# EDGAR Filing Document

**Accession Number:** 0001004989
**File Stem:** 0001437749-25-022831
**Filing Date:** 2025-7
**Character Count:** 11728
**Document Hash:** 877e2f3ddc94f0c2db6cd0c1f77c3798
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-022831.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001437749-25-022831

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250716

**ITEM INFORMATION**: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPAR Group, Inc.
- **CENTRAL INDEX KEY:** 0001004989
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 330684451
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27408
- **FILM NUMBER:** 251127479

**BUSINESS ADDRESS:**
- **STREET 1:** 1910 OPDYKE COURT
- **CITY:** AUBURN HILLS
- **STATE:** MI
- **ZIP:** 48326
- **BUSINESS PHONE:** 2483647727

**MAIL ADDRESS:**
- **STREET 1:** 1910 OPDYKE COURT
- **CITY:** AUBURN HILLS
- **STATE:** MI
- **ZIP:** 48326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPAR GROUP INC
- **DATE OF NAME CHANGE:** 19990713

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIA MERCHANDISING SERVICES INC
- **DATE OF NAME CHANGE:** 19951220

?xml version='1.0' encoding='ASCII'? sgrp20250507_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 8-K CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 16, 2025

SPAR Group, Inc.

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(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **<u>Delaware</u>** | **<u>0-27408</u>** | **<u>33-0684451</u>** |
| **(State or Other Jurisdiction of Incorporation)** | **(Commission File No.)** | **(IRS Employer Identification No.)** |
| 1910 Opdyke Court, Auburn Hills, MI |  | 48326 |
| (Address of Principal Executive Offices) |  | (Zip Code) |

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Registrant's telephone number, including area code: (248) 364-7727

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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a - 12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value  | SGRP | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Introductory Note**

SPAR Group, Inc. ("<u>SGRP</u>" or the "<u>Corporation</u>", and together with its subsidiaries, the "<u>Company</u>", "<u>SPAR</u>" or "<u>SPAR Group</u>") has listed its shares of common stock, par value $0.01 ("<u>Common Stock</u>") for trading through the Nasdaq Stock Market LLC ("<u>Nasdaq</u>") under the trading symbol "<u>SGRP</u>" and periodically files reports with the Securities and Exchange Commission ("<u>SEC</u>"). Reference is made to: (a) SGRP's 2024 Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on May 16, 2025 (the "<u>2024 Annual Report</u>"), and (b) SGRP's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and statements as and when filed with the SEC (together with the 2024 Annual Report, each an "<u>SEC Report</u>").

**Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.**

On July 16, 2025, the management of the Company and the audit committee of the board of directors of the Company (the "<u>Audit Committee</u>"), in consultation with BDO USA P.C. ("<u>BDO</u>"), the Company's independent registered public accounting firm, determined that the Company's audited consolidated financial statements (collectively, the "<u>Financial Statements</u>") for the fiscal years ended December 31, 2024 and December 31, 2023, as well as unaudited restated condensed consolidated financial information as of June 30, 2024 and September 30, 2024 and for the three and six months ended June 30, 2024 and 2023 and the three and nine months ended September 30, 2024 and 2023 (collectively, the "<u>Non-Reliance Periods</u>") should not be relied upon. In addition, investors should no longer rely upon earnings releases for the Non-Reliance Period and other communications relating to the Financial Statements.

As previously disclosed, on June 3, 2024, SPAR Group completed the sale of its 51% ownership stake in its Brazilian joint venture (the "<u>Brazilian JV Sale</u>"). Following the filing of the 2024 Annual Report, management and the Audit Committee, in consultation with BDO, determined that the sale of the Brazilian joint venture represented a strategic shift in the Company's operations that will have a significant impact to the Financial Statements for the Non-Reliance Periods, as well as presentation errors in Note 13, Segment Information, for certain information within the segment disclosures, and therefore determined to amend and restate the 2024 Annual Report to restate the Financial Statements for the Non-Reliance Periods to reflect the Brazilian JV Sale as discontinued operations (the "<u>2024 Annual Report Amendment</u>").

The Company is diligently pursuing completion of the 2024 Annual Report Amendment. In connection with the above, the Company has expanded its material weaknesses in internal control over financial reporting related to this matter.

The Audit Committee and management of the Company have discussed the matters disclosed in this Item 4.02(a) with BDO.

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**Forward Looking Statements**

This Current Report on Form 8-K (this "<u>Current Report</u>") contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, made by, or respecting, the Corporation and its subsidiaries. "Forward-looking statements" are defined in Section 27A of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and Section 21E of the Exchange Act, and other applicable federal and state securities laws, rules and regulations, as amended.

Readers can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Words such as "may," "will," "expect," "intend," "believe," "estimate," "anticipate," "continue," "plan," "project," or the negative of these terms or other similar expressions also identify forward-looking statements. Forward-looking statements made by the Corporation in this Current Report on Form 8-K may include (without limitation) statements regarding: risks, uncertainties, cautions, circumstances and other factors ("<u>Risks</u>"). Those Risks include (without limitation): the uncertainty of the contents and submission timing of the Corporation's compliance plan regarding failure to file its Form 10-Q for the period ended March 31, 2025; potential non-compliance with applicable Nasdaq rules regarding the filing of periodic financial reports, director independence, bid price or other rules; any potential non-compliance with applicable Nasdaq annual meeting, director independence, bid price or other rules; the impact of selling certain of the Corporation's subsidiaries or any resulting impact on revenues, earnings or cash; the Company's cash flows or financial condition; and plans, intentions, expectations.

For additional information and risk factors that could affect SPAR Group, see its 2024 Annual Report and other SEC Reports as filed with the SEC. The information contained in this Current Report on Form 8-K is made only as of the date hereof, even if subsequently made available by the Corporation on its website or otherwise.

You should carefully review and consider the Corporation's forward-looking statements (including all risk factors and other cautions and uncertainties) and other information made, contained or noted in or incorporated by reference into this Current Report on Form 8-K, but you should not place undue reliance on any of them. The results, actions, levels of activity, performance, achievements or condition of the Company (including its affiliates, assets, business, clients, capital, cash flow, credit, expenses, financial condition, income, legal costs, liabilities, liquidity, locations, marketing, operations, performance, prospects, sales, strategies, taxation or other achievement, results, risks, trends or condition) and other events and circumstances planned, intended, anticipated, estimated or otherwise expected by the Company (collectively, "<u>Expectations</u>"), and our forward-looking statements (including all Risks) and other information reflect the Corporation's current views about future events and circumstances. Although the Corporation believes those Expectations and views are reasonable, the results, actions, levels of activity, performance, achievements or condition of the Company or other events and circumstances may differ materially from our Expectations and views, and they cannot be assured or guaranteed by the Corporation, since they are subject to Risks and other assumptions, changes in circumstances and unpredictable events (many of which are beyond the Corporation's control). In addition, new Risks arise from time to time, and it is impossible for the Corporation to predict these matters or how they may arise or affect the Company. Accordingly, the Corporation cannot assure you that its Expectations will be achieved in whole or in part, that it has identified all potential Risks, or that it can successfully avoid or mitigate such Risks in whole or in part, any of which could be significant and materially adverse to the Company and the value of your investment in the Corporation's common stock.

These forward-looking statements reflect the Corporation's Expectations, views, Risks and assumptions only as of the date hereof, and the Corporation does not intend, assume any obligation, or promise to publicly update or revise any forward- looking statements (including any Risks or Expectations) or other information (in whole or in part), whether as a result of new information, new or worsening Risks or uncertainties, changed circumstances, future events, recognition, or otherwise.

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<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| |
|:---|
| **SPAR Group, Inc.** |
| Date: July 16, 2025 |
| By: *<u>/s/ Michael R. Matacunas</u>* |
| Michael R. Matacunas, President & CEO |

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