Fundamental Global Inc. Files Q1 2024 10-Q

TL;DR

FG Financial Group (FGF) dropped its Q1 10-Q. Check financials.

AI Summary

Fundamental Global Inc. filed its Q1 2024 10-Q report on May 20, 2024, covering the period ending March 31, 2024. The company, formerly known as FG Financial Group, Inc. and 1347 Property Insurance Holdings, Inc., operates in the fire, marine, and casualty insurance sector. The filing includes detailed financial data for the first quarter of 2024 and comparative periods.

Why It Matters

This filing provides investors with the latest financial performance and position of Fundamental Global Inc. for the first quarter of 2024, crucial for understanding the company's ongoing operations and potential future performance.

Risk Assessment

Risk Level: medium — The company has undergone name changes and operates in the insurance sector, which can be subject to regulatory and market volatility.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is provided.)
• 2024-01-01 — Reporting Period Start Date (Indicates the beginning of the fiscal quarter for which financial information is provided.)

Key Players & Entities

• Fundamental Global Inc. (company) — Filer of the 10-Q report
• FG Financial Group, Inc. (company) — Former name of Fundamental Global Inc.
• 1347 Property Insurance Holdings, Inc. (company) — Previous former name of Fundamental Global Inc.
• 20240331 (date) — End of the reporting period for the 10-Q
• 20240520 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share FGF The Nasdaq
• $25.00 — % Cumulative Preferred Stock, Series A, $25.00 par value per share FGFPP The Nasda

Filing Documents

• form10-q.htm (10-Q) — 1358KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-020509.txt ( ) — 8522KB
• fgf-20240331.xsd (EX-101.SCH) — 69KB
• fgf-20240331_cal.xml (EX-101.CAL) — 110KB
• fgf-20240331_def.xml (EX-101.DEF) — 290KB
• fgf-20240331_lab.xml (EX-101.LAB) — 572KB
• fgf-20240331_pre.xml (EX-101.PRE) — 443KB
• form10-q_htm.xml (XML) — 1316KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

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 33

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 38

OTHER INFORMATION

PART II. OTHER INFORMATION 39

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 39

RISK FACTORS

ITEM 1A. RISK FACTORS 39

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 47

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 47

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 47

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 47

EXHIBITS

ITEM 6. EXHIBITS 48

SIGNATURES

SIGNATURES 49 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Fundamental Global Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2024 (unaudited) December 31, 2023 ASSETS Cash and cash equivalents $ 7,209 $ 6,644 Accounts receivable (net of credit allowances of $ 187 and $ 179 , respectively) 6,285 6,477 Inventories, net 4,446 4,079 Equity securities, at fair value (cost basis of $ 9,763 and $ 8,679 , respectively) 9,472 10,552 Investments 39,614 17,469 Property, plant and equipment, net 4,286 12,220 Operating lease right-of-use assets 351 371 Finance lease right-of-use assets 1,136 1,258 Deferred policy acquisition costs 1,814 - Reinsurance balances receivable (net of current expected losses allowance of $ 121 and $ 0 , respectively) 17,805 - Funds deposited with reinsured companies 8,055 - Goodwill 881 903 Assets of discontinued operations - 940 Assets held for sale 6,238 - Other assets 2,687 1,230 Total assets $ 110,279 $ 62,143 LIABILITIES Accounts payable and accrued expenses $ 8,353 $ 7,209 Deferred revenue and customer deposits 1,881 1,336 Loss and loss adjustment expense reserves 9,023 - Unearned premium reserves 9,234 - Operating lease liabilities 397 421 Finance lease liabilities 1,218 1,283 Short-term debt 4,592 4,732 Long-term debt, net of debt issuance costs 5,369 5,461 Deferred income taxes 3,354 3,200 Liabilities of discontinued operations 161 1,392 Other liabilities 93 102 Total liabilities $ 43,675 $ 25,136 Commitments and contingencies (Note 14) - - SHAREHOLDERS' EQUITY Series A Preferred Shares, $ 25.00 par and liquidation value, 1,000,000 shares authorized; 894,580 shares issued and outstanding as of March 31, 2024 $ 22,365 $ - Common stock, $ 0.001 par value; 100,000,

View Full Filing

View this 10-Q filing on SEC EDGAR