Heritage Global Inc. Files 10-K/A Amendment

TL;DR

<b>Heritage Global Inc. has filed an amended 10-K report for the fiscal year ending December 31, 2022.</b>

AI Summary

Heritage Global Inc. (HGBL) filed a Amended Annual Report (10-K/A) with the SEC on February 7, 2024. Heritage Global Inc. filed a 10-K/A amendment on February 7, 2024. The filing pertains to the fiscal year ending December 31, 2022. The company was formerly known as Counsel RB Capital Inc., C2 Global Technologies Inc., and ACCERIS COMMUNICATIONS INC. Key dates include 2022-12-31 for fiscal year end and 2024-02-07 for the filing date. The filing is associated with SEC file number 001-39471.

Why It Matters

For investors and stakeholders tracking Heritage Global Inc., this filing contains several important signals. This amendment provides updated financial and operational information for the 2022 fiscal year. Understanding these amendments is crucial for investors to have the most accurate and current view of the company's financial health and strategic direction.

Risk Assessment

Risk Level: low — Heritage Global Inc. shows low risk based on this filing. The filing is an amendment to a previous 10-K, indicating potential corrections or additions to previously reported information, but does not inherently suggest significant new risks.

Analyst Insight

Review the specific changes and additions made in this 10-K/A filing to understand any updated financial or operational details for Heritage Global Inc.

Key Numbers

• 2022-12-31 — Fiscal Year End (Reported period)
• 2024-02-07 — Filing Date (Date of submission)
• 001-39471 — SEC File Number (Associated with the filing)

Key Players & Entities

• Heritage Global Inc. (company) — Filer name
• Counsel RB Capital Inc. (company) — Former company name
• C2 Global Technologies Inc (company) — Former company name
• ACCERIS COMMUNICATIONS INC (company) — Former company name
• 001-39471 (regulator) — SEC file number
• 2022-12-31 (date) — Fiscal year end
• 2024-02-07 (date) — Filing date

FAQ

Industry Context

Heritage Global Inc. operates in the business services sector, specifically focusing on asset management and financial services.

Regulatory Implications

The filing is a 10-K/A, an amendment to an annual report, which is a standard SEC filing requirement for public companies.

What Investors Should Do

1. Analyze the specific amendments made in the 10-K/A filing for any material changes.
2. Cross-reference the amended information with previous filings to identify discrepancies or updates.
3. Assess the impact of any disclosed changes on Heritage Global Inc.'s financial standing and future outlook.

Key Dates

• 2022-12-31: Fiscal Year End — Period covered by the 10-K/A filing
• 2024-02-07: Filing Date — Date the amended 10-K was submitted

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the original 10-K report for the fiscal year 2022.

Key Financial Figures

• $0.01 — nge on which registered Common stock, $0.01 par value HGBL The Nasdaq Stock Mar

Filing Documents

• hgbl-20221231.htm (10-K/A) — 1781KB
• hgbl-ex23_1.htm (EX-23.1) — 3KB
• hgbl-ex23_2.htm (EX-23.2) — 5KB
• hgbl-ex31_1.htm (EX-31.1) — 14KB
• hgbl-ex31_2.htm (EX-31.2) — 14KB
• hgbl-ex32_1.htm (EX-32.1) — 10KB
• hgbl-ex32_2.htm (EX-32.2) — 10KB
• img160671233_0.jpg (GRAPHIC) — 569KB
• 0000950170-24-012268.txt (&nbsp;) — 11043KB
• hgbl-20221231.xsd (EX-101.SCH) — 1568KB
• hgbl-20221231_htm.xml (XML) — 2040KB

Financial Statemen ts and Supplementary Data

Item 8. Financial Statemen ts and Supplementary Data. Our consolidated financial statements required by this Item are included herein, commencing on page F-1. PART IV

Exhibits and Fina ncial Statement Schedules

Item 15. Exhibits and Fina ncial Statement Schedules (a) The following financial statements and those financial statement schedules required by "Item 8. Financial Statements and Supplementary Data" hereof are filed as part of this Report: 1. Financial Statements: Report of UHY LLP, Independent Registered Public Accounting Firm (PCAOB ID: 1195 ) Report of Baker Tilly US, LLP, Independent Registered Public Accounting Firm (PCAOB ID: 23 ) Consolidated Balance Sheets as of December 31, 2022 and 2021 Consolidated Statements of Income for the years ended December 31, 2022 and 2021 Consolidated Statements of Stockholders' Equity for the years ended December 31, 2022 and 2021 Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 2. Financial Statement Schedules: These schedules are omitted because they are not required, or are not applicable, or the required information is shown in the consolidated financial statements or notes thereto. (b) The following exhibits are filed as part of this Report: Exhibit Number Title of Exhibit 3.1 Amended and Restated Articles of Incorporation (restated for filing purposes only) (filed as Exhibit 3.1 to the Company's Annual Report on Form 10-K filed on March 9, 2020 (File No. 000-17973), and incorporated herein by reference). 3.2 Restated Bylaws (incorporated by reference to the Company's Current Report on Form 8-K (File No. 001-39471) filed on September 30, 2020). 4.1 Warrant Agreement by and between Heritage Global Inc. and Napier Park Industrial Asset Acquisition, LP effective as of March 19, 2019 (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on March 25, 2019 (File No. 000-17973), and incorporated herein by reference). 4.2 Description of Securities (filed as Exhibit 4.2 to the Company's Annual Report on form 10-K filed on March 8, 2021 (File No. 001-39471), and incorporated herein by reference). 10.1* 2003 Stock Option and Appreciation Rights Plan (filed as Appendix E to the Company's Definitive Proxy Statement filed on October 31, 2003 (File No. 000-17973), and incorporated herein by reference). 10.2* 2010 Non-Qualified Stock Option Plan (filed as Exhibit 10.4 to the Company's Current Report on Form 8-K filed on January 24, 2011 (File No. 000-17973), and incorporated herein by reference). 10.3* Form of Option Grant for Options Granted Under 2003 Stock Option and Appreciation Rights Plan (filed as Exhibit 10.3 to the Company's Annual Report on Form 10-K filed on March 17, 2016 (File No. 000-17973), and incorporated herein by reference) . 10.4* Form of Option Grant for Options Granted Under 2010 Non-Qualified Stock Option Plan (filed as Exhibit

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F- 9 REPOR T OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Heritage Global Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Heritage Global Inc. and its subsidiaries (the Company) as of December 31, 2022, and the related consolidated statements of income, stockholders' equity, and cash flows for the year ended December 31, 2022, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the ef

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