Reliance Global Group Files Q1 2024 10-Q
Ticker: EZRA · Form: 10-Q · Filed: May 20, 2024 · CIK: 1812727
| Field | Detail |
|---|---|
| Company | Reliance Global Group, Inc. (EZRA) |
| Form Type | 10-Q |
| Filed Date | May 20, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.086, $0, $173,660, $268,993 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
**Reliance Global Group filed its Q1 2024 10-Q. Check financials.**
AI Summary
Reliance Global Group, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This filing provides investors with the latest financial health and operational performance of Reliance Global Group, Inc. for the first quarter of 2024.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the company's financial performance and future outlook could present medium-level risks.
Key Players & Entities
- Reliance Global Group, Inc. (company) — Filer of the 10-Q report
- 20240331 (date) — End of the reporting period
- 20240520 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the quarter ended March 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on May 20, 2024.
What is the primary business of Reliance Global Group, Inc. according to the filing?
Reliance Global Group, Inc. is in the INSURANCE AGENTS BROKERS & SERVICES industry, SIC code 6411.
Where is Reliance Global Group, Inc. located?
The company's business and mailing address is 300 BOULEVARD OF THE AMERICAS, SUITE 105, LAKEWOOD, NJ 08701.
What is the fiscal year end for Reliance Global Group, Inc.?
The fiscal year end for Reliance Global Group, Inc. is December 31.
Filing Stats: 4,451 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-05-20 16:10:46
Key Financial Figures
- $0.086 — ,591 shares of common stock, par value $0.086 per share, outstanding. TABLE OF CONTE
- $0 — exercise price as of March 31, 2024 was $0.63, and the outstanding balance, inclus
- $173,660 — arch 31, 2024 and December 31, 2023 was $173,660 and $268,993 respectively, presented in
- $268,993 — and December 31, 2023 was $173,660 and $268,993 respectively, presented in the warrant
Filing Documents
- form10-q.htm (10-Q) — 890KB
- ex31-1.htm (EX-31.1) — 15KB
- ex31-2.htm (EX-31.2) — 16KB
- ex32-2.htm (EX-32.1) — 8KB
- 0001493152-24-020681.txt ( ) — 5450KB
- reli-20240331.xsd (EX-101.SCH) — 44KB
- reli-20240331_cal.xml (EX-101.CAL) — 68KB
- reli-20240331_def.xml (EX-101.DEF) — 210KB
- reli-20240331_lab.xml (EX-101.LAB) — 340KB
- reli-20240331_pre.xml (EX-101.PRE) — 275KB
- form10-q_htm.xml (XML) — 897KB
Financial Statements
Item 1. Financial Statements 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 24
Controls and Procedures
Item 4. Controls and Procedures. 24 PART II
Legal Proceedings
Item 1. Legal Proceedings. 25
Risk Factors
Item 1A. Risk Factors. 25
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 25
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 25
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 25
Other Information
Item 5. Other Information. 25
Exhibits
Item 6. Exhibits 26 2 Reliance Global Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash $ 680,138 $ 1,329,016 Restricted cash 1,432,847 1,409,895 Accounts receivable 1,020,879 1,298,863 Accounts receivable, related parties 6,512 6,603 Accounts receivable 6,512 6,603 Other receivables 29,498 899 Prepaid expense and other current assets 240,780 333,756 Total current assets 3,410,654 4,379,032 Property and equipment, net 144,723 139,999 Right-of-use assets 653,524 739,830 Intangibles, net 6,611,215 11,042,757 Goodwill 6,693,099 6,693,099 Other non-current assets 21,792 20,292 Total assets $ 17,535,007 $ 23,015,009 Current liabilities: Accounts payable and other accrued liabilities $ 1,180,328 $ 835,483 Short term financing agreements 11,601 56,197 Current portion of loans payables, related parties 626,676 454,953 Other payables 23,809 7,414 Current portion of long-term debt 1,431,875 1,390,766 Current portion of leases payable 256,340 285,171 Earn-out liability, current portion - 159,867 Total current liabilities 3,530,629 3,189,851 Loans payable, related parties, less current portion 780,915 897,529 Long term debt, less current portion 10,660,321 11,026,971 Leases payable, less current portion 427,972 484,335 Warrant liabilities 173,660 268,993 Total liabilities 15,573,497 15,867,679 Stockholders' equity: Preferred stock, $ 0.086 par value; 750,000,000 shares authorized and 9,076 and 0 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - Common stock, $ 0.086 par value; 2,000,000,000 shares authorized and 5,692,387 and 4,761,974 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 489,525 409,509 Additional paid-in capital 45,820,613 45,739,786 Accumulated deficit ( 44,348,62