Company: HGBL
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0000950170-25-038691
Chunk: 41

Company: Heritage Global Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 15
Chunk 41
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8

        299

        Total undiscounted future minimum lease payments

        2,508

        Less imputed interest

        (191
        )

        Present value of lease liabilities
         
        $
        2,317

Note 8 – Property and Equipment, netProperty and equipment are recorded at historical cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives on a straight-line basis. The life of the building acquired in connection with the ALT purchase transaction was determined to be 25 years. Leasehold improvements are amortized over the useful life of the asset or the lease term, whichever is shorter. Estimated service lives are five years for furniture, fixtures and office equipment and three years for software and technology assets. Expenditures for repairs and maintenance not considered to substantially lengthen the life of the asset or increase capacity or efficiency are charged to expense as incurred.The following summarizes the components of the Company’s property and equipment (in thousands): 

        December 31, 2024

        December 31, 2023

        Building
         
        $
        985

        $
        985

        Land

        397

        397

        Furniture, fixtures and office equipment

        352

        286

        Software and technology assets

        443

        372

        Vehicles

        11

        11

        2,188

        2,051

        Accumulated depreciation

        (545
        )

        (346
        )

        Property and equipment, net
         
        $
        1,643

        $
        1,705

      Depreciation expense related to property and equipment for the years ended December 31, 2024 and 2023 was $0.2 million and $0.1 million, respectively.

F-20

Note 9 – Intangible Assets and GoodwillIntangible assets The details of identifiable intangible assets as of December 31, 2024 and 2023 are shown below (in thousands except for lives): 

        Amortized & Unamortized Intangible Assets
         
        Original Life(years)

        Remaining Life(years)

        Carrying ValueDecember 31, 2022

        Amortization

        Carrying ValueDecember 31, 2023

        Amortization

        Carrying ValueDecember 31,