# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_________________

# FORM 10-K/A - Amendment No. 1

FOR ANNUAL AND TRANSITIONAL REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

# (Mark One)

| |  | ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the
fiscal year ended December 31, 2006
| |  | --------------------------------------------------------------------------------------------------------------------------------

OR

| |  | TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition
period from  to
| |  | ---------------------------------------------------------------------------------------------------------------------------

Commission file number
0-27824

SPAR GROUP, INC .
(Exact name of registrant as specified in its charter)

|Delaware
(State or other jurisdiction of incorporation or organization)555 White Plains Road, Suite 250, Tarrytown, New York
(Address of principal executive offices) | 33-0684451
(I.R.S. Employer Identification No.)10591
(Zip Code)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------

Registrants
telephone number, including area code: (914) 332-4100

Securities registered
pursuant to Section 12(b) of the Act: Common Stock, par value $.01 per share

Securities registered
pursuant to section 12(g) of the Act: None

Indicate
by check mark if the registrant is a well-known  seasoned issuer,  as defined in Rule 405
of the Securities Act.  YES       NO

Indicate
by check mark if the  registrant  is not required to file reports  pursuant to Section 13
or Section 15(d) of the Act.  YES         NO

Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve
months (or for such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. YES 
NO

Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K
is not contained herein, and will not be contained, to the best of Registrants
knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K .

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer,
or a non-accelerated filer. (See definition of accelerated filer and large
accelerated filer in Rule 12b-2 of the Exchange Act.)
Large Accelerated Filer Accelerated Filer 
Non-Accelerated Filer

Indicate
by check mark whether the  registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act.) YES      NO

The
aggregate market value of the Common Stock of the Registrant held by non-affiliates of the
Registrant on June 30, 2006, based on the closing price of the Common Stock as reported by
the Nasdaq Capital Market on such date, was approximately $4,645,410.

The
number of shares of the Registrants Common Stock outstanding as of December 31,
2006, was 18,934,182 shares.

DOCUMENTS INCORPORATED
BY REFERENCE

Portions
of the Registrants definitive proxy statement, which will be filed with the
Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days
after the end of our fiscal year, for our Annual Meeting of Shareholders, presently
scheduled to be held on May 24, 2007, are incorporated by reference into Part III of this
Form 10-K.



---

# Introduction

This Form 10-K/A (Amendment No. 1)
amends the Annual Report for the Fiscal Year ended December 31, 2006 on Form 10-K filed on
April 2, 2007 by amending and restating certain portions of the Notes to the Consolidated
Financial Statements to correct certain immaterial typographical and clerical errors (by
substituting the indicated restatements that include such corrections) for general cleanup
purposes, including use in the registrants annual report to its shareholders.

The first sentence of the second
paragraph of page F-14 is amended, restated and completely replaced to remove a comma
following the word control from the end of the sentence to read as follows:

| | On
September 10, 2004, the Company terminated the SPGI Revolver and the Term Loans in
consideration for a new Promissory Note totaling $764,271 (which represented the amount
outstanding under the SPGI Revolver at that time) and in the event of a change in control
of STIMULYS, a share in the net proceeds resulting from such change in control. | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

The last paragraph on page F-22
is hereby deleted in its entirety and replaced with the following
new paragraph:

| | Because of the requirement to
maintain a lock box arrangement with Webster and Websters ability to invoke a
subjective acceleration clause at its discretion, borrowings under the Credit Facility are
classified as
current at December 31, 2006 and 2005, in accordance with EITF 95-22, Balance Sheet Classification of Borrowings Outstanding Under Revolving Credit Agreements That
Include Both a Subjective
Acceleration Clause and a Lock-Box Agreement. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

The last sentence of the third
paragraph of page F-29 is amended, restated and completely replaced to correct a
typographical error to read as follows:

| | At
December 31, 2006, options to purchase 2,221,534 shares of SGRPs common stock
remain outstanding under this plan and options to purchase 577,108 shares of SGRPs
common stock were available for grant under this plan.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The fourth sentence of the first
paragraph of page F-32 is amended, restated and completely replaced to remove a comma
following the word respectively from the end of the sentence to read as
follows:

| | The
South African subsidiary contributed 4%, 7% and 8% to the consolidated net revenue of the
Company for the twelve months ended December 31, 2006, 2005 and 2004, respectively. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

# Index of Exhibits

Exhibits.

|ExhibitNumber |  | Description
|------------- |  | -----------

|31.1 |  | Certification
of the CEO pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002, and filed herewith.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

|31.2 |  | Certification
 of the CFO pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002, and filed herewith.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

|32.1 |  | Certification
of the CEO pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, and filed herewith.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

|32.2 |  | Certification
of the CFO pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, and filed herewith.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



---

# SIGNATURES

Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to the report to be signed on its behalf by the
undersigned, thereunto duly authorized.

| | SPAR Group, Inc./s/ Charles Cimitile
Charles Cimitile
Chief Financial Officer, Treasurer and Secretary
| | ------------------------------------------------------------------------------------------------------

Date: April 17, 2007