$HGBL
Heritage Global Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023061977 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $15.28M $15.55M
YoY Change 10.51% 22.83%
Cost Of Revenue $4.478M $5.840M
YoY Change -13.0% 15.28%
Gross Profit $10.81M $9.720M
YoY Change 24.44% 27.98%
Gross Profit Margin 70.7% 62.5%
Selling, General & Admin $6.494M $6.806M
YoY Change 1.17% 19.55%
% of Gross Profit 60.1% 70.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $141.0K $130.0K
YoY Change 3.68% -2.99%
% of Gross Profit 1.3% 1.34%
Operating Expenses $6.635M $6.806M
YoY Change 1.22% 19.55%
Operating Profit $4.171M $2.769M
YoY Change 95.91% -20.29%
Interest Expense $285.0K -$70.00K
YoY Change -71.53% -104.15%
% of Operating Profit 6.83% -2.53%
Other Income/Expense, Net
YoY Change
Pretax Income $4.456M $2.713M
YoY Change 42.36% -21.43%
Income Tax -$434.0K $736.0K
% Of Pretax Income -9.74% 27.13%
Net Earnings $4.890M $1.977M
YoY Change -50.95% -14.04%
Net Earnings / Revenue 31.99% 12.71%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.13 $0.05
COMMON SHARES
Basic Shares Outstanding 37.15M 37.15M
Diluted Shares Outstanding 37.65M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.28M $15.58M
YoY Change -3.06% -10.88%
Cash & Equivalents $12.28M $15.58M
Short-Term Investments
Other Short-Term Assets $448.0K $680.0K
YoY Change -59.75% -41.38%
Inventory $5.074M $4.446M
Prepaid Expenses
Receivables $1.910M $2.889M
Other Receivables $6.581M $10.28M
Total Short-Term Assets $26.29M $33.88M
YoY Change 10.05% 27.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.705M $1.728M
YoY Change -60.78% 16.68%
Goodwill $7.446M $7.446M
YoY Change 0.0% 0.0%
Intangibles $3.753M $3.851M
YoY Change -9.44% -9.39%
Long-Term Investments $21.36M $16.13M
YoY Change 52.87% 89.8%
Other Assets $67.00K $68.00K
YoY Change -99.3% 6.25%
Total Long-Term Assets $56.88M $50.56M
YoY Change 30.25% 77.15%
TOTAL ASSETS
Total Short-Term Assets $26.29M $33.88M
Total Long-Term Assets $56.88M $50.56M
Total Assets $83.17M $84.44M
YoY Change 23.1% 53.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.237M $5.810M
YoY Change -18.9% -8.11%
Accrued Expenses $789.0K $780.0K
YoY Change 12.23% 9.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.733M $3.300M
YoY Change -49.19% 521.47%
Total Short-Term Liabilities $14.73M $20.08M
YoY Change -9.2% 49.19%
LONG-TERM LIABILITIES
Long-Term Debt $5.495M $5.940M
YoY Change 530.88% 498.19%
Other Long-Term Liabilities $1.859M $2.020M
YoY Change -14.09% -11.91%
Total Long-Term Liabilities $7.354M $7.960M
YoY Change 142.31% 142.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.73M $20.08M
Total Long-Term Liabilities $7.354M $7.960M
Total Liabilities $22.09M $28.04M
YoY Change 14.68% 67.46%
SHAREHOLDERS EQUITY
Retained Earnings -$233.0M -$237.9M
YoY Change -4.99% -6.79%
Common Stock $372.0K $372.0K
YoY Change 0.81% 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $794.0K $395.0K
YoY Change 101.01% 33.45%
Treasury Stock Shares
Shareholders Equity $61.08M $56.40M
YoY Change
Total Liabilities & Shareholders Equity $83.17M $84.44M
YoY Change 23.1% 53.48%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $4.890M $1.977M
YoY Change -50.95% -14.04%
Depreciation, Depletion And Amortization $141.0K $130.0K
YoY Change 3.68% -2.99%
Cash From Operating Activities $446.0K $5.920M
YoY Change -88.6% 307.71%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $20.00K
YoY Change -83.47% -136.36%
Acquisitions
YoY Change
Other Investing Activities -$1.308M -$6.530M
YoY Change -88.39% -473.57%
Cash From Investing Activities -$1.328M -$6.550M
YoY Change -88.34% -486.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.417M 1.180M
YoY Change -190.9% -167.86%
NET CHANGE
Cash From Operating Activities 446.0K 5.920M
Cash From Investing Activities -1.328M -6.550M
Cash From Financing Activities -2.417M 1.180M
Net Change In Cash -3.299M 550.0K
YoY Change -31.48% -60.88%
FREE CASH FLOW
Cash From Operating Activities $446.0K $5.920M
Capital Expenditures $20.00K $20.00K
Free Cash Flow $426.0K $5.900M
YoY Change -88.76% 291.51%

Facts In Submission

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373000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1170000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1371000
us-gaap Share Based Compensation
ShareBasedCompensation
582000
us-gaap Share Based Compensation
ShareBasedCompensation
384000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1062000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-173000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1602000
hgbl Other Current Assets
OtherCurrentAssets
428000
hgbl Other Current Assets
OtherCurrentAssets
281000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2869000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1530000
hgbl Increase Decrease Of Payables To Sellers
IncreaseDecreaseOfPayablesToSellers
6996000
hgbl Increase Decrease Of Payables To Sellers
IncreaseDecreaseOfPayablesToSellers
-561000
hgbl Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-469000
hgbl Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-373000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12575000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2571000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
27636000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
625000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
6147000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2446000
hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
8851000
hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
0
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
6465000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
8068000
hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
4124000
hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
2945000
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
675000
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
7266000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
237000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14541000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3870000
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
13000000
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
8039000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2307000
hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
36000
hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
66000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
120000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
44000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
296000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4877000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2581000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2911000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3860000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12667000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13622000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15578000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17482000
us-gaap Income Taxes Paid
IncomeTaxesPaid
547000
us-gaap Income Taxes Paid
IncomeTaxesPaid
276000
us-gaap Interest Paid Net
InterestPaidNet
323000
us-gaap Interest Paid Net
InterestPaidNet
106000
hgbl Non Cash Change In Right Of Use Assets
NonCashChangeInRightOfUseAssets
405000
hgbl Non Cash Change In Right Of Use Assets
NonCashChangeInRightOfUseAssets
630000
hgbl Non Cash Change In Lease Liabilities
NonCashChangeInLeaseLiabilities
405000
hgbl Non Cash Change In Lease Liabilities
NonCashChangeInLeaseLiabilities
630000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s unaudited condensed consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates include the assessment of collectability of revenue recognized and the valuation of accounts receivable and notes receivable, inventory, investments, goodwill and intangible assets, liabilities, deferred income tax assets and liabilities, including projecting future years’ taxable income, and stock-based compensation. These estimates have the potential to significantly impact our condensed consolidated interim financial statements, either because of the significance of the financial statement item to which they relate, or because they require judgment and estimation due to the uncertainty involved in measuring, at a specific point in time, events that are continuous in nature.</span></p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reclassifications</span></p><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain prior year balances within the condensed consolidated financial statements have been reclassified to conform to current year presentation</span>
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
600000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
400000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Specialty Lending - Concentration and credit risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of September 30, 2023, the Company held a gross balance of investments in notes receivable of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">37.6</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, recorded in both notes receivable and equity method investments, and consisting of one borrower’s note balance of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">21.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, or </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">58</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% as of September 30, 2023, down from </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">73</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% as of June 30, 2023. The Company does not intend to hold highly concentrated balances due from one borrower as part of its long-term strategy but may, in the short term, have concentration risk on its path to an established and diversified portfolio.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company does not evaluate concentration risk solely based on balance due from specific borrowers, but also considers the number of portfolio purchases, type of charged off accounts within the portfolio, and the seller of the portfolio when determining the overall risk. Of the balance due from one borrower of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">21.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, there are </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">31</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> distinct loan agreements, the underlying portfolio of accounts are diversified throughout FinTech, installment loans and credit card accounts, and further diversified amongst six separate sellers of these charged off portfolios.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company mitigates this concentration risk as follows. The Company requires, and monitors, security from each borrower consisting of their charged off and nonperforming receivable portfolios. The Company engages in a due diligence process that leverages its valuation expertise. In the event of default, the Company is entitled to call the unpaid interest and principal balances and receive all collections directly. The Company may also recover its investment by engaging a third party to collect on the underlying charged off or nonperforming receivable portfolio or the underlying portfolio can be sold through the Company's Brokerage segment. In certain cases, the Company’s recovery options may be subject to concurrence of the originator or other prior holder of the assets.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Currently, declining collections are being experienced industry-wide and are expected to continue in the short-term. While most of the Company's borrowers are still tracking to their collection forecasts, the Company's largest borrower has requested extended repayment terms due to declining collections. The Company is working with the borrower and its partners to finalize amended loan agreements. An amended loan agreement would allow the borrower to meet their minimum required payments over a longer repayment period with a higher interest rate. In the event that the borrower defaults on a loan, the Company expects to recoup the majority of principal and interest owed, albeit over a longer period and with more uncertainty than an amended loan agreement. Due to the inherent risks and uncertainty of this situation, the Company has increased its reserve for credit losses by $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.9</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1.4</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, or </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">3.8</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">From inception of the specialty lending program through September 30, 2023, the Company has incurred no actual credit losses.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
37600000
CY2023Q3 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
21800000
hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.58
CY2023Q2 hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.73
CY2023Q3 hgbl Due From Borrower
DueFromBorrower
21800000
hgbl Number Of Distinct Portfolio Purchases And Loan Agreements
NumberOfDistinctPortfolioPurchasesAndLoanAgreements
31
us-gaap Allowance For Loan And Lease Losses Period Increase Decrease
AllowanceForLoanAndLeaseLossesPeriodIncreaseDecrease
900000
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1400000
hgbl Allowance For Loan And Lease Losses Period Increase Decrease Percentage
AllowanceForLoanAndLeaseLossesPeriodIncreaseDecreasePercentage
0.038
CY2022 hgbl Percentage Of Service Revenue That Is Recognized Over Period Of Time Against Gross Revenue
PercentageOfServiceRevenueThatIsRecognizedOverPeriodOfTimeAgainstGrossRevenue
0.013205
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1000000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1100000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
10000000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1110000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
122000
CY2023Q1 hgbl Cumulative Effect Of The Implementation Of Asc326
CumulativeEffectOfTheImplementationOfAsc326
10000
CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
132000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
978000
CY2023Q3 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
100000
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
20600000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
8600000
us-gaap Notes Issued1
NotesIssued1
27600000
us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
6100000
CY2023Q3 hgbl Notes Receivable Balance Transferred To Partner
NotesReceivableBalanceTransferredToPartner
8900000
CY2023Q3 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
600000
CY2022Q4 hgbl Reserve For Credit Losses To Notes Receivable
ReserveForCreditLossesToNotesReceivable
100000
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
8750000
CY2022Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
0
hgbl Cumulative Effect Of The Implementation Accounting Standards Codification
CumulativeEffectOfTheImplementationAccountingStandardsCodification
-119000
CY2023Q1 us-gaap Allowance For Notes And Loans Receivable Noncurrent
AllowanceForNotesAndLoansReceivableNoncurrent
119000
CY2023Q1 hgbl Notes Receivable Net Of Reserve For Credit Losses
NotesReceivableNetOfReserveForCreditLosses
8631000
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
600000
CY2023Q3 hgbl Reserve For Credit Losses To Notes Receivable
ReserveForCreditLossesToNotesReceivable
700000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
71750
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2027350
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.38
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2112000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
430000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.87
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
88375
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
71750
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.05
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2297225
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.66
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M24D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3410000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1286600
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3246000
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
the Company’s shares of Series N preferred stock, each of which is convertible to 40 common shares, have the right to receive dividends or dividend equivalents should the Company declare dividends on its common stock.
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36742018
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36084696
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36675838
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36014439
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
905303
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1136734
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
929525
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
858538
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37647321
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37221430
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37605363
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36872977
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000
hgbl Number Of Locations
NumberOfLocations
4
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2698000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2776000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2804000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2867000
CY2019Q1 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.0525
CY2022Q3 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.055
CY2023Q2 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.0725
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0535
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
193000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
789000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
662000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
649000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
546000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
312000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3151000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
347000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2804000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1707000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
293000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1414000
CY2022Q4 hgbl Intangible Assets Net Excluding Goodwill One
IntangibleAssetsNetExcludingGoodwillOne
4144000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
293000
CY2023Q3 hgbl Intangible Assets Net Excluding Goodwill One
IntangibleAssetsNetExcludingGoodwillOne
3851000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2023Q3 us-gaap Acquired Finite Lived Intangible Asset Residual Value
AcquiredFiniteLivedIntangibleAssetResidualValue
0
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
98000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
391000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
263000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
186000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
33000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
443000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1414000
CY2023Q3 us-gaap Goodwill
Goodwill
7446000
CY2022Q4 us-gaap Goodwill
Goodwill
7446000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q3 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
3303000
CY2022Q4 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
3411000
CY2023Q3 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
5941000
CY2022Q4 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
871000
CY2023Q3 us-gaap Loans Payable
LoansPayable
9244000
CY2022Q4 us-gaap Loans Payable
LoansPayable
4282000
CY2023Q3 hgbl Line Of Credit Facility Average Outstanding
LineOfCreditFacilityAverageOutstanding
5000000
CY2023Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
64800000

Files In Submission

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hgbl-20230930_pre.xml Edgar Link unprocessable
0000950170-23-061977-index-headers.html Edgar Link pending
0000950170-23-061977-index.html Edgar Link pending
0000950170-23-061977.txt Edgar Link pending
0000950170-23-061977-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hgbl-20230930.htm Edgar Link pending
hgbl-20230930.xsd Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
hgbl-20230930_cal.xml Edgar Link unprocessable
hgbl-20230930_def.xml Edgar Link unprocessable
hgbl-20230930_lab.xml Edgar Link unprocessable
hgbl-20230930_htm.xml Edgar Link completed
hgbl-ex31_1.htm Edgar Link pending
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