SPAR Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SPAR Group, Inc. filed its 2023 10-K report detailing financial performance and corporate information.</b>

AI Summary

SPAR Group, Inc. (SGRP) filed a Annual Report (10-K) with the SEC on April 1, 2024. SPAR Group, Inc. reported its 2023 fiscal year-end results on Form 10-K, filed April 1, 2024. The company's principal business address is 1910 OPDYKE COURT, AUBURN HILLS, MI 48326. SPAR Group, Inc. was formerly known as PIA MERCHANDISING SERVICES INC until December 1995. The filing details financial data for the fiscal year ending December 31, 2023. The company is incorporated in Delaware (DE).

Why It Matters

For investors and stakeholders tracking SPAR Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SPAR Group's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. Understanding the company's historical structure, including name changes and incorporation details, provides context for its current business operations and market position.

Risk Assessment

Risk Level: medium — SPAR Group, Inc. shows moderate risk based on this filing. The company's financial statements and disclosures in the 10-K are essential for understanding its financial health, but specific performance metrics and risk factors require detailed analysis to determine the overall investment risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K filing to make informed investment decisions regarding SPAR Group, Inc.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240401 — Filed As Of Date (Date the report was filed)
• 7389 — Standard Industrial Classification (SIC code for Services-Business Services, NEC)
• 000-27408 — SEC File Number (SEC filing identifier)

Key Players & Entities

• SPAR Group, Inc. (company) — Filer name
• 1910 OPDYKE COURT (location) — Business address street
• AUBURN HILLS (location) — Business address city
• MI (location) — Business address state
• 48326 (location) — Business address zip
• PIA MERCHANDISING SERVICES INC (company) — Former company name
• DE (location) — State of incorporation
• 20240401 (date) — Filing date

FAQ

Key Dates

• 2024-04-01: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by SPAR Group, Inc. to report its financial results and business activities for the fiscal year 2023.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K filing, which is December 31, 2023, for SPAR Group, Inc.)

Key Financial Figures

• $1.01 — he closing price of the Common Stock of $1.01 per share as reported by the Nasdaq Cap

Filing Documents

• sgrp20231231_10k.htm (10-K) — 2189KB
• ex_643961.htm (EX-10.6) — 83KB
• ex_597528.htm (EX-10.7) — 80KB
• ex_643960.htm (EX-10.8) — 82KB
• ex_643964.htm (EX-10.9) — 81KB
• ex_597529.htm (EX-10.10) — 80KB
• ex_643963.htm (EX-10.11) — 82KB
• ex_597530.htm (EX-10.12) — 81KB
• ex_643962.htm (EX-10.13) — 82KB
• ex_597531.htm (EX-10.14) — 78KB
• ex_597533.htm (EX-10.25) — 86KB
• ex_597532.htm (EX-10.26) — 21KB
• ex_597534.htm (EX-10.57) — 67KB
• ex_597535.htm (EX-10.59) — 69KB
• ex_597536.htm (EX-21.1) — 31KB
• ex_597537.htm (EX-23.1) — 3KB
• ex_597538.htm (EX-31.1) — 9KB
• ex_597539.htm (EX-31.2) — 9KB
• ex_597540.htm (EX-32.1) — 6KB
• ex_597541.htm (EX-32.2) — 6KB
• acp01.jpg (GRAPHIC) — 7KB
• bh01.jpg (GRAPHIC) — 4KB
• ex_499315img001.jpg (GRAPHIC) — 2KB
• ex_499315img002.jpg (GRAPHIC) — 3KB
• ex_499315img003.jpg (GRAPHIC) — 3KB
• ex_499316img001.jpg (GRAPHIC) — 2KB
• ex_499316img002.jpg (GRAPHIC) — 2KB
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• ex_499316img006.jpg (GRAPHIC) — 2KB
• ex_499316img008.jpg (GRAPHIC) — 2KB
• fd01.jpg (GRAPHIC) — 3KB
• kb01.jpg (GRAPHIC) — 3KB
• mm01.jpg (GRAPHIC) — 4KB
• mm02.jpg (GRAPHIC) — 2KB
• rl01.jpg (GRAPHIC) — 3KB
• spar01.jpg (GRAPHIC) — 3KB
• wl01.jpg (GRAPHIC) — 4KB
• 0001437749-24-010386.txt (&nbsp;) — 12432KB
• sgrp-20231231.xsd (EX-101.SCH) — 76KB
• sgrp-20231231_cal.xml (EX-101.CAL) — 75KB
• sgrp-20231231_def.xml (EX-101.DEF) — 584KB
• sgrp-20231231_lab.xml (EX-101.LAB) — 529KB
• sgrp-20231231_pre.xml (EX-101.PRE) — 631KB
• sgrp20231231_10k_htm.xml (XML) — 2219KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 11 Item 1B Unresolved Staff Comments 17 Item 1C Cybersecurity 17 Item 2

Properties

Properties 19 Item 3

Legal Proceedings

Legal Proceedings 19 Item 4 Mine Safety Disclosures 19 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6 [Reserved] 20 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A

Controls and Procedures

Controls and Procedures 29 Item 9B Other Information 30 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 30 PART III Item 10 Directors, Executive Officers and Corporate Governance 30 Item 11

Executive Compensation

Executive Compensation 30 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 30 Item 13 Certain Relationships and Related Transactions, and Director Independence 30 Item 14 Principal Accountant Fees and Services 30 PART IV Item 15 Exhibits and Financial Statement Schedules 31 Item 16 Form 10-K Summary 38

Signatures

Signatures 39 NOTE ON Forward-Looking Statements This Annual Report on Form 10-K for the year ended December 31, 2023 (this "Annual Report"), contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, made by, or respecting, SPAR Group, Inc. ("SGRP" or the "Corporation") and its subsidiaries (and SGRP together with its subsidiaries may be referred to as "SPAR Group", the "Company" "SPAR", "We", or "Our"). There also are "forward-looking statements" contained in SGRP's definitive Proxy Statement respecting its 2024Annual Meeting of Stockholders(the "Proxy Statement"), which SGRP expects to file on or about April 26, 2024, with the Securities and Exchange Commission (the "SEC"), and SGRP's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and statements as and when filed with the SEC (including this Annual Report, the Proxy Statementand such Current Reports, each a "SEC Report"). Readers can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.Words such as "may," "will," "expect," "intend," "believe," "estimate," "anticipate," "continue," "plan," "project," or the negative of these terms or other similar expressions also identify forward-looking statements. Forward-looking statements made by the Company in this Annual Report may include (without limitation) statements regarding: risks, uncertainties, cautions, circumstances and other factors ("Risks");the potential continuing negative effects of the COVID-19 pandemic on the Company's business; the Company's potential non-compliance with applicable Nasdaq director independence; bid price or other rules;the Company's cash flow or financial condition; and plans, intentions, expectations, guidance or other information respecting the pursuit or achievement of the Company's corporate objectives. The Company's forward-looking statements also include (without lim

Business

Item 1. Business Our Company SPAR Group, Inc., a Delaware corporation ("SGRP" or the "Corporation"), and its subsidiaries (together with SGRP, "SPAR Group" or the "Company"),is a leading global merchandising and brand marketing services company, providing a broad range of sales enhancing services to retailers across most classes of trade and consumer goods manufacturers and distributors around the world.Our goal is to be the most creative, energizing and effective global services company that drives sales, margins and operating efficiency for our clients. As of December 31, 2023, we operated in eight countries includingthe United States, Canada, Mexico, Brazil, South Africa, China, Japan andIndia.Across all of these countries, we successfully execute programs through our multi-lingual logistics, reporting and communication technology, which provides clients value through real-time insight on store / product conditions. With more than 50years of experience, a focus on excellence and industry leadership, we continue to grow our long-term relationships with some of the world's leading businesses.Our unique combination of resource scale, deep expertise, advanced technology and unwavering commitment to excellence, separates us from the competition. Our focus is services.Our team works closely with clients to determine their key objectives to execute globally, focusing on enhancing their sales and profit.At retail, our merchandising brand marketing specialists perform a wide range of programs to maximize product sell-through to consumers.Some of these programs include launching new products, installing displays, assembling product fixtures, and ensuring shelves are fully stocked and reordering when they are not.We also assist with sales and customer service.As retailers adapt to changes and new opportunities, our team engages in the total renovations and transformation of stores, as well as preparing new locations for grand openings. Our distribution associates

View Full Filing

View this 10-K filing on SEC EDGAR