Westwood acquisition of Salient reveals $33.8M partners' deficit, going-concern risk in audited 2021 financials

WESTWOOD HOLDINGS GROUP INC

Salient's 2021 operating revenue $28.4M (+10.7% YoY) but operating loss $1.3M; net income $17.9M on $18.4M debt forgiveness.
Salient had $40.2M assets vs $74.1M liabilities, resulting in negative equity of $33.8M as of Dec 31, 2021.
Auditor's report includes substantial doubt about Salient's ability to continue as a going concern.
Unaudited interim financials for 9 months ended Sep 30, 2022, also included in filing.

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