$HGBL
Heritage Global Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056832 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $12.02M $12.16M $16.61M
YoY Change -8.21% -26.79% 77.54%
Cost Of Revenue $3.721M $3.891M $6.675M
YoY Change -0.56% -41.71% 60.61%
Gross Profit $8.302M $8.270M $9.937M
YoY Change -11.27% -16.78% 91.06%
Gross Profit Margin 69.05% 68.0% 59.82%
Selling, General & Admin $6.346M $6.358M $6.300M
YoY Change -1.46% 0.92% 47.37%
% of Gross Profit 76.44% 76.88% 63.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $147.0K $141.0K $120.0K
YoY Change 21.49% 17.5% -9.77%
% of Gross Profit 1.77% 1.7% 1.21%
Operating Expenses $6.346M $6.358M $6.300M
YoY Change -1.46% 0.92% 47.37%
Operating Profit $3.544M $2.558M $3.894M
YoY Change 14.29% -34.31% 345.03%
Interest Expense $1.627M $695.0K $309.0K
YoY Change 693.66% 124.92% 602.27%
% of Operating Profit 45.91% 27.17% 7.94%
Other Income/Expense, Net
YoY Change
Pretax Income $3.436M $2.466M $3.826M
YoY Change 14.53% -35.55% 357.11%
Income Tax $939.0K $667.0K $997.0K
% Of Pretax Income 27.33% 27.05% 26.06%
Net Earnings $2.497M $1.799M $2.829M
YoY Change -10.15% -36.41% 338.6%
Net Earnings / Revenue 20.77% 14.79% 17.03%
Basic Earnings Per Share $0.07 $0.05 $0.08
Diluted Earnings Per Share $0.07 $0.05 $0.08
COMMON SHARES
Basic Shares Outstanding 37.34M 37.16M 36.93M
Diluted Shares Outstanding 36.82M 37.37M 37.33M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.58M $15.58M $15.73M
YoY Change 63.51% -0.99% 4.21%
Cash & Equivalents $24.58M $15.58M $15.73M
Short-Term Investments
Other Short-Term Assets $953.0K $490.0K $1.129M
YoY Change -3.54% -56.6% -7.76%
Inventory $4.285M $4.735M $3.492M
Prepaid Expenses
Receivables $1.049M $1.558M $978.0K
Other Receivables $5.065M $6.514M $8.506M
Total Short-Term Assets $35.94M $28.87M $30.16M
YoY Change 10.39% -4.26% 24.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.712M $1.684M $1.638M
YoY Change -1.89% 2.81% 12.5%
Goodwill $7.446M $7.446M $7.446M
YoY Change 0.0% 0.0% 0.0%
Intangibles $3.558M $3.655M $4.046M
YoY Change -9.9% -9.66% -9.28%
Long-Term Investments $22.38M $20.27M $13.33M
YoY Change 41.84% 52.12% 103.64%
Other Assets $64.00K $64.00K $74.00K
YoY Change -8.57% -13.51% 51.02%
Total Long-Term Assets $54.07M $54.83M $45.39M
YoY Change 14.23% 20.8% 62.34%
TOTAL ASSETS
Total Short-Term Assets $35.94M $28.87M $30.16M
Total Long-Term Assets $54.07M $54.83M $45.39M
Total Assets $90.00M $83.71M $75.55M
YoY Change 12.67% 10.8% 44.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.107M $4.564M $7.990M
YoY Change -21.8% -42.88% 155.84%
Accrued Expenses $740.0K $779.0K $681.0K
YoY Change -4.76% 14.39% 34.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.797M $1.765M $4.531M
YoY Change 6.9% -61.05% 128.95%
Total Short-Term Liabilities $18.03M $13.92M $21.54M
YoY Change 5.57% -35.34% 40.01%
LONG-TERM LIABILITIES
Long-Term Debt $4.579M $5.040M $748.0K
YoY Change -28.25% 573.8% -39.33%
Other Long-Term Liabilities $1.584M $1.710M $2.033M
YoY Change -27.37% -15.89% -4.42%
Total Long-Term Liabilities $6.163M $6.750M $2.781M
YoY Change -28.03% 142.72% -17.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.03M $13.92M $21.54M
Total Long-Term Liabilities $6.163M $6.750M $2.781M
Total Liabilities $24.19M $20.67M $24.32M
YoY Change -5.65% -14.98% 29.75%
SHAREHOLDERS EQUITY
Retained Earnings -$228.7M -$231.2M -$242.7M
YoY Change -4.65% -4.72% -6.71%
Common Stock $373.0K $373.0K $371.0K
YoY Change 0.54% 0.54% 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $794.0K $794.0K $395.0K
YoY Change 101.01% 101.01%
Treasury Stock Shares $243.5K
Shareholders Equity $65.81M $63.03M $51.23M
YoY Change
Total Liabilities & Shareholders Equity $90.00M $83.71M $75.55M
YoY Change 12.67% 10.8% 44.99%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $2.497M $1.799M $2.829M
YoY Change -10.15% -36.41% 338.6%
Depreciation, Depletion And Amortization $147.0K $141.0K $120.0K
YoY Change 21.49% 17.5% -9.77%
Cash From Operating Activities $6.054M $1.676M $8.945M
YoY Change -365.29% -81.26% 189.2%
INVESTING ACTIVITIES
Capital Expenditures $77.00K $22.00K $89.00K
YoY Change -41.22% -75.28% 641.67%
Acquisitions
YoY Change
Other Investing Activities $3.465M $2.141M -$6.697M
YoY Change -422.33% -131.97% 593.27%
Cash From Investing Activities $3.388M $2.119M -$6.786M
YoY Change -380.93% -131.23% 593.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -436.0K -497.0K 907.0K
YoY Change -115.63% -154.8% -241.72%
NET CHANGE
Cash From Operating Activities 6.054M 1.676M 8.945M
Cash From Investing Activities 3.388M 2.119M -6.786M
Cash From Financing Activities -436.0K -497.0K 907.0K
Net Change In Cash 9.006M 3.298M 3.066M
YoY Change -1390.26% 7.57% 107.86%
FREE CASH FLOW
Cash From Operating Activities $6.054M $1.676M $8.945M
Capital Expenditures $77.00K $22.00K $89.00K
Free Cash Flow $5.977M $1.654M $8.856M
YoY Change -347.7% -81.32% 187.44%

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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2024Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
2256000
CY2023Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
13221000
CY2024Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2520000
CY2023Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
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CY2024Q1 hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
0
CY2023Q1 hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
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CY2024Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
193000
CY2023Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
512000
CY2024Q1 hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
1283000
CY2023Q1 hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
975000
CY2024Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
787000
CY2023Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
377000
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
89000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2119000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6786000
CY2024Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0
CY2023Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
3400000
CY2024Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
422000
CY2023Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2403000
CY2024Q1 hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
0
CY2023Q1 hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
5000
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
75000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
95000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-497000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
907000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3298000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3066000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12667000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15733000
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1000
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
92000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
49000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="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-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-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>
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
300000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
500000
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of March 31, 2024, 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;min-width:fit-content;">37.3</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">23.4</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">63</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% as of March 31, 2024, as compared to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">62</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% as of December 31, 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-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-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;min-width:fit-content;">23.4</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> distinct loan agreements. The underlying portfolio of accounts are diversified throughout FinTech loans, 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-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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company mitigates this concentration risk by requiring, and monitoring, 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 and knowledge in the underlying nonperforming receivable portfolios marketplace. In the event of default, the Company is entitled to call the unpaid interest and principal balances and receive all net 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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">From inception of the specialty lending program through March 31, 2024, the Company has incurred no actual credit losses.</span>
CY2024Q1 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
37300000
CY2024Q1 us-gaap Investment Owned Balance Principal Amount
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23400000
CY2024Q1 hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.63
CY2023 hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.62
CY2024Q1 hgbl Due From Borrower
DueFromBorrower
23400000
CY2024Q1 hgbl Number Of Distinct Portfolio Purchases And Loan Agreements
NumberOfDistinctPortfolioPurchasesAndLoanAgreements
11
CY2024Q1 us-gaap Allowance For Notes And Loans Receivable Noncurrent
AllowanceForNotesAndLoansReceivableNoncurrent
100000
CY2023Q4 us-gaap Allowance For Notes And Loans Receivable Noncurrent
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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20000
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.93
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
100000
CY2023Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
100000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
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17200000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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CY2024Q1 us-gaap Notes Issued1
NotesIssued1
2300000
CY2024Q1 us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
2500000
CY2023Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
18262000
CY2024Q1 hgbl Origination Of Notes Receivable
OriginationOfNotesReceivable
2256000
CY2024Q1 hgbl Transfer Of Notes To And From Senior Lender
TransferOfNotesToAndFromSeniorLender
0
CY2024Q1 hgbl Principal Payment Of Note Receivable
PrincipalPaymentOfNoteReceivable
2520000
CY2024Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
17998000
CY2024Q1 hgbl Deferred Finance Fees And Costs Net
DeferredFinanceFeesAndCostsNet
-143000
CY2024Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
-643000
CY2024Q1 us-gaap Notes Receivable Net
NotesReceivableNet
17212000
CY2024Q1 us-gaap Provision For Other Credit Losses
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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600000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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700000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
12750
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2265350
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.71
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M18D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.87
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12750
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.87
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2268850
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.72
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2322000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1363975
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.25
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1936000
CY2024Q1 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.
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36592801
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36005150
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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774467
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1329309
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37367268
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37334459
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000
CY2024Q1 hgbl Number Of Locations
NumberOfLocations
4
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2377000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2539000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2489000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2648000
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
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0535
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
594000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
661000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
649000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
543000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
299000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2746000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
257000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2489000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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1316000
CY2024Q1 us-gaap Amortization Of Intangible Assets
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98000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1218000
CY2023Q4 hgbl Intangible Assets Net Excluding Goodwill One
IntangibleAssetsNetExcludingGoodwillOne
3753000
CY2024Q1 us-gaap Amortization Of Intangible Assets
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98000
CY2024Q1 hgbl Intangible Assets Net Excluding Goodwill One
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3655000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2024Q1 us-gaap Acquired Finite Lived Intangible Asset Residual Value
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0
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
293000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
263000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
186000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
32000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
32000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
412000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1218000
CY2024Q1 us-gaap Goodwill
Goodwill
7446000
CY2023Q4 us-gaap Goodwill
Goodwill
7446000
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q1 us-gaap Unsecured Debt Current
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1765000
CY2023Q4 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
1733000
CY2024Q1 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
5040000
CY2023Q4 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
5495000
CY2024Q1 us-gaap Loans Payable
LoansPayable
6805000
CY2023Q4 us-gaap Loans Payable
LoansPayable
7228000
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
50000000
CY2024Q1 hgbl Operating Loss Carryforwards Expiring Year
OperatingLossCarryforwardsExpiringYear
2024
CY2024Q1 us-gaap Tax Credit Carryforward Description
TaxCreditCarryforwardDescription
These rules, in general, provide that an ownership change occurs when the percentage shareholdings of 5% direct or indirect stockholders of a loss corporation have, in aggregate, increased by more than 50 percentage points during the immediately preceding three years.
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2200000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2200000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0000950170-24-056832.txt Edgar Link pending
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