Heritage Global Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
HGBL$1.25-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-09.
0000950170-24-056832
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0000950170-24-093848
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 91 previous paragraphs and 105 current paragraphs.
68 unchanged; 23 reworded; 9 added; 0 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 5 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Nonaccrual Loans
Current report
We determine a loan to be in a default status when the minimum payment amount has not been received within the grace period of the payment due date. The status of default does not solely trigger nonaccrual loan status. We consider quantitative and qualitative factors when evaluating a loan in default status to determine the likelihood of recovering the outstanding principal balance and contractual interest payments. We also monitor our borrowers’ financial standing and performance on an ongoing basis and regularly updates the collection forecasts for the underlying charged off or nonperforming receivable portfolios related to each outstanding loan. If we determine (1) it is not probable that the projected cash flows expected from the borrower’s collection efforts on the underlying charged off or nonperforming receivable portfolio will be sufficient to satisfy all of the outstanding principal balance and contractual interest payments, and (2) it is not probable that the borrower will be able to meet the minimum required principal and interest payments through other operational cash flows, we will place the loans on nonaccrual status. If, based on our analysis, we elect to maintain accrual status after initial payment default, the loan will generally be placed on nonaccrual status if principal or interest payments become 90 days past due.
Current report
The accrual of interest is generally discontinued and all accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery or the cash-basis method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest payments received by the creditor are recorded as interest income provided the amount does not exceed the amount that would have been earned at the loan’s original effective interest rate. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and all remaining principal and interest payments are deemed probable.
Current report
In November 2023, we and our affiliated joint ventures restructured loans (the "Restructured Loans") with our largest borrower by restructuring certain outstanding loans with an amortized cost basis of $51.6 million or 59% of the amortized cost basis of the total charged-off asset portfolio loans of our and our affiliated joint ventures. Our share of the Restructured Loans amortized cost basis was $22.2 million, or 57% of our share of the loan book. All Restructured Loans were restructured by term extension, adding a weighted average of 1.5 years to the life of the Restructured Loans, which reduced the monthly payments for the borrower. As of September 30, 2023, we increased the allowance for credit losses related to our largest borrower experiencing financial difficulties. This resulted in an allowance for credit losses on the loans later restructured of $1.0 million as of September 30, 2023. As of June 30, 2024, our allowance for credit losses related to the Restructured Loans was $1.1 million, of which $0.3 million was classified as notes receivable and $0.8 million was recorded within equity method investments.
Current report
Our largest borrower continues to collect on the underlying charged off and nonperforming consumer loan portfolios and remit net collections to us and senior lenders, however this borrower's June remittance did not meet the minimum required payment amount. We determined that (1) it is not probable that the projected cash flows expected from the borrower’s collection efforts on the underlying charged off or nonperforming receivable portfolio will be sufficient to satisfy all of the outstanding principal balance and contractual interest payments, and (2) it is not probable that the borrower will be able to meet the minimum required principal and interest payments through other operational cash flows. As we continue to work closely with the borrower and its senior lenders in an effort to mitigate the default in an efficient and effective manner, the impacted loans have been placed in nonaccrual status beginning in June 2024. In addition, there was a balance of $1.5 million from our share of other loans within its affiliated joint ventures that are impacted by the default with our largest borrower and have been placed in nonaccrual status in June 2024. Our share of payments received from this borrower, including interest, will be applied against the outstanding loan balance. As of June 30, 2024, the amortized cost basis of loans in nonaccrual status was $24.6 million, of which $5.7 million is recorded within notes receivable and $18.9 million is recorded within equity method investments.. There were no loans in nonaccrual status as of December 31, 2023.
Current report
On July 24, 2024, we paid $5.8 million for the full remaining principal balance outstanding of $5.7 million on the Term Loan agreement with C3 Bank, in advance of the loan’s April 27, 2028 maturity date, and $0.1 million in interest accrued to July 24, 2024. As of July 24, 2024 the Company was in compliance with all financial and negative covenants.
Current report
Earnings of Equity Method Investments -Earnings of equity method investments was $1.7 million during the three months ended June 30, 2024 compared to $0.3 million during the same period in 2023. The $1.4 million increase is mainly due to our $1.3 million share of earnings from the KNFH II LLC joint venture.
Current report
Selling, general and administrative expense –Selling, general and administrative expense was $12.7 million during both the six months ended June 30, 2024 and 2023.
Current report
Earnings in Equity Method Investments were $2.5 million during the six months ended June 30, 2024 compared to $0.7 million during the same period in 2023. The $1.8 million increase is mainly due to our $1.3 million share of earnings from the KNFH II LLC joint venture.
Reworded paragraphs (23)
Previous wording
The following discussion and analysis should be read in conjunction with the information contained in the unaudited condensed consolidated interim financial statements of Heritage Global Inc. (together with its consolidated subsidiaries, “we”, “us”, “our” or the “Company”) and the related notes thereto for the three-month period ended March 31, 2024 and 2023, appearing elsewhere herein, and in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024 (the “Form 10-K”).
Current wording
The following discussion and analysis should be read in conjunction with the information contained in the unaudited condensed consolidated interim financial statements of Heritage Global Inc. (together with its consolidated subsidiaries, “we”, “us”, “our” or the “Company”) and the related notes thereto for the three and six month periods ended June 30, 2024 and 2023, appearing elsewhere herein, and in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024 (the “Form 10-K”).
Previous wording
As of March 31, 2024, we held a gross balance of investments in notes receivable of $37.3 million, recorded in both notes receivable and equity method investments, and consisting of one borrower’s note balance of approximately $23.4 million, or 63% as of March 31, 2024, as compared to 62% as of December 31, 2023. We do not intend to hold highly concentrated balances due from one borrower as part of its long-term strategy but may, in the short term, have concentration risk on our path to an established and diversified portfolio.
Current wording
As of June 30, 2024, we held a gross balance of investments in notes receivable of $35.2 million, recorded in both notes receivable and equity method investments, and consisting of one borrower’s note balance of approximately $23.1 million, or 66% as of June 30, 2024, as compared to 62% as of December 31, 2023. We do not intend to hold highly concentrated balances due from one borrower as part of its long-term strategy but may, in the short term, have concentration risk on our path to an established and diversified portfolio.
Previous wording
We do not evaluate concentration risk solely based on balance due from specific borrowers, but also consider the number of portfolio purchases, type of charged off accounts within the portfolio, and the seller of the portfolio when determining the overall risk. Of the balance due from one borrower of $23.4 million, there are 11 distinct loan agreements, the underlying portfolio of accounts are diversified throughout FinTech, installment loans and credit card accounts, and further diversified amongst six separate sellers of these charged off portfolios.
Current wording
We do not evaluate concentration risk solely based on balance due from specific borrowers, but also consider the number of portfolio purchases, type of charged off accounts within the portfolio, and the seller of the portfolio when determining the overall risk. Of the balance due from one borrower of $23.1 million, there are 11 distinct loan agreements, the underlying portfolio of accounts are diversified throughout FinTech, installment loans and credit card accounts, and further diversified amongst six separate sellers of these charged off portfolios.
Previous wording
Through HGC, we provide specialty financing solutions to investors in charged-off and nonperforming asset portfolios. Since the inception of HGC in 2019, we have issued $151.7 million in total loans to investors by both self- funded loans and in partnership with senior lenders. Our portion of the total loans funded since inception is $65.2 million. Our income from secured lending consists of upfront fees, interest income, monthly monitoring fees and backend profit share. In general, we expect to earn an annual rate of return on our share of notes receivable outstanding of approximately 20% or more based on established terms of the loans funded and performance of collections. As of March 31, 2024, our total balance related to investments in loans to buyers of charged-off and nonperforming receivable portfolios was $35.9 million, of which $17.2 million is classified as Notes Receivable and $18.7 million is classified as Equity Method Investments.
Current wording
Through HGC, we provide specialty financing solutions to investors in charged-off and nonperforming asset portfolios. Since the inception of HGC in 2019, we have issued $153.7 million in total loans to investors by both self- funded loans and in partnership with senior lenders. Our portion of the total loans funded since inception is $67.3 million. Our income from secured lending consists of upfront fees, interest income, monthly monitoring fees and backend profit share. In general, we expect to earn an annual rate of return on our share of notes receivable outstanding in accrual status of approximately 20% or more based on established terms of the loans funded and performance of collections. Because of the default by our largest borrower discussed above, approximately 70% of the total balance of our loans outstanding were in nonaccrual status as of June 30, 2024. We do not expect to realize any return with respect to these loans in 2024, and whether we will realize any return with respect to these loans is uncertain. As of June 30, 2024, our net balance related to investments in loans to buyers of charged-off and nonperforming receivable portfolios was $33.9 million, of which $13.4 million is classified as notes receivable and $20.5 million is classified as equity method investments.
Previous wording
The critical accounting policies used in the preparation of our audited consolidated financial statements are discussed in our Form 10-K. There have been no changes to these policies in the three months ended March 31, 2024.
Current wording
The critical accounting policies used in the preparation of our audited consolidated financial statements are discussed in our Form 10-K. There were no material changes to these policies during the six months ended June 30, 2024.
Previous wording
We had working capital of $15.0 million and $11.6 million as of March 31, 2024 and December 31, 2023, respectively.
Current wording
We had working capital of $17.9 million and $11.6 million as of June 30, 2024 and December 31, 2023, respectively.
Previous wording
Our current assets as of March 31, 2024 increased to $28.9 million compared to $26.3 million as of December 31, 2023. This change was primarily due to an increase in cash of $3.3 million, partially offset by a decrease in inventory of $0.4 million and a decrease in accounts receivable of $0.3 million. Our current liabilities as of March 31, 2024 decreased to $13.9 million compared to $14.7 million as of December 31, 2023. The most significant change was a decrease to accounts payable and accrued liabilities of $2.6 million, partially offset by an increase of $1.8 million in our payables to sellers due to the timing of certain asset liquidation settlements.
Current wording
Our current assets as of June 30, 2024 increased to $35.9 million compared to $26.3 million as of December 31, 2023. This change was primarily due to an increase in cash of $12.3 million, partially offset by a decrease in the current portion of notes receivable by $1.5 million, a decrease in inventory of $0.8 million and a decrease in accounts receivable of $0.9 million. Our current liabilities as of June 30, 2024 increased to $18.0 million compared to $14.7 million as of December 31, 2023. The most significant change was an increase in our payables to sellers due to the timing of certain asset liquidation settlements of $5.4 million, partially offset by an decrease of $2.1 million in accounts payable and accrued liabilities.
Previous wording
During the three months ended March 31, 2024, our primary source of cash was cash on hand and cash provided by operating activities. Cash disbursements during the three months ended March 31, 2024 consisted primarily of investments in notes receivable of $2.3 million and payment of operating expenses of $2.7 million.
Current wording
During the six months ended June 30, 2024, our primary source of cash was cash on hand and cash provided by operating activities. Cash disbursements during the six months ended June 30, 2024 consisted primarily of investments in notes receivable of $4.5 million and payment of operating expenses of $2.1 million.
Previous wording
Our indebtedness consists of a promissory note dated August 23, 2021 (the “ALT Note”) issued in the amount of $2.0 million as part of the aggregate purchase price paid to acquire certain assets and liabilities of American Laboratory Trading, any amounts borrowed under our 2021 Credit Facility, and the Term Loan. The terms of the ALT Note require us to pay off the Note in 48 equal installments of approximately $44,000 with an interest rate of 3% per annum and a maturity date of August 23, 2025. As of March 31, 2024, we had an outstanding balance of $0.8 million on the ALT Note.
Current wording
Our indebtedness consists of a promissory note dated August 23, 2021 (the “ALT Note”) issued in the amount of $2.0 million as part of the aggregate purchase price paid to acquire certain assets and liabilities of American Laboratory Trading, any amounts borrowed under our 2021 Credit Facility, and the Term Loan. The terms of the ALT Note require us to pay off the Note in 48 equal installments of approximately $44,000 with an interest rate of 3% per annum and a maturity date of August 23, 2025. As of June 30, 2024, we had an outstanding balance of $0.7 million on the ALT Note.
Previous wording
On May 26, 2023, the Company entered into a Loan Modification Agreement and Reaffirmation of Loan (the “Modification Agreement”), by and between the Company and C3 Bank. The Modification Agreement modifies and reaffirms the 2021 Credit Facility to, among other things, extend the maturity date, modify the applicable interest rate, and further modify the loan covenants. The maturity date was modified to October 27, 2024. We are permitted to use the proceeds of the loan solely for our business operations. As of March 31, 2024, there was no outstanding balance on the 2021 Credit Facility.
Current wording
On May 26, 2023, we entered into a Loan Modification Agreement and Reaffirmation of Loan (the “Modification Agreement”), by and between the Company and C3 Bank. The Modification Agreement modifies and reaffirms the 2021 Credit Facility to, among other things, extend the maturity date, modify the applicable interest rate, and further modify the loan covenants. The maturity date was modified to October 27, 2024. We are permitted to use the proceeds of the loan solely for our business operations. As of June 30, 2024, there was no outstanding balance on the 2021 Credit Facility.
Previous wording
On May 26, 2023, the Company entered into a promissory note, a business loan agreement and commercial security agreement (collectively, the “2023 Credit Facility”) with C3 Bank. The 2023 Credit Facility provides for a new $7.0 million term loan (the "Term Loan"). The Company is permitted to use the proceeds of the Term Loan solely for its business operations. The maturity date of the Term Loan is April 27, 2028. The Term Loan sets the interest rate spread and interest rate floor to accrue at a variable interest rate, which is based on the rate of interest last quoted by The Wall Street Journal as the “prime rate,” plus a margin of 0.25% and a floor of no less than 6.5%. The Term Loan requires we pay monthly installments over a 5-year term with adjustments for changes in the variable interest rate. As of March 31, 2024, we had an outstanding balance of $6.0 million on the Term Loan.
Current wording
On May 26, 2023, we entered into a promissory note, a business loan agreement and commercial security agreement (collectively, the “2023 Credit Facility”) with C3 Bank. The 2023 Credit Facility provides for a new $7.0 million term loan (the "Term Loan"). The Company is permitted to use the proceeds of the Term Loan solely for its business operations. The maturity date of the Term Loan is April 27, 2028. The Term Loan sets the interest rate spread and interest rate floor to accrue at a variable interest rate, which is based on the rate of interest last quoted by The Wall Street Journal as the “prime rate,” plus a margin of 0.25% and a floor of no less than 6.5%. The Term Loan requires we pay monthly installments over a 5-year term with adjustments for changes in the variable interest rate. As of June 30, 2024, we had an outstanding balance of $5.7 million on the Term Loan.
Previous wording
As of March 31, 2024 and December 31, 2023, we had stockholders’ equity of $63.0 million and $61.1 million, respectively.
Current wording
As of June 30, 2024 and December 31, 2023, we had stockholders’ equity of $65.8 million and $61.1 million, respectively.
Previous wording
Cash and cash equivalents as of March 31, 2024 were $15.6 million as compared to $12.3 million as of December 31, 2023, an increase of approximately $3.3 million.
Current wording
Cash and cash equivalents as of June 30, 2024 were $24.6 million as compared to $12.3 million as of December 31, 2023, an increase of approximately $12.3 million.
Previous wording
Cash provided by operations was $1.7 million during the three months ended March 31, 2024 as compared to $8.9 million during the same period in 2023. The approximate $7.2 million change was primarily attributable to a decrease in operating assets and liabilities of $5.4 million and a decrease of $1.8 million in net income adjusted for noncash items during the three months ended March 31, 2024 as compared to the same period in 2023.
Current wording
Cash provided by operations was $7.7 million during the six months ended June 30, 2024 as compared to $6.7 million during the same period in 2023. The approximate $1.0 million change was primarily attributable to a decrease in operating assets and liabilities of $3.9 million and a decrease of $2.8 million in net income adjusted for noncash items during the six months ended June 30, 2024 as compared to the same period in 2023.
Previous wording
The changes in operating assets and liabilities during the three months ended March 31, 2024 as compared to the same period in 2023 are primarily due to the nature of our operations. We earn revenue from discrete asset liquidation deals that vary considerably with respect to their magnitude and timing, and that can consist of fees, commissions, asset sale proceeds, or a combination thereof. The operating assets and liabilities associated with these deals are, therefore, subject to the same variability and can be quite different at the end of any given period.
Current wording
The changes in operating assets and liabilities during the six months ended June 30, 2024 as compared to the same period in 2023 are primarily due to the nature of our operations. We earn revenue from discrete asset liquidation deals that vary considerably with respect to their magnitude and timing, and that can consist of fees, commissions, asset sale proceeds, or a combination thereof. The operating assets and liabilities associated with these deals are, therefore, subject to the same variability and can be quite different at the end of any given period.
Previous wording
Cash provided by investing activities during the three months ended March 31, 2024 was $2.1 million compared to cash used in investing activities of $6.8 million during the same period in 2023.
Current wording
Cash provided by investing activities during the six months ended June 30, 2024 was $5.5 million compared to cash used in investing activities of $8.0 million during the same period in 2023.
Previous wording
Cash provided by investing activities during the three months ended March 31, 2024 consisted primarily of payments received on notes receivable of $2.5 million and return of investment and cash distributions received from equity method investments of $2.1 million. Cash provided by investing activities during the three months ended March 31, 2024 was offset by cash used in investing activities primarily of investments in notes receivable of $2.3 million and equity method investments of $0.2 million.
Current wording
Cash provided by investing activities during the six months ended June 30, 2024 consisted primarily of payments received on notes receivable of $6.1 million and return of investment and cash distributions received from equity method investments of $4.3 million. Cash provided by investing activities during the three months ended June 30, 2024 was offset by cash used in investing activities primarily of investments in notes receivable of $4.5 million and equity method investments of $0.3 million.
Previous wording
Cash used in investing activities during the three months ended March 31, 2023 consisted primarily in investment in notes receivable of $13.2 million and equity method investments of $0.5 million, related entirely to specialty lending activity within our Financial Assets Division. Cash used in investing activities during the three months ended March 31, 2023 was offset by cash provided by investing activities primarily of cash received on transfer of notes receivable to partners of $4.6 million, payments received on notes receivable of $1.1 million as well as return of investment and cash distributions received from equity method investments of $1.4 million.
Current wording
Cash used in investing activities during the six months ended June 30, 2023 consisted primarily in investment in notes receivable of $18.7 million and equity method investments of $4.2 million, related entirely to specialty lending activity within our Financial Assets Division. Cash used in investing activities during the six months ended June 30, 2023 was offset by cash provided by investing activities primarily of cash received on transfer of notes receivable to partners of $8.9 million, payments received on notes receivable of $3.4 million as well as return of investment and cash distributions received from equity method investments of $2.3 million.
Previous wording
Cash used in financing activities was approximately $0.5 million during the three months ended March 31, 2024 compared to cash provided by financing activities of $0.9 million during the three months ended March 31, 2023. Financing activities during the three months ended March 31, 2024 consisted primarily of $0.3 million in repayments of our Term Loan and $0.1 million in repayments to our ALT Note. Financing activities during the three months ended March 31, 2023 consisted primarily of $3.4 million in proceeds from draws on our 2021 Credit Facility, offset by $2.3 million repayment to our 2021 Credit Facility and $0.1 million in repayments to our ALT Note.
Current wording
Cash used in financing activities was approximately $0.9 million during the six months ended June 30, 2024 compared to cash provided by financing activities of $3.7 million during the six months ended June 30, 2023. Financing activities during the six months ended June 30, 2024 consisted primarily of $0.6 million in repayments of our Term Loan and $0.3 million in repayments to our ALT Note. Financing activities during the six months ended June 30, 2023 consisted primarily of $11.4 million in proceeds from draws on our 2021 Credit Facility and our Term Loan, offset by $7.3 million in repayments to our 2021 Credit Facility, $0.1 million in repayments to our Term Loan and $0.2 million in repayments to our ALT Note.
Previous wording
The following table sets out the Company’s condensed consolidated results of operations for the three months ended March 31, 2024 and 2023 (in thousands).
Current wording
The following table sets out the Company’s condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 (in thousands).
Previous wording
Selling, general and administrative expense –Selling, general and administrative expense was $6.4 million during the three months ended March 31, 2024 compared to $6.3 million during the same period in 2023.
Current wording
Selling, general and administrative expense –Selling, general and administrative expense was $6.3 million during the three months ended June 30, 2024 compared to $6.4 million during the same period in 2023.
Previous wording
Selling, general and administrative expense during the first quarter of 2024 were generally consistent with selling, general and administrative expense during the first quarter of 2023.
Current wording
Selling, general and administrative expense during the second quarter of 2024 were generally consistent with selling, general and administrative expense during the second quarter of 2023.
Previous wording
Revenues and cost of revenues –Revenues were $12.2 million during the three months ended March 31, 2024 compared to $16.6 million during the same period in 2023. Costs of services revenue and asset sales were $3.9 million during the three months ended March 31, 2024 compared to $6.7 million during the same period in 2023. The gross profit of these items was $8.3 million during the three months ended March 31, 2024 compared to $9.9 million during the same period in 2023, a decrease of approximately $1.6 million, or approximately 16%. The decrease in gross profit in the first quarter of 2024 compared to the first quarter of 2023 is primarily due to a significant one-time principal auction transaction in our Industrial Asset Division in the first quarter of 2023, as well as the normal changes in the timing and magnitude of asset liquidation transactions.
Current wording
Revenues and cost of revenues –Revenues were $24.2 million during the six months ended June 30, 2024 compared to $29.7 million during the same period in 2023. Costs of services revenue and asset sales were $7.6 million during the six months ended June 30, 2024 compared to $10.4 million during the same period in 2023. The gross profit of these items was $16.6 million during the six months ended June 30, 2024 compared to $19.3 million during the same period in 2023, a decrease of approximately $2.7 million, or approximately 14%. The decrease in gross profit in the second quarter of 2024 compared to the second quarter of 2023 is primarily due to a significant one-time principal auction transaction in our Industrial Asset Division in the first quarter of 2023, as well as the normal changes in the timing and magnitude of asset liquidation transactions.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Revenues and cost of revenues –Revenues were $12.0 million during the three months ended June 30, 2024 compared to $13.1 million during the same period in 2023. Costs of services revenue and asset sales were $3.7 million during both the three month periods ended June 30, 2024 and 2023. The gross profit of these items was $8.3 million during the three months ended June 30, 2024 compared to $9.4 million during the same period in 2023, a decrease of approximately $1.1 million, or approximately 12%. The decrease in gross profit in the second quarter of 2024 compared to the second quarter of 2023 is primarily due to normal changes in the timing and magnitude of asset liquidation transactions.
Current report — wording carried from elsewhere
Six-Month Period Ended June 30, 2024 Compared to Six-Month Period Ended June 30, 2023
Current report — wording carried from elsewhere
Significant components of selling, general and administrative expense for the six months ended June 30, 2024 and 2023 are shown below (in thousands):
Current report — wording carried from elsewhere
Selling, general and administrative expense during the second quarter of 2024 were generally consistent with selling, general and administrative expense during the second quarter of 2023.
Current report — wording carried from elsewhere
Depreciation and amortization expense –Depreciation and amortization expense was $0.3 million during the six months ended June 30, 2024 compared to $0.2 million in the same period in 2023, which consisted primarily of amortization expense related to intangible assets.