10-Q Filing

Heritage Global Inc. CIK: 849145 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-009644`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	hgbl-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 29 Cash Flow Statement 62 Stockholders Equity 16

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$122.00K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$122.00K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.62M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.88M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	565.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.73M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	565.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	565.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	565.00	shares	Point-in-time
Current portion of notes receivable, net	`NotesAndLoansReceivableNetCurrent`	$2.25M	USD	Point-in-time
Current portion of notes receivable, net	`NotesAndLoansReceivableNetCurrent`	$2.09M	USD	Point-in-time
Inventory equipment	`InventoryNet`	$3.22M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventory equipment	`InventoryNet`	$2.86M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.46M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.22M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	36.68M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	36.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$24.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.28M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	36.68M	shares	Point-in-time
Non-current portion of notes receivable, net	`NotesAndLoansReceivableNetNoncurrent`	$1.08M	USD	Point-in-time
Non-current portion of notes receivable, net	`NotesAndLoansReceivableNetNoncurrent`	$1.78M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	36.57M	shares	Point-in-time
Equity method investments	`EquityMethodInvestments`	$6.54M	USD	Point-in-time
Equity method investments	`EquityMethodInvestments`	$4.68M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.69M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.57M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.46M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.46M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.57M	USD	Point-in-time
Goodwill	`Goodwill`	$7.45M	USD	Point-in-time
Goodwill	`Goodwill`	$7.45M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$4.49M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$4.36M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$49.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$49.00K	USD	Point-in-time
Total assets	`Assets`	$52.11M	USD	Point-in-time
Total assets	`Assets`	$50.46M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.79M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.12M	USD	Point-in-time
Payables to sellers	`SettlementLiabilitiesCurrent`	$6.45M	USD	Point-in-time
Payables to sellers	`SettlementLiabilitiesCurrent`	$9.77M	USD	Point-in-time
Current portion of third party debt	`UnsecuredDebtCurrent`	$1.98M	USD	Point-in-time
Current portion of third party debt	`UnsecuredDebtCurrent`	$2.48M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$505.00K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$501.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.38M	USD	Point-in-time
Non-current portion of third party debt	`UnsecuredLongTermDebt`	$1.23M	USD	Point-in-time
Non-current portion of third party debt	`UnsecuredLongTermDebt`	$1.35M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.25M	USD	Point-in-time
Non-current portion of lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$18.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.82M	USD	Point-in-time
Preferred stock, $10.00 par value, authorized 10,000,000 shares; issued and outstanding 565 shares of Series N as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	$6.00K	USD	Point-in-time
Preferred stock, $10.00 par value, authorized 10,000,000 shares; issued and outstanding 565 shares of Series N as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	$6.00K	USD	Point-in-time
Common stock, $0.01 par value, authorized 300,000,000 shares; issued and outstanding 36,677,837 shares as of March 31, 2022 and 36,574,702 as of December 31, 2021	`CommonStockValue`	$366.00K	USD	Point-in-time
Common stock, $0.01 par value, authorized 300,000,000 shares; issued and outstanding 36,677,837 shares as of March 31, 2022 and 36,574,702 as of December 31, 2021	`CommonStockValue`	$367.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$293.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$293.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-260.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-260.12M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$33.37M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.92M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$29.94M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$32.64M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$50.46M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$52.11M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.10M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.36M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.28M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.97M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$91.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$133.00K	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$8.56M	USD	1 Quarter
Total operating costs and expenses	`CostsAndExpenses`	$6.05M	USD	1 Quarter
Earnings of equity method investments	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Earnings of equity method investments	`IncomeLossFromEquityMethodInvestments`	$82.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$875.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.05M	USD	1 Quarter
Interest and other expense, net	`InterestAndOtherExpenseNet`	$38.00K	USD	1 Quarter
Interest and other expense, net	`InterestAndOtherExpenseNet`	$-3.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$837.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.05M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$192.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$17.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$645.00K	USD	1 Quarter
Weighted average common shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	36.00M	shares	1 Quarter
Weighted average common shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.79M	shares	1 Quarter
Weighted average common shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.53M	shares	1 Quarter
Weighted average common shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	36.75M	shares	1 Quarter
Net income per share basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Net income per share basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net income per share diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Net income per share diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$645.00K	USD	1 Quarter
Net income	`ProfitLoss`	$1.03M	USD	1 Quarter
Amortization of deferred issuance costs and fees	`AmortizationOfFinancingCosts`	$58.00K	USD	1 Quarter
Amortization of deferred issuance costs and fees	`AmortizationOfFinancingCosts`	$49.00K	USD	1 Quarter
Earnings of equity method investments	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Earnings of equity method investments	`IncomeLossFromEquityMethodInvestments`	$82.00K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$133.00K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$125.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$91.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$133.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-48.00K	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$130.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$106.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$143.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$150.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$801.00K	USD	1 Quarter
Inventory equipment	`IncreaseDecreaseInInventories`	$-144.00K	USD	1 Quarter
Inventory equipment	`IncreaseDecreaseInInventories`	$-363.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-55.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-232.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.80M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.67M	USD	1 Quarter
Payables to sellers	`IncreaseDecreaseOfPayablesToSellers`	$3.32M	USD	1 Quarter
Payables to sellers	`IncreaseDecreaseOfPayablesToSellers`	$-4.68M	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInLeaseLiabilities`	$-118.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInLeaseLiabilities`	$-140.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.83M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.09M	USD	1 Quarter
Investment in notes receivable	`PaymentsToAcquireNotesReceivable`	$2.49M	USD	1 Quarter
Investment in notes receivable	`PaymentsToAcquireNotesReceivable`	-	USD	1 Quarter
Payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$929.00K	USD	1 Quarter
Payments received on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$814.00K	USD	1 Quarter
Investment in equity method investments	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Investment in equity method investments	`PaymentsToAcquireEquityMethodInvestments`	$2.12M	USD	1 Quarter
Cash distributions from equity method investments	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$338.00K	USD	1 Quarter
Cash distributions from equity method investments	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.59M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-978.00K	USD	1 Quarter
Repayment of debt payable to third parties	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Repayment of debt payable to third parties	`RepaymentsOfShortTermDebt`	$617.00K	USD	1 Quarter
Proceeds from issuance of common stock from stock option awards	`ProceedsFromIssuanceOfCommonStockFromStockOptionAwards`	$85.00K	USD	1 Quarter
Proceeds from issuance of common stock from stock option awards	`ProceedsFromIssuanceOfCommonStockFromStockOptionAwards`	$9.00K	USD	1 Quarter
Payments of tax withholdings related to cashless exercises of stock option awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$203.00K	USD	1 Quarter
Payments of tax withholdings related to cashless exercises of stock option awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$32.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-118.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-640.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-7.53M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.48M	USD	1 Quarter
Cash and cash equivalents as of beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.62M	USD	Point-in-time
Cash and cash equivalents as of beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.10M	USD	Point-in-time
Cash and cash equivalents as of beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.85M	USD	Point-in-time
Cash and cash equivalents as of beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.39M	USD	Point-in-time
Cash and cash equivalents as of end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.62M	USD	Point-in-time
Cash and cash equivalents as of end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.10M	USD	Point-in-time
Cash and cash equivalents as of end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.85M	USD	Point-in-time
Cash and cash equivalents as of end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.39M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	$7.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$32.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$33.37M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$30.92M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$29.94M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$32.64M	USD	Point-in-time
Issuance of common stock from stock option awards	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-120.00K	USD	1 Quarter
Issuance of common stock from stock option awards	`StockIssuedDuringPeriodValueStockOptionsExercised`	$-23.00K	USD	1 Quarter
Issuance of common stock from stock options awards, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	179,125.00	shares	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$67.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$106.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$645.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$33.37M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$30.92M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$29.94M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$32.64M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.