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Note 15 - Subsequent Events
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

15. Subsequent Events

 

Agreement to sell the Companys ownership interest in its South African Joint Venture

 

On February 7, 2024, the Company entered into a Sale of Shares Agreement to sell its 51% ownership interest in SGRP Meridian Proprietary Limited to Friedshelf 401 (Pty) Ltd., Lindicom Proprietary Limited, and Lindicom Empowerment Holdings Proprietary Limited for 180,700,000 South African Rand (approximately $9.9 million using the exchange rates on December 31, 2023), 80% of which would be paid upon closing.  Closing of the sale is dependent upon a number of conditions (including the approval by the South African government), and closing is expected in the second quarter of 2024.

 

Agreement to sell the Companys ownership interest in its Chinese Joint Venture

 

On February 23, 2024, the Company entered into an Equity Transfer Agreement to sell its 51% ownership interest in SPAR (Shanghai) Marketing Management Co., Ltd. to Shanghai Jingbo Enterprise Consulting Co., Ltd. and Shanghai Wedone Marketing Management Co. Ltd.  The total price to be paid to the Company is $200,000.  The sale is deemed completed when the transferred equity is registered in the name of the buyers with the Chinese Market Supervision Administration.

 

Agreement to sell the Companys Brazilian subsidiary that owns its interest in its Brazilian Joint Venture

 

On March 26, 2024, the Company signed a share purchase agreement with JK Consultoria Empresarial Ltda. ("JKC") for JKC to acquire the Company's Brazilian holding company (which in turn owns the Company's 51 percent interest in its Brazilian joint venture subsidiary) for BRL 58.9 million or approximately $11.8 million.  Closing of the sale is dependent upon a number of conditions and is expected in the second quarter of 2024.