Reliance Global Group, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Reliance Global Group, Inc. has filed its 2023 10-K report, detailing financial positions and assets as of year-end.</b>

AI Summary

Reliance Global Group, Inc. (EZRA) filed a Annual Report (10-K) with the SEC on April 4, 2024. Reliance Global Group, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Florida and operates in the Insurance Agents, Brokers & Services sector (SIC 6411). The filing was made on April 4, 2024. Key financial statement items such as Preferred Stock, Common Stock, Additional Paid In Capital, Subscription Receivable, and Retained Earnings are detailed for fiscal years 2021, 2022, and 2023. Specific assets including Computer Equipment, Office Equipment and Furniture, and Leasehold Improvements are listed as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking Reliance Global Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Reliance Global Group's financial health and operational structure for the fiscal year 2023, crucial for investors assessing performance and future prospects. The detailed breakdown of equity, receivables, and assets offers insights into the company's capital structure and resource allocation, which are key indicators for financial stability and growth potential.

Risk Assessment

Risk Level: medium — Reliance Global Group, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but lacks specific performance metrics or forward-looking statements in the provided header data, necessitating a deeper review of the full document for a definitive risk assessment.

Analyst Insight

Review the full 10-K filing to analyze revenue, net income, debt levels, and management's discussion of financial condition and results of operations for a comprehensive understanding of Reliance Global Group's performance and risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-04-04 — Filing Date (Date the 10-K was submitted)
• 2021, 2022, 2023 — Fiscal Years (Years for which financial data is presented)

Key Players & Entities

• Reliance Global Group, Inc. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end
• 2024-04-04 (date) — Filing date
• 6411 (industry_code) — Standard Industrial Classification for Insurance Agents, Brokers & Services
• FL (location) — State of Incorporation
• NJ (location) — Business and Mail Address State
• Medigap Healthcare Insurance Company LLC (company) — Segment related to discontinued operations

FAQ

Industry Context

Reliance Global Group operates within the Insurance Agents, Brokers & Services industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance, risks, and future outlook.
3. Examine any disclosed risk factors to understand potential challenges facing Reliance Global Group.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-04: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial overview for Reliance Global Group, Inc.

Key Financial Figures

• $0.086 — egate market value of the common stock, $0.086 par value per share, held by non-affili
• $4.71 — ale price of registrant's common stock ($4.71) as quoted on the NASDAQ on June 30, 20
• $2.8 — miums written in 2023, with premiums of $2.8 trillion, and Swiss Re forecasts that p
• $380 b — s of 2023's natural disaster events was $380 billion, up from $313 billion in 2022 (So
• $313 billion — saster events was $380 billion, up from $313 billion in 2022 (Source: Statista, Cost of natu
• $436 b — agency market had an estimated value of $436 billion, and is forecasted to grow 7.2% t
• $468 billion — lion, and is forecasted to grow 7.2% to $468 billion in 2024 and to $613 billion by 2028 (So
• $613 billion — row 7.2% to $468 billion in 2024 and to $613 billion by 2028 (Source: Research and Markets,
• $78 b — or years. Total deal volume in 2023 was $78 billion, 41% lower than in 2022, with a 1
• $1 billion — said, there were 22 mega-deals of over $1 billion in 2023, a 38% increase over 2022 (Sour
• $16.6 billion — bal InsurTech market size was valued at $16.6 billion in 2023 and is expected to grow to $336
• $336.5 billion — lion in 2023 and is expected to grow to $336.5 billion by 2032, including the highest CAGR of
• $436 billion — surance sector, achieving approximately $436 billion in revenues in 2023. As macroeconomic c

Filing Documents

• form10-k.htm (10-K) — 2531KB
• ex4-4.htm (EX-4.4) — 40KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 8KB
• image_001.jpg (GRAPHIC) — 41KB
• 0001493152-24-013118.txt (&nbsp;) — 12294KB
• reli-20231231.xsd (EX-101.SCH) — 93KB
• reli-20231231_cal.xml (EX-101.CAL) — 98KB
• reli-20231231_def.xml (EX-101.DEF) — 425KB
• reli-20231231_lab.xml (EX-101.LAB) — 702KB
• reli-20231231_pre.xml (EX-101.PRE) — 537KB
• form10-k_htm.xml (XML) — 2096KB

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 30

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

RESERVED

Item 6. RESERVED 33

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 43

Controls and Procedures

Item 9A. Controls and Procedures 43

Other information

Item 9B. Other information 44

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 44

Executive Compensation

Item 11. Executive Compensation 48

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 50

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 50 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 51

10-K Summary

Item 16. 10-K Summary 51

Signatures

Signatures 55 Industry and Market Data Unless otherwise indicated, information contained in this Annual Report on Form 10-K concerning our industry and the markets in which we operate, including our general expectations and market opportunity and market size, is based on information from various sources, including independent industry publications. In presenting this information, we have also made assumptions based on such data and other similar sources, and on our knowledge of, and our experience to date in the relevant industries and markets. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We believe that the information from these industry publications that is included in this Annual Report on Form 10-K is reliable. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements (within the meaning of the federal securities law) that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Annual Report on Form 10-K regarding our strategy, future operations, future financial position, future net sales, gross margin expectations, projected costs, projected expenses, prospects and plans and objectives of management are forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking s

View Full Filing

View this 10-K filing on SEC EDGAR