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Note 3 - Restatement of Previously Issued Consolidated Financial Statements (as Restated) | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Error Correction [Text Block] | 3. Restatement of Previously Issued Consolidated Financial Statements (as Restated) Subsequent to filing the Company's December 31, 2024 form 10-K on May 16, 2025, the Company determined that the sale of its Brazilian joint venture (see Note 11, Related Party Transactions) represented a strategic shift in the Company's operations that will have a significant impact to the financial statements. As such, the Company has restated its December 31, 2024 and 2023 audited financial statements to reflect the Brazilian joint venture as discontinued operations. The Company has also restated impacted amounts within the accompanying Notes to Consolidated Financial Statements. Below are tables that reconcile the previously filed audited financial statements with the "as restated" financial statements in this Form 10-K/A: The following tables reflect the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2024 and 2023 (in thousands, except per share data).
|  | Year Ended December 31 |  |  | Year Ended December 31 |
|  | 2024 |  |  | 2023 |
|  | As Previously Reported |  |  | Adjustment |  |  | Restated |  |  | As Previously Reported |  |  | Adjustment |  |  | Restated |
Net revenues |  | $ | 196,814 |  |  | $ | (33,185 | ) |  | $ | 163,629 |  |  | $ | 262,747 |  |  | $ | (74,873 | ) |  | $ | 187,874 |
Related party - cost of revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,197 |  |  |  | - |  |  |  | 5,197 |
Cost of revenues |  |  | 158,357 |  |  |  | (28,325 | ) |  |  | 130,032 |  |  |  | 202,070 |  |  |  | (63,830 | ) |  |  | 138,240 |
Gross profit |  |  | 38,457 |  |  |  | (4,860 | ) |  |  | 33,597 |  |  |  | 55,480 |  |  |  | (11,043 | ) |  |  | 44,437 |
Selling, general and administrative expense |  |  | 37,265 |  |  |  | (3,385 | ) |  |  | 33,880 |  |  |  | 43,673 |  |  |  | (7,047 | ) |  |  | 36,626 |
(Gain) / Loss on sale of business |  |  | (1,348 | ) |  |  | (1,188 | ) |  |  | (2,536 | ) |  |  | 408 |  |  |  | - |  |  |  | 408 |
Depreciation and amortization |  |  | 1,616 |  |  |  | (63 | ) |  |  | 1,553 |  |  |  | 2,001 |  |  |  | (174 | ) |  |  | 1,827 |
Operating income (loss) |  |  | 924 |  |  |  | (224 | ) |  |  | 700 |  |  |  | 9,398 |  |  |  | (3,822 | ) |  |  | 5,576 |
Interest expense (income) |  |  | 2,222 |  |  |  | (31 | ) |  |  | 2,191 |  |  |  | 1,919 |  |  |  | 312 |  |  |  | 2,231 |
Other expense, net |  |  | 171 |  |  |  | - |  |  |  | 171 |  |  |  | 346 |  |  |  | - |  |  |  | 346 |
Income (loss) before income tax expense |  |  | (1,469 | ) |  |  | (193 | ) |  |  | (1,662 | ) |  |  | 7,133 |  |  |  | (4,134 | ) |  |  | 2,999 |
Income tax expense (benefit) |  |  | 1,218 |  |  |  | (1,074 | ) |  |  | 144 |  |  |  | 2,357 |  |  |  | (1,709 | ) |  |  | 648 |
Income (loss) from continuing operations |  |  | (2,687 | ) |  |  | 881 |  |  |  | (1,806 | ) |  |  | 4,776 |  |  |  | (2,425 | ) |  |  | 2,351 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  |  | - |  |  |  | 1,381 |  |  |  | 1,381 |  |  |  | - |  |  |  | 4,134 |  |  |  | 4,134 |
Loss on disposal of business |  |  | - |  |  |  | (1,188 | ) |  |  | (1,188 | ) |  |  | - |  |  |  | - |  |  |  | - |
Income tax expense |  |  | - |  |  |  | (1,074 | ) |  |  | (1,074 | ) |  |  | - |  |  |  | (1,709 | ) |  |  | (1,709 | )
Net (loss) income from discontinued operations |  |  | - |  |  |  | (881 | ) |  |  | (881 | ) |  |  | - |  |  |  | 2,425 |  |  |  | 2,425 |
Net income (loss) |  |  | (2,687 | ) |  |  | - |  |  |  | (2,687 | ) |  |  | 4,776 |  |  |  | - |  |  |  | 4,776 |
Net income attributable to non-controlling interest |  |  | (463 | ) |  |  | - |  |  |  | (463 | ) |  |  | (874 | ) |  |  | - |  |  |  | (874 | )
Net income (loss) attributable to SPAR Group, Inc. |  | $ | (3,150 | ) |  | $ | - |  |  | $ | (3,150 | ) |  | $ | 3,902 |  |  | $ | - |  |  | $ | 3,902 |
Basic earnings (loss) per common share attributable to SPAR Group, Inc. from continuing operations |  | $ | (0.13 | ) |  | $ | 0.04 |  |  | $ | (0.09 | ) |  | $ | 0.17 |  |  | $ | (0.10 | ) |  | $ | 0.07 |
Diluted earnings (loss) per common share attributable to SPAR Group, Inc. from continuing operations |  | $ | (0.13 | ) |  | $ | 0.04 |  |  | $ | (0.09 | ) |  | $ | 0.16 |  |  | $ | (0.10 | ) |  | $ | 0.06 |
Basic earnings (loss) per common share attributable to SPAR Group, Inc. from discontinued operations |  | $ | - |  |  | $ | (0.04 | ) |  | $ | (0.04 | ) |  | $ | - |  |  | $ | 0.10 |  |  | $ | 0.10 |
Diluted earnings (loss) per common share attributable to SPAR Group, Inc. from discontinued operations |  | $ | - |  |  | $ | (0.04 | ) |  | $ | (0.04 | ) |  | $ | - |  |  | $ | 0.10 |  |  | $ | 0.10 |
Basic earnings (loss) per common share attributable to SPAR Group, Inc. |  | $ | (0.13 | ) |  | $ | - |  |  | $ | (0.13 | ) |  | $ | 0.17 |  |  | $ | - |  |  | $ | 0.17 |
Diluted earnings (loss) per common share attributable to SPAR Group, Inc. |  | $ | (0.13 | ) |  | $ | - |  |  | $ | (0.13 | ) |  | $ | 0.16 |  |  | $ | - |  |  | $ | 0.16 |
Weighted-average common shares outstanding – basic |  |  | 23,555 |  |  |  | - |  |  |  | 23,555 |  |  |  | 23,333 |  |  |  | - |  |  |  | 23,333 |
Weighted-average common shares outstanding – diluted |  |  | 23,729 |  |  |  | - |  |  |  | 23,729 |  |  |  | 24,455 |  |  |  | - |  |  |  | 24,455 |
Net income (loss) |  | $ | (2,687 | ) |  | $ | - |  |  | $ | (2,687 | ) |  | $ | 4,776 |  |  | $ | - |  |  | $ | 4,776 |
Other comprehensive (loss) income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | (1,553 | ) |  |  | – |  |  |  | (1,553 | ) |  |  | 1,283 |  |  |  | – |  |  |  | 1,283 |
Comprehensive income (loss) |  |  | (4,240 | ) |  |  | - |  |  |  | (4,240 | ) |  |  | 6,059 |  |  |  | - |  |  |  | 6,059 |
Comprehensive income attributable to non-controlling interest |  |  | (172 | ) |  |  | - |  |  |  | (172 | ) |  |  | (317 | ) |  |  | - |  |  |  | (317 | )
Comprehensive income (loss) attributable to SPAR Group, Inc. |  | $ | (4,412 | ) |  | $ | - |  |  | $ | (4,412 | ) |  | $ | 5,742 |  |  | $ | - |  |  | $ | 5,742 |
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) The following tables reflect the impact of the restatements to the specific line items presented in the Company’s previously reported Consolidated Balance Sheets as of December 31, 2023 (in thousands, except share and per share data).
|  | December 31, 2023 |
|  | As Previously Reported |  |  | Adjustment |  |  | Restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,719 |  |  | $ | (6,228 | ) |  | $ | 4,491 |
Accounts receivable, net |  |  | 59,776 |  |  |  | (16,670 | ) |  |  | 43,106 |
Prepaid expenses and other current assets |  |  | 5,614 |  |  |  | (3,350 | ) |  |  | 2,264 |
Current assets of discontinued operations |  |  | - |  |  |  | 26,248 |  |  |  | 26,248 |
Total current assets |  |  | 76,109 |  |  |  | - |  |  |  | 76,109 |
Property and equipment, net |  |  | 2,871 |  |  |  | (154 | ) |  |  | 2,717 |
Operating lease right-of-use assets |  |  | 2,323 |  |  |  | (392 | ) |  |  | 1,931 |
Goodwill |  |  | 1,382 |  |  |  | (88 | ) |  |  | 1,294 |
Intangible assets, net |  |  | 1,180 |  |  |  | (2 | ) |  |  | 1,178 |
Deferred income taxes, net |  |  | 4,687 |  |  |  | (1,365 | ) |  |  | 3,322 |
Other assets |  |  | 1,729 |  |  |  | (2 | ) |  |  | 1,727 |
Non-current assets of discontinued operations |  |  | - |  |  |  | 2,003 |  |  |  | 2,003 |
Total assets |  | $ | 90,281 |  |  | $ | - |  |  | $ | 90,281 |
Liabilities and stockholders' equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 9,488 |  |  | $ | (4,673 | ) |  | $ | 4,815 |
Accrued expenses and other current liabilities |  |  | 15,274 |  |  |  | (10,564 | ) |  |  | 4,710 |
Due to affiliates |  |  | 3,205 |  |  |  | - |  |  |  | 3,205 |
Customer incentives and deposits |  |  | 1,905 |  |  |  | - |  |  |  | 1,905 |
Lines of credit and short-term loans |  |  | 17,530 |  |  |  | - |  |  |  | 17,530 |
Current portion of operating lease liabilities |  |  | 1,163 |  |  |  | (218 | ) |  |  | 945 |
Current liabilities of discontinued operations |  |  | - |  |  |  | 15,455 |  |  |  | 15,455 |
Total current liabilities |  |  | 48,565 |  |  |  | - |  |  |  | 48,565 |
Operating lease liabilities, net of current portion |  |  | 1,160 |  |  |  | (174 | ) |  |  | 986 |
Long-term debt |  |  | 310 |  |  |  | - |  |  |  | 310 |
Non-current liabilities of discontinued operations |  |  | - |  |  |  | 174 |  |  |  | 174 |
Total liabilities |  |  | 50,035 |  |  |  | - |  |  |  | 50,035 |
Commitments and contingencies – See Note 7 |  |  |  |  |  |  |  |  |  |  |  |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, Series - B. $.01 par value: |  |  |  |  |  |  |  |  |  |  |  |
Authorized and available shares– 2,000,000 Issued and outstanding shares– 0 at December 31, 2024 and 650,000 at December 31, 2023 |  |  | 7 |  |  |  | - |  |  |  | 7 |
Common stock, $.01 par value: |  |  |  |  |  |  |  |  |  |  |  |
Authorized shares – 47,000,000 Issued and outstanding shares – 23,449,701 at December 31, 2024 and 23,240,959 at December 31, 2023 |  |  | 232 |  |  |  | - |  |  |  | 232 |
Treasury stock, at cost 1,205,485 shares at December 31, 2024 and 205,485 Shares at December 31, 2023 |  |  | (285 | ) |  |  | - |  |  |  | (285 | )
Additional paid-in capital |  |  | 21,004 |  |  |  | - |  |  |  | 21,004 |
Accumulated other comprehensive (loss) |  |  | (3,341 | ) |  |  | - |  |  |  | (3,341 | )
Retained earnings |  |  | 10,609 |  |  |  | - |  |  |  | 10,609 |
Total stockholders' equity attributable to SPAR Group, Inc. |  |  | 28,226 |  |  |  | - |  |  |  | 28,226 |
Non-controlling interest |  |  | 12,020 |  |  |  | - |  |  |  | 12,020 |
Total stockholders’ equity |  |  | 40,246 |  |  |  | - |  |  |  | 40,246 |
Total liabilities and stockholders’ equity |  | $ | 90,281 |  |  | $ | - |  |  | $ | 90,281 |
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) The following tables reflect the impact of the restatement to the specific line items presented in the Company's previously reported Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 (in thousands):
|  | Year Ended December 31, 2024 |
|  | As Previously Reported |  |  | Adjustment |  |  | Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (2,687 | ) |  | $ | - |  |  | $ | (2,687 | )
Adjustments to reconcile net loss to net cash used in operating activities |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,616 |  |  |  | (63 | ) |  |  | 1,553 |
Amortization of operating lease assets |  |  | 545 |  |  |  | - |  |  |  | 545 |
Provision for expected credit losses |  |  | 128 |  |  |  | - |  |  |  | 128 |
Deferred income tax benefit |  |  | (1,500 | ) |  |  | - |  |  |  | (1,500 | )
Share based compensation |  |  | 137 |  |  |  | - |  |  |  | 137 |
Gain on disposal of business |  |  | (1,348 | ) |  |  | (1,188 | ) |  |  | (2,536 | )
Changes in operating assets and liabilities, net of business disposals: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (5,656 | ) |  |  | 3,567 |  |  |  | (2,089 | )
Prepaid expenses and other assets |  |  | (2,375 | ) |  |  | 2,791 |  |  |  | 416 |
Accounts payable |  |  | 6,958 |  |  |  | 501 |  |  |  | 7,459 |
Operating lease liabilities |  |  | (541 | ) |  |  | - |  |  |  | (541 | )
Accrued expenses, other current liabilities and customer incentives and deposits |  |  | 4,058 |  |  |  | (5,182 | ) |  |  | (1,124 | )
Net cash (used in) provided by operating activities of continuing operations |  |  | (665 | ) |  |  | 426 |  |  |  | (239 | )
Net cash used in operating activities of discontinued operations |  |  | - |  |  |  | (426 | ) |  |  | (426 | )
Net cash used in operating activities |  |  | (665 | ) |  |  | - |  |  |  | (665 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of joint ventures, net of cash transferred |  |  | 11,020 |  |  |  | (3,761 | ) |  |  | 7,259 |
Purchases of property and equipment and internal use software |  |  | (1,139 | ) |  |  | 10 |  |  |  | (1,129 | )
Net cash provided by (used in) investing activities of continuing operations |  |  | 9,881 |  |  |  | (3,751 | ) |  |  | 6,130 |
Net cash provided by investing activities of discontinued operations |  |  | - |  |  |  | 3,751 |  |  |  | 3,751 |
Net cash provided by investing activities |  |  | 9,881 |  |  |  | - |  |  |  | 9,881 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings under lines of credit |  |  | 132,133 |  |  |  | - |  |  |  | 132,133 |
Repayments under lines of credit |  |  | (128,347 | ) |  |  | - |  |  |  | (128,347 | )
Payment of notes to seller |  |  | (1,843 | ) |  |  | - |  |  |  | (1,843 | )
Repurchase of common stock |  |  | (1,800 | ) |  |  | - |  |  |  | (1,800 | )
Distribution to non-controlling investors |  |  | (1,315 | ) |  |  | 1,315 |  |  |  | - |
Payments to acquire noncontrolling interests |  |  | (500 | ) |  |  | - |  |  |  | (500 | )
Proceeds from long-term debt |  |  | 15 |  |  |  | - |  |  |  | 15 |
Net cash (used in) provided by financing activities of continuing operations |  |  | (1,657 | ) |  |  | 1,315 |  |  |  | (341 | )
Net cash used in financing activities of discontinued operations |  |  | - |  |  |  | (1,315 | ) |  |  | (1,315 | )
Net cash used in financing activities |  |  | (1,657 | ) |  |  | - |  |  |  | (1,656 | )
Effect of foreign exchange rate changes on cash |  |  | (58 | ) |  |  | - |  |  |  | (58 | )
Net increase in cash and cash equivalents |  |  | 7,502 |  |  |  | - |  |  |  | 7,502 |
Cash and cash equivalents at beginning of year |  |  | 10,719 |  |  |  | - |  |  |  | 10,719 |
Cash and cash equivalents at end of year |  | $ | 18,221 |  |  | $ | - |  |  | $ | 18,221 |
Less cash and cash equivalents of discontinued operations |  |  | - |  |  |  | - |  |  |  | - |
Cash and cash equivalents from continuing operations |  | $ | 18,221 |  |  | $ | - |  |  | $ | 18,221 |
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued)
|  | Year Ended December 31, 2023 |
|  | As Previously Reported |  |  | Adjustment |  |  | Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 4,776 |  |  | $ | - |  |  | $ | 4,776 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,001 |  |  |  | (174 | ) |  |  | 1,827 |
Amortization of operating lease assets |  |  | 875 |  |  |  | - |  |  |  | 875 |
Provision for expected credit losses |  |  | 88 |  |  |  | - |  |  |  | 88 |
Deferred income tax expense |  |  | 921 |  |  |  | 337 |  |  |  | 1,258 |
Share based compensation |  |  | 297 |  |  |  | - |  |  |  | 297 |
Loss on disposal of business |  |  | 408 |  |  |  | - |  |  |  | 408 |
Changes in operating assets and liabilities, net of business disposals: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 3,232 |  |  |  | (2,986 | ) |  |  | 246 |
Prepaid expenses and other assets |  |  | 2,082 |  |  |  | (3,432 | ) |  |  | (1,350 | )
Accounts payable |  |  | (2,960 | ) |  |  | 950 |  |  |  | (2,010 | )
Operating lease liabilities |  |  | (875 | ) |  |  | - |  |  |  | (875 | )
Accrued expenses, other current liabilities and customer incentives and deposits |  |  | (4,024 | ) |  |  | 2,105 |  |  |  | (1,919 | )
Net cash (used in) provided by operating activities of continuing operations |  |  | 6,821 |  |  |  | (3,200 | ) |  |  | 3,621 |
Net cash provided by operating activities of discontinued operations |  |  | - |  |  |  | 3,200 |  |  |  | 3,200 |
Net cash provided by operating activities |  |  | 6,821 |  |  |  | - |  |  |  | 6,821 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of joint ventures, net of cash transferred |  |  | (1,027 | ) |  |  | (40 | ) |  |  | (1,067 | )
Purchases of property and equipment and internal use software |  |  | (1,242 | ) |  |  | 48 |  |  |  | (1,194 | )
Net cash provided by (used in) investing activities of continuing operations |  |  | (2,269 | ) |  |  | 8 |  |  |  | (2,261 | )
Net cash used in investing activities of discontinued operations |  |  | - |  |  |  | (8 | ) |  |  | (8 | )
Net cash used in investing activities |  |  | (2,269 | ) |  |  | - |  |  |  | (2,269 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings under lines of credit |  |  | 103,742 |  |  |  | - |  |  |  | 103,742 |
Repayments under lines of credit |  |  | (104,845 | ) |  |  | - |  |  |  | (104,845 | )
Payment of notes to seller |  |  | - |  |  |  | - |  |  |  | - |
Repurchase of common stock |  |  | - |  |  |  | - |  |  |  | - |
Distribution to non-controlling investors |  |  | (1,673 | ) |  |  | 1,247 |  |  |  | (426 | )
Payments to acquire noncontrolling interests |  |  | (473 | ) |  |  | - |  |  |  | (473 | )
Proceeds from long-term debt |  |  | 930 |  |  |  |  |  |  |  | 930 |
Payments on term debt |  |  | (701 | ) |  |  | - |  |  |  | (701 | )
Net cash (used in) provided by financing activities of continuing operations |  |  | (3,020 | ) |  |  | 1,247 |  |  |  | (1,773 | )
Net cash used in financing activities of discontinued operations |  |  | - |  |  |  | (1,247 | ) |  |  | (1,247 | )
Net cash used in financing activities |  |  | (3,020 | ) |  |  | - |  |  |  | (3,020 | )
Effect of foreign exchange rate changes on cash |  |  | (158 | ) |  |  | - |  |  |  | (158 | )
Net increase in cash and cash equivalents |  |  | 1,374 |  |  |  | - |  |  |  | 1,374 |
Cash and cash equivalents at beginning of year |  |  | 9,345 |  |  |  | - |  |  |  | 9,345 |
Cash and cash equivalents at end of year |  | $ | 10,719 |  |  | $ | - |  |  | $ | 10,719 |
Less cash and cash equivalents of discontinued operations |  |  | - |  |  |  | 6,228 |  |  |  | 6,228 |
Cash and cash equivalents from continuing operations |  | $ | 10,719 |  |  | $ | (6,228 | ) |  | $ | 4,491 |
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) Amounts included in the consolidated financial statements for discontinued operations are detailed below:
Summary of Results from Discontinued Operations |
|  | Twelve Months Ended December 31, |
$ in thousands |  | 2024 |  |  | 2023 |
Net revenues |  | $ | 33,185 |  |  | $ | 74,873 |
Cost of revenues |  |  | 28,325 |  |  |  | 63,830 |
Gross profit |  |  | 4,860 |  |  |  | 11,043 |
Selling, general, and administrative expenses |  |  | 3,385 |  |  |  | 7,047 |
Loss on disposal of business |  |  | 1,188 |  |  |  | - |
Depreciation and amortization |  |  | 63 |  |  |  | 174 |
Income from operations before tax |  |  | 224 |  |  |  | 3,822 |
Income tax expense |  |  | 1,074 |  |  |  | 1,709 |
Interest expense (income) |  |  | 31 |  |  |  | (312 | )
Income (loss) from discontinued operations, net of tax |  | $ | (881 | ) |  | $ | 2,425 |
Summary of assets and liabilities of discontinued operations |
$ in thousands |  | December 31, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | - |  |  | $ | 6,228 |
Accounts receivable, net |  |  | - |  |  |  | 16,670 |
Prepaid expenses and other current assets |  |  | - |  |  |  | 3,350 |
Total current assets |  |  | - |  |  |  | 26,248 |
Property and equipment, net |  |  | - |  |  |  | 154 |
Operating lease right-of-use assets |  |  | - |  |  |  | 392 |
Goodwill |  |  | - |  |  |  | 88 |
Intangible assets, net |  |  | - |  |  |  | 2 |
Deferred income taxes, net |  |  | - |  |  |  | 1,365 |
Other assets |  |  | - |  |  |  | 2 |
Total assets |  |  | - |  |  |  | 28,251 |
Liabilities: |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Accounts payable |  |  | - |  |  |  | 4,673 |
Accrued expenses and other current liabilities |  |  | - |  |  |  | 10,564 |
Current portion of operating lease liabilities |  |  | - |  |  |  | 218 |
Total current liabilities |  |  | - |  |  |  | 15,455 |
Operating lease liabilities, net of current portion |  |  | - |  |  |  | 174 |
Total liabilities |  | $ | - |  |  | $ | 15,629 |
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) While preparing this Form 10-K/A, management identified a separate, unrelated presentation error in the Segment Information footnote involving four tables that were not accurately reported. Below are restated segment disclosures that correct the presentation error and the restatement of discontinued operations:
|  | Year Ended December 31 |  |  |  |  |
|  | 2024 |  |  |  |  |
$ in thousands |  |  | As Previously Reported |  |  |  | Reclass Adjustment |  |  |  | Discontinued Operations Adjustment |  |  |  | Restated |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 65 |  |  | $ | 2,092 |  |  | $ | (31 | ) |  | $ | 2,126 |
Asia - Pacific |  |  | 2,157 |  |  |  | (2,092 | ) |  |  | - |  |  |  | 65 |
EMEA |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Interest expense |  | $ | 2,222 |  |  | $ | - |  |  | $ | (31 | ) |  | $ | 2,191 |
|  | As Previously Reported |  |  | Reclass Adjustment |  |  | Discontinued Operations Adjustment |  |  | Restated |
Income (loss) before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (4,990 | ) |  | $ | 5,737 |  |  | $ | (193 | ) |  | $ | 554 |
Asia - Pacific |  |  | 6,338 |  |  |  | (7,402 | ) |  |  | - |  |  |  | (1,064 | )
EMEA |  |  | (2,817 | ) |  |  | 1,665 |  |  |  | - |  |  |  | (1,152 | )
Total Income (loss) before income tax expense |  | $ | (1,469 | ) |  | $ | - |  |  | $ | (193 | ) |  | $ | (1,662 | )
|  | As Previously Reported |  |  | Reclass Adjustment |  |  | Discontinued Operations Adjustment |  |  | Restated |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (6,233 | ) |  | $ | 5,737 |  |  | $ | 881 |  |  | $ | 385 |
Asia - Pacific |  |  | 6,402 |  |  |  | (7,402 | ) |  |  | - |  |  |  | (1,000 | )
EMEA |  |  | (2,856 | ) |  |  | 1,665 |  |  |  | - |  |  |  | (1,191 | )
Total Net income (loss) |  | $ | (2,687 | ) |  | $ | - |  |  | $ | 881 |  |  | $ | (1,806 | )
SPAR Group, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued)

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
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