SPAR Group, Inc. Leases Disclosure
14. Leases
The Company is a lessee under certain operating leases for office space and equipment.
The components of lease expenses consisted of the following for the periods presented (in thousands):
| Year Ended | Year Ended | |||||||||
| Lease Costs | Classification | December 31, 2025 | December 31, 2024 | |||||||
| Operating lease cost | Selling, General and Administrative Expense | $ | $ | |||||||
| Short-term lease cost | Selling, General and Administrative Expense | 24 | 370 | |||||||
| Total lease cost | $ | $ | ||||||||
The following includes supplemental information for the periods presented (in thousands):
| Year Ended | Year Ended | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Operating cash flows from operating leases | $ | 476 | $ | 545 | ||||
| Right-of-use assets obtained in exchange for lease obligations | ||||||||
| Operating leases | $ | 4,715 | $ | - | ||||
Balance sheet information related to leases consisted of the following as of the periods presented (in thousands):
|
| December 31, 2025 | December 31, 2024 | ||||||
| Assets: | ||||||||
| Operating lease right-of-use assets | $ | 4,861 | $ | 630 | ||||
| Liabilities: | ||||||||
| Current portion of operating lease liabilities | 643 | 276 | ||||||
| Non-current portion of operating lease liabilities | 4,395 | 353 | ||||||
| Total operating lease liabilities | $ | 5,038 | $ | 629 | ||||
| Weighted average remaining lease term - operating leases (in years) | 5.58 | 2.64 | ||||||
| Weighted average discount rate - operating leases | 8.5 | % | 7.7 | % | ||||
The following table summarizes the maturities of lease liabilities as of December 31, 2025 (in thousands):
| For the Year Ended December 31, | Amount | |||
| 2026 | $ | 1,084 | ||
| 2027 | 1,201 | |||
| 2028 | 1,039 | |||
| 2029 | 950 | |||
| 2030 | 977 | |||
| Thereafter | 1,094 | |||
| Total future operating lease liability | $ | 6,345 | ||
| Less: present value discount | (1,307 | ) | ||
| Present value of operating lease liabilities | $ | 5,038 | ||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | May 16, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Apr 17, 2023 | |
| 2021 | Apr 15, 2022 | |
| 2020 | Mar 31, 2021 | |
| 2019 | Apr 14, 2020 | |
| 2018 | Apr 15, 2019 | |
| 2017 | Apr 2, 2018 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.