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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number: 001-40020

 

RELIANCE GLOBAL GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Florida   46-3390293

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

300 Blvd. of the Americas, Suite 105 Lakewood, NJ 08701

(Address of principal executive offices) (Zip Code)

 

732-380-4600

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   RELI   The Nasdaq Capital Market
Series A Warrants   RELIW   The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer Smaller reporting company
Emerging growth company  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

 

Yes ☐ No

 

At November 13, 2023, the registrant had 2,473,859 shares of common stock, par value $0.086 per share, outstanding.

 

 

 

   
 

 

TABLE OF CONTENTS

 

PART I  
Item 1. Financial Statements 3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 24
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 32
Item 4. Controls and Procedures. 32
PART II  
Item 1. Legal Proceedings. 32
Item 1A. Risk Factors. 32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 33
Item 3. Defaults Upon Senior Securities. 33
Item 4. Mine Safety Disclosures. 33
Item 5. Other Information. 33
Item 6. Exhibits 33

 

 2 

 

 

Reliance Global Group, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

  

September 30, 2023

   December 31, 2022 
   (Unaudited)     
Assets          
Current assets:          
Cash  $1,777,348   $505,410 
Restricted cash   1,409,909    1,404,359 
Accounts receivable   1,190,780    994,321 
Accounts receivable, related parties   21,078    18,292 
Other receivables   813    11,464 
Prepaid expense and other current assets   299,522    245,535 
Current assets - discontinued operations   -    85,998 
Total current assets   4,699,450    3,265,379 
Property and equipment, net   145,962    162,767 
Right-of-use assets   878,672    1,018,952 
Investment in NSURE, Inc.   -    900,000 
Intangibles, net   11,675,526    13,439,369 
Goodwill   14,287,099    14,287,099 
Other non-current assets   23,283    23,284 
Other assets - discontinued operations   -    5,330,879 
Total assets  $31,709,992   $38,427,729 
           
Current liabilities:          
Accounts payable and other accrued liabilities  $999,785   $951,382 
Short term financing agreements   114,394    154,017 
Current portion of loans payables, related parties   336,479    1,422,249 
Other payables   64,101    101,113 
Current portion of long-term debt   1,353,961    1,118,721 
Current portion of leases payable   348,492    339,937 
Current portion of earn-out liability   687,197    2,153,478 
Current liabilities - discontinued operations   -    1,600,636 
Total current liabilities   3,904,409    7,841,533 
           
Loans payable, related parties, less current portion   258,785    122,266 
Convertible debt, related parties, less current portion   161,855    1,500,000 
Long term debt, less current portion   11,380,567    12,349,673 
Leases payable, less current portion   561,041    714,068 
Earn-out liability, less current portion   -    556,000 
Warrant liabilities   1,580,380    6,433,150 
Noncurrent liabilities - discontinued operations   -    - 
Total liabilities   17,847,037    29,516,690 
Stockholders’ equity:          
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 0 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively   -    - 
Common stock, $0.086 par value; 133,333,333 shares authorized and 2,304,375 and 1,219,573 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively   198,155    104,883 
Additional paid-in capital   43,639,612    35,798,139 
Accumulated deficit   (29,974,812)   (26,991,983)
Total stockholders’ equity   13,862,955    8,911,039 
Total liabilities and stockholders’ equity  $31,709,992   $38,427,729 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 3 

 

 

Reliance Global Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 

  

Three Months Ended

September 30, 2023

  

Three Months Ended

September 30, 2022

  

Nine Months Ended

September 30, 2023

  

Nine Months Ended

September 30, 2022

 
Revenue                    
Commission income  $3,275,583   $2,821,768   $10,410,591   $8,727,614 
Total revenue   3,275,583    2,821,768    10,410,591    8,727,614 
                     
Operating expenses                    
Commission expense   796,001    695,020    2,701,601    2,143,562 
Salaries and wages   1,775,919    1,629,947    5,230,871    4,899,171 
General and administrative expenses   1,368,126    1,117,027    4,430,177    5,080,991 
Marketing and advertising   117,752    63,371    364,184    148,057 
Depreciation and amortization   652,839    651,395    1,962,066    1,901,140 
Total operating expenses   4,710,637    4,156,760    14,688,899    14,172,921 
                     
Loss from operations   (1,435,054)   (1,334,992)   (4,278,308)   (5,445,307)
                     
Other income (expense)                    
Interest expense   (386,562)   (281,201)   (1,126,281)   (586,251)
Interest related parties   (32,475)   (1,730)   (125,104)   (5,189)
Other (expense) income, net   (310)    (4,909)   3,650    (4,414)
Recognition and change in fair value of warrant liabilities   1,715,397    7,919,315    4,389,120    32,398,530 
Total other income    1,296,050    7,631,475    3,141,385    31,802,676 
                     
(Loss) income from continuing operations before tax  $(139,004)    6,296,483   $(1,136,922)   26,357,370 
(Loss) income from discontinued operations before tax   -    (174,390)   (1,845,904)   (399,585)
Net (loss) income   (139,004)    6,122,093    (2,982,827)   25,957,784 
                     
Basic (loss) earnings per share                    
Continuing operations  $(0.05)  $5.44   $(0.47)  $18.16 
Discontinued Operations  $-   $(0.15)  $(0.75)  $(0.37)
Basic (loss) earnings per share  $(0.05)  $5.29   $(1.22)  $17.79 
                     
Diluted (loss) earnings per share                    
Continuing operations  $(0.05)  $4.83   $(0.47)  $15.93 
Discontinued operations  $-   $(0.14)  $(0.75)  $(0.33)
Diluted (loss) earnings per share  $(0.05)  $4.69   $(1.22)  $15.60 
                     
Weighted average number of shares outstanding - Basic   3,021,455    1,156,939    2,436,015    1,069,534 
Weighted average number of shares outstanding - Diluted   3,021,455    1,304,878    2,436,015    1,219,822 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 4 

 

 

Reliance Global Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

 

   Shares   Amount   Shares   Amount    capital   Receivable   Deficit   Total 
   Nine Months Ended September 30, 2023 
   Preferred Stock   Common Stock    Additional paid-in   Subscription   Accumulated     
   Shares   Amount   Shares   Amount    capital   Receivable   Deficit   Total 
                                  
Balance, December 31, 2022       -   $          -    1,219,573   $104,883    $35,798,139   $                   -   $(26,991,983)   8,911,039 
                                          
Common shares issued for earnout liabilities   -    -    109,358    9,404     973,074    -    -    982,478 
                                          
Conversion of convertible debt, related parties   -    -    66,743    5,740     639,260    -    -    645,000 
                                          
Round up of shares due to reverse split   -    -    15,336    1,300     (5,946)   -    -    (4,646)
                                          
Shares issued in 2023 private placement   -    -    155,038    13,333     3,433,151    -    -    3,446,484 
                                          
Share-based compensation   -    -    -    -     43,797    -    -    43,797 
                                          
Net loss   -    -    -    -     -    -    (1,788,538)   (1,788,538)
                                          
Balance, March 31, 2023   -    -    1,566,048    134,660     40,881,475    -    (28,780,521)   12,235,614 
                                          
Common shares issued for services   -    -    112,557    9,681     368,314    -    -    377,995 
                                          
Common shares issued for earnout liabilities   -    -    352,260    30,294     1,403,406    -    -    1,433,700 
                                          
Shares issued for vested stock awards   -    -    22,219    1,911     (1,911)   -    -    - 
                                          
Share-based compensation   -    -    -    -     35,367    -    -    35,367 
                                          
Net loss   -    -    -    -     -    -    (1,055,287)   (1,055,287)
                                          
Balance, June 30, 2023   -    -    2,053,084    176,546     42,686,651    -    (29,835,808)   13,027,389 
                                          
Common shares issued for earnout liabilities             174,610    15,016     463,356              478,372 
                                          
Common shares issued for vested stock awards             3,017    259     3,510              3,769 
                                          
Share-based compensation                  -     27,779              27,779 
                                          
Common shares issued for services             400    34     966              1,000 
                                          
Series B warrant exercise             73,264    6,300     457,350              463,650 
                                          
Net loss       -         -           -     (139,004)    (139,004)
                                          
Balance, September 30, 2023   -    -    2,304,375    198,155     43,639,612    -    (29,974,812)   13,862,955 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 5 

 

 

Reliance Global Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

 

   Shares   Amount   Shares   Amount   capital   Receivable   Deficit   Total 
   Nine Months Ended September 30, 2022 
   Preferred Stock   Common Stock   Additional paid-in   Subscription   Accumulated     
   Shares   Amount   Shares   Amount   capital   Receivable   Deficit   Total 
                                 
Balance, December 31, 2021   -   $          -    730,407   $62,815   $27,329,201   $(20,000,000)  $(33,458,145)  $(26,066,129)
                                         
Share-based compensation   -    -    -    -    739,960    -    -    739,960 
                                         
Shares issued due to private placement   9,076    781    178,059    15,313    (16,043)   20,000,000    -    20,000,051 
                                         
Shares issued pursuant to acquisition of Medigap   -    -    40,402    3,475    4,759,976    -    -    4,763,451 
                                         
Exercise of Series A warrants   -    -    25,000    2,150    2,472,850    -    -    2,475,000 
                                         
Issuance of prefunded Series C Warrants in exchange for common shares   -    -    (218,462)   (18,788)   18,788    -    -    - 
                                         
Shares issued for vested stock awards   -    -    400    34