10-Q Filing

Reliance Global Group, Inc. CIK: 1812727 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-011347`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	reli-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 89 Income Statement 28 Cash Flow Statement 61 Stockholders Equity 24

Balance Sheet 89 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, at par value	`PreferredStockParOrStatedValuePerShare`	$0.09	USD	Point-in-time
Preferred stock, at par value	`PreferredStockParOrStatedValuePerShare`	$0.09	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	750.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	750.00M	shares	Point-in-time
Cash	`Cash`	$45.21K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1,147.00	shares	Point-in-time
Cash	`Cash`	$232.63K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	395,640.00	shares	Point-in-time
Cash	`Cash`	$9.43M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$585.91K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1,147.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$484.37K	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$353.88K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	395,640.00	shares	Point-in-time
Common stock, at par value	`CommonStockParOrStatedValuePerShare`	$0.09	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$27.69K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$236.65K	USD	Point-in-time
Common stock, at par value	`CommonStockParOrStatedValuePerShare`	$0.09	USD	Point-in-time
Accounts receivable, related parties	`AccountsReceivableRelatedPartiesCurrent`	$7.13K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Accounts receivable, related parties	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Note receivables	`NotesAndLoansReceivableNetCurrent`	$3.83K	USD	Point-in-time
Note receivables	`NotesAndLoansReceivableNetCurrent`	$3.83K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	4.24M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.93M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$1.95K	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$1.95K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	4.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.93M	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.08K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.08K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$810.09K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$375.95K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$326.43K	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$382.30K	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$433.53K	USD	Point-in-time
Investment in NSURE, Inc.	`Investments`	$1.35M	USD	Point-in-time
Investment in NSURE, Inc.	`Investments`	$1.35M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$5.69M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$5.40M	USD	Point-in-time
Goodwill	`Goodwill`	$8.55M	USD	Point-in-time
Goodwill	`Goodwill`	$9.27M	USD	Point-in-time
Goodwill	`Goodwill`	$9.27M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.80K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.80K	USD	Point-in-time
Total assets	`Assets`	$26.82M	USD	Point-in-time
Total assets	`Assets`	$17.92M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$250.08K	USD	Point-in-time
Loans payable	`LoanPayableCurrent`	$14.60K	USD	Point-in-time
Loans payable	`LoanPayableCurrent`	$14.60K	USD	Point-in-time
Current portion of loans payables, related parties	`DueToRelatedPartiesCurrent`	$588.37K	USD	Point-in-time
Current portion of loans payables, related parties	`DueToRelatedPartiesCurrent`	$4.52M	USD	Point-in-time
Other payables	`AccountsPayableOtherCurrent`	$62.50K	USD	Point-in-time
Other payables	`AccountsPayableOtherCurrent`	$62.50K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$963.45K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$963.45K	USD	Point-in-time
Current portion of leases payable	`OperatingLeaseLiabilityCurrent`	$153.57K	USD	Point-in-time
Current portion of leases payable	`OperatingLeaseLiabilityCurrent`	$176.90K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.03M	USD	Point-in-time
Loan payables, related parties, less current portion	`DueToRelatedPartiesNoncurrent`	$145.20K	USD	Point-in-time
Loan payables, related parties, less current portion	`DueToRelatedPartiesNoncurrent`	$143.47K	USD	Point-in-time
Long term debt, less current portion	`LongTermDebtNoncurrent`	$7.89M	USD	Point-in-time
Long term debt, less current portion	`LongTermDebtNoncurrent`	$7.68M	USD	Point-in-time
Leases payable, less current portion	`OperatingLeaseLiabilityNoncurrent`	$262.90K	USD	Point-in-time
Leases payable, less current portion	`OperatingLeaseLiabilityNoncurrent`	$230.29K	USD	Point-in-time
Earn-out liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$2.63M	USD	Point-in-time
Earn-out liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$2.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.81M	USD	Point-in-time
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 1,147 and 395,640 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	$100.00	USD	Point-in-time
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 1,147 and 395,640 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	$33.91K	USD	Point-in-time
Common stock, $0.086 par value; 2,000,000,000 shares authorized and 10,929,514 and 4,241,028 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$938.54K	USD	Point-in-time
Common stock, $0.086 par value; 2,000,000,000 shares authorized and 10,929,514 and 4,241,028 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$363.52K	USD	Point-in-time
Common stock issuable	`CommonStockSharesSubscriptions`	$482.12K	USD	Point-in-time
Common stock issuable	`CommonStockSharesSubscriptions`	$822.12K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$25.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.48M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$14.11M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$642.32K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$114.39K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$26.82M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Commission income	`CommissionIncome`	$2.30M	USD	1 Quarter
Commission income	`CommissionIncome`	$2.00M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.30M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.00M	USD	1 Quarter
Commission expense	`CommissionExpense`	$425.58K	USD	1 Quarter
Commission expense	`CommissionExpense`	$529.47K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$918.54K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$868.27K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.12M	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$67.76K	USD	1 Quarter
Marketing and advertising	`MarketingAndAdvertisingExpense`	$23.08K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$329.09K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$333.09K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.81M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.81M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-512.26K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-807.52K	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$129.07K	USD	1 Quarter
Other expense, net	`OtherNonoperatingExpense`	$172.28K	USD	1 Quarter
Total non-operating expenses	`NonoperatingIncomeExpense`	$-129.07K	USD	1 Quarter
Total non-operating expenses	`NonoperatingIncomeExpense`	$-172.28K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-641.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-979.80K	USD	1 Quarter
Basic and diluted loss per share	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Basic and diluted loss per share	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.54M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.92M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-641.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-979.80K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$329.09K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$333.09K	USD	1 Quarter
Amortization of debt issuance costs and accretion of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$5.72K	USD	1 Quarter
Amortization of debt issuance costs and accretion of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$5.72K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$-4.70K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$202.00	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$394.72K	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$352.30K	USD	1 Quarter
Accounts payables and other accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$23.63K	USD	1 Quarter
Accounts payables and other accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-893.50K	USD	1 Quarter
Accounts payables and other accrued liabilities, related parties	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilitiesRelatedParty`	$46.21K	USD	1 Quarter
Accounts payables and other accrued liabilities, related parties	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilitiesRelatedParty`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$49.74K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-208.96K	USD	1 Quarter
Accounts receivable, related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	1 Quarter
Accounts receivable, related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$7.13K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-7.44K	USD	1 Quarter
Other payables	`IncreaseDecreaseInOtherAccountsPayable`	-	USD	1 Quarter
Other payables	`IncreaseDecreaseInOtherAccountsPayable`	$3.83K	USD	1 Quarter
Prepaid expense and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	1 Quarter
Prepaid expense and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.01K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-223.70K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-646.60K	USD	1 Quarter
Investment in NSURE, Inc.	`PaymentsToAcquireInvestments`	$1.00M	USD	1 Quarter
Investment in NSURE, Inc.	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Principal repayments of debt	`ProceedsFromRepaymentsOfOtherDebt`	$-213.99K	USD	1 Quarter
Principal repayments of debt	`ProceedsFromRepaymentsOfOtherDebt`	$-54.38K	USD	1 Quarter
Proceeds from loans payable, related parties	`ProceedsFromRelatedPartyDebt`	$373.21K	USD	1 Quarter
Proceeds from loans payable, related parties	`ProceedsFromRelatedPartyDebt`	$177.82K	USD	1 Quarter
Payments of loans payable, related parties	`RepaymentsOfRelatedPartyDebt`	$210.00	USD	1 Quarter
Payments of loans payable, related parties	`RepaymentsOfRelatedPartyDebt`	$310.77K	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$10.48M	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$12.42M	USD	Point-in-time
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.13M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.32M	USD	1 Quarter
Net increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$94.71K	USD	1 Quarter
Net increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.49M	USD	1 Quarter
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.02M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$586.30K	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$491.58K	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$529.58K	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.02M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$586.30K	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$491.58K	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$529.58K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$116.83K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$48.41K	USD	1 Quarter
Conversion of preferred stock into common stock	`ConversionOfStockAmountConverted1`	-	USD	1 Quarter
Conversion of preferred stock into common stock	`ConversionOfStockAmountConverted1`	$339.26K	USD	1 Quarter
Conversion of debt into equity	`DebtConversionConvertedInstrumentAmount1`	$3.80M	USD	1 Quarter
Conversion of debt into equity	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Common stock issued in lieu of services	`StockIssued1`	$91.05K	USD	1 Quarter
Common stock issued in lieu of services	`StockIssued1`	-	USD	1 Quarter
Issuance of common stock pursuant to the purchase of software from The Referral Depot, LLC	`IssuanceOfCommonStockPursuantToPurchaseOfSoftware`	-	USD	1 Quarter
Issuance of common stock pursuant to the purchase of software from The Referral Depot, LLC	`IssuanceOfCommonStockPursuantToPurchaseOfSoftware`	$340.00K	USD	1 Quarter

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Offering costs	`PaymentsOfStockIssuanceCosts`	$1.67M	USD	1 Quarter
Balance	`StockholdersEquity`	$14.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$642.32K	USD	Point-in-time
Balance	`StockholdersEquity`	$114.39K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.06M	USD	Point-in-time
Shares issued pursuant to investment in NSURE, Inc	`StockIssuedDuringPeriodValueAcquisitions`	$1.00M	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$246.97K	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$394.72K	USD	1 Quarter
Shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$91.05K	USD	1 Quarter
Shares issued due to public offering, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$9.11M	USD	1 Quarter
Shares issued due to public offering, net of offering costs, shares	`StockIssuedDuringPeriodSharesNewIssues`	2.07M	shares	Point-in-time
Over-allotment shares from offering, net of offering costs	`StockIssuedDuringPeriodValueOverAllotmentShares`	$1.37M	USD	1 Quarter
Warrants sold during public offering at quoted price	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$20.70K	USD	1 Quarter
Shares issued due to conversion of preferred stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Shares issued due to conversion of debt	`DebtConversionConvertedInstrumentAmount1`	$3.80M	USD	1 Quarter
Shares issued due to conversion of debt	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Rounding shares related to initial public offering	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Shares issued pursuant to software purchase	`StockIssuedDuringPeriodValuePurchaseOfAssets`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-641.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-979.80K	USD	1 Quarter
Balance	`StockholdersEquity`	$14.11M	USD	Point-in-time
Balance	`StockholdersEquity`	$642.32K	USD	Point-in-time
Balance	`StockholdersEquity`	$114.39K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.06M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.