1,139  $1,249 
Error Correction, Other [Member]  
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

Year Ended December 31

     
  

2024

     

$ in thousands

  As Previously Reported   Reclass Adjustment   Discontinued Operations Adjustment   Restated 

Interest expense

                

Americas

 $65  $2,092  $(31) $2,126 

Asia - Pacific

  2,157   (2,092)  -   65 

EMEA

  -   -   -   - 

Total Interest expense

 $2,222  $-  $(31) $2,191 
                 
  

As Previously Reported

  

Reclass Adjustment

  

Discontinued Operations Adjustment

  

Restated

 

Income (loss) before income tax expense

                

Americas

 $(4,990) $5,737  $(193) $554 

Asia - Pacific

  6,338   (7,402)  -   (1,064)

EMEA

  (2,817)  1,665   -   (1,152)

Total Income (loss) before income tax expense

 $(1,469) $-  $(193) $(1,662)
                 
  

As Previously Reported

  

Reclass Adjustment

  

Discontinued Operations Adjustment

  

Restated

 

Net income (loss)

                

Americas

 $(6,233) $5,737  $881  $385 

Asia - Pacific

  6,402   (7,402)  -   (1,000)

EMEA

  (2,856)  1,665   -   (1,191)

Total Net income (loss)

 $(2,687) $-  $881  $(1,806)