$HGBL
Heritage Global Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024093848 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $10.41M $12.02M
YoY Change -33.06% -8.21%
Cost Of Revenue $3.193M $3.721M
YoY Change -45.33% -0.56%
Gross Profit $7.217M $8.302M
YoY Change -25.75% -11.27%
Gross Profit Margin 69.33% 69.05%
Selling, General & Admin $5.686M $6.346M
YoY Change -16.46% -1.46%
% of Gross Profit 78.79% 76.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $152.0K $147.0K
YoY Change 16.92% 21.49%
% of Gross Profit 2.11% 1.77%
Operating Expenses $5.686M $6.346M
YoY Change -16.46% -1.46%
Operating Profit $1.479M $3.544M
YoY Change -46.59% 14.29%
Interest Expense $117.0K $1.627M
YoY Change -267.14% 693.66%
% of Operating Profit 7.91% 45.91%
Other Income/Expense, Net
YoY Change
Pretax Income $1.496M $3.436M
YoY Change -44.86% 14.53%
Income Tax $407.0K $939.0K
% Of Pretax Income 27.21% 27.33%
Net Earnings $1.089M $2.497M
YoY Change -44.92% -10.15%
Net Earnings / Revenue 10.46% 20.77%
Basic Earnings Per Share $0.03 $0.07
Diluted Earnings Per Share $0.03 $0.07
COMMON SHARES
Basic Shares Outstanding 37.34M 37.34M
Diluted Shares Outstanding 37.19M 36.82M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.57M $24.58M
YoY Change 70.55% 63.51%
Cash & Equivalents $26.57M $24.58M
Short-Term Investments
Other Short-Term Assets $833.0K $953.0K
YoY Change 22.5% -3.54%
Inventory $4.721M $4.285M
Prepaid Expenses
Receivables $877.0K $1.049M
Other Receivables $3.959M $5.065M
Total Short-Term Assets $36.96M $35.94M
YoY Change 9.1% 10.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.692M $1.712M
YoY Change -2.08% -1.89%
Goodwill $7.446M $7.446M
YoY Change 0.0% 0.0%
Intangibles $3.460M $3.558M
YoY Change -10.15% -9.9%
Long-Term Investments $21.45M $22.38M
YoY Change 32.96% 41.84%
Other Assets $64.00K $64.00K
YoY Change -5.88% -8.57%
Total Long-Term Assets $51.57M $54.07M
YoY Change 1.99% 14.23%
TOTAL ASSETS
Total Short-Term Assets $36.96M $35.94M
Total Long-Term Assets $51.57M $54.07M
Total Assets $88.53M $90.00M
YoY Change 4.84% 12.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.268M $5.107M
YoY Change 7.88% -21.8%
Accrued Expenses $802.0K $740.0K
YoY Change 2.82% -4.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $525.0K $1.797M
YoY Change -84.09% 6.9%
Total Short-Term Liabilities $20.72M $18.03M
YoY Change 3.2% 5.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.579M
YoY Change -100.0% -28.25%
Other Long-Term Liabilities $1.681M $1.584M
YoY Change -16.78% -27.37%
Total Long-Term Liabilities $1.681M $6.163M
YoY Change -78.88% -28.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.72M $18.03M
Total Long-Term Liabilities $1.681M $6.163M
Total Liabilities $22.40M $24.19M
YoY Change -20.11% -5.65%
SHAREHOLDERS EQUITY
Retained Earnings -$227.6M -$228.7M
YoY Change -4.32% -4.65%
Common Stock $373.0K $373.0K
YoY Change 0.27% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.852M $794.0K
YoY Change 368.86% 101.01%
Treasury Stock Shares
Shareholders Equity $66.13M $65.81M
YoY Change
Total Liabilities & Shareholders Equity $88.53M $90.00M
YoY Change 4.84% 12.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.089M $2.497M
YoY Change -44.92% -10.15%
Depreciation, Depletion And Amortization $152.0K $147.0K
YoY Change 16.92% 21.49%
Cash From Operating Activities $5.524M $6.054M
YoY Change -6.69% -365.29%
INVESTING ACTIVITIES
Capital Expenditures $35.00K $77.00K
YoY Change 75.0% -41.22%
Acquisitions
YoY Change
Other Investing Activities $3.409M $3.465M
YoY Change -152.21% -422.33%
Cash From Investing Activities $3.374M $3.388M
YoY Change -151.51% -380.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.910M -436.0K
YoY Change -685.59% -115.63%
NET CHANGE
Cash From Operating Activities 5.524M 6.054M
Cash From Investing Activities 3.374M 3.388M
Cash From Financing Activities -6.910M -436.0K
Net Change In Cash 1.988M 9.006M
YoY Change 261.45% -1390.26%
FREE CASH FLOW
Cash From Operating Activities $5.524M $6.054M
Capital Expenditures $35.00K $77.00K
Free Cash Flow $5.489M $5.977M
YoY Change -6.97% -347.7%

Facts In Submission

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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
61080000
CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-75000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
228000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
1799000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
63032000
CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-6000
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
290000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
2497000
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
65813000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
48299000
CY2023Q1 hgbl Cumulative Change In Accounting Principle
CumulativeChangeInAccountingPrinciple
-231000
CY2023Q1 hgbl Balance As Of January12023 As Adjusted For Change In Accounting Principle
BalanceAsOfJanuary12023AsAdjustedForChangeInAccountingPrinciple
48068000
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5000
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
152000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
179000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2829000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
51233000
CY2023Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
228000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
2779000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
54245000
us-gaap Profit Loss
ProfitLoss
4296000
us-gaap Profit Loss
ProfitLoss
5608000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
-47000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
40000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2522000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
683000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
184000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-90000
hgbl Noncash Lease Expense
NoncashLeaseExpense
325000
hgbl Noncash Lease Expense
NoncashLeaseExpense
326000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
288000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
241000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
956000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
448000
us-gaap Share Based Compensation
ShareBasedCompensation
518000
us-gaap Share Based Compensation
ShareBasedCompensation
407000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-860000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1937000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-789000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
430000
hgbl Other Current Assets
OtherCurrentAssets
-502000
hgbl Other Current Assets
OtherCurrentAssets
119000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2129000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2147000
hgbl Increase Decrease Of Payables To Sellers
IncreaseDecreaseOfPayablesToSellers
5406000
hgbl Increase Decrease Of Payables To Sellers
IncreaseDecreaseOfPayablesToSellers
4897000
hgbl Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-324000
hgbl Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-316000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7730000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6663000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
4516000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
18698000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
6132000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
3381000
hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
0
hgbl Cash Received On Transfer Of Notes Receivable To Partners
CashReceivedOnTransferOfNotesReceivableToPartners
8851000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
343000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4249000
hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
1811000
hgbl Return Of Investment In Equity Method Investments
ReturnOfInvestmentInEquityMethodInvestments
2260000
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2522000
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
683000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
99000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
220000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5507000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7992000
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
11400000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
852000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
7619000
hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
0
hgbl Proceeds From Issuance Of Notes Payable To Third Parties
ProceedsFromIssuanceOfNotesPayableToThirdParties
33000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
81000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
117000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-933000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3697000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12304000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2368000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12279000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12667000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24583000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15035000
us-gaap Income Taxes Paid
IncomeTaxesPaid
727000
us-gaap Income Taxes Paid
IncomeTaxesPaid
519000
us-gaap Interest Paid Net
InterestPaidNet
200000
us-gaap Interest Paid Net
InterestPaidNet
244000
us-gaap Notes Reduction
NotesReduction
2487000
us-gaap Notes Reduction
NotesReduction
0
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;font-style:italic;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>
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
300000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
500000
CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
51600000
CY2023Q4 hgbl Percentage Of Amortization Cost
PercentageOfAmortizationCost
0.59
CY2023Q4 us-gaap Debt Securities Held To Maturity Maturity After One Through Five Years Weighted Average Yield
DebtSecuritiesHeldToMaturityMaturityAfterOneThroughFiveYearsWeightedAverageYield
0.015
us-gaap Financing Receivable Allowance For Credit Loss Loan Purchased
FinancingReceivableAllowanceForCreditLossLoanPurchased
1000000
us-gaap Financing Receivable Allowance For Credit Loss Loan Purchased
FinancingReceivableAllowanceForCreditLossLoanPurchased
1100000
us-gaap Loans And Leases Receivable Gain Loss On Sales Net
LoansAndLeasesReceivableGainLossOnSalesNet
300000
CY2024Q2 hgbl Loans And Leases Receivable Nonaccrual Of Interest
LoansAndLeasesReceivableNonaccrualOfInterest
1500000
CY2024Q2 us-gaap Net Investment In Lease Nonaccrual
NetInvestmentInLeaseNonaccrual
24600000
CY2023Q4 us-gaap Net Investment In Lease Nonaccrual
NetInvestmentInLeaseNonaccrual
0
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;font-style:italic;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 June 30, 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;">35.2</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;">23.1</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;">66</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% as of June 30, 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;">23.1</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>
CY2024Q2 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
35200000
CY2024Q2 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
23100000
hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.66
CY2023 hgbl Borrowers Note Balance Percentage
BorrowersNoteBalancePercentage
0.62
CY2024Q2 hgbl Due From Borrower
DueFromBorrower
23100000
hgbl Number Of Distinct Portfolio Purchases And Loan Agreements
NumberOfDistinctPortfolioPurchasesAndLoanAgreements
11
CY2024Q2 us-gaap Allowance For Notes And Loans Receivable Noncurrent
AllowanceForNotesAndLoansReceivableNoncurrent
100000
CY2023Q4 us-gaap Allowance For Notes And Loans Receivable Noncurrent
AllowanceForNotesAndLoansReceivableNoncurrent
100000
CY2024Q2 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
100000
CY2023Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
100000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
13400000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
17500000
us-gaap Notes Issued1
NotesIssued1
4300000
us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
6100000
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
2500000
CY2023Q4 hgbl Impaired Financing Receivables Unpaid Principal Balance
ImpairedFinancingReceivablesUnpaidPrincipalBalance
18262000
hgbl Origination Of Notes Receivable
OriginationOfNotesReceivable
4516000
hgbl Transfer Of Notes To And From Senior Lender
TransferOfNotesToAndFromSeniorLender
2487000
hgbl Principal Payment Of Note Receivable
PrincipalPaymentOfNoteReceivable
6132000
CY2024Q2 hgbl Impaired Financing Receivables Unpaid Principal Balance
ImpairedFinancingReceivablesUnpaidPrincipalBalance
14159000
hgbl Deferred Finance Fees And Costs Net
DeferredFinanceFeesAndCostsNet
-95000
CY2024Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
-466000
CY2024Q2 us-gaap Notes Receivable Net
NotesReceivableNet
13598000
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
200000
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
500000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
700000
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
CY2023 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
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2025000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
20000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.93
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
13750
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12750
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.87
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2258850
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.72
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M18D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1998000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1483975
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.36
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y3M18D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1752000
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.
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36741439
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36700830
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36674620
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36627200
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
75171
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
950864
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
85375
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
876823
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36816610
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37651694
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36759995
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37504023
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
hgbl Number Of Locations
NumberOfLocations
4
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2214000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2539000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2324000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2648000
CY2019Q1 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.0525
CY2024Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
50000000
hgbl Operating Loss Carryforwards Expiring Year
OperatingLossCarryforwardsExpiringYear
2024
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.
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2200000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2200000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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