Reliance Global Group, Inc. (RELI) has released its annual financial report, revealing a challenging fiscal year ended December 31, 2023. The company reported a net loss of $12,009,982, a significant shift from the previous year's net income of $6,466,162. This loss was largely due to a goodwill impairment charge of $7,594,000. Despite this, RELI saw an increase in revenue, with commission income rising to $13,731,826 from $11,761,882 in the previous year. Operating expenses also increased, totaling $27,611,018 compared to $18,342,541 in the prior year. The loss from operations was $13,879,192, more than double the loss from the previous year. Other income, primarily from the change in fair value of warrant liabilities, amounted to $5,503,647. The company's cash position improved, with cash and restricted cash totaling $2,738,911, up from $1,909,769 at the...Show More

Reliance Global Group, Inc. (RELI) has released its annual financial report, revealing a challenging fiscal year ended December 31, 2023. The company reported a net loss of $12,009,982, a significant shift from the previous year's net income of $6,466,162. This loss was largely due to a goodwill impairment charge of $7,594,000. Despite this, RELI saw an increase in revenue, with commission income rising to $13,731,826 from $11,761,882 in the previous year. Operating expenses also increased, totaling $27,611,018 compared to $18,342,541 in the prior year. The loss from operations was $13,879,192, more than double the loss from the previous year. Other income, primarily from the change in fair value of warrant liabilities, amounted to $5,503,647. The company's cash position improved, with cash and restricted cash totaling $2,738,911, up from $1,909,769 at the end of 2022. In terms of business development, RELI acquired the assets of Barra & Associates, LLC, expanding its insurance agency services. The company's financial statements were audited by Mazars USA LLP, which confirmed the fair presentation of RELI's financial position and results of operations in accordance with GAAP. Looking ahead, RELI completed a capital offering in March 2023, raising approximately $3,446,000 in net proceeds. The company believes its financial position and ability to raise capital are sufficient to continue operations without substantial doubt within the next year. RELI's future plans include leveraging its capital to strengthen its market position and pursue strategic growth opportunities.