Reliance Global Group, Inc. (RELI) reported its financial results for the quarter ended June 30, 2024. The company saw a slight increase in commission income, rising 1% year-over-year to $3,233,342. However, total operating expenses decreased by 13% to $4,379,920, primarily due to a reduction in general and administrative expenses and depreciation and amortization. Despite these reductions, RELI experienced a net loss of $1,489,395, which was a 41% increase from the previous year's net loss of $1,055,286. The company's cash position remained strong with a balance of approximately $2,816,000 and working capital of approximately $600,000. RELI continues to focus on its acquisition strategy within the insurance market, with the recent agreement to acquire Spetner Associates, a benefits enrollment company. Looking forward, RELI aims to expand its business through further asset acquisitions and organic growth of its current insurance operations.

Reliance Global Group, Inc. (RELI) reported its financial results for the quarter ended June 30, 2024. The company saw a slight increase in commission income, rising 1% year-over-year to $3,233,342. However, total operating expenses decreased by 13% to $4,379,920, primarily due to a reduction in general and administrative expenses and depreciation and amortization. Despite these reductions, RELI experienced a net loss of $1,489,395, which was a 41% increase from the previous year's net loss of $1,055,286. The company's cash position remained strong with a balance of approximately $2,816,000 and working capital of approximately $600,000. RELI continues to focus on its acquisition strategy within the insurance market, with the recent agreement to acquire Spetner Associates, a benefits enrollment company. Looking forward, RELI aims to expand its business through further asset acquisitions and organic growth of its current insurance operations.