Reliance Global Group Files 10-Q for Q2 2024
Ticker: EZRA · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 1812727
| Field | Detail |
|---|---|
| Company | Reliance Global Group, Inc. (EZRA) |
| Form Type | 10-Q |
| Filed Date | Jul 25, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
Reliance Global Group filed its Q2 10-Q. Financials and operations detailed.
AI Summary
Reliance Global Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter and the first half of the year. Specific financial figures and business segment performance are outlined within the report.
Why It Matters
This filing provides investors with a detailed look at Reliance Global Group's financial health and operational progress during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The company operates in the insurance brokerage sector, which can be subject to regulatory changes and market volatility.
Key Numbers
- 20240630 — End of Reporting Period (Indicates the close of the fiscal period covered by the 10-Q.)
- 20240725 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 1231 — Fiscal Year End (The end date of the company's fiscal year.)
Key Players & Entities
- Reliance Global Group, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240725 (date) — Filing date
- 0001812727 (company) — Central Index Key for Reliance Global Group, Inc.
- 6411 (dollar_amount) — Standard Industrial Classification for Insurance Agents, Brokers & Services
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 25, 2024.
What is Reliance Global Group, Inc.'s Standard Industrial Classification code?
Reliance Global Group, Inc.'s Standard Industrial Classification code is 6411, which corresponds to Insurance Agents, Brokers & Services.
What is the company's fiscal year end date?
The company's fiscal year ends on December 31st.
What is the business address listed for Reliance Global Group, Inc.?
The business address listed is 300 Boulevard of the Americas, Suite 105, Lakewood, NJ 08701.
Filing Stats: 4,488 words · 18 min read · ~15 pages · Grade level 16.1 · Accepted 2024-07-25 16:10:47
Filing Documents
- form10-q.htm (10-Q) — 1041KB
- ex31-1.htm (EX-31.1) — 16KB
- ex31-2.htm (EX-31.2) — 17KB
- ex32-1.htm (EX-32.1) — 9KB
- 0001493152-24-029072.txt ( ) — 5924KB
- reli-20240630.xsd (EX-101.SCH) — 46KB
- reli-20240630_cal.xml (EX-101.CAL) — 67KB
- reli-20240630_def.xml (EX-101.DEF) — 207KB
- reli-20240630_lab.xml (EX-101.LAB) — 403KB
- reli-20240630_pre.xml (EX-101.PRE) — 312KB
- form10-q_htm.xml (XML) — 938KB
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. 26
Controls and Procedures
Item 4. Controls and Procedures. 26 PART II
Legal Proceedings
Item 1. Legal Proceedings. 27
Risk Factors
Item 1A. Risk Factors. 27
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 27
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities. 28
Mine Safety Disclosures
Item 4. Mine Safety Disclosures. 28
Other Information
Item 5. Other Information. 28
Exhibits
Item 6. Exhibits 28 2 Reliance Global Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash $ 1,405,824 $ 1,329,016 Restricted cash 1,409,787 1,409,895 Accounts receivable 945,823 1,298,863 Accounts receivable, related parties 7,451 6,603 Accounts receivable 7,451 6,603 Other receivables 167,292 899 Prepaid expense and other current assets 385,987 333,756 Total current assets 4,322,164 4,379,032 Property and equipment, net 140,483 139,999 Right-of-use assets 1,013,703 739,830 Intangibles, net 6,152,752 11,042,757 Goodwill 6,693,099 6,693,099 Other non-current assets 21,791 20,292 Total assets $ 18,343,992 $ 23,015,009 Current liabilities: Accounts payable and other accrued liabilities $ 1,420,697 $ 835,483 Short term financing agreements 108,525 56,197 Current portion of loans payables, related parties 443,853 454,953 Other payables 14,434 7,414 Current portion of long-term debt 1,471,233 1,390,766 Current portion of leases payable 263,369 285,171 Earn-out liability, current portion - 159,867 Total current liabilities 3,722,111 3,189,851 Loans payable, related parties, less current portion 660,875 897,529 Long term debt, less current portion 10,289,853 11,026,971 Leases payable, less current portion 781,586 484,335 Warrant liabilities 326 268,993 Total liabilities 15,454,751 15,867,679 Stockholders' equity: Preferred stock, $ 0.086 par value; 750,000,000 shares authorized and 0 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, $ 0.086 par value; 117,647,059 shares authorized and 1,037,027 and 280,117 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 89,184 24,089 Additional paid-in capital 48,638,079 46,125,206 Accumulated deficit ( 45,838,022 ) ( 39,001,965 ) T