SPAR Group Inc. Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls

Reuters

2025/05/16

<a href="https://laohu8.com/S/SGRP">SPAR Group</a> Inc. Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls

SPAR Group Inc. has announced a regulatory issue concerning its financial statements for the periods ending June 30, 2024, and September 30, 2024. The company's management and Audit Committee, in consultation with their independent auditor BDO USA P.C., have determined that these financial statements should not be relied upon due to errors. The errors stem from a misclassification related to the sale of its 51% stake in a Brazilian joint venture, which generated a $5.9 million economic benefit. The transaction's financial handling will require restatement, as $7.5 million was incorrectly reported as consideration instead of a capital distribution. This issue has revealed a material weakness in SPAR's internal controls over financial reporting, prompting a restatement effort to correct the financial documents in the upcoming 2024 Annual Report.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SPAR Group Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-25-017177), on May 15, 2025, and is solely responsible for the information contained therein.

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Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls","media":"Reuters","content":"<html xmlns=\"http://www.w3.org/1999/xhtml\" xmlns:newsg2=\"http://iptc.org/std/nar/2006-10-01/\" xmlns:xhtml=\"http://www.w3.org/1999/xhtml\"><head><title>\n      <a href=\"https://laohu8.com/S/SGRP\">SPAR Group</a> Inc. Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls\n    </title></head><body><div xmlns:xsd=\"http://www.w3.org/2001/XMLSchema\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\">\n<p>\n        SPAR Group Inc. has announced a regulatory issue concerning its financial statements for the periods ending June 30, 2024, and September 30, 2024. The company's management and Audit Committee, in consultation with their independent auditor BDO USA P.C., have determined that these financial statements should not be relied upon due to errors. 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Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-05-16 04:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\" xmlns:newsg2=\"http://iptc.org/std/nar/2006-10-01/\" xmlns:xhtml=\"http://www.w3.org/1999/xhtml\"><head><title>\n      <a href=\"https://laohu8.com/S/SGRP\">SPAR Group</a> Inc. Announces Restatement of Financial Statements Due to Identified Errors and Material Weakness in Internal Controls\n    </title></head><body><div xmlns:xsd=\"http://www.w3.org/2001/XMLSchema\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\">\n<p>\n        SPAR Group Inc. has announced a regulatory issue concerning its financial statements for the periods ending June 30, 2024, and September 30, 2024. The company's management and Audit Committee, in consultation with their independent auditor BDO USA P.C., have determined that these financial statements should not be relied upon due to errors. The errors stem from a misclassification related to the sale of its 51% stake in a Brazilian joint venture, which generated a $5.9 million economic benefit. The transaction's financial handling will require restatement, as $7.5 million was incorrectly reported as consideration instead of a capital distribution. This issue has revealed a material weakness in SPAR's internal controls over financial reporting, prompting a restatement effort to correct the financial documents in the upcoming 2024 Annual Report.\n      </p>\n</div><div xmlns:xsd=\"http://www.w3.org/2001/XMLSchema\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\">\n<em>Disclaimer: <span>This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SPAR Group Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-25-017177), on May 15, 2025, and is solely responsible for the information contained therein.</span></em>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGRP","symbol_name":"SPAR Group","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250515:nNDL4MGkDj:1","article_id":"2535487019","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2535487019","pubTimestamp":1747340076,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"SPAR Group Inc. 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The company's management and Audit Committee, in consultation with their independent auditor BDO USA P.C., have determined that these financial statements should not be relied upon due to errors. The errors stem from a misclassification related to the sale of its 51% stake in a Brazilian joint venture, which generated a $5.9 million economic benefit. The transaction's financial handling will require restatement, as $7.5 million was incorrectly reported as consideration instead of a capital distribution. This issue has revealed a material weakness in SPAR's internal controls over financial reporting, prompting a restatement effort to correct the financial documents in the upcoming 2024 Annual Report.\n      \n\nDisclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. 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