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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, 2022
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 of the issuing entity: 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
Number) |
524210
(Primary
Standard Industrial Code Classification Number)
300
Blvd. of the Americas, Suite 105 Lakewood, NJ 08701
732-380-4600
(Address,
including zip code, and telephone number, including area code of registrant’s principal executive offices)
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 |
|
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 Rule12b-2 of the Act).
Yes:
☐ No: ☒
At
November 14, 2022 the registrant had 18,054,469 shares of common stock, par value $0.086 per share, outstanding.
TABLE
OF CONTENTS
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
| |
September 30,
2022 | | |
December 31,
2021 | |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash | |
$ | 1,615,054 | | |
$ | 4,136,180 | |
Restricted
cash | |
| 1,409,562 | | |
| 484,542 | |
Accounts
receivable | |
| 1,025,120 | | |
| 1,024,831 | |
Accounts
receivable, related parties | |
| 1,159 | | |
| 7,131 | |
Note
receivables | |
| - | | |
| - | |
Other
receivables | |
| 37,674 | | |
| - | |
Prepaid
expense and other current assets | |
| 399,506 | | |
| 2,328,817 | |
Total
current assets | |
| 4,488,075 | | |
| 7,981,501 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 199,030 | | |
| 130,359 | |
Right-of-use
assets | |
| 1,327,361 | | |
| 1,067,734 | |
Investment
in NSURE, Inc. | |
| 1,350,000 | | |
| 1,350,000 | |
Intangibles,
net | |
| 14,359,973 | | |
| 7,078,900 | |
Goodwill | |
| 33,486,107 | | |
| 10,050,277 | |
Other
non-current assets | |
| 23,284 | | |
| 16,792 | |
Total
assets | |
$ | 55,233,830 | | |
$ | 27,675,563 | |
| |
| | | |
| | |
Liabilities
and stockholders’ equity (deficit) | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable and other accrued liabilities | |
$ | 1,221,583 | | |
$ | 2,759,160 | |
Other
payables | |
| 1,241,341 | | |
| 81,500 | |
Chargeback
reserve | |
| 1,350,533 | | |
| - | |
Short
term Financing Agreements | |
| 309,993 | | |
| - | |
Current
portion of long-term debt | |
| 1,026,541 | | |
| 913,920 | |
Current
portion of leases payable | |
| 538,018 | | |
| 276,009 | |
Earn-out
liability, current portion | |
| 2,283,380 | | |
| 3,297,855 | |
Warrant
commitment | |
| - | | |
| 37,652,808 | |
Total
current liabilities | |
| 7,971,389 | | |
| 44,981,252 | |
| |
| | | |
| | |
Loans
payable, related parties, less current portion | |
| 1,679,560 | | |
| 353,766 | |
Long
term debt, less current portion | |
| 12,640,673 | | |
| 7,085,325 | |
Leases
payable, less current portion | |
| 833,395 | | |
| 805,326 | |
Earn-out
liability, less current portion | |
| 635,647 | | |
| 516,023 | |
Warrant
liabilities | |
| 3,107,578 | | |
| - | |
Total
liabilities | |
| 26,868,242 | | |
| 53,741,692 | |
Stockholders’
equity (deficit): | |
| | | |
| | |
Preferred
stock, $0.086 par
value; 750,000,000 shares
authorized and 0 issued
and outstanding as of September 30, 2022 and December 31, 2021 | |
| - | | |
| - | |
Common
stock, $0.086 par value; 2,000,000,000 shares authorized and 18,054,469 and 10,956,109 issued and outstanding as of September 30,
2022 and December 31, 2021, respectively | |
| 1,551,358 | | |
| 940,829 | |
Additional
paid-in capital | |
| 34,314,591 | | |
| 26,451,187 | |
Stock
subscription receivable | |
| - | | |
| (20,000,000 | ) |
Accumulated
deficit | |
| (7,500,361 | ) | |
| (33,458,145 | ) |
Total
stockholders’ equity (deficit) | |
| 28,365,588 | | |
| (26,066,129 | ) |
Total
liabilities and stockholders’ equity (deficit) | |
$ | 55,233,830 | | |
$ | 27,675,563 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
Three
months ended
September
30, | | |
Nine
months ended
September
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
Revenue | |
| | | |
| | | |
| | | |
| | |
Commission
income | |
$ | 4,153,361 | | |
$ | 2,581,636 | | |
$ | 12,596,268 | | |
$ | 7,096,213 | |
Total
revenue | |
| 4,153,361 | | |
| 2,581,636 | | |
| 12,596,268 | | |
| 7,096,213 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Commission
expense | |
| 862,857 | | |
| 660,708 | | |
| 2,617,140 | | |
| 1,748,451 | |
Salaries
and wages | |
| 2,114,730 | | |
| 1,188,267 | | |
| 6,373,697 | | |
| 3,217,441 | |
General
and administrative expenses | |
| 1,253,097 | | |
| 755,130 | | |
| 5,465,384 | | |
| 2,961,881 | |
Marketing
and advertising | |
| 726,115 | | |
| 65,010 | | |
| 1,922,520 | | |
| 143,110 | |
Depreciation
and amortization | |
| 713,444 | | |
| 387,729 | | |
| 2,077,372 | | |
| 1,090,183 | |
Total
operating expenses | |
| 5,670,243 | | |
| 3,056,844 | | |
| 18,456,113 | | |
| 9,161,066 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
from operations | |
| (1,516,882 | ) | |
| (475,208 | ) | |
| (5,859,845 | ) | |
| (2,064,853 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense) | |
| | | |
| | | |
| | | |
| | |
Other
expense, net | |
| (280,340 | ) | |
| (120,025 | ) | |
| (580,900 | ) | |
| (421,192 | ) |
Recognition
and change in fair value of warrant liabilities | |
| 7,919,315 | | |
| - | | |
| 32,398,530 | | |
| - | |
Total
other income (expense) | |
| 7,638,975 | | |
| (120,025 | ) | |
| 31,817,630 | | |
| (421,192 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) | |
$ | 6,122,093 | | |
$ | (595,233 | ) | |
$ | 25,957,785 | | |
$ | (2,486,045 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
earnings (loss) per share | |
$ | 0.35 | | |
$ | (0.05 | ) | |
$ | 1.10 | | |
$ | (0.25 | ) |
Diluted
earnings (loss) per share | |
$ | (0.10 | ) | |
$ | (0.05 | ) | |
$ | (0.78 | ) | |
$ | (0.25 | ) |
Weighted
average number of shares outstanding - Basic | |
| 17,424,267 | | |
| 10,944,439 | | |
| 17,320,146 | | |
| 9,809,092 | |
Weighted
average number of shares outstanding - Diluted | |
| 17,424,267 | | |
| 10,944,439 | | |
| 17,320,146 | | |
| 9,809,092 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
Reliance
Global Group, Inc. | |
| |
Preferred
stock | | |
Common
stock | | |
Common
stock issuable | | |
Additional
paid-in | | |
Subscription | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance,
December 31, 2021 | |
| - | | |
$ | - | | |
| 10,956,109 | | |
$ | 940,829 | | |
| - | | |
$ | - | | |
$ | 26,451,187 | | |
$ | (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 | | |
| 2,670,892 | | |
| 229,694 | | |
| - | | |
| - | | |
| (230,424 | ) | |
| 20,000,000 | | |
| - | | |
| 20,000,051 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued pursuant to acquisition of Medigap | |
| - | | |
| - | | |
| 606,037 | | |
| 52,119 | | |
| - | | |
| - | | |
| 4,711,332 | | |
| - | | |
| - | | |
| 4,763,451 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise
of Series A warrants | |
| - | | |
| - | | |
| 375,000 | | |
| 32,250 | | |
| - | | |
| - | | |
| 2,442,750 | | |
| - | | |
| - | | |
| 2,475,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of prefunded Series C Warrants in exchange for common shares | |
| - | | |
| - | | |
| (3,276,929 | ) | |
| (281,815 | ) | |
| - | | |
| - | | |
| 281,815 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued for vested stock awards | |
| - | | |
| - | | |
| 6,000 | | |
| 516 | | |
| - | | |
| - | | |
| (516 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 9,340,000 | | |
| 9,340,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
March 31, 2022 | |
| 9,076 | | |
$ | 781 | | |
| 11,337,109 | | |
$ | 973,593 | | |
| - | | |
$ | - | | |
$ | 34,396,104 | | |
$ | - | | |
$ | (24,118,145 | ) | |
$ | 11,252,333 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share
based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 179,083 | | |
| - | | |
| - | | |
| 179,083 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of Series C warrants | |
| - | | |
| - | | |
| 3,276,929 | | |
| 281,815 | | |
| - | | |
| - | | |
| (280,479 | ) | |
| - | | |
| - | | |
| 1,336 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 10,495,691 | | |
| 10,495,691 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
June 30, 2022 | |
| 9,076 | | |
$ | 781 | | |
| 14,614,038 | | |
$ | 1,255,408 | | |
| - | | |
$ | - | | |
$ | 34,294,708 | | |
$ | - | | |
$ | (13,622,454 | ) | |
$ | 21,928,443 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share
based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 314,257 | | |
| - | | |
| - | | |
| 314,257 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock for conversion of Series D warrants | |
| - | | |
| - | | |
| 1,221,347 | | |
| 105,100 | | |
| - | | |
| - | | |
| (104,305 | ) | |
| - | | |
| - | | |
| 795 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to conversion
of preferred stock | |
| (9,076 | ) | |
| (781 | ) | |
| 2,219,084 | | |
| 190,850 | | |
| - | | |
| - | | |
| (190,069 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,122,093 | | |
| 6,122,093 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
September 30, 2022 | |
| - | | |
$ | - | | |
| 18,054,469 | | |
$ | 1,551,358 | | |
| - | | |
$ | - | | |
$ | 34,314,591 | | |
$ | - | | |
$ | (7,500,361 | ) | |
$ | 28,365,588 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Deficit | | |
Total | |
| |
Reliance Global Group, Inc. | |
| |
Preferred stock | | |
Common stock | | |
Common stock issuable | | |
Additional paid-in | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
capital | | |
Deficit | | |
Total | |
Balance, December 31, 2020 | |
| 395,640 | | |
$ | 33,912 | | |
| 4,241,028 | | |
$ | 363,517 | | |
| 23,341 | | |
$ | 340,000 | | |
$ | 11,559,239 | | - |
$ | (12,359,680 | ) | |
$ | (63,012 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 246,966 | | |
| - | | |
| 246,966 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for services | |
| - | | |
| - | | |
| 15,000 | | |
| 1,290 | | |
| - | | |
| - | | |
| 89,760 | | |
| - | | |
| 91,050 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to public offering, net of offering costs of $1,672,852 | |
| - | | |
| - | | |
| 1,800,000 | | |
| 154,800 | | |
| - | | |
| - | | |
| 8,954,348 | | |
| - | | |
| 9,109,148 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Over-allotment shares from offering, net of offering costs of $250,928 | |
| - | | |
| - | | |
| 270,000 | | |
| 23,220 | | |
| - | | |
| - | | |
| 1,343,153 | | |
| - | | |
| 1,366,373 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants sold during public offering at quoted price | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| 20,700 | | |
| - | | |
| 20,700 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to conversion of preferred stock | |
| (394,493 | ) | |
| (33,812 | ) | |
| 3,944,930 | | |
| 339,264 | | |
| - | | |
| - | | |
| (305,452 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to conversion of debt | |
| - | | |
| - | | |
| 633,333 | | |
| 54,467 | | |
| - | | |
| - | | |
| 3,745,533 | | |
| - | | |
| 3,800,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rounding shares related to initial public offering | |
| - | | |
| - | | |
| 1,885 | | |
| - | | |
| (3 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to software purchase | |
| - | | |
| - | | |
| 23,338 | | |
| 1,984 | | |
| (23,338 | ) | |
| (340,000 | ) | |
| 338,016 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | - |
| (613,926 | ) | |
| (613,926 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, March 31, 2021 | |
| 1,147 | | |
$ | 100 | | |
| 10,929,514 | | |
$ | 938,542 | | |
| - | | |
$ | - | | |
$ | 25,992,263 | | - |
$ | (12,973,606 | ) | |
$ | 13,957,299 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 183,132 | | |
| - | | |
| 183,132 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rounding shares related to initial public offering | |
| 20 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to acquisition of Kush | |
| - | | |
| - | | |
| 14,925 | | |
| 1,284 | | |
| - | | |
| - | | |
| 48,716 | | |
| - | | |
| 50,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | - |
| (1,276,886 | ) | |
| (1,276,886 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2021 | |
| 1,167 | | |
$ | 100 | | |
| 10,944,439 | | |
$ | 939,826 | | |
| - | | |
$ | - | | |
$ | 26,224,111 | | - |
$ | (14,250,492 | ) | |
$ | 12,913,545 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 146,225 | | |
| - | | |
| 146,225 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rounding shares related to initial public offering | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to acquisition of Kush | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | - |
| (595,233 | ) | |
| (595,233 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | - |
| (595,233 | ) | |
| (595,233 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, September 30, 2021 | |
| 1,167 | | |
$ | 100 | | |
| 10,944,439 | | |
$ | 939,826 | | |
| - | | |
$ | - | | |
$ | 26,370,336 | | - |
$ | (14,845,725 | ) | |
$ | 12,464,537 | |
The
accompanying notes are an integral p9rt of these condensed consolidated financial statements
Reliance
Global Group, Inc. and Subsidiaries and Predecessor
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2022 | | |
2021 | |
| |
Nine
months ended
September
30, | |
| |
2022 | | |
2021 | |
Cash flows
from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 25,957,785 | | |
$ | (2,486,045 | ) |
Adjustment to reconcile net
income (loss) to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 2,077,372 | | |
| 1,090,183 | |
Amortization of debt issuance
costs and accretion of debt discount | |
| 28,702 | | |
| 37,822 | |
Non-cash lease expense | |
| 30,451 | | |
| 2,331 | |
Stock compensation expense | |
| 1,233,300 | | |
| 667,373 | |
Earn-out fair value and write-off
adjustments | |
| 132,445 | | |
| - | |
Recognition and change in
fair value of warrant liabilities | |
| (32,398,530 | ) | |
| - | |
Change in operating assets
and liabilities: | |
| | | |
| | |
Accounts payables and other
accrued liabilities | |
| (1,541,037 | ) | |
| (314,045 | ) |
Accounts receivable | |
| 92,297 | | |
| (87,058 | ) |
Accounts receivable, related
parties | |
| 5,972 | | |
| (7,131 | ) |
Other receivables | |
| (37,674 | ) | |
| 3,825 | |
Other payables | |
| 34,841 | | |
| (112 | ) |
Charge back reserve | |
| (133,940 | ) | |
| - | |
Other non-current assets | |
| (6,492 | ) | |
| (14,992 | ) |
Prepaid
expense and other current assets | |
| 2,346,510 | | |
| (196,471 | ) |
Net
cash used in operating activities | |
| (2,177,998 | ) | |
| (1,304,320 | ) |
| |
| | | |
| | |
Cash flows
from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (67,906 | ) | |
| (24,257 | ) |
Business acquisitions, net
of cash acquired | |
| (24,138,750 | ) | |
| (1,608,586 | ) |
Purchase of intangibles | |
| (775,953 | ) | |
| (331,054 | ) |
Net
cash used in investing activities | |
| (24,982,609 | ) | |
| (1,963,897 | ) |
| |
| | | |
| | |
Cash flows
from financing activities: | |
| | | |
|