SPAR Group, Inc. (SGRP): auditor change — SPAR Group restates Q2/Q3 2024 financials; Brazilian JV sale accounting error

SPAR Group, Inc.

On May 14, 2025, management and Audit Committee determined unaudited Q2 and Q3 2024 financials should not be relied upon.
Error: $7.5M loan from Brazilian JV sale wrongly classified as consideration instead of capital distribution.
Restatement will correct the error in the 2024 Annual Report; material weakness in internal controls identified.
Brazilian JV sale: total consideration $10.7M, carrying value $4.8M, economic benefit ~$5.9M.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

SPAR Group, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA P.C.

Exact text from the filing

Management and the Audit Committee of the Company have determined that these errors in the unaudited condensed consolidated financial statements for the Non-Reliance Periods required a restatement of the Prior Period Financial Statements (the “Restatement”). The errors in the unaudited condensed consolidated financial statements for the Non-Reliance Periods noted above will be corrected in restated financial statements for the Non-Reliance Periods in the 2024 Annual Report.

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Source: SEC EDGAR

accession 0001437749-25-017177

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