Reliability Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Reliability Inc. filed its 2023 10-K, detailing financial performance and client concentration risks.</b>

AI Summary

RELIABILITY INC (RLBY) filed a Annual Report (10-K) with the SEC on April 1, 2024. Reliability Inc. reported its fiscal year 2023 results, ending December 31, 2023. The company's filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement information such as Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for these periods. Revenue from rights concentration risk and permanent placement are specified for fiscal years 2023 and 2022. Accounts receivable concentration risk is detailed for clients D, C, and A for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking RELIABILITY INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Reliability Inc.'s financial health and operational performance for the fiscal year 2023, offering insights into revenue streams and client dependencies. Investors and analysts can assess the company's stability and growth prospects by examining the detailed financial statements, revenue breakdowns, and risk factors presented in the report.

Risk Assessment

Risk Level: medium — RELIABILITY INC shows moderate risk based on this filing. The company faces medium risk due to significant customer concentration, with specific clients accounting for substantial portions of revenue and accounts receivable, as detailed in the 10-K filing.

Analyst Insight

Investors should closely monitor client relationships and revenue diversification strategies to assess future growth and potential vulnerabilities.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-01 — Filing Date (FILED AS OF DATE)
• 2023 — Fiscal Year (Reporting period for financial data)
• 2022 — Fiscal Year (Comparative financial period)
• 2021 — Fiscal Year (Comparative financial period)

Key Players & Entities

• RELIABILITY INC (company) — FILER
• FAIRLANE INDUSTRIES INC (company) — FORMER COMPANY
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-01 (date) — FILED AS OF DATE
• 2022-12-31 (date) — Comparative financial period
• 2021-12-31 (date) — Comparative financial period
• Client D (company) — Customer concentration risk
• Client C (company) — Customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: Significant revenue and accounts receivable are concentrated with a few key clients, posing a risk if these relationships are disrupted.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-01: 10-K Filing Date — Date the annual report was officially filed with the SEC.

Key Financial Figures

• $000 — ted on this Form 10-K are in thousands ($000). 3 Part I ITEM 1. BUSINESS OVE
• $1,400 — borrowing monies from MMG starting with $1,400 in 2016, and by the end of 2019 the bal
• $3,418 — the end of 2019 the balance had reached $3,418, which included a $3,000 guarantee from
• $3,000 — ce had reached $3,418, which included a $3,000 guarantee from Dr. Naveen Doki. Vivos H
• $1,209 — terest, attorneys' fees and expenses of $1,209 and a contract damage of $1,000, to be
• $1,000 — nses of $1,209 and a contract damage of $1,000, to be satisfied by the transfer of the
• $5,501 — 31, 2023, the Vivos Debtor balance was $5,501. The Award value in totality currently
• $7,710 — value in totality currently aggregates $7,710, independent of legal fees and interest
• $201.7 billion — 23 U.S. temporary staffing industry was $201.7 billion in 2023, a decrease of 10% from 2022 af
• $207.2 b — ecting that the US market will be worth $207.2 billion, which represents approximately a
• $11,970 — 2021, those three clients accounted for $11,970, or 45.6%, of 2021 revenue. But over th
• $8,643 — wo clients, Client C and Client D, with $8,643 in revenue in 2023 accounting for 40.3%
• $5,395 — number one contributor to revenue with $5,395, which was a 6.8% improvement over 2022
• $5,052 — improvement over 2022 when it produced $5,052. In terms of revenue contribution by
• $1,755 — number 4 in revenue, declined 42.9% to $1,755 as their use of outsourced media person

Filing Documents

• form10-k.htm (10-K) — 1181KB
• ex21-1.htm (EX-21.1) — 4KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• form10-k_001.jpg (GRAPHIC) — 2KB
• form10-k_002.jpg (GRAPHIC) — 4KB
• form10-k_003.jpg (GRAPHIC) — 3KB
• 0001493152-24-012490.txt (&nbsp;) — 4395KB
• rlby-20231231.xsd (EX-101.SCH) — 33KB
• rlby-20231231_cal.xml (EX-101.CAL) — 57KB
• rlby-20231231_def.xml (EX-101.DEF) — 102KB
• rlby-20231231_lab.xml (EX-101.LAB) — 272KB
• rlby-20231231_pre.xml (EX-101.PRE) — 200KB
• form10-k_htm.xml (XML) — 465KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1

Business

Business 4 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 24 Item 2

Properties

Properties 24 Item 3

Legal Proceedings

Legal Proceedings 24 Item 4 Mine Safety Disclosures 24 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6

Selected Financial Data

Selected Financial Data 25 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 Item 9A

Controls and Procedures

Controls and Procedures 57 Item 9B Other Information 57 PART III Item 10 Directors, Executive Officers, and Corporate Governance 58 Item 11

Executive Compensation

Executive Compensation 62 Item 12

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13 Certain Relationships and Related Transactions, and Director Independence 65 Item 14 Principal Accountant Fees and Services 65 PART IV Item 15 Exhibits and Financial Statement Schedules 66 Item 16 Form 10-K Summary 66 2 FORWARD-LOOKING This Annual Report on Form 10-K contains forward-looking statements. Forward-looking statements may include, but are not limited to, statements with respect to our future financial or operating performance, future plans and objectives, competitive positioning, requirements for additional capital, government regulation of operations and the timing and possible outcome of litigation and regulatory matters. All activities, events or developments that we, or our subsidiaries, expect or anticipate may occur in the future are forward-looking statements. Often, but not always, forward-looking statements can be identified by use of forward-looking words such as "aim," "potential," "may," "could," "would," "might," "likely," "will," "expect," "intend," "plan," "budget," "scheduled," "estimate," "anticipate," "believe," "forecast," "committed," "future" or "continue" or the negative thereof or similar variations. Forward-looking statements are based on certain assumptions and analyses made by us, in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Readers are cautioned not to put undue reliance on such forward-looking

View Full Filing

View this 10-K filing on SEC EDGAR