Company: HGBL
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0000950170-25-038691
Chunk: 136

Company: Heritage Global Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 136
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 638

        Deferred revenue

        550

        497

        Sales and other taxes

        493

        626

        Accounting, auditing and tax consulting

        171

        189

        Other

        249

        159

        Total accounts payable and accrued liabilities
         
        $
        5,979

        $
        7,237

Note 11 – DebtOutstanding debt is summarized as follows (in thousands):

        December 31, 2024

        December 31, 2023

        Current portion of third party debt:

        ALT note
         
        $
        395

        $
        511

        2021 credit facility

        —

        —

        2023 credit facility

        —

        1,222

        Total

        395

        1,733

        Non-current portion of third party debt:

        ALT note

        —

        395

        2023 credit facility

        —

        5,100

        Total

        —

        5,495

        Total third party debt
         
        $
        395

        $
        7,228

F-22

2021 Credit FacilityOn May 5, 2021, the Company entered into a promissory note, business loan agreement, commercial security agreement and pledge agreement (the “2021 Credit Facility”) with C3bank, National Association ("Lender") for a $10.0 million revolving line of credit. The Company is permitted to use the proceeds of the loan solely for its business operations. The Company is the borrower under the 2021 Credit Facility. The 2021 Credit Facility is secured by a security interest in certain of the Company’s subsidiaries’ current and future tangible and intangible assets, inventory, chattel paper, accounts, equipment and general intangibles, and a pledge of the equity of the direct and indirect subsidiaries of the Company.On August 23, 2022, the Company entered into a Loan Modification Agreement and Reaffirmation of Loan (the “2022 Modification Agreement”), effective as of April 1, 2022, by and between the Company and Lender. The 2022 Modification Agreement modified and reaffirmed the 2021 Credit Facility to provide for, among other things, the arrangement of financial covenants, which remained unchanged, into two categories: (i) financial covenants used to resize the maximum principal amount available