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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____ to _____
Commission
File Number: 001-40020
RELIANCE
GLOBAL GROUP, INC.
(Exact
name of registrant as specified in its charter)
Florida |
|
46-3390293 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
300
Blvd. of the Americas, Suite 105 Lakewood, NJ 08701
(Address
of principal executive offices) (Zip Code)
732-380-4600
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
RELI |
|
The
Nasdaq Capital Market |
Series
A Warrants |
|
RELIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company, in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
At
November 13, 2023, the registrant had 2,473,859 shares of common stock, par value $0.086 per share, outstanding.
TABLE
OF CONTENTS
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
| |
September 30, 2023
| | |
December
31, 2022 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,777,348 | | |
$ | 505,410 | |
Restricted cash | |
| 1,409,909 | | |
| 1,404,359 | |
Accounts receivable | |
| 1,190,780 | | |
| 994,321 | |
Accounts receivable, related
parties | |
| 21,078 | | |
| 18,292 | |
Accounts
receivable | |
| 21,078 | | |
| 18,292 | |
Other receivables | |
| 813 | | |
| 11,464 | |
Prepaid expense and other
current assets | |
| 299,522 | | |
| 245,535 | |
Current
assets - discontinued operations | |
| - | | |
| 85,998 | |
Total current assets | |
| 4,699,450 | | |
| 3,265,379 | |
Property and equipment, net | |
| 145,962 | | |
| 162,767 | |
Right-of-use assets | |
| 878,672 | | |
| 1,018,952 | |
Investment in NSURE, Inc. | |
| - | | |
| 900,000 | |
Intangibles, net | |
| 11,675,526 | | |
| 13,439,369 | |
Goodwill | |
| 14,287,099 | | |
| 14,287,099 | |
Other non-current assets | |
| 23,283 | | |
| 23,284 | |
Other
assets - discontinued operations | |
| - | | |
| 5,330,879 | |
Total
assets | |
$ | 31,709,992 | | |
$ | 38,427,729 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and other
accrued liabilities | |
$ | 999,785 | | |
$ | 951,382 | |
Short term financing agreements | |
| 114,394 | | |
| 154,017 | |
Current portion of loans payables,
related parties | |
| 336,479 | | |
| 1,422,249 | |
Other payables | |
| 64,101 | | |
| 101,113 | |
Current portion of long-term
debt | |
| 1,353,961 | | |
| 1,118,721 | |
Current portion of leases
payable | |
| 348,492 | | |
| 339,937 | |
Current
portion of earn-out liability | |
| 687,197 | | |
| 2,153,478 | |
Current
liabilities - discontinued operations | |
| - | | |
| 1,600,636 | |
Total current liabilities | |
| 3,904,409 | | |
| 7,841,533 | |
| |
| | | |
| | |
Loans payable, related parties,
less current portion | |
| 258,785 | | |
| 122,266 | |
Convertible debt, related
parties, less current portion | |
| 161,855 | | |
| 1,500,000 | |
Long term debt, less current
portion | |
| 11,380,567 | | |
| 12,349,673 | |
Leases payable, less current
portion | |
| 561,041 | | |
| 714,068 | |
Earn-out liability, less current
portion | |
| - | | |
| 556,000 | |
Warrant liabilities | |
| 1,580,380 | | |
| 6,433,150 | |
Noncurrent
liabilities - discontinued operations | |
| - | | |
| - | |
Total
liabilities | |
| 17,847,037 | | |
| 29,516,690 | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, $0.086 par value; 750,000,000 shares
authorized and 0 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
Common stock, $0.086 par value;
133,333,333 shares authorized and 2,304,375 and 1,219,573 issued and outstanding as of September 30, 2023 and December 31, 2022,
respectively | |
| 198,155 | | |
| 104,883 | |
Additional paid-in capital | |
| 43,639,612 | | |
| 35,798,139 | |
Accumulated
deficit | |
| (29,974,812 | ) | |
| (26,991,983 | ) |
Total
stockholders’ equity | |
| 13,862,955 | | |
| 8,911,039 | |
Total
liabilities and stockholders’ equity | |
$ | 31,709,992 | | |
$ | 38,427,729 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
Three
Months Ended
September
30, 2023 | | |
Three
Months Ended
September
30, 2022 | | |
Nine
Months Ended
September
30, 2023 | | |
Nine
Months Ended
September
30, 2022 | |
Revenue | |
| | | |
| | | |
| | | |
| | |
Commission
income | |
$ | 3,275,583 | | |
$ | 2,821,768 | | |
$ | 10,410,591 | | |
$ | 8,727,614 | |
Total
revenue | |
| 3,275,583 | | |
| 2,821,768 | | |
| 10,410,591 | | |
| 8,727,614 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Commission expense | |
| 796,001 | | |
| 695,020 | | |
| 2,701,601 | | |
| 2,143,562 | |
Salaries and wages | |
| 1,775,919 | | |
| 1,629,947 | | |
| 5,230,871 | | |
| 4,899,171 | |
General and administrative
expenses | |
| 1,368,126 | | |
| 1,117,027 | | |
| 4,430,177 | | |
| 5,080,991 | |
Marketing and advertising | |
| 117,752 | | |
| 63,371 | | |
| 364,184 | | |
| 148,057 | |
Depreciation
and amortization | |
| 652,839 | | |
| 651,395 | | |
| 1,962,066 | | |
| 1,901,140 | |
Total
operating expenses | |
| 4,710,637 | | |
| 4,156,760 | | |
| 14,688,899 | | |
| 14,172,921 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,435,054 | ) | |
| (1,334,992 | ) | |
| (4,278,308 | ) | |
| (5,445,307 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income
(expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (386,562 | ) | |
| (281,201 | ) | |
| (1,126,281 | ) | |
| (586,251 | ) |
Interest related parties | |
| (32,475 | ) | |
| (1,730 | ) | |
| (125,104 | ) | |
| (5,189 | ) |
Interest expense | |
| (32,475 | ) | |
| (1,730 | ) | |
| (125,104 | ) | |
| (5,189 | ) |
Other
(expense) income, net | |
| (310 | ) | |
| (4,909 | ) | |
| 3,650 | | |
| (4,414 | ) |
Recognition
and change in fair value of warrant liabilities | |
| 1,715,397 | | |
| 7,919,315 | | |
| 4,389,120 | | |
| 32,398,530 | |
Total
other income | |
| 1,296,050 | | |
| 7,631,475 | | |
| 3,141,385 | | |
| 31,802,676 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) income from continuing
operations before tax | |
$ | (139,004 | ) | |
| 6,296,483 | | |
$ | (1,136,922 | ) | |
| 26,357,370 | |
(Loss)
income from discontinued operations before tax | |
| - | | |
| (174,390 | ) | |
| (1,845,904 | ) | |
| (399,585 | ) |
Net (loss) income | |
| (139,004 | ) | |
| 6,122,093 | | |
| (2,982,827 | ) | |
| 25,957,784 | |
| |
| | | |
| | | |
| | | |
| | |
Basic
(loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.05 | ) | |
$ | 5.44 | | |
$ | (0.47 | ) | |
$ | 18.16 | |
Discontinued Operations | |
$ | - | | |
$ | (0.15 | ) | |
$ | (0.75 | ) | |
$ | (0.37 | ) |
Basic (loss) earnings per share | |
$ | (0.05 | ) | |
$ | 5.29 | | |
$ | (1.22 | ) | |
$ | 17.79 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted (loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.05 | ) | |
$ | 4.83 | | |
$ | (0.47 | ) | |
$ | 15.93 | |
Discontinued operations | |
$ | - | | |
$ | (0.14 | ) | |
$ | (0.75 | ) | |
$ | (0.33 | ) |
Diluted (loss) earnings per share | |
$ | (0.05 | ) | |
$ | 4.69 | | |
$ | (1.22 | ) | |
$ | 15.60 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding - Basic | |
| 3,021,455 | | |
| 1,156,939 | | |
| 2,436,015 | | |
| 1,069,534 | |
Weighted average number of shares outstanding - Diluted | |
| 3,021,455 | | |
| 1,304,878 | | |
| 2,436,015 | | |
| 1,219,822 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
|
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
Nine
Months Ended September 30, 2023 | |
| |
Preferred
Stock | | |
Common
Stock | |
|
Additional
paid-in | | |
Subscription | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
|
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| |
|
| | |
| | |
| | |
| |
Balance,
December 31, 2022 | |
| - | | |
$ | - | | |
| 1,219,573 | | |
$ | 104,883 | |
|
$ | 35,798,139 | | |
$ | - | | |
$ | (26,991,983 | ) | |
| 8,911,039 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for earnout
liabilities | |
| - | | |
| - | | |
| 109,358 | | |
| 9,404 | |
|
| 973,074 | | |
| - | | |
| - | | |
| 982,478 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Conversion of convertible
debt, related parties | |
| - | | |
| - | | |
| 66,743 | | |
| 5,740 | |
|
| 639,260 | | |
| - | | |
| - | | |
| 645,000 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Round up of shares due to
reverse split | |
| - | | |
| - | | |
| 15,336 | | |
| 1,300 | |
|
| (5,946 | ) | |
| - | | |
| - | | |
| (4,646 | ) |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Shares issued in 2023 private
placement | |
| - | | |
| - | | |
| 155,038 | | |
| 13,333 | |
|
| 3,433,151 | | |
| - | | |
| - | | |
| 3,446,484 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| - | | |
| - | | |
| - | | |
| - | |
|
| 43,797 | | |
| - | | |
| - | | |
| 43,797 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | |
|
| - | | |
| - | | |
| (1,788,538 | ) | |
| (1,788,538 | ) |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Balance,
March 31, 2023 | |
| - | | |
| - | | |
| 1,566,048 | | |
| 134,660 | |
|
| 40,881,475 | | |
| - | | |
| (28,780,521 | ) | |
| 12,235,614 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for services | |
| - | | |
| - | | |
| 112,557 | | |
| 9,681 | |
|
| 368,314 | | |
| - | | |
| - | | |
| 377,995 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for earnout
liabilities | |
| - | | |
| - | | |
| 352,260 | | |
| 30,294 | |
|
| 1,403,406 | | |
| - | | |
| - | | |
| 1,433,700 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Shares issued for vested stock
awards | |
| - | | |
| - | | |
| 22,219 | | |
| 1,911 | |
|
| (1,911 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| - | | |
| - | | |
| - | | |
| - | |
|
| 35,367 | | |
| - | | |
| - | | |
| 35,367 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | |
|
| - | | |
| - | | |
| (1,055,287 | ) | |
| (1,055,287 | ) |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Balance,
June 30, 2023 | |
| - | | |
| - | | |
| 2,053,084 | | |
| 176,546 | |
|
| 42,686,651 | | |
| - | | |
| (29,835,808 | ) | |
| 13,027,389 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for earnout
liabilities | |
| | | |
| | | |
| 174,610 | | |
| 15,016 | |
|
| 463,356 | | |
| | | |
| | | |
| 478,372 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for vested
stock awards | |
| | | |
| | | |
| 3,017 | | |
| 259 | |
|
| 3,510 | | |
| | | |
| | | |
| 3,769 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| | | |
| | | |
| | | |
| - | |
|
| 27,779 | | |
| | | |
| | | |
| 27,779 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Common shares issued for services | |
| | | |
| | | |
| 400 | | |
| 34 | |
|
| 966 | | |
| | | |
| | | |
| 1,000 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Series B warrant exercise | |
| | | |
| | | |
| 73,264 | | |
| 6,300 | |
|
| 457,350 | | |
| | | |
| | | |
| 463,650 | |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | |
|
| | | |
| - | | |
| (139,004 | ) | |
| (139,004 | ) |
| |
| | | |
| | | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
Balance,
September 30, 2023 | |
| - | | |
| - | | |
| 2,304,375 | | |
| 198,155 | |
|
| 43,639,612 | | |
| - | | |
| (29,974,812 | ) | |
| 13,862,955 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
Nine
Months Ended September 30, 2022 | |
| |
Preferred
Stock | | |
Common
Stock | | |
Additional
paid-in | | |
Subscription | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance,
December 31, 2021 | |
| - | | |
$ | - | | |
| 730,407 | | |
$ | 62,815 | | |
$ | 27,329,201 | | |
$ | (20,000,000 | ) | |
$ | (33,458,145 | ) | |
$ | (26,066,129 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 739,960 | | |
| - | | |
| - | | |
| 739,960 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to private
placement | |
| 9,076 | | |
| 781 | | |
| 178,059 | | |
| 15,313 | | |
| (16,043 | ) | |
| 20,000,000 | | |
| - | | |
| 20,000,051 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to
acquisition of Medigap | |
| - | | |
| - | | |
| 40,402 | | |
| 3,475 | | |
| 4,759,976 | | |
| - | | |
| - | | |
| 4,763,451 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of Series A warrants | |
| - | | |
| - | | |
| 25,000 | | |
| 2,150 | | |
| 2,472,850 | | |
| - | | |
| - | | |
| 2,475,000 | |
Exercise of warrants | |
| - | | |
| - | | |
| 25,000 | | |
| 2,150 | | |
| 2,472,850 | | |
| - | | |
| - | | |
| 2,475,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of prefunded Series
C Warrants in exchange for common shares | |
| - | | |
| - | | |
| (218,462 | ) | |
| (18,788 | ) | |
| 18,788 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for vested stock
awards | |
| - | | |
| - | | |
| 400 | | |
| 34 | | |
| (34 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9,340,000 | | |
| 9,340,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
March 31, 2022 | |
| 9,076 | | |
$ | |