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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 June 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
August 10, 2023, the registrant had 2,126,348
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)
| |
June 30 2023 | | |
December 31, 2022 | |
| |
June 30, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 1,274,743 | | |
$ | 505,410 | |
Restricted cash | |
| 1,405,513 | | |
| 1,404,359 | |
Accounts receivable | |
| 978,877 | | |
| 994,321 | |
Accounts receivable, related parties | |
| 19,364 | | |
| 18,292 | |
Other receivables | |
| 2,900,648 | | |
| 11,464 | |
Prepaid expense and other current assets | |
| 553,122 | | |
| 245,535 | |
Current Assets - Discontinued Operations | |
| - | | |
| 85,998 | |
Total current assets | |
| 7,132,267 | | |
| 3,265,379 | |
Property and equipment, net | |
| 149,084 | | |
| 162,767 | |
Right-of-use assets | |
| 976,020 | | |
| 1,018,952 | |
Investment in NSURE, Inc. | |
| - | | |
| 900,000 | |
Intangibles, net | |
| 12,308,697 | | |
| 13,439,369 | |
Goodwill | |
| 14,287,099 | | |
| 14,287,099 | |
Other non-current assets | |
| 23,284 | | |
| 23,284 | |
Other Assets - Discontinued Operations | |
| - | | |
| 5,330,879 | |
Total assets | |
$ | 34,876,451 | | |
$ | 38,427,729 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 911,247 | | |
$ | 951,382 | |
Short term financing agreements | |
| 195,024 | | |
| 154,017 | |
Current portion of loans payables, related parties | |
| 872,249 | | |
| 1,422,249 | |
Other payables | |
| 217,101 | | |
| 101,113 | |
Current portion of long-term debt | |
| 1,329,121 | | |
| 1,118,721 | |
Current portion of leases payable | |
| 370,855 | | |
| 339,937 | |
Earn-out liability, current portion | |
| 969,000 | | |
| 2,153,478 | |
Current Liabilities - Discontinued Operations | |
| - | | |
| 1,600,636 | |
Total current liabilities | |
| 4,864,597 | | |
| 7,841,533 | |
| |
| | | |
| | |
Loans payable, related parties, less current portion | |
| 307,394 | | |
| 122,266 | |
Convertible debt, related parties, less current portion | |
| 570,000 | | |
| 1,500,000 | |
Long term debt, less current portion | |
| 11,711,780 | | |
| 12,349,673 | |
Leases payable, less current portion | |
| 635,863 | | |
| 714,068 | |
Earn-out liability, less current portion | |
| - | | |
| 556,000 | |
Warrant liabilities | |
| 3,759,428 | | |
| 6,433,150 | |
Noncurrent Liabilities - Discontinued Operations | |
| - | | |
| - | |
Total liabilities | |
| 21,849,062 | | |
| 29,516,690 | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock, $0.086
par value; 750,000,000 shares authorized
and 0 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
Common stock, $0.086 par value; 133,333,333 shares authorized and 2,053,084 and 1,219,573 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| 176,546 | | |
| 104,883 | |
Additional paid-in capital | |
| 42,686,651 | | |
| 35,798,139 | |
Accumulated deficit | |
| (29,835,808 | ) | |
| (26,991,983 | ) |
Total stockholders’ equity | |
| 13,027,389 | | |
| 8,911,039 | |
Total liabilities and stockholders’ equity | |
$ | 34,876,451 | | |
$ | 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 | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
Revenue | |
| | | |
| | | |
| | | |
| | |
Commission income | |
$ | 3,195,905 | | |
| 2,847,149 | | |
$ | 7,135,008 | | |
| 5,905,846 | |
Total revenue | |
| 3,195,905 | | |
| 2,847,149 | | |
| 7,135,008 | | |
| 5,905,846 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Commission expense | |
| 822,274 | | |
| 662,932 | | |
| 1,905,600 | | |
| 1,448,543 | |
Salaries and wages | |
| 1,742,697 | | |
| 1,637,412 | | |
| 3,454,794 | | |
| 3,269,225 | |
General and administrative expenses | |
| 1,703,811 | | |
| 1,630,169 | | |
| 3,062,066 | | |
| 3,963,964 | |
Marketing and advertising | |
| 109,860 | | |
| (4,844 | ) | |
| 246,432 | | |
| 84,686 | |
Depreciation and amortization | |
| 655,449 | | |
| 694,440 | | |
| 1,309,227 | | |
| 1,263,440 | |
Total operating expenses | |
| 5,034,091 | | |
| 4,620,109 | | |
| 9,978,119 | | |
| 10,029,858 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,838,186 | ) | |
| (1,772,960 | ) | |
| (2,843,111 | ) | |
| (4,124,012 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other (expense) income | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (370,905 | ) | |
| (194,929 | ) | |
| (722,462 | ) | |
| (305,095 | ) |
Interest expense, related parties | |
| (51,153 | ) | |
| (1,729 | ) | |
| (92,629 | ) | |
| (3,460 | ) |
Other expense, net | |
| (16,979 | ) | |
| (3,605 | ) | |
| (13,297 | ) | |
| 541 | |
recognition and change in fair value of warrant liabilities | |
| (1,592,509 | ) | |
| 12,633,251 | | |
| 2,673,723 | | |
| 24,479,215 | |
Total other (expense) income | |
| (2,031,546 | ) | |
| 12,432,988 | | |
| 1,845,335 | | |
| 24,171,201 | |
| |
| | | |
| | | |
| | | |
| | |
(Loss) income from continuing operations before tax | |
$ | (3,869,732 | ) | |
| 10,660,028 | | |
$ | (997,776 | ) | |
| 20,047,189 | |
Income (loss) from discontinued operations before tax | |
| 2,814,445 | | |
| (164,337 | ) | |
| (1,846,048 | ) | |
| (211,497 | ) |
Net (loss) income | |
| (1,055,287 | ) | |
| 10,495,691 | | |
| (2,843,824 | ) | |
| 19,835,692 | |
| |
| | | |
| | | |
| | | |
| | |
Basic (loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (1.42 | ) | |
$ | 9.97 | | |
$ | (0.47 | ) | |
$ | 12.80 | |
Discontinued operations | |
$ | 1.03 | | |
$ | (0.15 | ) | |
$ | (0.86 | ) | |
$ | (0.21 | ) |
Basic (loss) earnings per share | |
$ | (0.39 | ) | |
$ | 9.82 | | |
$ | (1.33 | ) | |
$ | 12.59 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted (loss) earnings per share | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (1.42 | ) | |
$ | 8.74 | | |
$ | (0.47 | ) | |
$ | (12.65 | ) |
Discontinued operations | |
$ | 1.03 | | |
$ | (0.13 | ) | |
$ | (0.86 | ) | |
$ | (0.19 | ) |
Diluted (loss) earnings per share | |
$ | (0.39 | ) | |
$ | 8.61 | | |
$ | (1.33 | ) | |
$ | (12.84 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding - Basic | |
| 2,716,512 | | |
| 1,069,157 | | |
| 2,138,444 | | |
| 1,025,108 | |
Weighted average number of shares outstanding - Diluted | |
| 2,716,512 | | |
| 1,219,224 | | |
| 2,138,444 | | |
| 1,068,236 | |
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)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
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, 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 | |
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)
| |
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 | |
| - | | |
$ | - | | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
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 | | |
$ | 781 | | |
| 755,807 | | |
$ | 64,999 | | |
| 0 | | |
$ | - | | |
$ | 35,304,698 | | |
$ | - | | |
$ | (24,118,145 | ) | |
$ | 11,252,333 | |
Balance | |
| 9,076 | | |
$ | 781 | | |
| 755,807 | | |
$ | 64,999 | | |
| 0 | | |
$ | - | | |
$ | 35,304,698 | | |
$ | - | | |
$ | (24,118,145 | ) | |
$ | 11,252,333 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 179,083 | | |
| - | | |
| - | | |
| 179,083 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of Series C warrants into common shares | |
| - | | |
| - | | |
| 218,462 | | |
| 18,788 | | |
| - | | |
| - | | |
| (17,452 | ) | |
| - | | |
| - | | |
| 1,336 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| - | | |
| | | |
| - | | |
| 10,495,691 | | |
| 10,495,691 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, June 30, 2022 | |
| 9,076 | | |
| 781 | | |
| 974,269 | | |
| 83,787 | | |
| - | | |
| - | | |
| 35,466,329 | | |
| - | | |
| (13,622,454 | ) | |
| 21,928,443 | |
Balance | |
| 9,076 | | |
| 781 | | |
| 974,269 | | |
| 83,787 | | |
| - | | |
| - | | |
| 35,466,329 | | |
| - | | |
| (13,622,454 | ) | |
| 21,928,443 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries and Predecessor
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2023 | | |
2022 | |
| |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net (loss) income | |
$ | (2,843,824 | ) | |
$ | 19,835,692 | |
Adjustment to reconcile net (loss) income to net cash used in operating
activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,309,227 | | |
| 1,263,440 | |
Amortization of debt issuance costs and accretion of debt discount | |
| 23,442 | | |
| 18,291 | |
Non-cash lease expense | |
| (4,355 | ) | |
| 17,637 | |
Stock compensation expense | |
| 79,164 | | |
| 919,043 | |
Common stock issued in lieu of services performed | |
| 377,995 | | |
| - | |
Earn-out fair value and write-off adjustments | |
| 1,019,925 | | |
| 354,963 | |
Change in fair value of warrant liability | |
| (2,673,723 | ) | |
| (24,479,215 | ) |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts payables and other accrued liabilities | |
| (40,135 | ) | |
| (1,853,366 | ) |
Accounts receivable | |
| 15,444 | | |
| 142,825 | |
Accounts receivable, related parties | |
| (1,072 | ) | |
| (47,283 | ) |
Other receivables | |
| 10,816 | | |
| 7,030 | |
Other payables | |
| 115,988 | | |
| 126,984 | |
Other non-current assets | |
| - | | |
| (6,493 | ) |
Prepaid expense and other current assets | |
| (303,322 | ) | |
| 2,173,810 | |
Net cash used in operating activities | |
| (2,914,430 | ) | |
| (1,526,642 | ) |
| |
| | | |
| | |
Net cash adjustments for discontinued operating activities | |
| 907,329 | | |
| 215,231 | |
| |
| | | |
| | |
Net cash used in discontinued and continuing operating activities | |
| (2,007,101 | ) | |
| (1,311,411 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from sale of investment in NSURE | |
| 900,000 | | |
| | |
Purchase of property and equipment | |
| (13,010 | ) | |
| (11,959 | ) |
Business acquisitions, net of cash acquired | |
| - | | |
| (6,000,000 | ) |
Purchase of intangibles | |
| (151,862 | ) | |
| (5,096,885 | ) |
Net cash provided by (used in) investing activities | |
| 735,128 | | |
| (11,108,844 | ) |
| |
| | | |
| | |
Net cash adjustments for discontinued investing activities | |
| - | | |
| (13,517,085 | ) |
| |
| | | |
| | |
Net cash provided by (used in) discontinued and continuing investing
activities | |
| 735,128 | | |
| (24,625,929 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Principal repayments of debt | |
| (450,935 | ) | |
| (447,908 | ) |
Debt issuance costs | |
| - | | |
| (214,257 | ) |
Proceeds from loan for business acquisition | |
| - | | |
| 6,520,000 | |
Issuance of common shares in exchange for Series C warrants | |
| - | | |
| 1,336 | |
Payments of loans payable, related parties | |
| (649,870 | ) | |
| (21,541 | ) |
Earn-out liability | |
| (344,225 | ) | |
| (411,408 | ) |
Exercise of warrants into common stock | |
| - | | |
| 2,475,000 | |
Principal repayments on short term financing | |
| 58,707 | | |
| (40,552 | ) |
Private placement of shares and warrants | |
| 3,446,484 | | |
| 17,853,351 | |
Net cash provided by continuing financing activities | |
| 2,060,161 | | |
| 25,714,021 | |
| |
| | | |
| | |
Net cash used in discontinued financing activities | |
| (17,701 | ) | |
| - | |
Total net cash provided by continuing and discontinued financing activities | |
| 2,042,460 | | |
| 25,714,021 | |
| |
| | | |
| | |
Net increase (decrease) in cash and restricted cash | |
| 770,487 | | |
| (223,319 | ) |
Cash and restricted cash at beginning of year | |
| 1,909,769 | | |
| 4,620,722 | |
Cash and restricted cash at end of year | |
$ | 2,680,256 | | |
$ | 4,397,403 | |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS: | |
| | | |
| | |
Common stock issuance to settle earn-out liabilities | |
$ | 2,416,178 | | |
| - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Notes
to the Unaudited Condensed Consolidated Financial Statements
NOTE
1. SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Reliance
Global Group, Inc., formerly known as Ethos Media Network, Inc. (“RELI”, “Reliance”, or the “Company”),
was incorporated in Florida on August 2, 2013.
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting
principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair
presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and the notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022. Certain prior period amounts in the condensed consolidated financial statements and notes thereto have been reclassified
to conform to the current period’s presentation.
The
accompanying unaudited condensed consolidated financial statements include the accounts of Reliance Global Group, Inc. and its wholly
owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Liquidity
As
of June 30, 2023, the Company’s reported cash and restricted cash aggregated balance was approximately $2,680,000, current assets
were approximately $7,132,000, while current liabilities were approximately $4,865,000. As of June 30, 2023, the Company had positive
working capital of approximately $2,268,000 and stockholders’ equity of approximately $13,027,000. For the six months ended June
30, 2023, the Company reported loss from operations of approximately $2,843,000, a non-cash, non-operating gain on the recognition and
change in fair value of warrant liabilities of approximately $2,674,000, resulting in net loss from continuing operations of approximately
$998,000, a net loss from discontinued operations of approximately $1,846,000, resulting in an overall net loss of approximately $2,844,000. The Company
completed a capital offering in March 2023, raising net proceeds of approximately $3,446,000.
Although
there can be no assurance that debt or equity financing will be available on acceptable terms, the Company believes its financial position
and its ability to raise capital to be reasonable and sufficient. Based on our assessment, we do not believe there are conditions or
events that, in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year
of filing these financial statements with the Securities and Exchange Commission (“SEC”).
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the financial statements and accompanying
notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances.
Actual results could differ materially from those estimates.
Cash
and Restricted Cash
Cash
and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the total shown on our Condensed Consolidated
Statements of Cash Flows as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash | |
$ | 1,274,743 | | |
$ | 2,979,769 | |
Restricted cash | |
| 1,405,513 | | |
| 1,417,634 | |
Total cash and restricted cash | |
$ | 2,680,256 | | |
$ | 4,397,403 | |
Fair
Value of Financial Instruments
Level
1 — Observable inputs reflecting quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level
2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly
or indirectly for substantially the full term of the asset or liability; and
Level
3 — Unobservable inputs for the asset or liability, which include management’s own assumption about the assumptions market
participants would use in pricing the asset or liability, including assumptions about risk.
Warrant
Liabilities: The Company re-measures fair value of its Level 3 warrant liabilities at the balance sheet date, using a binomial option
pricing model. The following summarizes the significant unobservable inputs:
SCHEDULE OF EARN OUT LIABILITY
| |
June 30, 2023 | | |
December
31, 2022 | |
Stock price | |
$ | 4.71 | | |
$ | 8.55 | |
Volatility | |
| 105.0 | % | |
| 105.0 | % |
Time to expiry | |
| 3.51 | | |
| 4.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.4 | % | |
| 4.1 | % |
The
following reconciles fair value of the liability classified warrants:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
Series B Warrant Commitment | | |
Series B Warrant Liabilities | | |
Placement Agent Warrants | | |
Total | |
Beginning balance, December 31, 2022 | |
$ | - | | |
$ | 6,384,250 | | |
$ | 48,900 | | |
$ | 6,433,150 | |
Unrealized (gain) loss | |
| - | | |
| (4,226,950 | ) | |
| (39,281 | ) | |
| (4,266,231 | ) |
Ending balance, March 31, 2023 | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Beginning balance, | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Unrealized (gain) loss | |
| - | | |
| 1,584,684 | | |
| 7,825 | | |
| 1,592,509 | |
Ending balance, June 30, 2023 | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Ending balance | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Earn-out
liabilities: The Company generally values its Level 3 earn-out liabilities using the income valuation approach. Key valuation inputs
include contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments. The following
table summarizes the significant unobservable inputs used in the fair value measurements:
SCHEDULE
OF FAIR VALUE MEASUREMENTS
|
|
June
30, 2023 |
|
December
31, 2022 |
Valuation
technique |
|
Discounted
cash flow |
|
Discounted
cash flow |
Significant
unobservable input |
|
Projected
revenue and probability of achievement |
|
Projected
revenue and probability of achievement |
The
Company values its Level 3 earn-out liability related to the Barra Acquisition using a Monte Carlo simulation in a risk-neutral framework
(a special case of the Income Approach). The following summarizes the significant unobservable inputs:
SCHEDULE
OF EARN OUT LIABILITY
| |
June
30, 2023 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 9.6 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments were approximately $1,147,000 as of June 30, 2023. The following table reconciles fair value of earn-out
liabilities for the periods ended June 30, 2023, and December 31, 2022:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
| |
June 30, 2023 | | |
December 31, 2022 | |
Beginning balance – January 1 | |
$ | 2,709,478 | | |
$ | 3,813,878 | |
| |
| | | |
| | |
Acquisitions and settlements | |
| (2,760,403 | ) | |
| (1,104,925 | ) |
| |
| | | |
| | |
Period adjustments: | |
| | | |
| | |
Fair value changes included in earnings* | |
| 1,019,925 | | |
| 525 | |
| |
| | | |
| | |
Ending balance | |
| 969,000 | | |
| 2,709,478 | |
Less: Current portion | |
| (969,000 | ) | |
| (2,153,478 | ) |
Ending balance, less current portion | |
$ | - | | |
$ | 556,000 | |
Revenue
Recognition
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Three Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 206,668 | | |
$ | 4,471 | | |
$ | - | | |
$ | 211,139 | |
USBA | |
| 11,426 | | |
| 658 | | |
| - | | |
| 12,084 | |
CCS/UIS | |
| - | | |
| - | | |
| 73,402 | | |
| 73,402 | |
Montana | |
| 444,783 | | |
| 3,350 | | |
| - | | |
| 448,133 | |
Fortman | |
| 288,902 | | |
| 1,680 | | |
| 227,176 | | |
| 517,758 | |
Altruis | |
| 1,200,537 | | |
| - | | |
| - | | |
| 1,200,537 | |
Kush | |
| 322,188 | | |
| - | | |
| - | | |
| 322,188 | |
Barra | |
| 52,209 | | |
| 61,821 | | |
| 296,634 | | |
| 410,664 | |
Total | |
$ | 2,526,713 | | |
$ | 71,980 | | |
$ | 597,212 | | |
$ | 3,195,905 | |
Six Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 439,949 | | |
$ | 8,571 | | |
$ | - | | |
$ | 448,520 | |
USBA | |
| 22,689 | | |
| 1,423 | | |
| - | | |
| 24,112 | |
CCS/UIS | |
| - | | |
| - | | |
| 120,172 | | |
| 120,172 | |
Montana | |
| 930,792 | | |
| 8,335 | | |
| - | | |
| 939,127 | |
Fortman | |
| 596,557 | | |
| 2,073 | | |
| 433,544 | | |
| 1,032,174 | |
Altruis | |
| 3,068,673 | | |
| - | | |
| - | | |
| 3,068,673 | |
Kush | |
| 642,479 | | |
| - | | |
| - | | |
| 642,479 | |
Barra | |
| 121,319 | | |
| 85,202 | | |
| 653,230 | | |
| 859,751 | |
Total | |
$ | 5,822,458 | | |
$ | 105,604 | | |
$ | 1,206,946 | | |
$ | 7,135,008 | |
Three Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 178,936 | | |
$ | 5,915 | | |
$ | - | | |
$ | 184,851 | |
USBA | |
| 12,319 | | |
| - | | |
| - | | |
| 12,319 | |
CCS/UIS | |
| - | | |
| - | | |
| 57,195 | | |
| 57,195 | |
Montana | |
| 450,742 | | |
| 963 | | |
| - | | |
| 451,705 | |
Fortman | |
| 357,334 | | |
| - | | |
| 205,804 | | |
| 563,138 | |
Altruis | |
| 881,337 | | |
| 834 | | |
| - | | |
| 882,171 | |
Kush | |
| 425,449 | | |
| - | | |
| - | | |
| 425,449 | |
Reli Exchange | |
| 47,661 | | |
| 22,263 | | |
| 200,397 | | |
| 270,321 | |
Total | |
$ | 2,353,778 | | |
$ | 29,975 | | |
$ | 463,396 | | |
$ | 2,847,149 | |
Six Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 399,547 | | |
$ | 6,488 | | |
$ | - | | |
$ | 406,035 | |
USBA | |
| 25,906 | | |
| - | | |
| - | | |
| 25,906 | |
CCS/UIS | |
| - | | |
| - | | |
| 101,077 | | |
| 101,077 | |
Montana | |
| 956,329 | | |
| 2,097 | | |
| - | | |
| 958,426 | |
Fortman | |
| 687,060 | | |
| 2,873 | | |
| 403,064 | | |
| 1,092,997 | |
Altruis | |
| 2,184,367 | | |
| 2,676 | | |
| - | | |
| 2,187,043 | |
Kush | |
| 864,040 | | |
| - | | |
| - | | |
| 864,040 | |
Reli Exchange | |
| 47,662 | | |
| 22,263 | | |
| 200,397 | | |
| 270,322 | |
Total | |
$ | 5,164,911 | | |
$ | 36,397 | | |
$ | 704,538 | | |
$ | 5,905,846 | |
The
following are customers representing 10% or more of total revenue:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
| |
| | |
| |
| |
For the three months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 28 | % | |
| 30 | % |
BlueCross BlueShield | |
| 12 | % | |
| 13 | % |
Insurance Carrier | |
| 12 | % | |
| 13 | % |
| |
| | |
| |
| |
For the six months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 37 | % | |
| 36 | % |
BlueCross BlueShield | |
| 13 | % | |
| 14 | % |
Insurance Carrier | |
| 37 | % | |
| 36 | % |
No
other single customer accounted for more than 10%
of the Company’s commission revenues during the three and six months ended June 30, 2023 and 2022. The loss of any significant customer could have a material adverse effect on the
Company. Customers from 2022 were adjusted to reflect percentages of revenue from continued operations.
Income
Taxes
The
Company recorded no income tax expense for the three and six months ended June 30, 2023 and 2022 because the estimated annual effective
tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections
of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local
income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.
As
of June 30, 2023 and December 31, 2022, the Company provided a full valuation allowance
against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
Discontinued
Operations
The
Company’s board of directors approved the discontinuation and abandonment of Medigap Healthcare Insurance Company, LLC
(“Medigap”), a subsidiary of the Company, effective April 17, 2023, due to Medigap’s sustained recurring losses
stemming from amongst other factors, greater than anticipated revenue chargebacks. The Company was unable to divest its interest in
Medigap for value, and accordingly, operations were wound down in an orderly manner. In doing so, the Company transferred to its
operating entity, Medigap’s customer relationships and internally developed and purchased software intangible assets, with net
of amortization combined value of approximately $4,300,000,
as well as, its short-term financing arrangement of $29,500,
and each are respectively classified in the intangible assets and short term financing agreements accounts in the condensed
consolidated balance sheets for the periods ended June 30, 2023 and December 31, 2022. These assets have continued value to the
Company and have not been impaired as the fair value exceeds carrying cost. Medigap’s remaining assets were considered to have
no remaining asset value and were fully impaired. Certain liabilities and estimated liabilities as outlined in the tables herein,
were discharged and/or written-off in conjunction with the Settlement Agreement (as defined below) because of them having a net zero dollar estimated liability value. Accordingly, the Company recognized a net of estimated liability
adjustments gain of approximately $10,000,
and loss of approximately $4,400,000,
presented in income (loss) from discontinued operations in the consolidated statements of operations for the three and six months
ended June 30, 2023 respectively. As part of the abandonment, the Company cancelled third party contracts, settled outstanding
vendor and other third-party obligations, ceased to enter into new customer contracts via Medigap, and no further customer performance
obligations existed. The Company does not expect further continuing involvement with Medigap, and in accordance with ASC
205-20-45-9, no corporate overhead has been allocated to discontinued operations.
Settlement
Agreement
On
June 30, 2023, the Company entered into a confidential settlement agreement
and mutual release (the “Settlement Agreement”) with certain Medigap affiliated entities and persons, and the former owners
of Medigap, whereby the Company would receive a settlement payment of
$2,900,000 and was released from all past and future Medigap obligations and liabilities.
The settlement payment was received in full by the Company in July 2023 and is recorded as income from discontinued operations in the
condensed consolidated statements of operations for the three and six months ended June 30, 2023.
The following tables present the major components
of assets and liabilities included in discontinued operations on the condensed consolidated balance sheets.
SCHEDULE OF DISCONTINUED OPERATIONS ON
CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
| - | | |
$ | 73,223 | |
Accounts receivable, related parties | |
| - | | |
| 3,595 | |
Other receivables | |
| - | | |
| 5,388 | |
Prepaid expense and other current assets | |
| - | | |
| 3,792 | |
Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Property and equipment, net | |
| - | | |
$ | 24,116 | |
Right-of-use assets | |
| - | | |
| 163,129 | |
Intangibles, net | |
| - | | |
| 318,000 | |
Goodwill | |
| - | | |
| 4,825,634 | |
Other Assets - Discontinued Operations | |
| - | | |
$ | 5,330,879 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Other Assets -
Discontinued Operations | |
| - | | |
$ | 5,330,877 | |
| |
| | | |
| | |
Accounts payable and other accrued liabilities | |
| - | | |
$ | 506,585 | |
Chargeback reserve | |
| - | | |
| 915,934 | |
Current portion of leases payable | |
| - | | |
| 178,117 | |
Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
| |
| | | |
| | |
Condensed consolidated balance
sheets - Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
The
following table rolls forward Medigap’s assets and liabilities from their carrying values pre-abandonment to their values post
abandonment, and presents the impact of reclassifications, impairments, and write-offs:
Medigap Related Assets | |
Carrying Value Prior To Abandonment | | |
Asset and Liability Transfers Retained by the Company | | |
Asset Impairments and Liability Write-Offs | | |
Carrying Value As of June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
$ | 56,398 | | |
$ | - | | |
$ | (56,398 | ) | |
$ | - | |
Accounts receivable, related party | |
| 3,595 | | |
| - | | |
| (3,595 | ) | |
| - | |
Other receivables | |
| 5,388 | | |
| - | | |
| (5,388 | ) | |
| - | |
Current assets – Medigap | |
$ | 65,381 | | |
$ | - | | |
$ | (65,381 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Property and equipment, net | |
$ | 22,378 | | |
$ | - | | |
$ | (22,378 | ) | |
$ | - | |
Right-of-use assets | |
| 119,594 | | |
| - | | |
| (119,594 | ) | |
| - | |
Intangibles, net | |
| 4,570,536 | | |
| (4,258,214 | )1 | |
| (312,322 | ) | |
| - | |
Goodwill | |
| 4,825,634 | | |
| - | | |
| (4,825,634 | ) | |
| - | |
Other assets - Medigap | |
$ | 9,538,142 | | |
$ | (4,258,214 | ) | |
$ | (5,279,928 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total assets - Medigap | |
$ | 9,603,523 | | |
$ | (4,258,214 | ) | |
$ | (5,345,309 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 4,157 | | |
$ | - | | |
$ | (4,157 | ) | |
$ | - | |
Short term financing agreements | |
| 29,500 | | |
| (29,500 | ) | |
| - | | |
| - | |
Chargeback Reserve | |
| 831,725 | | |
| - | | |
| (831,725 | )2 | |
| - | |
Current portion of leases payable | |
| 134,517 | | |
| - | | |
| (134,517 | )3 | |
| - | |
Other liabilities | |
| 9,842 | | |
| - | | |
| (9,842 | )3 | |
| - | |
Current Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Net assets and liabilities - Medigap | |
$ | 8,593,782 | | |
$ | (4,228,714 | ) | |
$ | (4,365,068 | ) | |
$ | - | |
The
following tables disaggregate the major classes of pretax gain and loss as presented in discontinued operations in the condensed consolidated
statements of operations.
| |
Three Months Ended June 30, 2023 | | |
Three Months Ended June 30, 2022 | | |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
|
Three Months Ended June 30, 2023 |
|
Income | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission income | |
$ | 11,025 | | |
$ | 1,359,976 | | |
$ | 744,030 | | |
$ | 2,537,061 | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Expenses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission expense | |
| 5,491 | | |
| 187,196 | | |
| 110,639 | | |
| 305,740 | |
|
|
|
|
Salaries and wages | |
| 53,508 | | |
| 539,380 | | |
| 454,823 | | |
| 989,743 | |
|
|
|
|
General and administrative expenses | |
| 10,612 | | |
| 129,048 | | |
| 129,348 | | |
| 248,323 | |
|
|
|
|
Marketing and advertising | |
| 36,544 | | |
| 614,226 | | |
| 426,819 | | |
| 1,111,719 | |
|
|
|
|
Depreciation and amortization | |
| - | | |
| 61,964 | | |
| 7,283 | | |
| 100,488 | |
|
|
|
|
Other expenses (income) | |
| 267 | | |
| (7,500 | ) | |
| (3,902 | ) | |
| (7,456 | ) |
|
|
|
|
Total discontinued operations expenses before impairments and write-offs
| |
| 106,422 | | |
| 1,524,314 | | |
| 1,125,010 | | |
| 2,748,557 | |
|
|
|
|
Total discontinued operations income / (loss) before impairments and write-offs
| |
$ | (95,397 | ) | |
$ | (164,338 | ) | |
$ | (380,980 | ) | |
$ | (211,496 | ) |
|
|
|
|
Gains and (losses) from recoveries and impairments / write-offs of discontinued operations assets and liabilities | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Settlement Recovery | |
$ | 2,900,000 | | |
| - | | |
$ | 2,900,000 | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Asset impairment losses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts receivable | |
| - | | |
| - | | |
| (56,398 | ) | |
| - | |
|
|
|
|
Accounts receivable, related parties | |
| - | | |
| - | | |
| (3,595 | ) | |
| - | |
|
|
|
|
Other receivables | |
| - | | |
| - | | |
| (5,388 | ) | |
| - | |
|
|
|
|
Property and equipment, net | |
| - | | |
| - | | |
| (22,378 | ) | |
| - | |
|
|
|
|
Right-of-use assets | |
| - | | |
| - | | |
| (119,594 | ) | |
| - | |
|
|
|
|
Intangibles, net | |
| - | | |
| - | | |
| (312,322 | ) | |
| - | |
|
|
|
|
Goodwill | |
| - | | |
| - | | |
| (4,825,634 | ) | |
| - | |
|
|
|
|
Total Asset Impairments | |
| - | | |
| - | | |
| (5,345,309 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Liability write-off gains | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts payable and other accrued liabilities | |
| - | | |
| - | | |
| 4,157 | | |
| - | |
|
|
|
|
Other payables | |
| 9,842 | | |
| - | | |
| 9,842 | | |
| - | |
|
|
|
|
Chargeback reserve | |
| - | | |
| - | | |
| 831,725 | | |
| - | |
|
|
|
|
Current portion of leases payable | |
| - | | |
| - | | |
| 134,517 | | |
| - | |
|
|
|
|
Total liability write-off gains | |
| 9,842 | | |
| - | | |
| 980,241 | | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Discontinued operations net asset and
liability impairments / write-offs gains and (losses) | |
| 9,842 | | |
| - | | |
| (4,365,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Net gains and (losses) from recoveries
and impairments / write-offs from discontinued operations assets and liabilities | |
| 2,909,842 | | |
| - | | |
| (1,465,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Gain (loss) from discontinued operations before tax | |
| 2,814,445 | | |
| (164,338 | ) | |
| (1,846,048 | ) | |
| (211,496 | ) |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Consolidated
statement of operations - Income (loss) from discontinued operations before tax
| |
$ | 2,814,445 | | |
$ | (164,338 | ) | |
$ | (1,846,048 | ) | |
$ | (211,496 | ) |
|
|
|
|
Recently
Issued Accounting Pronouncements
We
do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.
NOTE
2. GOODWILL AND OTHER INTANGIBLE ASSETS
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022,
adjusted for discontinued operations.
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
December 31, 2022 | |
| 14,287,099 | |
June 30, 2023 | |
$ | 14,287,099 | |
For the year ended December 31, 2022, due to a declining market capitalization attributed
to Medigap’s performance, the Company performed a goodwill impairment test utilizing the Market Approach – Traded Market Value
Method, concluding that the Company’s fair value and resultant net assets, implied a goodwill balance of $19,100,000 versus our goodwill
balance prior to write-down of $33,400,000. Thus, the Company recognized a goodwill impairment loss of $14,373,374. As of June 30, 2023,
the Company recognized an additional goodwill impairment of $4,825,634 upon the abandonment of Medigap.
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022 inclusive
of discontinued operations.
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition | |
| 4,236,822 | |
Goodwill impairment (Medigap) during the year-ended December
31, 2022 | |
| (14,373,374 | ) |
December 31, 2022 | |
| 19,112,733 | |
Goodwill impairment (Medigap) during
the six months ended June 30, 2023 | |
| (4,825,634 | ) |
June 30, 2023 | |
$ | 14,287,099 | |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 2.0 | | |
$ | 1,807,187 | | |
$ | (1,144,749 | ) | |
$ | 662,438 | |
Internally developed software | |
| 3.7 | | |
| 1,783,837 | | |
| (464,372 | ) | |
| 1,319,465 | |
Customer relationships | |
| 8.5 | | |
| 11,922,290 | | |
| (2,635,325 | ) | |
| 9,286,965 | |
Purchased software | |
| 0.3 | | |
| 667,206 | | |
| (600,937 | ) | |
| 66,269 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.4 | | |
| 3,504,810 | | |
| (2,531,250 | ) | |
| 973,560 | |
| |
| | | |
$ | 19,735,330 | | |
$ | (7,426,633 | ) | |
$ | 12,308,697 | |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of December 31, 2022:
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 4.4 | | |
$ | 1,806,188 | | |
$ | (969,241 | ) | |
$ | 836,947 | |
Internally developed software | |
| 4.1 | | |
| 1,635,178 | | |
| (287,990 | ) | |
| 1,347,188 | |
Customer relationships | |
| 9.0 | | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
| 0.4 | | |
| 665,137 | | |
| (581,497 | ) | |
| 83,640 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.9 | | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Total | |
| | | |
$ | 19,583,603 | | |
$ | (6,144,234 | ) | |
$ | 13,439,369 | |
The
following table reflects expected amortization expense as of June 30, 2023, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS
Years ending December 31, | |
Amortization Expense | |
2023 (remainder of year) | |
$ | 1,279,911 | |
2024 | |
| 2,190,466 | |
2025 | |
| 1,796,510 | |
2026 | |
| 1,527,816 | |
2027 | |
| 1,194,592 | |
Thereafter | |
| 4,319,402 | |
Total | |
$ | 12,308,697 | |
NOTE
3. LONG-TERM DEBT AND SHORT-TERM FINANCINGS
Long-Term
Debt
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Senior Secured Amortizing Credit Facility for the acquisition of CCS, variable interest of Prime Rate plus 1.5%, maturing December 2028, net of deferred financing costs of $13,800 and $15,076 as of June 30, 2023 and December 31, 2022, respectively | |
| 649,875 | | |
| 693,682 | |
Oak Street Funding LLC Term Loan for the acquisition of SWMT, variable interest of Prime Rate plus 2.0%, maturing April 2029, net of deferred financing costs of $8,469 and $9,206 as of June 30, 2023 and December 31, 2022, respectively | |
| 742,833 | | |
| 788,596 | |
Oak Street Funding LLC Term Loan for the acquisition of FIS, variable interest of Prime Rate plus 2.0%, maturing May 2029, net of deferred financing costs of $33,935 and $36,843 as of June 30, 2023 and December 31, 2022, respectively | |
| 1,874,813 | | |
| 1,987,846 | |
Oak Street Funding LLC Term Loan for the acquisition of ABC, variable interest of Prime Rate plus 2.0%, maturing September 2029, net of deferred financing costs of $38,889 and $42,129 as of June 30, 2023 and December 31, 2022, respectively | |
| 3,076,800 | | |
| 3,249,575 | |
Oak Street Funding LLC Term Loan for the acquisition of Barra, variable interest of Prime Rate plus 2.5%, maturing May 2032, net of deferred financing costs of $187,475 and $198,188 as of June 30, 2023 and December 31, 2022, respectively | |
| 6,297,846 | | |
| 6,321,812 | |
| |
| 13,040,901 | | |
| 13,468,394 | |
Less: current portion | |
| (1,329,121 | ) | |
| (1,118,721 | ) |
Long-term debt | |
$ | 11,711,780 | | |
$ | 12,349,673 | |
Oak
Street Funding LLC – Term Loans and Credit Facilities
SCHEDULE
OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES
Fiscal year ending December 31, | |
Maturities of Long-Term Debt | |
2023 (remainder of year) | |
$ | 647,062 | |
2024 | |
| 1,401,013 | |
2025 | |
| 1,560,173 | |
2026 | |
| 1,733,052 | |
2027 | |
| 1,925,105 | |
Thereafter | |
| 6,068,494 | |
Total | |
| 13,334,899 | |
Less: debt issuance costs | |
| (293,998 | ) |
Total | |
$ | 13,040,901 | |
Short-Term
Financings
The
Company has various short-term notes payable for financed items such as insurance premiums and CRM software purchases. These are
normally paid in equal installments over a period of twelve months or less and carry interest rates ranging between 0%
and 8% per annum. As
of June 30, 2023 and 2022, respectively, approximately $195,000
and $377,000
remained outstanding on short-term financings.
NOTE
4. WARRANT LIABILITIES
Series
B Warrants
Pursuant
to the terms of the SPA, during the quarter ended June 30, 2023, the Series B Warrants’ effective exercise price reset to $2.63.
As of June 30, 2023, there remain 1,331,667 Series B Warrants outstanding.
For
the three and six months ended June 30, 2023, net fair value gains and losses recognized for the Series B Warrants were a loss of $1,584,684
and a gain of $2,642,267, respectively. For the three and six months ended June 30, 2022, net fair value gains and losses recognized
for the Series B Warrants were gains of $12,322,737 and $24,748,163, respectively, presented in the recognition and change in fair value
of warrant liabilities account in the consolidated statements of operations. The Series B Warrant liability outstanding as of June 30,
2023 and December 31, 2022 was $3,741,984 and $6,384,250 respectively, presented in the warrant liability account on the consolidated
balance sheets.
Placement
Agent Warrants
For
the three and six months ended June 30, 2023, net fair value gains and losses recognized for the Placement Agent Warrants
(“PAW”) were, a loss of $7,825
and a gain of $31,456,
respectively. For the three and six months ended June 30, 2022, net fair value gains recognized for the PAW were $310,514
and losses of $268,948,
respectively, presented in the recognition and change in fair value of warrant liabilities account in the consolidated statements of
operations. The PAW liability outstanding as of June 30, 2023 and December 31, 2022 was $17,444
and $48,900,
respectively, presented in the warrant liability account on the consolidated balance sheets.
NOTE
5. EQUITY
Common
Stock
The
Company is authorized to issue 133,333,333 shares of common stock, $0.086 par value. Each share of issued and outstanding common stock
entitles the holder thereof to fully participate in all shareholder meetings, to cast one vote on each matter with respect to which shareholders
have the right to vote, and to share ratably in all dividends and other distributions declared and paid with respect to common stock,
as well as in the net assets of the corporation upon liquidation or dissolution.
In January 2023, the Company issued 109,358 shares of the Company’s
common stock to settle two earn-out liabilities.
On
February 23, 2023, pursuant to authority granted by the Board of Directors of the Company, the Company implemented a 1-for-15 reverse
split of the Company’s authorized and issued and outstanding common stock (the “Reverse Split-2023”). The par value
remains unchanged. All share and per share information as well as common stock and additional paid-in capital have been retroactively
adjusted to reflect the Reverse Split-2023 for all periods presented, unless otherwise indicated. The split resulted in a rounding addition
of approximately 15,300 shares valued at par, totaling $1,300.
In
March 2023, Yes Americana, a related party, converted $645,000 of outstanding debt into 66,743 shares of the Company’s common
stock. The conversion considered the fair market value of the stock on the day of conversion of $9.67 for the total of 66,743 shares.
In
March 2023, the Company issued 155,038 shares of the Company’s common stock in conjunction with the Private Placement-2023 as
defined and discussed further below.
During
the second quarter of 2023, the Company issued 112,557
shares of the Company’s common stock in lieu of services provided.
In
May 2023, the Company issued 352,260 shares of the Company’s common stock to settle an earn-out liability.
In
May 2023, the Company issued 22,219
shares of the Company’s common stock pursuant to vested restricted stock awards earned by agents through an
equity-based compensation program at one of the Company’s subsidiaries.
As
of June 30, 2023 and December 31, 2022, there were 2,053,084 and 1,219,573 shares of Common Stock outstanding, respectively.
Warrants
Series
A Warrants
In
conjunction with the Company’s initial public offering, the Company issued 138,000
Series A Warrants which were classified as equity warrants because of provisions, pursuant to the warrant agreement, that permit the
holder obtain a fixed number of shares for a fixed monetary amount. The warrants are standalone equity securities that are
transferable without the Company’s consent or knowledge. The warrants were recorded at a value per the offering of $0.15.
The warrants may be exercised at any point from the effective date until the 5-year anniversary of issuance and are not subject to
standard antidilution provisions. After taking into account warrant exercises, there were 113,000 Series A warrants outstanding as of June 30,
2023 and December 31, 2022.
Series
E and F Warrants
On
March 13, 2023, the Company entered into a securities purchase agreement (the “SPA-2023”) with one institutional buyer for
the purchase and sale of, (i) an aggregate of 155,038 shares (the “Common Shares”) of the Company’s common stock, par
value $0.086 per share (the “Common Stock”) along with accompanying common warrants (the “Common Units”), (ii)
prefunded warrants (the “Prefunded Warrants” or “Series E Warrants”) that are exercisable into 897,594 shares
of Common Stock (the “Prefunded Warrant Shares”) along with accompanying common warrants (the “Pre-Funded Units”),
and (iii) common warrants (the “Common Warrants” or “Series F Warrants”) to initially acquire up to 2,105,264
shares of Common Stock (the “Common Warrant Shares”) (representing 200% of the Common Shares and Prefunded Warrant Shares)
in a private placement offering (the “Private Placement-2023”). Additionally, the Company agreed to issue a warrant to the
Placement Agent (defined below), to initially acquire 52,632 shares of common stock (the “PA Warrant”) and entered
into a registration rights agreement with the buyer to register for resale the common shares underlying the Series E and F Warrants.
The
aggregate purchase price for the Common Shares, Prefunded Warrants (Series E Warrants) and the Common Warrants (Series F Warrants) to
be purchased by the Buyer shall be equal to (i) $3.80 for each Common Unit purchased by such Buyer, or (ii) $3.799 for each Prefunded
Unit purchased by the Buyer, which Prefunded Warrants are exercisable into Prefunded Warrant Shares at the initial Exercise Price (as
defined in the Prefunded Warrant) of $0.001 per Prefunded Warrant Share in accordance with the Prefunded Warrant.
The
Common Warrant (Series F) has an exercise price of $3.55 per share, subject to adjustment for any stock dividend, stock split, stock
combination, reclassification or similar transaction occurring after the date of the Private
Placement-2023. The Common Warrant will be exercisable six months following the date of issuance
and will expire five and a half years from the date of issuance.
The
PA Warrant has an exercise price of $3.91 per share, subject to adjustment for any stock dividend, stock split, stock combination, reclassification
or similar transaction occurring after the date of the SPA-2023. The PA Warrant will be exercisable six months following the date of
issuance and will expire five years from the date of issuance.
The
closing of the Private Placement-2023 occurred on March 16, 2023. EF Hutton, a division of Benchmark Investments, LLC (the “Placement
Agent”) acted as the sole placement agent and was entitled to an 8% of gross proceeds cash fee and the reimbursement of certain
Placement Agent fees and customary expenses.
Gross
and net proceeds to the Company from the Private Placement-2023
were approximately $4 million and $3.4 million respectively, to be utilized primarily for general
working capital and administrative purposes. Direct financing fees approximated $553,000.
The
Company determined the Series E Warrants, Series F Warrants, and PA Warrants are equity in nature because of provisions, pursuant to
the warrant agreements, that permit the holder to obtain a fixed number of shares for a fixed monetary amount. The values offset to $0
in additional paid-in capital in the Company’s condensed consolidated statements of stockholders’ equity (deficit).
Equity-based Compensation
During
the six month period ended June 30, 2023, an executive was awarded an annual stock award in conjunction with a promotion agreement,
consisting of 2,667
shares of the Company’s common stock per annum, to vest monthly throughout the term of employment. For the three and six
months ended June 30, 2023, total stock compensation for this award was valued at approximately $5,601,
and $11,443,
respectively, recorded as stock-based compensation.
Total
stock-based compensation expense recorded in general and administrative expenses in the condensed consolidated statements of operations
for the three and six months ended June 30, 2023 was $35,367 and $79,163, respectively.
NOTE
6. EARNINGS (LOSS) PER SHARE
Basic
earnings per common share (“EPS”) applicable to common stockholders is computed by dividing earnings applicable to common
stockholders by the weighted-average number of common shares outstanding.
If
there is a loss from operations, diluted EPS is computed in the same manner as basic EPS is computed. Similarly, if the Company has net
income but its preferred dividend adjustment made in computing income available to common stockholders results in a net loss available
to common stockholders, diluted EPS would be computed in the same manner as basic EPS.
The
following calculates basic and diluted EPS:
SCHEDULE
OF CALCULATIONS OF BASIC AND DILUTED EPS
| |
Three Months | | |
Three Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations, numerator, basic and diluted computation | |
$ | (3,869,732 | ) | |
$ | 10,660,028 | |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,716,512 | | |
| 1,069,157 | |
Effect of series B warrants | |
| - | | |
| - | |
Effect of stock awards | |
| - | | |
| 2,128 | |
Effect of preferred stock | |
| - | | |
| 147,939 | |
Weighted average common shares, dilutive | |
| 2,716,512 | | |
| 1,219,224 | |
(Loss) earnings per common share – basic | |
$ | (1.42 | ) | |
$ | 9.97 | |
(Loss) earnings per common share – diluted | |
$ | (1.42 | ) | |
| 8.74 | |
| |
Six Months | | |
Six Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations | |
$ | (997,776 | ) | |
$ | 20,047,189 | |
Deemed dividend | |
| - | | |
| (6,930,335 | ) |
Net income continuing operations, numerator, basic computation | |
| (997,776 | ) | |
| 13,116,854 | |
Recognition and change in fair value of warrant liabilities | |
| - | | |
| (26,625,915 | ) |
Net loss continuing operations, numerator, diluted computation | |
$ | (997,776 | ) | |
$ | (13,509,061 | ) |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,138,444 | | |
| 1,025,108 | |
Effect of series B warrants | |
| - | | |
| 43,128 | |
Weighted average common shares, dilutive | |
| 2,138,444 | | |
| 1,068,236 | |
Loss per common share – basic | |
| (0.47 | ) | |
| 12.80 | |
Loss per common share – diluted | |
$ | (0.47 | ) | |
$ | (12.65 | ) |
The
reversal of the gain on the change fair value of the Series B warrant liability for the six months June 30, 2022 is included in the numerator
of the dilutive EPS calculation to eliminate the effects the warrants as the impact is dilutive.
Additionally,
the following are considered anti-dilutive securities excluded from weighted-average shares used to calculate diluted net loss per common
share:
SCHEDULE
OF DILUTIVE NET LOSS PER COMMON SHARES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| - | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| - | |
Shares subject to warrant liability | |
| - | | |
| 668,299 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| 4,621 | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| 147,939 | |
Shares subject to warrant liability | |
| - | | |
| - | |
NOTE
7. LEASES
Operating
lease expense for the three months ended June 30, 2023 and 2022 was $123,326 and $111,900, respectively. Operating lease expense for
the six months ended June 30, 2023 and 2022 was $239,296 and $219,223 respectively. As of June 30, 2023, the weighted average remaining
lease term and weighted average discount rate for the operating leases were 3.89 years and 6.20% respectively.
Future
minimum lease payment under these operating leases consisted of the following:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
Period ending June 30, 2023 | |
Operating Lease Obligations | |
2023 | |
$ | 216,833 | |
2024 | |
| 357,688 | |
2025 | |
| 166,384 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,052 | |
Total undiscounted operating lease payments | |
| 1,122,845 | |
Less: Imputed interest | |
| 116,127 | |
Present value of operating lease liabilities | |
$ | 1,006,718 | |
NOTE
8. COMMITMENTS AND CONTINGENCIES
Legal
Contingencies
The
Company is subject to various legal proceedings and claims, either asserted or unasserted, arising in the ordinary course of business.
While the outcome of these claims cannot be predicted with certainty, management does not believe the outcome of any of these matters
will have a material adverse effect on our business, financial position, results of operations, or cash flows, and accordingly, no legal
contingencies are accrued as of June 30, 2023 and December 31, 2022. Litigation relating to the insurance brokerage industry is not uncommon.
As such the Company, from time to time have been subject to such litigation. No assurances can be given with respect to the extent or
outcome of any such litigation in the future.
Earn-out
liabilities
The
following outlines changes to the Company’s earn-out liability balances for the respective periods ended June 30, 2023 and December
31, 2022:
SCHEDULE OF EARN-OUT LIABILITY
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Changes due to payments | |
$ | (1,433,700 | ) | |
$ | (250,000 | ) | |
$ | (929,168 | ) | |
$ | (147,535 | ) | |
| - | | |
| (2,760,403 | ) |
Changes due to fair value adjustments | |
| 766,700 | | |
| 150,000 | | |
| 94,225 | | |
| - | | |
| 9,000 | | |
| 1,019,925 | |
Ending balance June 30, 2023 | |
$ | - | | |
$ | 400,000 | | |
$ | - | | |
$ | - | | |
$ | 569,000 | | |
$ | 969,000 | |
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Beginning balance | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 600,000 | | |
| 600,000 | |
Changes due to payments | |
| (34,430 | ) | |
| (326,935 | ) | |
| (84,473 | ) | |
| (1,259,087 | ) | |
| - | | |
| (1,704,925 | ) |
Changes due to fair value adjustments | |
| 186,122 | | |
| 210,966 | | |
| (73,452 | ) | |
| (283,111 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Ending balance | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
NOTE
9. RELATED PARTY TRANSACTIONS
On
September 13, 2022, the Company issued a promissory note to YES Americana Group, LLC (“Americana”) a related party entity
beneficially owned by the Company’s Chief Executive Officer, for the principal sum of $1,500,000
(the “Note”), accruing monthly interest of 5% per annum beginning nine months after Note issuance. On February 7, 2023 ,
the Company and Americana entered into an amendment to the Note pursuant to which (i) the principal amount of the Note was increased
to $1,845,000, (ii) the maturity date of the Note was amended to January 15, 2026, (iii) the interest rate under the Note shall not
increase after the maturity date, and (iv) the Note can be converted at any time, at the option of Americana, into shares of the
Company’s common stock, par value $0.086 per share at an agreed upon conversion price.
On
February 13, 2023, Americana effectuated a conversion of $645,000
of the Note into 66,743
shares of the Company’s common stock, $0.086
par value per share, in accordance with the terms of the Amendment. In addition, during the month of March 2023 the Company repaid
to Americana $400,000.
During the months of April and June of 2023 the company repaid to Americana an additional $230,000.
As of June 30, 2023 and December 31, 2022 respectively, the balance owed to Americana was $570,000
and $1,500,000,
reclassified and recorded in the convertible debt, related
parties, less current portion account in the condensed consolidated balance sheets.
The Company has amounts payable to Reliance Global
Holdings, LLC, a related party beneficially owned by the Company’s Chief Executive Officer stemming from funds loaned to the Company
for various subsidiary acquisitions. These loans do not bear interest and there is no term. Repayment will be made at the Company’s
discretion. The open balance is considered non-current and classified to the related parties, less current portion account in the condensed
consolidated balance sheets with open balances of $25,479 and $100,724 as of June 30, 2023 and December 31, 2022, respectively.
The Company incurred a payable of $200,000 to an
employee for a software purchased in July of 2019. The payable was issued with a $27,673 discount, utilizing a 7.5% discount
rate. There are monthly payment terms of $4,167 through
June 2024, the date of final settlement. The balance is carried at present value on the condensed consolidated balance sheets. The
Company classifies amounts planned to be settled within twelve months from the balance sheet date to current liabilities.
Accordingly, the Company presents current balances of $47,249 in the current portion of loans payables, related parties account in
the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. Non-current amounts are classified to the loans
payable, related parties, less current portion account in the condensed consolidated balance sheets and amounted to $0 and $21,541
as of June 30, 2023, and December 31, 2022, respectively. Amortization expense to bring the payable to present value for the
three and six months ended June 30, 2023 respectively, was $1,730 and $3,459, and is classified to the interest expense, related
parties account in the condensed consolidated statements of operations.
Pursuant to the first amendment to the April 26,
2022 asset purchase agreement between the Company and Barra & Associates, LLC, a related party entity beneficially owned by a
senior vice president of the Company, the Company agreed to pay a deferred purchase price (the “DPP”) of $1,375,000
by January 31, 2023, and all amounts unpaid thereafter will accrue interest at a rate of 1.5%
per month until paid. The Company intends to fully repay all unpaid amounts inclusive of interest over the next twenty-four months.
The Company classifies amounts planned to be settled within twelve months from the balance sheet date to current liabilities.
Accordingly, the Company reclassifies and presents current balances of $825,000
and $1,375,000
respectively, in the current portion of loans payables, related parties account in the condensed consolidated balance sheets as of
June 30, 2023 and December 31, 2022. Non-current amounts are classified to the loans payable, related parties, less current portion
account in the condensed consolidated balance sheets and amounted to $281,916
and $0
as of June 30, 2023, and December 31, 2022 respectively. Interest expense for the three and six months ended June 30, 2023
respectively, was $49,423
and $89,170, recorded to
interest expense, related parties in the condensed consolidated statements of operations.
NOTE
10. INVESTMENT IN NSURE
During
April 2023, the Company sold its remaining 262,684 of NSURE shares to unaffiliated third parties, receiving the shares’ cost basis and
cash proceeds of $900,000. The Company’s remaining NSURE share balance as of June 30, 2023, was zero.
NOTE 11. SUBSEQUENT EVENTS
Pursuant to the terms of the SPA, on July 7, 2023, the Series B Warrants’ effective exercise
price reset to $2.50, and on July 14, 2023, 165,000 Series B Warrants were exercised into 73,264 shares of common stock in a cashless
exercise. Accordingly, the adjusted balance of Series B Warrants outstanding as of the exercise date is 1,166,667.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Reliance
Global Group, Inc. (the “Company”) operates as a diversified company engaging in business in the insurance market, as well
as other related sectors. Our focus is to grow the Company by pursuing an aggressive acquisition strategy, initially and primarily focused
upon wholesale and retail insurance agencies. The Company is controlled by the same management team as Reliance Global Holdings,
LLC (“Reliance Holdings”), a New York based firm that is the owner and operator of numerous companies with core interests
in real estate and insurance. Our relationship with Reliance Holdings provides us with significant benefits: (1) experience, knowledge,
and industry relations; (2) a source of acquisition targets currently under Reliance Holdings’ control; and (3) financial and logistics
assistance. We are led and advised by a management team that offers over 100 years of combined business expertise in real estate, insurance,
and the financial service industry.
In
the insurance sector, our management has extensive experience acquiring and managing insurance portfolios in several states, as well
as developing specialized programs targeting niche markets. Our primary strategy is to identify specific risk to reward arbitrage opportunities
and develop these on a national platform, thereby increasing revenues and returns, and then identify and acquire undervalued wholesale
and retail insurance agencies with operations in growing or underserved segments, expand and optimize their operations, and achieve asset
value appreciation while generating interim cash flows.
As
part of our growth and acquisition strategy, we continue to survey the current insurance market for value-add acquisition opportunities.
As of June 30, 2023, we have acquired nine insurance agencies, including both affiliated and unaffiliated companies and long term, we
seek to conduct all transactions and acquisitions through our direct operations.
Over
the next 12 months, we plan to focus on the expansion and growth of our business through continued asset acquisitions in insurance markets
and organic growth of our current insurance operations through geographic expansion and market share growth.
Further,
we launched our 5MinuteInsure.com (“5MI”) Insurtech platform during 2021 which expanded our national footprint. 5MI is a
high-tech proprietary tool developed by us as a business to consumer portal which enables consumers to instantly compare quotes from
multiple carriers and purchase their car and home insurance in a time efficient and effective manner. 5MI taps into the growing number
of online shoppers and utilizes advanced artificial intelligence and data mining techniques, to provide competitive insurance quotes
in around 5 minutes with minimal data input needed from the consumer. The platform launched during the summer of 2021 and currently operates
in 46 states offering coverage with up to 30 highly rated insurance carriers.
With
the acquisition of Barra, we launched RELI Exchange, our business-to-business (B2B) InsurTech platform and agency partner network that
builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com. Through RELI Exchange we on-board agency partners
and provide them with an InsurTech platform white labeled, designed and branded specifically for their business. This combines the best
of digital and human capabilities by providing our agency partners and their customers quotes from multiple carriers within minutes.
Since its inception, RELI Exchange has increased its agent roster by more than 30%.
Business
Trends and Uncertainties
The
insurance intermediary business is highly competitive, and we actively compete with numerous firms for customers and insurance companies,
many of which have relationships with insurance companies, or have a significant presence in niche insurance markets that may give them
an advantage over us. Other competitive concerns may include the quality of our products and services, our pricing and the ability of
some of our customers to self-insure and the entrance of technology companies into the insurance intermediary business. Several insurance
companies are engaged in the direct sale of insurance, primarily to individuals, and do not pay commissions to agents and brokers.
Financial
Instruments
The
Company’s financial instruments as of June 30, 2023, consist of derivative warrants. These are accounted at fair value as of inception/issuance
date, and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, (non-cash) gain
or loss.
Insurance
Operations
Our
insurance operations focus on the acquisition and management of insurance agencies throughout the U.S. Our primary focus is to pinpoint
undervalued wholesale and retail insurance agencies with operations in growing or underserved segments (including healthcare and Medicare,
as well as personal and commercial insurance lines). We then focus on expanding their operations on a national platform and improving
operational efficiencies to achieve asset value appreciation while generating interim cash flows. In the insurance sector, our management
team has over 100 years of experience acquiring and managing insurance portfolios in several states, as well as developing specialized
programs targeting niche markets. We plan to accomplish these objectives by acquiring wholesale and retail insurance agencies it deems
to represent a good buying opportunity (as opposed to insurance carriers) as insurance agencies bear no insurance risk. Once acquired,
we plan to develop them on a national platform to increase revenues and profits through a synergetic structure. The Company is initially
focused on segments that are underserved or growing, including healthcare and Medicare, as well as personal and commercial insurance
lines.
Insurance
Acquisitions and Strategic Activities
As
of the balance sheet date, we have acquired multiple insurance brokerages (see table below), including both acquisitions of affiliated
companies (i.e., owned by Reliance Holdings before the acquisition) and unaffiliated companies. As our acquisition strategy continues,
our reach within the insurance arena can provide us with the ability to offer lower rates, which could boost our competitive position
within the industry.
Acquired
|
|
Date
|
|
Location
|
|
Line
of Business |
|
Status |
|
|
|
|
|
|
|
|
|
U.S.
Benefits Alliance, LLC (USBA) |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
Employee
Benefit Solutions, LLC (EBS) |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
Commercial
Solutions of Insurance Agency, LLC (CCS or Commercial Solutions) |
|
December
1, 2018 |
|
New
Jersey |
|
P&C
– Trucking Industry |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
Southwestern
Montana Insurance Center, Inc. (Southwestern Montana or Montana) |
|
April
1, 2019 |
|
Montana |
|
Group
Health Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
Fortman
Insurance Agency, LLC (Fortman or Fortman Insurance) |
|
May
1, 2019 |
|
Ohio |
|
P&C
and
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
Altruis
Benefits Consultants, Inc. (Altruis) |
|
September
1, 2019 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
UIS
Agency, LLC (UIS) |
|
August
17, 2020 |
|
New
York |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
J.P.
Kush and Associates, Inc. (Kush) |
|
May
1, 2021 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
Barra
& Associates, LLC |
|
April
26, 2022 |
|
Illinois |
|
Health
Insurance |
|
Unaffiliated |
Recent
Developments
Reverse
Stock Split
On
February 23, 2023, pursuant to authority granted by the Board of Directors of the Company, the Company implemented a 1-for-15 reverse
split of the Company’s authorized and issued and outstanding common stock (the “Reverse Split-2023”). The par value
remains unchanged. All share and per share information as well as common stock and additional paid-in capital have been retroactively
adjusted to reflect the Reverse Split-2023 for all periods presented, unless otherwise indicated. The split resulted in a rounding addition
of approximately 15,300 shares valued at par, totaling $1,300.
Second
Amendment to Fortman Purchase Agreement
As
previously disclosed, the Company, Fortman Insurance Services, LLC, Fortman Insurance Agency, LLC, Jonathan Fortman, and Zachary Fortman
(collectively, the “Parties”) entered into a purchase agreement on or around May 1, 2019 (the “Purchase Agreement”),
whereby the Company purchased the business and certain assets noted within the Purchase Agreement. On May 18, 2023, the Parties entered
into that certain second amendment to the Purchase Agreement (the “Second Amendment”). Pursuant to the Second Amendment,
the Parties agreed to a total remaining balance of $716,850 owed to both Jonathan Fortman and Zachary Fortman under the Purchase Agreement
for a combined total amount owed of $1,433,700. In satisfaction of such remaining balances, the Company agreed to issue 176,130 shares
of the Company’s restricted common stock, par value $0.086 per share (the “Common Stock”), to both Jonathan Fortman
and Zachary Fortman (collectively, the “Shares”), for a total issuance of 352,260 shares of Common Stock. Following the issuance
of the Shares, the Company’s issued and outstanding Common Stock count will be 1,983,308. If the Nasdaq official closing price
of the Common Stock is less than $4.07 on November 18, 2023, then the Company shall pay both Jonathan Fortman and Zachary Fortman an
amount equal to the Make-Up Payment (as defined herein) within 15 business days thereafter. Pursuant to the Second Amendment, the “Make-Up
Payment” means an amount in cash equal to $616,850 minus First Holder Shares Value (as defined herein) to Jonathan Fortman, and
$616,850 minus Second Holder Shares Value (as defined herein) to Zachary Fortman. Further, under the Second Amendment, the “First
Holder Shares Value” and “Second Holder Shares Value” means 176,130 and 176,130 respectively (subject to appropriate
adjustments for any stock dividend, stock split, stock combination, rights offerings, reclassification or similar transaction that proportionately
decreases or increases the Common Stock) multiplied by the Nasdaq official closing price of the Common Stock on November 18, 2023.
Settlement
Agreement
On
June 30, 2023, the Company entered into a Confidential Settlement Agreement and Mutual Release (the “Settlement Agreement”)
by and between the Company, Medigap Healthcare Insurance Agency, LLC, a wholly owned subsidiary of the Company (the “Agency”
and together with the Company, the “Reliance Parties”), Pagidem, LLC f/k/a Medigap Healthcare Insurance Company, LLC (“Pagidem”),
Joseph J. Bilotti, III (together with Pagidem, the “Bilotti Parties”), Kyle Perrin, Zachary Lewis, T65 Health Insurance Solutions,
Inc. f/k/a T65 Health Solutions, Inc. (“T65”), and Seniors First Life, LLC (collectively with Mr. Lewis and T65, the “Lewis
Parties”).
The
Company, Pagidem, and Mr. Bilotti previously entered into that certain Asset Purchase Agreement dated December 21, 2021 (the “APA”),
pursuant to which the Company acquired, and the Bilotti Parties sold, certain assets and liabilities of Pagidem to the Company. As part
of the transactions contemplated by the APA, the Company entered into that certain Employment Agreement, dated as of January 10, 2022,
by and between the Company and Mr. Perrin (the “Employment Agreement”). The Company later assigned the assets and liabilities
it acquired pursuant to the APA, and the Employment Agreement, to Agency. Mr. Perrin previously served as the Chief Operating Officer
and Chief Executive Officer of Agency pursuant to the Employment Agreement. The Company and Mr. Lewis entered into that certain Non-Disclosure
Agreement, effective as of January 24, 2022 (the “NDA”).
The
Company, pursuant to the APA, previously filed a claim with the American Arbitration Association (“AAA”), Case No. 01-23-0002-3404
(the “Bilotti Arbitration”), wherein the Company purports to assert claims against the Bilotti Parties for fraudulent inducement,
intentional and negligent misrepresentation, breach of contract, breach of restrictive covenants, conversion, civil theft, tortious interference,
and conspiracy (the “Bilotti Claim”). The Company also filed, pursuant to the Employment Agreement, a claim with the AAA,
Case No. 01-23-0002-2048(the “Perrin Arbitration”), wherein the Company purports to assert claims against Mr. Perrin for
conversion, civil conspiracy, fraud, breach of fiduciary duty, and breach of duty of loyalty and good faith. (the “Perrin Claim”).
In the Perrin Arbitration, Mr. Perrin filed counterclaims against the Company for breaches of employment agreement, unjust enrichment,
and breach of the covenant of good faith and fair dealing (the “Perrin Counterclaim”).
The
Reliance Parties have filed a complaint in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida, Case
No. 50-2023-CA-010777-XXXXMB, Div. AA (the “Lewis Litigation,” and collectively with the Bilotti Arbitration and the Perrin
Arbitration, the “Medigap Disputes”), wherein the Reliance Parties purport to assert claims against the Lewis Parties for
tortious interference with business relationship, civil conspiracy, breach of contract, conversion, and unjust enrichment (the “Lewis
Claim”).
The
parties to the Settlement Agreement have each disputed and continue to dispute the claims asserted and allegations made against them.
United
Insurance Group Agency, Inc. and/or LTC Global, Inc. or those entities’ assignees, affiliates, subsidiaries, partners or parent
companies (collectively, the “Factor”), allege the Reliance Parties owe the Factor a debt, which the Reliance Parties dispute.
Pursuant
to the terms of the Settlement Agreement, the Medigap Parties agreed to pay to the Company an amount equal to $2,900,000 (the “Settlement
Payment”) within five business days of the effective date of the Settlement Agreement. The Company received the Settlement Payment
on July 6, 2023.
Upon
receipt of the Settlement Payment, the Reliance Parties agreed to release and discharge each and all of the Bilotti Parties, Mr. Perrin,
and the Lewis Parties, and each of their present and former agents, servants, or employees, members, owners, shareholders, officers,
managers, partners, directors, trustees, representatives, attorneys, contractors, predecessor and successor entities and assigns, parents,
subsidiaries and affiliates (collectively, the “Medigap Released Parties”) of and from any and all past, existing, and/or
future suits, liabilities, claims, demands, fees, costs, expenses, payments, judgments, damages, actions and rights or causes of action
of any kind or nature, from the beginning of the world to the effective date of the Settlement Agreement, including but not limited to
(A) any matters that were or could have been alleged in the: (i) the Bilotti Arbitration; (ii) the Perrin Arbitration; (iii) the Lewis
Litigation; and (B) (i) any and all claims to additional money, distributions, or compensation of any kind from the Medigap Released
Parties; provided, however, that nothing in the Settlement Agreement will serve to release any claims the Reliance Parties may have against
the Factor.
In
addition, upon receipt of the Settlement Payment, the Medigap Parties agreed to release and discharge each and all of the Reliance Parties,
and each of their present and former agents, servants, or employees, members, owners, shareholders, officers, managers, partners, directors,
trustees, representatives, attorneys, contractors, predecessor and successor entities and assigns, parents, subsidiaries and affiliates
(collectively, the “Reliance Released Parties”) of and from any and all past, existing, and/or future suits, liabilities,
claims, demands, fees, costs, expenses, payments, judgments, damages, actions and rights or causes of action of any kind or nature, from
the beginning of the world to the effective date of the Settlement Agreement, including but not limited to (A) any matters that were
or could have been alleged in the: (i) the Bilotti Arbitration; (ii) the Perrin Arbitration; (iii) the Lewis Litigation; and (B) (i)
any and all claims to additional money, distributions, or compensation of any kind from the Medigap Released Parties.
Also,
pursuant to the terms of the Settlement Agreement, Mr. Perrin agreed to release the Reliance Parties from all claims arising under any
federal, state or local law or statute, including without limitation, the Fair Labor Standards Act, the Americans with Disabilities Act,
the Age Discrimination in Employment Act, the Family Medical Leave Act, Title VII of the Civil Rights Act of 1964, Employee Retirement
Income Security Act, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the law of contract and tort, any claim
for attorneys’ fees, claims for unpaid wages or other employment compensation, and claims of personal injury, including mental
and physical pain and suffering or intentional infliction of emotional distress. Additionally, Mr. Perrin expressly waived any right
to recover any type of personal relief from the Reliance Parties, including monetary damages or reinstatement, in any administrative
action or proceeding, whether state or federal, and whether brought by Mr. Perrin or on his behalf by an administrative agency, related
in any way to the matters herein.
Pursuant
to the terms of the Settlement Agreement, all of the parties thereto agreed that, upon receipt of the Settlement Payment by the Reliance
Parties, they would discharge any obligations under the APA, the Employment Agreement, the NDA and all ancillary documents and agreements
referenced or contemplated therein. In addition, within five business days of receipt of the Settlement Payment: (i) the Company will
cause the Bilotti Arbitration to be dismissed, with prejudice; (ii) the Reliance Parties and Mr. Perrin will cause the Perrin Arbitration
to be dismissed, with prejudice; and (iii) the Reliance Parties will cause the Lewis Litigation to be dismissed, with prejudice.
Results
of Operations
Comparison
of the three months ended June 30, 2023 to the three months ended June 30, 2022
The
following table sets forth our revenue and operating expenses for each of the years presented.
| |
June
30, 2023 | | |
June
30, 2022 | |
Revenue | |
| | | |
| | |
Commission income | |
$ | 3,195,905 | | |
| 2,847,149 | |
Total revenue | |
| 3,195,905 | | |
| 2,847,149 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Commission expense | |
| 822,274 | | |
| 662,932 | |
Salaries and wages | |
| 1,742,697 | | |
| 1,637,412 | |
General and administrative expenses | |
| 1,703,811 | | |
| 1,630,169 | |
Marketing and advertising | |
| 109,860 | | |
| (4,844 | ) |
Depreciation and amortization | |
| 655,449 | | |
| 694,440 | |
Total operating expenses | |
| 5,034,091 | | |
| 4,620,109 | |
| |
| | | |
| | |
Loss from operations | |
| (1,838,186 | ) | |
| (1,772,960 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Other expense, net | |
| (439,037 | ) | |
| (200,263 | ) |
Recognition and change in fair value of warrant liabilities | |
| (1,592,509 | ) | |
| 12,633,251 | |
Total other income (expense) | |
| (2,031,546 | ) | |
| 12,432,988 | |
| |
| | | |
| | |
Income from continuing operations | |
$ | (3,869,732 | ) | |
| 10,660,028 | |
Loss from discontinued operations | |
| 2,814,445 | | |
| (164,337 | ) |
Net (loss) income | |
| (1,055,287 | ) | |
| 10,495,691 | |
Revenues
The
Company’s revenue is primarily comprised of commissions paid by insurance carriers or their representatives related to insurance
plans that have been purchased by a member who used our services. We define a member as an individual or entity currently covered by
an insurance plan, including individual and family, Medicare-related, small business, and ancillary plans, as well as property and casualty
coverage, including auto, home and life, for which the Company is entitled to receive compensation from an insurance carrier.
The
Company had revenues of approximately $3.2 million for the three months ended June 30, 2023, as compared to approximately $2.8
million for the three months ended June 30, 2022. The increase of approximately $349 thousand or 12% is primarily driven by organic
growth and the addition of RELI Exchange.
Commission
expense
The
Company had total commission expense of approximately $822 thousand for the three months ended June 30, 2023, compared to
approximately $663 thousand for the three months ended June 30, 2022. The increase of
approximately $159 thousand or 24% is primarily driven by organic growth and the addition of RELI Exchange.
Salaries
and wages
The
Company reported approximately $1.7 million of salaries and wages expense for the three months ended June 30, 2023, compared to approximately
$1.6 million for the three months ended June 30, 2022. The increase of approximately $105
thousand or 6% is a result of the Company’s growth driven by expanded operations.
General
and administrative expenses
The
Company had total general and administrative expenses of approximately $1.7 million for the three months ended June 30, 2023, as compared
to approximately $1.6 million for the three months ended June 30, 2022. The increase in
expense of approximately $74 thousand or 5% is a result of the Company’s growth driven by expanded operations.
Marketing
and advertising
The
Company reported approximately $110 thousand of marketing and advertising expense for the three months ended June 30, 2023 compared to
approximately a credit of approximately $5 thousand for the three months ended June 30,
2022. The 2022 credit is comprised of marketing expense of $29,663 and marketing allowances received, totaling $(34,506) which net to
$4,844. The net increase of approximately $115 thousand is a result of increased branding and outreach efforts to achieve greater industry
presence as well as marketing allowances received in 2022 to offset marketing expense but not received in 2023.
Depreciation
and amortization
The
Company reported approximately $655 thousand of depreciation and amortization expense for
the three months ended June 30, 2023 compared to approximately $694 thousand for the three
months ended June 30, 2022. The decrease of approximately $39 thousand or 6% is primarily a result of fully depreciated assets no longer
incurring amortization charges.
Other
income and expense
The
Company reported approximately $2 million of other expense for the three months ended June 30, 2023 compared to approximately $12
million of other income for the three months ended June 30, 2022. The decrease of approximately $14 million is attributable primarily
to the change in fair value of warrant liabilities, offset by interest expense.
Comparison
of the six months ended June 30, 2022 to the six months ended June 30, 2021
The
following table sets forth our revenue and operating expenses for each of the periods presented.
| |
June
30, 2023 | | |
June
30, 2022 | |
Revenue | |
| | | |
| | |
Commission income | |
$ | 7,135,008 | | |
| 5,905,846 | |
Total revenue | |
| 7,135,008 | | |
| 5,905,846 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Commission expense | |
| 1,905,600 | | |
| 1,448,543 | |
Salaries and wages | |
| 3,454,794 | | |
| 3,269,225 | |
General and administrative expenses | |
| 3,062,066 | | |
| 3,963,964 | |
Marketing and advertising | |
| 246,432 | | |
| 84,686 | |
Depreciation and amortization | |
| 1,309,227 | | |
| 1,263,440 | |
Total operating expenses | |
| 9,978,119 | | |
| 10,029,858 | |
| |
| | | |
| | |
Loss from operations | |
| (2,843,111 | ) | |
| (4,124,012 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Other expense, net | |
| (828,388 | ) | |
| (308,014 | ) |
Recognition and change in fair value of warrant liabilities | |
| 2,673,723 | | |
| 24,479,215 | |
Total other income (expense) | |
| 1,845,335 | | |
| 24,171,201 | |
| |
| | | |
| | |
Income from continuing operations | |
$ | (997,776 | ) | |
| 20,047,189 | |
Loss from discontinued operations | |
| (1,846,048 | ) | |
| (211,497 | ) |
Net (loss) income | |
| (2,843,824 | ) | |
| 19,835,692 | |
Revenues
The
Company had revenues of approximately $7.1 million for the six months ended June 30, 2023, as compared to approximately $5.9
million for the six months ended June 30, 2022. The increase of approximately $1.2 million or 21% is primarily driven by organic
growth and the addition of RELI Exchange.
Commission
expense
The
Company had total commission expense of approximately $1.9 million for the six months ended June 30, 2023, compared to approximately
$1.4 million for the six months ended June 30, 2022. The increase of approximately $457
thousand or 32% is primarily driven by organic growth and the addition of RELI Exchange.
Salaries
and wages
The
Company reported approximately $3.5 million of salaries and wages expense for the six months ended June 30, 2023, compared to approximately
$3.3 million for the six months ended June 30, 2022. The increase of approximately $186
thousand or 6% is a result of the Company’s growth driven by expanded operations.
General
and administrative expenses
The
Company had total general and administrative expenses of approximately $3.1 million for the six months ended June 30, 2023, as compared
to approximately $4.0 million for the six months ended June 30, 2022. The decrease in expense
of approximately $902 thousand or 23% is a result of the Company’s focus on leaner operations and the implementation of cost-cutting
measures.
Marketing
and advertising
The
Company reported approximately $246 thousand of marketing and advertising expense for the six months ended June 30, 2023, compared to
approximately $85 thousand for the six months ended June 30, 2022. The increase of approximately
$162 thousand or 191% is a result of the Company increasing its branding and outreach efforts to achieve greater industry presence as
well as marketing allowances received in 2022 to offset marketing expense but not in 2023.
Depreciation
and amortization
The
Company reported approximately $1.30 million of depreciation and amortization expense for
the six months ended June 30, 2023, compared to approximately $1.26 million for the six months
ended June 30, 2022. The increase of approximately $46 thousand or 4% is primarily a result of our acquired tangible and intangible
assets through business combinations.
Other
income and expense
The
Company reported approximately $1.8 million of other income for the six months ended June 30, 2023, compared to approximately $24.2
million of other income for the six months ended June 30, 2022. The decrease of approximately $22.3 million or 92% is attributable
primarily to the change in the fair value of warrant liabilities, offset by interest expense.
Liquidity
and capital resources
As
of June 30, 2023, we had a cash balance of approximately $2.7 million and working capital of approximately $2.3 million, compared with
a cash balance of approximately $1.9 million and working capital deficit of approximately $4.6 million at December 31, 2022. The improved
working capital is primarily attributable to cash proceeds from the issuance of stock with a private placement, other receivables related
to discontinued operations recoveries, and the repayment of liabilities.
Inflation
The
Company generally may be impacted by rising costs for certain inflation-sensitive operating expenses such as labor, employee benefits,
and facility leases. The Company believes inflation could have a material impact to pricing and operating expenses in future periods
due to the state of the economy and current inflation rates.
Off-balance
sheet arrangements
We
do not have any off-balance sheet arrangements as such term is defined in Regulation S-K.
Cash
Flows
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (2,007,101 | ) | |
$ | (1,311,411 | ) |
Net cash provided and used in investing activities | |
| 735,128 | | |
| (24,625,929 | ) |
Net cash provided by financing activities | |
| 2,042,460 | | |
| 25,714,021 | |
Net increase in cash, cash equivalents, and restricted cash | |
$ | 770,487 | | |
$ | (223,319 | ) |
Operating
Activities
Net
cash used in operating activities for the six months ended June 30, 2023 was approximately $2.0 million, compared to net cash flows used
in operating activities of approximately $1.3 million for the six months ended June 30,
2022. The cash used includes net loss of approximately $2.8 million, increased by approximate non-cash adjustments of $2.0 million principally
related to a loss of recognition and change in fair value of warrant liabilities of $2.7 million, offset by earn-out fair value adjustments
and depreciation and amortization of $1.0 million and $1.2 million, respectively, as well as a net decrease in cash due to changes of
net working capital items in the amount of $274 thousand and offset by net cash adjustments for discontinued operating activities of
$1.0 million.
Investing
Activities
During
the six months ended June 30, 2023, cash flows provided in investing activities approximated $735 thousand compared to cash flows used
in investing activities of approximately $24.6 million for the six months ended June 30,
2022. The cash provided is primarily related to the sale of the Company’s shares in NSURE stock. Total proceeds received in 2023
were $900,000.
Financing
Activities
During
the six months ended June 30, 2023, approximate cash provided by financing activities was $2.0 million as compared to approximately $25.7
million for the six months ended June 30, 2022. Net cash provided by financing activities primarily relates to proceeds from private
placement offerings of approximately $3.4 million, offset by net debt principal proceeds and repayments of $451 thousand, related party
loan repayments of $650 thousand, and earn out payments of $344 thousand.
Significant
Accounting Policies and Estimates
We
describe our significant accounting policies in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated
Financial Statements, and our critical accounting estimates in Item 7, Management’s Discussion and Analysis of Financial Condition
and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no significant
changes in our significant accounting policies or critical accounting estimates since the end of fiscal year 2022.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
The
term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), refers to controls and procedures that are designed to ensure that information
required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that such information is accumulated and communicated to a company’s management,
including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance
of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible
controls and procedures.
During fiscal year 2022, the Company determined it
had a material weakness in its disclosure controls and procedures relating to earnings per share (“EPS”). During the quarters
ended March 31 and June 30, 2023, the Company mitigated the deficiency by consulting with qualified advisors that have in-depth EPS expertise.
These advisors assisted the Company in the calculations and disclosures of EPS for the three and six months ended June 30, 2023.
Our Chief Executive Officer and Chief Financial Officer
have evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2023, and concluded that they were not effective
as of June 30, 2023 due to the material weakness discussed above.
Changes
in Internal Control over Financial Reporting
During
fiscal year 2022, the Company retained subject matter expert advisors to prepare the accounting and disclosures over Earnings per Share. These advisors assisted the Company in the calculations and disclosures of EPS for the three and six months ended June 30, 2023.
Aside for the foregoing, there have been no other changes in our internal controls over financial reporting, as such term is defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter which is the subject of this
report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II
Item
1. Legal Proceedings.
We
are subject to various legal proceedings and claims, either asserted or unasserted, arising in the ordinary course of business. While
the outcome of these claims cannot be predicted with certainty, management does not believe the outcome of any of these matters will
have a material adverse effect on our business, financial position, results of operations, or cash flows, and accordingly, no legal contingencies
are accrued as of June 30, 2023. Litigation relating to the insurance brokerage industry is not uncommon. As such we, from time to time
have been, subject to such litigation. No assurances can be given with respect to the extent or outcome of any such litigation in the
future.
Item
1A. Risk Factors.
Investing
in our common stock involves a high degree of risk. You should consider carefully the information disclosed in Part I, Item 1A, “Risk
Factors,” contained in our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes
from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None
that have not been previously disclosed in our filings with the SEC.
Item
3. Defaults Upon Senior Securities.
Not
applicable.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
Not
applicable.
Item
6. Exhibits
The
following exhibits are filed with this Form 10-K.
Exhibit
No. |
|
Description |
|
|
|
10.1 |
|
Second Amendment to the Purchase Agreement, dated as of May 18, 2023, by and between Reliance Global Group, Inc., Fortman Insurance Services, LLC, Fortman Insurance Agency, LLC, Jonathan Fortman, and Zachary Fortman (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 24, 2023). |
|
|
|
10.2 |
|
Confidential Settlement and Mutual General Release Agreement, dated as of June 30, 2023, by and among the registrant, Medigap Healthcare Insurance Agency, LLC, Pagidem, LLC f/k/a Medigap Healthcare Insurance Company, LLC, Joseph J. Bilotti, III, Kyle Perrin, Zachary Lewis, T65 Health Insurance Solutions, Inc. f/k/a T65 Health Solutions, Inc., and Seniors First Life, LLC. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2023). |
|
|
|
31.1* |
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act 2002 |
|
|
|
31.2* |
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act 2002 |
|
|
|
32.1** |
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer |
|
|
|
101.INS* |
|
Inline XBRL Instance Document |
101.CAL* |
|
Inline XBRL Taxonomy Extension
Calculation Linkbase Document |
101.SCH* |
|
Inline XBRL Taxonomy Extension
Schema Document |
101.DEF* |
|
Inline XBRL Taxonomy Extension
Definition Linkbase Document |
101.LAB* |
|
Inline XBRL Taxonomy Extension
Labels Linkbase Document |
101.PRE* |
|
Inline XBRL Taxonomy Extension
Presentation Linkbase Document |
104 |
|
Cover Page Interactive
Data File (formatted in IXBRL, and included in exhibit 101). |
*Filed
herewith
**Furnished
herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
|
Reliance
Global Group, Inc. |
|
|
|
|
Date: |
August
10, 2023 |
By: |
/s/
Ezra Beyman |
|
|
|
Ezra
Beyman |
|
|
|
Chief
Executive Officer |
|
|
|
(principal
executive officer) |
|
|
|
|
Date: |
August
10, 2023 |
By: |
/s/
Joel Markovits |
|
|
|
Joel
Markovits |
|
|
|
Chief
Financial Officer |
|
|
|
(principal
financial officer and principal accounting officer) |
Exhibit 31.1
CERTIFICATIONS
I, Ezra Beyman, certify that:
1. I have reviewed the Quarterly Report on Form 10-Q
for the quarter ended June 30, 2023 for Reliance Global Group, Inc.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly for the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: August 10, 2023 |
By: |
/s/ Ezra Beyman |
|
|
Ezra Beyman |
|
|
Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, Joel Markovits, certify that:
1. I have reviewed the Quarterly Report on Form 10-Q
for the quarter ended June 30, 2023 for Reliance Global Group, Inc.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly for the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 10, 2023 |
By: |
/s/ Joel Markovits |
|
|
Joel Markovits |
|
|
Chief Financial Officer |
|
|
(Principal Financial Officer) |
Exhibit 32.1
Certification
Pursuant to Section 906 of the Sarbanes-Oxley Act
Of 2002
(Subsections (A) And (B) Of Section 1350, Chapter
63 of Title 18, United States Code)
Each of the undersigned officers of Reliance Global
Group, Inc. (the “Company”), does hereby certify, that:
The Quarterly Report on Form 10-Q for the period ended
June 30, 2023 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition
and results of operations of the Company.
Date: August 10, 2023 |
By: |
/s/ Ezra Beyman |
|
|
Ezra Beyman |
|
|
Chief Executive Officer (Principal Executive Officer) |
|
|
|
Date: August 10, 2023 |
By: |
/s/ Joel Markovits |
|
|
Joel Markovits |
|
|
Chief Financial Officer |
|
|
(Principal Financial Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 10, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40020
|
|
Entity Registrant Name |
RELIANCE
GLOBAL GROUP, INC.
|
|
Entity Central Index Key |
0001812727
|
|
Entity Tax Identification Number |
46-3390293
|
|
Entity Incorporation, State or Country Code |
FL
|
|
Entity Address, Address Line One |
300
Blvd. of the Americas
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Suite
105
|
|
Entity Address, City or Town |
Lakewood
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
08701
|
|
City Area Code |
732
|
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Local Phone Number |
380-4600
|
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Yes
|
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Yes
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true
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false
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2,126,348
|
Common Stock [Member] |
|
|
Title of 12(b) Security |
Common
Stock
|
|
Trading Symbol |
RELI
|
|
Security Exchange Name |
NASDAQ
|
|
Series A Warrants [Member] |
|
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Series
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RELIW
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NASDAQ
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 1,274,743
|
$ 505,410
|
Restricted cash |
1,405,513
|
1,404,359
|
Accounts receivable, related parties |
978,877
|
994,321
|
Other receivables |
2,900,648
|
11,464
|
Prepaid expense and other current assets |
553,122
|
245,535
|
Current Assets - Discontinued Operations |
|
85,998
|
Total current assets |
7,132,267
|
3,265,379
|
Property and equipment, net |
149,084
|
162,767
|
Right-of-use assets |
976,020
|
1,018,952
|
Investment in NSURE, Inc. |
|
900,000
|
Intangibles, net |
12,308,697
|
13,439,369
|
Goodwill |
14,287,099
|
14,287,099
|
Other non-current assets |
23,284
|
23,284
|
Other Assets - Discontinued Operations |
|
5,330,879
|
Total assets |
34,876,451
|
38,427,729
|
Current liabilities: |
|
|
Accounts payable and other accrued liabilities |
911,247
|
951,382
|
Short term financing agreements |
195,024
|
154,017
|
Other payables |
217,101
|
101,113
|
Current portion of long-term debt |
1,329,121
|
1,118,721
|
Current portion of leases payable |
370,855
|
339,937
|
Earn-out liability, current portion |
969,000
|
2,153,478
|
Current Liabilities - Discontinued Operations |
|
1,600,636
|
Total current liabilities |
4,864,597
|
7,841,533
|
Long term debt, less current portion |
11,711,780
|
12,349,673
|
Leases payable, less current portion |
635,863
|
714,068
|
Earn-out liability, less current portion |
|
556,000
|
Warrant liabilities |
3,759,428
|
6,433,150
|
Noncurrent Liabilities - Discontinued Operations |
|
|
Total liabilities |
21,849,062
|
29,516,690
|
Stockholders’ equity: |
|
|
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 0 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
|
|
Common stock, $0.086 par value; 133,333,333 shares authorized and 2,053,084 and 1,219,573 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
176,546
|
104,883
|
Additional paid-in capital |
42,686,651
|
35,798,139
|
Accumulated deficit |
(29,835,808)
|
(26,991,983)
|
Total stockholders’ equity |
13,027,389
|
8,911,039
|
Total liabilities and stockholders’ equity |
34,876,451
|
38,427,729
|
Related Party [Member] |
|
|
Current assets: |
|
|
Accounts receivable, related parties |
19,364
|
18,292
|
Current liabilities: |
|
|
Current portion of loans payables, related parties |
872,249
|
1,422,249
|
Loans payable, related parties, less current portion |
307,394
|
122,266
|
Convertible debt, related parties, less current portion |
$ 570,000
|
$ 1,500,000
|
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par or stated value per share |
$ 0.086
|
$ 0.086
|
Preferred stock, shares authorized |
750,000,000
|
750,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.086
|
$ 0.086
|
Common stock, shares authorized |
133,333,333
|
133,333,333
|
Common stock, shares issued |
2,053,084
|
1,219,573
|
Common stock, shares outstanding |
2,053,084
|
1,219,573
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue |
|
|
|
|
Commission income |
$ 3,195,905
|
$ 2,847,149
|
$ 7,135,008
|
$ 5,905,846
|
Total revenue |
3,195,905
|
2,847,149
|
7,135,008
|
5,905,846
|
Operating expenses |
|
|
|
|
Commission expense |
822,274
|
662,932
|
1,905,600
|
1,448,543
|
Salaries and wages |
1,742,697
|
1,637,412
|
3,454,794
|
3,269,225
|
General and administrative expenses |
1,703,811
|
1,630,169
|
3,062,066
|
3,963,964
|
Marketing and advertising |
109,860
|
(4,844)
|
246,432
|
84,686
|
Depreciation and amortization |
655,449
|
694,440
|
1,309,227
|
1,263,440
|
Total operating expenses |
5,034,091
|
4,620,109
|
9,978,119
|
10,029,858
|
Loss from operations |
(1,838,186)
|
(1,772,960)
|
(2,843,111)
|
(4,124,012)
|
Other (expense) income |
|
|
|
|
Interest expense, related parties |
(370,905)
|
(194,929)
|
(722,462)
|
(305,095)
|
Other expense, net |
(16,979)
|
(3,605)
|
(13,297)
|
541
|
recognition and change in fair value of warrant liabilities |
(1,592,509)
|
12,633,251
|
2,673,723
|
24,479,215
|
Total other (expense) income |
(2,031,546)
|
12,432,988
|
1,845,335
|
24,171,201
|
(Loss) income from continuing operations before tax |
(3,869,732)
|
10,660,028
|
(997,776)
|
20,047,189
|
Income (loss) from discontinued operations before tax |
2,814,445
|
(164,337)
|
(1,846,048)
|
(211,497)
|
Net (loss) income |
$ (1,055,287)
|
$ 10,495,691
|
$ (2,843,824)
|
$ 19,835,692
|
Basic (loss) earnings per share |
|
|
|
|
Continuing operations |
$ (1.42)
|
$ 9.97
|
$ (0.47)
|
$ 12.80
|
Discontinued operations |
1.03
|
(0.15)
|
(0.86)
|
(0.21)
|
Basic (loss) earnings per share |
(0.39)
|
9.82
|
(1.33)
|
12.59
|
Diluted (loss) earnings per share |
|
|
|
|
Continuing operations |
(1.42)
|
8.74
|
(0.47)
|
(12.65)
|
Discontinued operations |
1.03
|
(0.13)
|
(0.86)
|
(0.19)
|
Diluted (loss) earnings per share |
$ (0.39)
|
$ 8.61
|
$ (1.33)
|
$ (12.84)
|
Weighted average number of shares outstanding - Basic |
2,716,512
|
1,069,157
|
2,138,444
|
1,025,108
|
Weighted average number of shares outstanding - Diluted |
2,716,512
|
1,219,224
|
2,138,444
|
1,068,236
|
Related Party [Member] |
|
|
|
|
Other (expense) income |
|
|
|
|
Interest expense, related parties |
$ (51,153)
|
$ (1,729)
|
$ (92,629)
|
$ (3,460)
|
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Common Stock Issuable [Member] |
Additional Paid-in Capital [Member] |
Subscription Receivable [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 62,815
|
|
$ 27,329,201
|
$ (20,000,000)
|
$ (33,458,145)
|
$ (26,066,129)
|
Balance, shares at Dec. 31, 2021 |
|
730,407
|
|
|
|
|
|
Shares issued due to private placement |
$ 781
|
$ 15,313
|
|
(16,043)
|
20,000,000
|
|
20,000,051
|
Shares issued due to private placement, shares |
|
178,059
|
|
|
|
|
|
Share based compensation |
|
|
|
739,960
|
|
|
739,960
|
Net income |
|
|
|
|
|
9,340,000
|
9,340,000
|
Shares issued for vested stock awards |
|
$ 34
|
|
(34)
|
|
|
|
Shares issued for vested stock awards, shares |
|
400
|
|
|
|
|
|
Shares issued pursuant to acquisition of Medigap |
|
$ 3,475
|
|
4,759,976
|
|
|
4,763,451
|
Shares issued pursuant to acquisition of Medigap, shares |
|
40,402
|
|
|
|
|
|
Exercise of Series A warrants |
|
$ 2,150
|
|
2,472,850
|
|
|
2,475,000
|
Exercise of Series A warrants, shares |
|
25,000
|
|
|
|
|
|
Exercise of Series C warrants into common shares |
|
$ (18,788)
|
|
18,788
|
|
|
|
Exercise of Series C warrants into common shares, shares |
|
(218,462)
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 781
|
$ 64,999
|
|
35,304,698
|
|
(24,118,145)
|
11,252,333
|
Balance, shares at Mar. 31, 2022 |
9,076
|
755,807
|
0
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 62,815
|
|
27,329,201
|
(20,000,000)
|
(33,458,145)
|
(26,066,129)
|
Balance, shares at Dec. 31, 2021 |
|
730,407
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
19,835,692
|
Balance at Jun. 30, 2022 |
$ 781
|
$ 83,787
|
|
35,466,329
|
|
(13,622,454)
|
21,928,443
|
Balance, shares at Jun. 30, 2022 |
9,076
|
974,269
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 781
|
$ 64,999
|
|
35,304,698
|
|
(24,118,145)
|
11,252,333
|
Balance, shares at Mar. 31, 2022 |
9,076
|
755,807
|
0
|
|
|
|
|
Share based compensation |
|
|
|
179,083
|
|
|
179,083
|
Net income |
|
|
|
|
|
|
10,495,691
|
Exercise of Series C warrants into common shares |
|
$ 18,788
|
|
(17,452)
|
|
|
1,336
|
Exercise of Series C warrants into common shares, shares |
|
218,462
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 781
|
$ 83,787
|
|
35,466,329
|
|
(13,622,454)
|
21,928,443
|
Balance, shares at Jun. 30, 2022 |
9,076
|
974,269
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 104,883
|
|
35,798,139
|
|
(26,991,983)
|
8,911,039
|
Balance, shares at Dec. 31, 2022 |
|
1,219,573
|
|
|
|
|
|
Common shares issued for earnout liabilities |
|
$ 9,404
|
|
973,074
|
|
|
982,478
|
Common shares issued for earnout liabilities, shares |
|
109,358
|
|
|
|
|
|
Conversion of convertible debt, related parties |
|
$ 5,740
|
|
$ 639,260
|
|
|
$ 645,000
|
Conversion of convertible debt, related parties, shares |
|
66,743
|
|
|
|
|
|
Round up of shares due to reverse split |
|
1,300
|
|
(5,946)
|
|
|
(4,646)
|
Round up of shares due to reverse split, shares |
|
15,336
|
|
|
|
|
|
Shares issued due to private placement |
|
$ 13,333
|
|
$ 3,433,151
|
|
|
$ 3,446,484
|
Shares issued due to private placement, shares |
|
155,038
|
|
|
|
|
|
Share based compensation |
|
|
|
43,797
|
|
|
43,797
|
Net income |
|
|
|
|
|
(1,788,538)
|
(1,788,538)
|
Balance at Mar. 31, 2023 |
|
$ 134,660
|
|
40,881,475
|
|
(28,780,521)
|
12,235,614
|
Balance, shares at Mar. 31, 2023 |
|
1,566,048
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 104,883
|
|
35,798,139
|
|
(26,991,983)
|
8,911,039
|
Balance, shares at Dec. 31, 2022 |
|
1,219,573
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
(2,843,824)
|
Balance at Jun. 30, 2023 |
|
$ 176,546
|
|
42,686,651
|
|
(29,835,808)
|
$ 13,027,389
|
Balance, shares at Jun. 30, 2023 |
|
2,053,084
|
|
|
|
|
0
|
Balance at Mar. 31, 2023 |
|
$ 134,660
|
|
40,881,475
|
|
(28,780,521)
|
$ 12,235,614
|
Balance, shares at Mar. 31, 2023 |
|
1,566,048
|
|
|
|
|
|
Common shares issued for earnout liabilities |
|
$ 30,294
|
|
1,403,406
|
|
|
1,433,700
|
Common shares issued for earnout liabilities, shares |
|
352,260
|
|
|
|
|
|
Share based compensation |
|
|
|
35,367
|
|
|
35,367
|
Net income |
|
|
|
|
|
(1,055,287)
|
(1,055,287)
|
Common shares issued for services |
|
$ 9,681
|
|
368,314
|
|
|
377,995
|
Common shares issued for services, shares |
|
112,557
|
|
|
|
|
|
Shares issued for vested stock awards |
|
$ 1,911
|
|
(1,911)
|
|
|
|
Shares issued for vested stock awards, shares |
|
22,219
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 176,546
|
|
$ 42,686,651
|
|
$ (29,835,808)
|
$ 13,027,389
|
Balance, shares at Jun. 30, 2023 |
|
2,053,084
|
|
|
|
|
0
|
X |
- DefinitionReduction in the number of value during the period as a result of a reverse stock split.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net (loss) income |
$ (2,843,824)
|
$ 19,835,692
|
Adjustment to reconcile net (loss) income to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,309,227
|
1,263,440
|
Amortization of debt issuance costs and accretion of debt discount |
23,442
|
18,291
|
Non-cash lease expense |
(4,355)
|
17,637
|
Stock compensation expense |
79,164
|
919,043
|
Common stock issued in lieu of services performed |
377,995
|
|
Earn-out fair value and write-off adjustments |
1,019,925
|
354,963
|
Change in fair value of warrant liability |
(2,673,723)
|
(24,479,215)
|
Change in operating assets and liabilities: |
|
|
Accounts payables and other accrued liabilities |
(40,135)
|
(1,853,366)
|
Accounts receivable |
15,444
|
142,825
|
Accounts receivable, related parties |
(1,072)
|
(47,283)
|
Other receivables |
10,816
|
7,030
|
Other payables |
115,988
|
126,984
|
Other non-current assets |
|
(6,493)
|
Prepaid expense and other current assets |
(303,322)
|
2,173,810
|
Net cash used in operating activities |
(2,914,430)
|
(1,526,642)
|
Net cash adjustments for discontinued operating activities |
907,329
|
215,231
|
Net cash used in discontinued and continuing operating activities |
(2,007,101)
|
(1,311,411)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Proceeds from sale of investment in NSURE |
900,000
|
|
Purchase of property and equipment |
(13,010)
|
(11,959)
|
Business acquisitions, net of cash acquired |
|
(6,000,000)
|
Purchase of intangibles |
(151,862)
|
(5,096,885)
|
Net cash provided by (used in) investing activities |
735,128
|
(11,108,844)
|
Net cash adjustments for discontinued investing activities |
|
(13,517,085)
|
Net cash provided by (used in) discontinued and continuing investing activities |
735,128
|
(24,625,929)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Principal repayments of debt |
(450,935)
|
(447,908)
|
Debt issuance costs |
|
(214,257)
|
Proceeds from loan for business acquisition |
|
6,520,000
|
Issuance of common shares in exchange for Series C warrants |
|
1,336
|
Payments of loans payable, related parties |
(649,870)
|
(21,541)
|
Earn-out liability |
(344,225)
|
(411,408)
|
Exercise of warrants into common stock |
|
2,475,000
|
Principal repayments on short term financing |
58,707
|
(40,552)
|
Private placement of shares and warrants |
3,446,484
|
17,853,351
|
Net cash provided by continuing financing activities |
2,060,161
|
25,714,021
|
Net cash used in discontinued financing activities |
(17,701)
|
|
Total net cash provided by continuing and discontinued financing activities |
2,042,460
|
25,714,021
|
Net increase (decrease) in cash and restricted cash |
770,487
|
(223,319)
|
Cash and restricted cash at beginning of year |
1,909,769
|
4,620,722
|
Cash and restricted cash at end of year |
2,680,256
|
4,397,403
|
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS: |
|
|
Common stock issuance to settle earn-out liabilities |
$ 2,416,178
|
|
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v3.23.2
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1. SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Reliance
Global Group, Inc., formerly known as Ethos Media Network, Inc. (“RELI”, “Reliance”, or the “Company”),
was incorporated in Florida on August 2, 2013.
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting
principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair
presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and the notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022. Certain prior period amounts in the condensed consolidated financial statements and notes thereto have been reclassified
to conform to the current period’s presentation.
The
accompanying unaudited condensed consolidated financial statements include the accounts of Reliance Global Group, Inc. and its wholly
owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Liquidity
As
of June 30, 2023, the Company’s reported cash and restricted cash aggregated balance was approximately $2,680,000, current assets
were approximately $7,132,000, while current liabilities were approximately $4,865,000. As of June 30, 2023, the Company had positive
working capital of approximately $2,268,000 and stockholders’ equity of approximately $13,027,000. For the six months ended June
30, 2023, the Company reported loss from operations of approximately $2,843,000, a non-cash, non-operating gain on the recognition and
change in fair value of warrant liabilities of approximately $2,674,000, resulting in net loss from continuing operations of approximately
$998,000, a net loss from discontinued operations of approximately $1,846,000, resulting in an overall net loss of approximately $2,844,000. The Company
completed a capital offering in March 2023, raising net proceeds of approximately $3,446,000.
Although
there can be no assurance that debt or equity financing will be available on acceptable terms, the Company believes its financial position
and its ability to raise capital to be reasonable and sufficient. Based on our assessment, we do not believe there are conditions or
events that, in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year
of filing these financial statements with the Securities and Exchange Commission (“SEC”).
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the financial statements and accompanying
notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances.
Actual results could differ materially from those estimates.
Cash
and Restricted Cash
Cash
and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the total shown on our Condensed Consolidated
Statements of Cash Flows as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash | |
$ | 1,274,743 | | |
$ | 2,979,769 | |
Restricted cash | |
| 1,405,513 | | |
| 1,417,634 | |
Total cash and restricted cash | |
$ | 2,680,256 | | |
$ | 4,397,403 | |
Fair
Value of Financial Instruments
Level
1 — Observable inputs reflecting quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level
2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly
or indirectly for substantially the full term of the asset or liability; and
Level
3 — Unobservable inputs for the asset or liability, which include management’s own assumption about the assumptions market
participants would use in pricing the asset or liability, including assumptions about risk.
Warrant
Liabilities: The Company re-measures fair value of its Level 3 warrant liabilities at the balance sheet date, using a binomial option
pricing model. The following summarizes the significant unobservable inputs:
SCHEDULE OF EARN OUT LIABILITY
| |
June 30, 2023 | | |
December
31, 2022 | |
Stock price | |
$ | 4.71 | | |
$ | 8.55 | |
Volatility | |
| 105.0 | % | |
| 105.0 | % |
Time to expiry | |
| 3.51 | | |
| 4.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.4 | % | |
| 4.1 | % |
The
following reconciles fair value of the liability classified warrants:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
Series B Warrant Commitment | | |
Series B Warrant Liabilities | | |
Placement Agent Warrants | | |
Total | |
Beginning balance, December 31, 2022 | |
$ | - | | |
$ | 6,384,250 | | |
$ | 48,900 | | |
$ | 6,433,150 | |
Unrealized (gain) loss | |
| - | | |
| (4,226,950 | ) | |
| (39,281 | ) | |
| (4,266,231 | ) |
Ending balance, March 31, 2023 | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Beginning balance, | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Unrealized (gain) loss | |
| - | | |
| 1,584,684 | | |
| 7,825 | | |
| 1,592,509 | |
Ending balance, June 30, 2023 | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Ending balance | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Earn-out
liabilities: The Company generally values its Level 3 earn-out liabilities using the income valuation approach. Key valuation inputs
include contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments. The following
table summarizes the significant unobservable inputs used in the fair value measurements:
SCHEDULE
OF FAIR VALUE MEASUREMENTS
|
|
June
30, 2023 |
|
December
31, 2022 |
Valuation
technique |
|
Discounted
cash flow |
|
Discounted
cash flow |
Significant
unobservable input |
|
Projected
revenue and probability of achievement |
|
Projected
revenue and probability of achievement |
The
Company values its Level 3 earn-out liability related to the Barra Acquisition using a Monte Carlo simulation in a risk-neutral framework
(a special case of the Income Approach). The following summarizes the significant unobservable inputs:
SCHEDULE
OF EARN OUT LIABILITY
| |
June
30, 2023 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 9.6 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments were approximately $1,147,000 as of June 30, 2023. The following table reconciles fair value of earn-out
liabilities for the periods ended June 30, 2023, and December 31, 2022:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
| |
June 30, 2023 | | |
December 31, 2022 | |
Beginning balance – January 1 | |
$ | 2,709,478 | | |
$ | 3,813,878 | |
| |
| | | |
| | |
Acquisitions and settlements | |
| (2,760,403 | ) | |
| (1,104,925 | ) |
| |
| | | |
| | |
Period adjustments: | |
| | | |
| | |
Fair value changes included in earnings* | |
| 1,019,925 | | |
| 525 | |
| |
| | | |
| | |
Ending balance | |
| 969,000 | | |
| 2,709,478 | |
Less: Current portion | |
| (969,000 | ) | |
| (2,153,478 | ) |
Ending balance, less current portion | |
$ | - | | |
$ | 556,000 | |
* |
Recorded
as a reduction to general and administrative expenses |
Revenue
Recognition
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Three Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 206,668 | | |
$ | 4,471 | | |
$ | - | | |
$ | 211,139 | |
USBA | |
| 11,426 | | |
| 658 | | |
| - | | |
| 12,084 | |
CCS/UIS | |
| - | | |
| - | | |
| 73,402 | | |
| 73,402 | |
Montana | |
| 444,783 | | |
| 3,350 | | |
| - | | |
| 448,133 | |
Fortman | |
| 288,902 | | |
| 1,680 | | |
| 227,176 | | |
| 517,758 | |
Altruis | |
| 1,200,537 | | |
| - | | |
| - | | |
| 1,200,537 | |
Kush | |
| 322,188 | | |
| - | | |
| - | | |
| 322,188 | |
Barra | |
| 52,209 | | |
| 61,821 | | |
| 296,634 | | |
| 410,664 | |
Total | |
$ | 2,526,713 | | |
$ | 71,980 | | |
$ | 597,212 | | |
$ | 3,195,905 | |
Six Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 439,949 | | |
$ | 8,571 | | |
$ | - | | |
$ | 448,520 | |
USBA | |
| 22,689 | | |
| 1,423 | | |
| - | | |
| 24,112 | |
CCS/UIS | |
| - | | |
| - | | |
| 120,172 | | |
| 120,172 | |
Montana | |
| 930,792 | | |
| 8,335 | | |
| - | | |
| 939,127 | |
Fortman | |
| 596,557 | | |
| 2,073 | | |
| 433,544 | | |
| 1,032,174 | |
Altruis | |
| 3,068,673 | | |
| - | | |
| - | | |
| 3,068,673 | |
Kush | |
| 642,479 | | |
| - | | |
| - | | |
| 642,479 | |
Barra | |
| 121,319 | | |
| 85,202 | | |
| 653,230 | | |
| 859,751 | |
Total | |
$ | 5,822,458 | | |
$ | 105,604 | | |
$ | 1,206,946 | | |
$ | 7,135,008 | |
Three Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 178,936 | | |
$ | 5,915 | | |
$ | - | | |
$ | 184,851 | |
USBA | |
| 12,319 | | |
| - | | |
| - | | |
| 12,319 | |
CCS/UIS | |
| - | | |
| - | | |
| 57,195 | | |
| 57,195 | |
Montana | |
| 450,742 | | |
| 963 | | |
| - | | |
| 451,705 | |
Fortman | |
| 357,334 | | |
| - | | |
| 205,804 | | |
| 563,138 | |
Altruis | |
| 881,337 | | |
| 834 | | |
| - | | |
| 882,171 | |
Kush | |
| 425,449 | | |
| - | | |
| - | | |
| 425,449 | |
Reli Exchange | |
| 47,661 | | |
| 22,263 | | |
| 200,397 | | |
| 270,321 | |
Total | |
$ | 2,353,778 | | |
$ | 29,975 | | |
$ | 463,396 | | |
$ | 2,847,149 | |
Six Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 399,547 | | |
$ | 6,488 | | |
$ | - | | |
$ | 406,035 | |
USBA | |
| 25,906 | | |
| - | | |
| - | | |
| 25,906 | |
CCS/UIS | |
| - | | |
| - | | |
| 101,077 | | |
| 101,077 | |
Montana | |
| 956,329 | | |
| 2,097 | | |
| - | | |
| 958,426 | |
Fortman | |
| 687,060 | | |
| 2,873 | | |
| 403,064 | | |
| 1,092,997 | |
Altruis | |
| 2,184,367 | | |
| 2,676 | | |
| - | | |
| 2,187,043 | |
Kush | |
| 864,040 | | |
| - | | |
| - | | |
| 864,040 | |
Reli Exchange | |
| 47,662 | | |
| 22,263 | | |
| 200,397 | | |
| 270,322 | |
Total | |
$ | 5,164,911 | | |
$ | 36,397 | | |
$ | 704,538 | | |
$ | 5,905,846 | |
The
following are customers representing 10% or more of total revenue:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
| |
| | |
| |
| |
For the three months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 28 | % | |
| 30 | % |
BlueCross BlueShield | |
| 12 | % | |
| 13 | % |
Insurance Carrier | |
| 12 | % | |
| 13 | % |
| |
| | |
| |
| |
For the six months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 37 | % | |
| 36 | % |
BlueCross BlueShield | |
| 13 | % | |
| 14 | % |
Insurance Carrier | |
| 37 | % | |
| 36 | % |
No
other single customer accounted for more than 10%
of the Company’s commission revenues during the three and six months ended June 30, 2023 and 2022. The loss of any significant customer could have a material adverse effect on the
Company. Customers from 2022 were adjusted to reflect percentages of revenue from continued operations.
Income
Taxes
The
Company recorded no income tax expense for the three and six months ended June 30, 2023 and 2022 because the estimated annual effective
tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections
of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local
income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.
As
of June 30, 2023 and December 31, 2022, the Company provided a full valuation allowance
against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
Discontinued
Operations
The
Company’s board of directors approved the discontinuation and abandonment of Medigap Healthcare Insurance Company, LLC
(“Medigap”), a subsidiary of the Company, effective April 17, 2023, due to Medigap’s sustained recurring losses
stemming from amongst other factors, greater than anticipated revenue chargebacks. The Company was unable to divest its interest in
Medigap for value, and accordingly, operations were wound down in an orderly manner. In doing so, the Company transferred to its
operating entity, Medigap’s customer relationships and internally developed and purchased software intangible assets, with net
of amortization combined value of approximately $4,300,000,
as well as, its short-term financing arrangement of $29,500,
and each are respectively classified in the intangible assets and short term financing agreements accounts in the condensed
consolidated balance sheets for the periods ended June 30, 2023 and December 31, 2022. These assets have continued value to the
Company and have not been impaired as the fair value exceeds carrying cost. Medigap’s remaining assets were considered to have
no remaining asset value and were fully impaired. Certain liabilities and estimated liabilities as outlined in the tables herein,
were discharged and/or written-off in conjunction with the Settlement Agreement (as defined below) because of them having a net zero dollar estimated liability value. Accordingly, the Company recognized a net of estimated liability
adjustments gain of approximately $10,000,
and loss of approximately $4,400,000,
presented in income (loss) from discontinued operations in the consolidated statements of operations for the three and six months
ended June 30, 2023 respectively. As part of the abandonment, the Company cancelled third party contracts, settled outstanding
vendor and other third-party obligations, ceased to enter into new customer contracts via Medigap, and no further customer performance
obligations existed. The Company does not expect further continuing involvement with Medigap, and in accordance with ASC
205-20-45-9, no corporate overhead has been allocated to discontinued operations.
Settlement
Agreement
On
June 30, 2023, the Company entered into a confidential settlement agreement
and mutual release (the “Settlement Agreement”) with certain Medigap affiliated entities and persons, and the former owners
of Medigap, whereby the Company would receive a settlement payment of
$2,900,000 and was released from all past and future Medigap obligations and liabilities.
The settlement payment was received in full by the Company in July 2023 and is recorded as income from discontinued operations in the
condensed consolidated statements of operations for the three and six months ended June 30, 2023.
The following tables present the major components
of assets and liabilities included in discontinued operations on the condensed consolidated balance sheets.
SCHEDULE OF DISCONTINUED OPERATIONS ON
CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
| - | | |
$ | 73,223 | |
Accounts receivable, related parties | |
| - | | |
| 3,595 | |
Other receivables | |
| - | | |
| 5,388 | |
Prepaid expense and other current assets | |
| - | | |
| 3,792 | |
Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Property and equipment, net | |
| - | | |
$ | 24,116 | |
Right-of-use assets | |
| - | | |
| 163,129 | |
Intangibles, net | |
| - | | |
| 318,000 | |
Goodwill | |
| - | | |
| 4,825,634 | |
Other Assets - Discontinued Operations | |
| - | | |
$ | 5,330,879 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Other Assets -
Discontinued Operations | |
| - | | |
$ | 5,330,877 | |
| |
| | | |
| | |
Accounts payable and other accrued liabilities | |
| - | | |
$ | 506,585 | |
Chargeback reserve | |
| - | | |
| 915,934 | |
Current portion of leases payable | |
| - | | |
| 178,117 | |
Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
| |
| | | |
| | |
Condensed consolidated balance
sheets - Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
The
following table rolls forward Medigap’s assets and liabilities from their carrying values pre-abandonment to their values post
abandonment, and presents the impact of reclassifications, impairments, and write-offs:
Medigap Related Assets | |
Carrying Value Prior To Abandonment | | |
Asset and Liability Transfers Retained by the Company | | |
Asset Impairments and Liability Write-Offs | | |
Carrying Value As of June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
$ | 56,398 | | |
$ | - | | |
$ | (56,398 | ) | |
$ | - | |
Accounts receivable, related party | |
| 3,595 | | |
| - | | |
| (3,595 | ) | |
| - | |
Other receivables | |
| 5,388 | | |
| - | | |
| (5,388 | ) | |
| - | |
Current assets – Medigap | |
$ | 65,381 | | |
$ | - | | |
$ | (65,381 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Property and equipment, net | |
$ | 22,378 | | |
$ | - | | |
$ | (22,378 | ) | |
$ | - | |
Right-of-use assets | |
| 119,594 | | |
| - | | |
| (119,594 | ) | |
| - | |
Intangibles, net | |
| 4,570,536 | | |
| (4,258,214 | )1 | |
| (312,322 | ) | |
| - | |
Goodwill | |
| 4,825,634 | | |
| - | | |
| (4,825,634 | ) | |
| - | |
Other assets - Medigap | |
$ | 9,538,142 | | |
$ | (4,258,214 | ) | |
$ | (5,279,928 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total assets - Medigap | |
$ | 9,603,523 | | |
$ | (4,258,214 | ) | |
$ | (5,345,309 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 4,157 | | |
$ | - | | |
$ | (4,157 | ) | |
$ | - | |
Short term financing agreements | |
| 29,500 | | |
| (29,500 | ) | |
| - | | |
| - | |
Chargeback Reserve | |
| 831,725 | | |
| - | | |
| (831,725 | )2 | |
| - | |
Current portion of leases payable | |
| 134,517 | | |
| - | | |
| (134,517 | )3 | |
| - | |
Other liabilities | |
| 9,842 | | |
| - | | |
| (9,842 | )3 | |
| - | |
Current Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Net assets and liabilities - Medigap | |
$ | 8,593,782 | | |
$ | (4,228,714 | ) | |
$ | (4,365,068 | ) | |
$ | - | |
| 1 | Includes
customer relationships and internally developed and purchased software intangible assets
that have continued value to the Company and have not been impaired as the fair value exceeds
carrying cost. |
| 2 | Estimated
liability write-off per net zero dollar estimated liability value. |
| 3 | Liability
discharge pursuant to the Settlement Agreement. |
The
following tables disaggregate the major classes of pretax gain and loss as presented in discontinued operations in the condensed consolidated
statements of operations.
| |
Three Months Ended June 30, 2023 | | |
Three Months Ended June 30, 2022 | | |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
|
Three Months Ended June 30, 2023 |
|
Income | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission income | |
$ | 11,025 | | |
$ | 1,359,976 | | |
$ | 744,030 | | |
$ | 2,537,061 | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Expenses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission expense | |
| 5,491 | | |
| 187,196 | | |
| 110,639 | | |
| 305,740 | |
|
|
|
|
Salaries and wages | |
| 53,508 | | |
| 539,380 | | |
| 454,823 | | |
| 989,743 | |
|
|
|
|
General and administrative expenses | |
| 10,612 | | |
| 129,048 | | |
| 129,348 | | |
| 248,323 | |
|
|
|
|
Marketing and advertising | |
| 36,544 | | |
| 614,226 | | |
| 426,819 | | |
| 1,111,719 | |
|
|
|
|
Depreciation and amortization | |
| - | | |
| 61,964 | | |
| 7,283 | | |
| 100,488 | |
|
|
|
|
Other expenses (income) | |
| 267 | | |
| (7,500 | ) | |
| (3,902 | ) | |
| (7,456 | ) |
|
|
|
|
Total discontinued operations expenses before impairments and write-offs
| |
| 106,422 | | |
| 1,524,314 | | |
| 1,125,010 | | |
| 2,748,557 | |
|
|
|
|
Total discontinued operations income / (loss) before impairments and write-offs
| |
$ | (95,397 | ) | |
$ | (164,338 | ) | |
$ | (380,980 | ) | |
$ | (211,496 | ) |
|
|
|
|
Gains and (losses) from recoveries and impairments / write-offs of discontinued operations assets and liabilities | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Settlement Recovery | |
$ | 2,900,000 | | |
| - | | |
$ | 2,900,000 | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Asset impairment losses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts receivable | |
| - | | |
| - | | |
| (56,398 | ) | |
| - | |
|
|
|
|
Accounts receivable, related parties | |
| - | | |
| - | | |
| (3,595 | ) | |
| - | |
|
|
|
|
Other receivables | |
| - | | |
| - | | |
| (5,388 | ) | |
| - | |
|
|
|
|
Property and equipment, net | |
| - | | |
| - | | |
| (22,378 | ) | |
| - | |
|
|
|
|
Right-of-use assets | |
| - | | |
| - | | |
| (119,594 | ) | |
| - | |
|
|
|
|
Intangibles, net | |
| - | | |
| - | | |
| (312,322 | ) | |
| - | |
|
|
|
|
Goodwill | |
| - | | |
| - | | |
| (4,825,634 | ) | |
| - | |
|
|
|
|
Total Asset Impairments | |
| - | | |
| - | | |
| (5,345,309 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Liability write-off gains | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts payable and other accrued liabilities | |
| - | | |
| - | | |
| 4,157 | | |
| - | |
|
|
|
|
Other payables | |
| 9,842 | | |
| - | | |
| 9,842 | | |
| - | |
|
|
|
|
Chargeback reserve | |
| - | | |
| - | | |
| 831,725 | | |
| - | |
|
|
|
|
Current portion of leases payable | |
| - | | |
| - | | |
| 134,517 | | |
| - | |
|
|
|
|
Total liability write-off gains | |
| 9,842 | | |
| - | | |
| 980,241 | | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Discontinued operations net asset and
liability impairments / write-offs gains and (losses) | |
| 9,842 | | |
| - | | |
| (4,365,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Net gains and (losses) from recoveries
and impairments / write-offs from discontinued operations assets and liabilities | |
| 2,909,842 | | |
| - | | |
| (1,465,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Gain (loss) from discontinued operations before tax | |
| 2,814,445 | | |
| (164,338 | ) | |
| (1,846,048 | ) | |
| (211,496 | ) |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Consolidated
statement of operations - Income (loss) from discontinued operations before tax
| |
$ | 2,814,445 | | |
$ | (164,338 | ) | |
$ | (1,846,048 | ) | |
$ | (211,496 | ) |
|
|
|
|
Recently
Issued Accounting Pronouncements
We
do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.
|
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE
2. GOODWILL AND OTHER INTANGIBLE ASSETS
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022,
adjusted for discontinued operations.
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
December 31, 2022 | |
| 14,287,099 | |
June 30, 2023 | |
$ | 14,287,099 | |
For the year ended December 31, 2022, due to a declining market capitalization attributed
to Medigap’s performance, the Company performed a goodwill impairment test utilizing the Market Approach – Traded Market Value
Method, concluding that the Company’s fair value and resultant net assets, implied a goodwill balance of $19,100,000 versus our goodwill
balance prior to write-down of $33,400,000. Thus, the Company recognized a goodwill impairment loss of $14,373,374. As of June 30, 2023,
the Company recognized an additional goodwill impairment of $4,825,634 upon the abandonment of Medigap.
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022 inclusive
of discontinued operations.
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition | |
| 4,236,822 | |
Goodwill impairment (Medigap) during the year-ended December
31, 2022 | |
| (14,373,374 | ) |
December 31, 2022 | |
| 19,112,733 | |
Goodwill impairment (Medigap) during
the six months ended June 30, 2023 | |
| (4,825,634 | ) |
June 30, 2023 | |
$ | 14,287,099 | |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 2.0 | | |
$ | 1,807,187 | | |
$ | (1,144,749 | ) | |
$ | 662,438 | |
Internally developed software | |
| 3.7 | | |
| 1,783,837 | | |
| (464,372 | ) | |
| 1,319,465 | |
Customer relationships | |
| 8.5 | | |
| 11,922,290 | | |
| (2,635,325 | ) | |
| 9,286,965 | |
Purchased software | |
| 0.3 | | |
| 667,206 | | |
| (600,937 | ) | |
| 66,269 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.4 | | |
| 3,504,810 | | |
| (2,531,250 | ) | |
| 973,560 | |
| |
| | | |
$ | 19,735,330 | | |
$ | (7,426,633 | ) | |
$ | 12,308,697 | |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of December 31, 2022:
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 4.4 | | |
$ | 1,806,188 | | |
$ | (969,241 | ) | |
$ | 836,947 | |
Internally developed software | |
| 4.1 | | |
| 1,635,178 | | |
| (287,990 | ) | |
| 1,347,188 | |
Customer relationships | |
| 9.0 | | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
| 0.4 | | |
| 665,137 | | |
| (581,497 | ) | |
| 83,640 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.9 | | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Total | |
| | | |
$ | 19,583,603 | | |
$ | (6,144,234 | ) | |
$ | 13,439,369 | |
The
following table reflects expected amortization expense as of June 30, 2023, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS
Years ending December 31, | |
Amortization Expense | |
2023 (remainder of year) | |
$ | 1,279,911 | |
2024 | |
| 2,190,466 | |
2025 | |
| 1,796,510 | |
2026 | |
| 1,527,816 | |
2027 | |
| 1,194,592 | |
Thereafter | |
| 4,319,402 | |
Total | |
$ | 12,308,697 | |
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v3.23.2
LONG-TERM DEBT AND SHORT-TERM FINANCINGS
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT AND SHORT-TERM FINANCINGS |
NOTE
3. LONG-TERM DEBT AND SHORT-TERM FINANCINGS
Long-Term
Debt
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Senior Secured Amortizing Credit Facility for the acquisition of CCS, variable interest of Prime Rate plus 1.5%, maturing December 2028, net of deferred financing costs of $13,800 and $15,076 as of June 30, 2023 and December 31, 2022, respectively | |
| 649,875 | | |
| 693,682 | |
Oak Street Funding LLC Term Loan for the acquisition of SWMT, variable interest of Prime Rate plus 2.0%, maturing April 2029, net of deferred financing costs of $8,469 and $9,206 as of June 30, 2023 and December 31, 2022, respectively | |
| 742,833 | | |
| 788,596 | |
Oak Street Funding LLC Term Loan for the acquisition of FIS, variable interest of Prime Rate plus 2.0%, maturing May 2029, net of deferred financing costs of $33,935 and $36,843 as of June 30, 2023 and December 31, 2022, respectively | |
| 1,874,813 | | |
| 1,987,846 | |
Oak Street Funding LLC Term Loan for the acquisition of ABC, variable interest of Prime Rate plus 2.0%, maturing September 2029, net of deferred financing costs of $38,889 and $42,129 as of June 30, 2023 and December 31, 2022, respectively | |
| 3,076,800 | | |
| 3,249,575 | |
Oak Street Funding LLC Term Loan for the acquisition of Barra, variable interest of Prime Rate plus 2.5%, maturing May 2032, net of deferred financing costs of $187,475 and $198,188 as of June 30, 2023 and December 31, 2022, respectively | |
| 6,297,846 | | |
| 6,321,812 | |
| |
| 13,040,901 | | |
| 13,468,394 | |
Less: current portion | |
| (1,329,121 | ) | |
| (1,118,721 | ) |
Long-term debt | |
$ | 11,711,780 | | |
$ | 12,349,673 | |
Oak
Street Funding LLC – Term Loans and Credit Facilities
SCHEDULE
OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES
Fiscal year ending December 31, | |
Maturities of Long-Term Debt | |
2023 (remainder of year) | |
$ | 647,062 | |
2024 | |
| 1,401,013 | |
2025 | |
| 1,560,173 | |
2026 | |
| 1,733,052 | |
2027 | |
| 1,925,105 | |
Thereafter | |
| 6,068,494 | |
Total | |
| 13,334,899 | |
Less: debt issuance costs | |
| (293,998 | ) |
Total | |
$ | 13,040,901 | |
Short-Term
Financings
The
Company has various short-term notes payable for financed items such as insurance premiums and CRM software purchases. These are
normally paid in equal installments over a period of twelve months or less and carry interest rates ranging between 0%
and 8% per annum. As
of June 30, 2023 and 2022, respectively, approximately $195,000
and $377,000
remained outstanding on short-term financings.
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v3.23.2
WARRANT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Warrant Liabilities |
|
WARRANT LIABILITIES |
NOTE
4. WARRANT LIABILITIES
Series
B Warrants
Pursuant
to the terms of the SPA, during the quarter ended June 30, 2023, the Series B Warrants’ effective exercise price reset to $2.63.
As of June 30, 2023, there remain 1,331,667 Series B Warrants outstanding.
For
the three and six months ended June 30, 2023, net fair value gains and losses recognized for the Series B Warrants were a loss of $1,584,684
and a gain of $2,642,267, respectively. For the three and six months ended June 30, 2022, net fair value gains and losses recognized
for the Series B Warrants were gains of $12,322,737 and $24,748,163, respectively, presented in the recognition and change in fair value
of warrant liabilities account in the consolidated statements of operations. The Series B Warrant liability outstanding as of June 30,
2023 and December 31, 2022 was $3,741,984 and $6,384,250 respectively, presented in the warrant liability account on the consolidated
balance sheets.
Placement
Agent Warrants
For
the three and six months ended June 30, 2023, net fair value gains and losses recognized for the Placement Agent Warrants
(“PAW”) were, a loss of $7,825
and a gain of $31,456,
respectively. For the three and six months ended June 30, 2022, net fair value gains recognized for the PAW were $310,514
and losses of $268,948,
respectively, presented in the recognition and change in fair value of warrant liabilities account in the consolidated statements of
operations. The PAW liability outstanding as of June 30, 2023 and December 31, 2022 was $17,444
and $48,900,
respectively, presented in the warrant liability account on the consolidated balance sheets.
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v3.23.2
EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
EQUITY |
NOTE
5. EQUITY
Common
Stock
The
Company is authorized to issue 133,333,333 shares of common stock, $0.086 par value. Each share of issued and outstanding common stock
entitles the holder thereof to fully participate in all shareholder meetings, to cast one vote on each matter with respect to which shareholders
have the right to vote, and to share ratably in all dividends and other distributions declared and paid with respect to common stock,
as well as in the net assets of the corporation upon liquidation or dissolution.
In January 2023, the Company issued 109,358 shares of the Company’s
common stock to settle two earn-out liabilities.
On
February 23, 2023, pursuant to authority granted by the Board of Directors of the Company, the Company implemented a 1-for-15 reverse
split of the Company’s authorized and issued and outstanding common stock (the “Reverse Split-2023”). The par value
remains unchanged. All share and per share information as well as common stock and additional paid-in capital have been retroactively
adjusted to reflect the Reverse Split-2023 for all periods presented, unless otherwise indicated. The split resulted in a rounding addition
of approximately 15,300 shares valued at par, totaling $1,300.
In
March 2023, Yes Americana, a related party, converted $645,000 of outstanding debt into 66,743 shares of the Company’s common
stock. The conversion considered the fair market value of the stock on the day of conversion of $9.67 for the total of 66,743 shares.
In
March 2023, the Company issued 155,038 shares of the Company’s common stock in conjunction with the Private Placement-2023 as
defined and discussed further below.
During
the second quarter of 2023, the Company issued 112,557
shares of the Company’s common stock in lieu of services provided.
In
May 2023, the Company issued 352,260 shares of the Company’s common stock to settle an earn-out liability.
In
May 2023, the Company issued 22,219
shares of the Company’s common stock pursuant to vested restricted stock awards earned by agents through an
equity-based compensation program at one of the Company’s subsidiaries.
As
of June 30, 2023 and December 31, 2022, there were 2,053,084 and 1,219,573 shares of Common Stock outstanding, respectively.
Warrants
Series
A Warrants
In
conjunction with the Company’s initial public offering, the Company issued 138,000
Series A Warrants which were classified as equity warrants because of provisions, pursuant to the warrant agreement, that permit the
holder obtain a fixed number of shares for a fixed monetary amount. The warrants are standalone equity securities that are
transferable without the Company’s consent or knowledge. The warrants were recorded at a value per the offering of $0.15.
The warrants may be exercised at any point from the effective date until the 5-year anniversary of issuance and are not subject to
standard antidilution provisions. After taking into account warrant exercises, there were 113,000 Series A warrants outstanding as of June 30,
2023 and December 31, 2022.
Series
E and F Warrants
On
March 13, 2023, the Company entered into a securities purchase agreement (the “SPA-2023”) with one institutional buyer for
the purchase and sale of, (i) an aggregate of 155,038 shares (the “Common Shares”) of the Company’s common stock, par
value $0.086 per share (the “Common Stock”) along with accompanying common warrants (the “Common Units”), (ii)
prefunded warrants (the “Prefunded Warrants” or “Series E Warrants”) that are exercisable into 897,594 shares
of Common Stock (the “Prefunded Warrant Shares”) along with accompanying common warrants (the “Pre-Funded Units”),
and (iii) common warrants (the “Common Warrants” or “Series F Warrants”) to initially acquire up to 2,105,264
shares of Common Stock (the “Common Warrant Shares”) (representing 200% of the Common Shares and Prefunded Warrant Shares)
in a private placement offering (the “Private Placement-2023”). Additionally, the Company agreed to issue a warrant to the
Placement Agent (defined below), to initially acquire 52,632 shares of common stock (the “PA Warrant”) and entered
into a registration rights agreement with the buyer to register for resale the common shares underlying the Series E and F Warrants.
The
aggregate purchase price for the Common Shares, Prefunded Warrants (Series E Warrants) and the Common Warrants (Series F Warrants) to
be purchased by the Buyer shall be equal to (i) $3.80 for each Common Unit purchased by such Buyer, or (ii) $3.799 for each Prefunded
Unit purchased by the Buyer, which Prefunded Warrants are exercisable into Prefunded Warrant Shares at the initial Exercise Price (as
defined in the Prefunded Warrant) of $0.001 per Prefunded Warrant Share in accordance with the Prefunded Warrant.
The
Common Warrant (Series F) has an exercise price of $3.55 per share, subject to adjustment for any stock dividend, stock split, stock
combination, reclassification or similar transaction occurring after the date of the Private
Placement-2023. The Common Warrant will be exercisable six months following the date of issuance
and will expire five and a half years from the date of issuance.
The
PA Warrant has an exercise price of $3.91 per share, subject to adjustment for any stock dividend, stock split, stock combination, reclassification
or similar transaction occurring after the date of the SPA-2023. The PA Warrant will be exercisable six months following the date of
issuance and will expire five years from the date of issuance.
The
closing of the Private Placement-2023 occurred on March 16, 2023. EF Hutton, a division of Benchmark Investments, LLC (the “Placement
Agent”) acted as the sole placement agent and was entitled to an 8% of gross proceeds cash fee and the reimbursement of certain
Placement Agent fees and customary expenses.
Gross
and net proceeds to the Company from the Private Placement-2023
were approximately $4 million and $3.4 million respectively, to be utilized primarily for general
working capital and administrative purposes. Direct financing fees approximated $553,000.
The
Company determined the Series E Warrants, Series F Warrants, and PA Warrants are equity in nature because of provisions, pursuant to
the warrant agreements, that permit the holder to obtain a fixed number of shares for a fixed monetary amount. The values offset to $0
in additional paid-in capital in the Company’s condensed consolidated statements of stockholders’ equity (deficit).
Equity-based Compensation
During
the six month period ended June 30, 2023, an executive was awarded an annual stock award in conjunction with a promotion agreement,
consisting of 2,667
shares of the Company’s common stock per annum, to vest monthly throughout the term of employment. For the three and six
months ended June 30, 2023, total stock compensation for this award was valued at approximately $5,601,
and $11,443,
respectively, recorded as stock-based compensation.
Total
stock-based compensation expense recorded in general and administrative expenses in the condensed consolidated statements of operations
for the three and six months ended June 30, 2023 was $35,367 and $79,163, respectively.
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v3.23.2
EARNINGS (LOSS) PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS (LOSS) PER SHARE |
NOTE
6. EARNINGS (LOSS) PER SHARE
Basic
earnings per common share (“EPS”) applicable to common stockholders is computed by dividing earnings applicable to common
stockholders by the weighted-average number of common shares outstanding.
If
there is a loss from operations, diluted EPS is computed in the same manner as basic EPS is computed. Similarly, if the Company has net
income but its preferred dividend adjustment made in computing income available to common stockholders results in a net loss available
to common stockholders, diluted EPS would be computed in the same manner as basic EPS.
The
following calculates basic and diluted EPS:
SCHEDULE
OF CALCULATIONS OF BASIC AND DILUTED EPS
| |
Three Months | | |
Three Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations, numerator, basic and diluted computation | |
$ | (3,869,732 | ) | |
$ | 10,660,028 | |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,716,512 | | |
| 1,069,157 | |
Effect of series B warrants | |
| - | | |
| - | |
Effect of stock awards | |
| - | | |
| 2,128 | |
Effect of preferred stock | |
| - | | |
| 147,939 | |
Weighted average common shares, dilutive | |
| 2,716,512 | | |
| 1,219,224 | |
(Loss) earnings per common share – basic | |
$ | (1.42 | ) | |
$ | 9.97 | |
(Loss) earnings per common share – diluted | |
$ | (1.42 | ) | |
| 8.74 | |
| |
Six Months | | |
Six Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations | |
$ | (997,776 | ) | |
$ | 20,047,189 | |
Deemed dividend | |
| - | | |
| (6,930,335 | ) |
Net income continuing operations, numerator, basic computation | |
| (997,776 | ) | |
| 13,116,854 | |
Recognition and change in fair value of warrant liabilities | |
| - | | |
| (26,625,915 | ) |
Net loss continuing operations, numerator, diluted computation | |
$ | (997,776 | ) | |
$ | (13,509,061 | ) |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,138,444 | | |
| 1,025,108 | |
Effect of series B warrants | |
| - | | |
| 43,128 | |
Weighted average common shares, dilutive | |
| 2,138,444 | | |
| 1,068,236 | |
Loss per common share – basic | |
| (0.47 | ) | |
| 12.80 | |
Loss per common share – diluted | |
$ | (0.47 | ) | |
$ | (12.65 | ) |
The
reversal of the gain on the change fair value of the Series B warrant liability for the six months June 30, 2022 is included in the numerator
of the dilutive EPS calculation to eliminate the effects the warrants as the impact is dilutive.
Additionally,
the following are considered anti-dilutive securities excluded from weighted-average shares used to calculate diluted net loss per common
share:
SCHEDULE
OF DILUTIVE NET LOSS PER COMMON SHARES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| - | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| - | |
Shares subject to warrant liability | |
| - | | |
| 668,299 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| 4,621 | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| 147,939 | |
Shares subject to warrant liability | |
| - | | |
| - | |
|
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
7. LEASES
Operating
lease expense for the three months ended June 30, 2023 and 2022 was $123,326 and $111,900, respectively. Operating lease expense for
the six months ended June 30, 2023 and 2022 was $239,296 and $219,223 respectively. As of June 30, 2023, the weighted average remaining
lease term and weighted average discount rate for the operating leases were 3.89 years and 6.20% respectively.
Future
minimum lease payment under these operating leases consisted of the following:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
Period ending June 30, 2023 | |
Operating Lease Obligations | |
2023 | |
$ | 216,833 | |
2024 | |
| 357,688 | |
2025 | |
| 166,384 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,052 | |
Total undiscounted operating lease payments | |
| 1,122,845 | |
Less: Imputed interest | |
| 116,127 | |
Present value of operating lease liabilities | |
$ | 1,006,718 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8. COMMITMENTS AND CONTINGENCIES
Legal
Contingencies
The
Company is subject to various legal proceedings and claims, either asserted or unasserted, arising in the ordinary course of business.
While the outcome of these claims cannot be predicted with certainty, management does not believe the outcome of any of these matters
will have a material adverse effect on our business, financial position, results of operations, or cash flows, and accordingly, no legal
contingencies are accrued as of June 30, 2023 and December 31, 2022. Litigation relating to the insurance brokerage industry is not uncommon.
As such the Company, from time to time have been subject to such litigation. No assurances can be given with respect to the extent or
outcome of any such litigation in the future.
Earn-out
liabilities
The
following outlines changes to the Company’s earn-out liability balances for the respective periods ended June 30, 2023 and December
31, 2022:
SCHEDULE OF EARN-OUT LIABILITY
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Changes due to payments | |
$ | (1,433,700 | ) | |
$ | (250,000 | ) | |
$ | (929,168 | ) | |
$ | (147,535 | ) | |
| - | | |
| (2,760,403 | ) |
Changes due to fair value adjustments | |
| 766,700 | | |
| 150,000 | | |
| 94,225 | | |
| - | | |
| 9,000 | | |
| 1,019,925 | |
Ending balance June 30, 2023 | |
$ | - | | |
$ | 400,000 | | |
$ | - | | |
$ | - | | |
$ | 569,000 | | |
$ | 969,000 | |
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Beginning balance | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 600,000 | | |
| 600,000 | |
Changes due to payments | |
| (34,430 | ) | |
| (326,935 | ) | |
| (84,473 | ) | |
| (1,259,087 | ) | |
| - | | |
| (1,704,925 | ) |
Changes due to fair value adjustments | |
| 186,122 | | |
| 210,966 | | |
| (73,452 | ) | |
| (283,111 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Ending balance | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
|
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
9. RELATED PARTY TRANSACTIONS
On
September 13, 2022, the Company issued a promissory note to YES Americana Group, LLC (“Americana”) a related party entity
beneficially owned by the Company’s Chief Executive Officer, for the principal sum of $1,500,000
(the “Note”), accruing monthly interest of 5% per annum beginning nine months after Note issuance. On February 7, 2023 ,
the Company and Americana entered into an amendment to the Note pursuant to which (i) the principal amount of the Note was increased
to $1,845,000, (ii) the maturity date of the Note was amended to January 15, 2026, (iii) the interest rate under the Note shall not
increase after the maturity date, and (iv) the Note can be converted at any time, at the option of Americana, into shares of the
Company’s common stock, par value $0.086 per share at an agreed upon conversion price.
On
February 13, 2023, Americana effectuated a conversion of $645,000
of the Note into 66,743
shares of the Company’s common stock, $0.086
par value per share, in accordance with the terms of the Amendment. In addition, during the month of March 2023 the Company repaid
to Americana $400,000.
During the months of April and June of 2023 the company repaid to Americana an additional $230,000.
As of June 30, 2023 and December 31, 2022 respectively, the balance owed to Americana was $570,000
and $1,500,000,
reclassified and recorded in the convertible debt, related
parties, less current portion account in the condensed consolidated balance sheets.
The Company has amounts payable to Reliance Global
Holdings, LLC, a related party beneficially owned by the Company’s Chief Executive Officer stemming from funds loaned to the Company
for various subsidiary acquisitions. These loans do not bear interest and there is no term. Repayment will be made at the Company’s
discretion. The open balance is considered non-current and classified to the related parties, less current portion account in the condensed
consolidated balance sheets with open balances of $25,479 and $100,724 as of June 30, 2023 and December 31, 2022, respectively.
The Company incurred a payable of $200,000 to an
employee for a software purchased in July of 2019. The payable was issued with a $27,673 discount, utilizing a 7.5% discount
rate. There are monthly payment terms of $4,167 through
June 2024, the date of final settlement. The balance is carried at present value on the condensed consolidated balance sheets. The
Company classifies amounts planned to be settled within twelve months from the balance sheet date to current liabilities.
Accordingly, the Company presents current balances of $47,249 in the current portion of loans payables, related parties account in
the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. Non-current amounts are classified to the loans
payable, related parties, less current portion account in the condensed consolidated balance sheets and amounted to $0 and $21,541
as of June 30, 2023, and December 31, 2022, respectively. Amortization expense to bring the payable to present value for the
three and six months ended June 30, 2023 respectively, was $1,730 and $3,459, and is classified to the interest expense, related
parties account in the condensed consolidated statements of operations.
Pursuant to the first amendment to the April 26,
2022 asset purchase agreement between the Company and Barra & Associates, LLC, a related party entity beneficially owned by a
senior vice president of the Company, the Company agreed to pay a deferred purchase price (the “DPP”) of $1,375,000
by January 31, 2023, and all amounts unpaid thereafter will accrue interest at a rate of 1.5%
per month until paid. The Company intends to fully repay all unpaid amounts inclusive of interest over the next twenty-four months.
The Company classifies amounts planned to be settled within twelve months from the balance sheet date to current liabilities.
Accordingly, the Company reclassifies and presents current balances of $825,000
and $1,375,000
respectively, in the current portion of loans payables, related parties account in the condensed consolidated balance sheets as of
June 30, 2023 and December 31, 2022. Non-current amounts are classified to the loans payable, related parties, less current portion
account in the condensed consolidated balance sheets and amounted to $281,916
and $0
as of June 30, 2023, and December 31, 2022 respectively. Interest expense for the three and six months ended June 30, 2023
respectively, was $49,423
and $89,170, recorded to
interest expense, related parties in the condensed consolidated statements of operations.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
INVESTMENT IN NSURE
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
INVESTMENT IN NSURE |
NOTE
10. INVESTMENT IN NSURE
During
April 2023, the Company sold its remaining 262,684 of NSURE shares to unaffiliated third parties, receiving the shares’ cost basis and
cash proceeds of $900,000. The Company’s remaining NSURE share balance as of June 30, 2023, was zero.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 11. SUBSEQUENT EVENTS
Pursuant to the terms of the SPA, on July 7, 2023, the Series B Warrants’ effective exercise
price reset to $2.50, and on July 14, 2023, 165,000 Series B Warrants were exercised into 73,264 shares of common stock in a cashless
exercise. Accordingly, the adjusted balance of Series B Warrants outstanding as of the exercise date is 1,166,667.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting
principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for
Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. In the opinion of management, all adjustments (consisting of recurring accruals) necessary for a fair
presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited
consolidated financial statements and the notes thereto, set forth in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022. Certain prior period amounts in the condensed consolidated financial statements and notes thereto have been reclassified
to conform to the current period’s presentation.
The
accompanying unaudited condensed consolidated financial statements include the accounts of Reliance Global Group, Inc. and its wholly
owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
|
Liquidity |
Liquidity
As
of June 30, 2023, the Company’s reported cash and restricted cash aggregated balance was approximately $2,680,000, current assets
were approximately $7,132,000, while current liabilities were approximately $4,865,000. As of June 30, 2023, the Company had positive
working capital of approximately $2,268,000 and stockholders’ equity of approximately $13,027,000. For the six months ended June
30, 2023, the Company reported loss from operations of approximately $2,843,000, a non-cash, non-operating gain on the recognition and
change in fair value of warrant liabilities of approximately $2,674,000, resulting in net loss from continuing operations of approximately
$998,000, a net loss from discontinued operations of approximately $1,846,000, resulting in an overall net loss of approximately $2,844,000. The Company
completed a capital offering in March 2023, raising net proceeds of approximately $3,446,000.
Although
there can be no assurance that debt or equity financing will be available on acceptable terms, the Company believes its financial position
and its ability to raise capital to be reasonable and sufficient. Based on our assessment, we do not believe there are conditions or
events that, in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year
of filing these financial statements with the Securities and Exchange Commission (“SEC”).
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the financial statements and accompanying
notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances.
Actual results could differ materially from those estimates.
|
Cash and Restricted Cash |
Cash
and Restricted Cash
Cash
and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the total shown on our Condensed Consolidated
Statements of Cash Flows as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash | |
$ | 1,274,743 | | |
$ | 2,979,769 | |
Restricted cash | |
| 1,405,513 | | |
| 1,417,634 | |
Total cash and restricted cash | |
$ | 2,680,256 | | |
$ | 4,397,403 | |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Level
1 — Observable inputs reflecting quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level
2 — Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly
or indirectly for substantially the full term of the asset or liability; and
Level
3 — Unobservable inputs for the asset or liability, which include management’s own assumption about the assumptions market
participants would use in pricing the asset or liability, including assumptions about risk.
Warrant
Liabilities: The Company re-measures fair value of its Level 3 warrant liabilities at the balance sheet date, using a binomial option
pricing model. The following summarizes the significant unobservable inputs:
SCHEDULE OF EARN OUT LIABILITY
| |
June 30, 2023 | | |
December
31, 2022 | |
Stock price | |
$ | 4.71 | | |
$ | 8.55 | |
Volatility | |
| 105.0 | % | |
| 105.0 | % |
Time to expiry | |
| 3.51 | | |
| 4.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.4 | % | |
| 4.1 | % |
The
following reconciles fair value of the liability classified warrants:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
Series B Warrant Commitment | | |
Series B Warrant Liabilities | | |
Placement Agent Warrants | | |
Total | |
Beginning balance, December 31, 2022 | |
$ | - | | |
$ | 6,384,250 | | |
$ | 48,900 | | |
$ | 6,433,150 | |
Unrealized (gain) loss | |
| - | | |
| (4,226,950 | ) | |
| (39,281 | ) | |
| (4,266,231 | ) |
Ending balance, March 31, 2023 | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Beginning balance, | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Unrealized (gain) loss | |
| - | | |
| 1,584,684 | | |
| 7,825 | | |
| 1,592,509 | |
Ending balance, June 30, 2023 | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Ending balance | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Earn-out
liabilities: The Company generally values its Level 3 earn-out liabilities using the income valuation approach. Key valuation inputs
include contingent payment arrangement terms, projected revenues and cash flows, rate of return, and probability assessments. The following
table summarizes the significant unobservable inputs used in the fair value measurements:
SCHEDULE
OF FAIR VALUE MEASUREMENTS
|
|
June
30, 2023 |
|
December
31, 2022 |
Valuation
technique |
|
Discounted
cash flow |
|
Discounted
cash flow |
Significant
unobservable input |
|
Projected
revenue and probability of achievement |
|
Projected
revenue and probability of achievement |
The
Company values its Level 3 earn-out liability related to the Barra Acquisition using a Monte Carlo simulation in a risk-neutral framework
(a special case of the Income Approach). The following summarizes the significant unobservable inputs:
SCHEDULE
OF EARN OUT LIABILITY
| |
June
30, 2023 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 9.6 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments were approximately $1,147,000 as of June 30, 2023. The following table reconciles fair value of earn-out
liabilities for the periods ended June 30, 2023, and December 31, 2022:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
| |
June 30, 2023 | | |
December 31, 2022 | |
Beginning balance – January 1 | |
$ | 2,709,478 | | |
$ | 3,813,878 | |
| |
| | | |
| | |
Acquisitions and settlements | |
| (2,760,403 | ) | |
| (1,104,925 | ) |
| |
| | | |
| | |
Period adjustments: | |
| | | |
| | |
Fair value changes included in earnings* | |
| 1,019,925 | | |
| 525 | |
| |
| | | |
| | |
Ending balance | |
| 969,000 | | |
| 2,709,478 | |
Less: Current portion | |
| (969,000 | ) | |
| (2,153,478 | ) |
Ending balance, less current portion | |
$ | - | | |
$ | 556,000 | |
* |
Recorded
as a reduction to general and administrative expenses |
|
Revenue Recognition |
Revenue
Recognition
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Three Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 206,668 | | |
$ | 4,471 | | |
$ | - | | |
$ | 211,139 | |
USBA | |
| 11,426 | | |
| 658 | | |
| - | | |
| 12,084 | |
CCS/UIS | |
| - | | |
| - | | |
| 73,402 | | |
| 73,402 | |
Montana | |
| 444,783 | | |
| 3,350 | | |
| - | | |
| 448,133 | |
Fortman | |
| 288,902 | | |
| 1,680 | | |
| 227,176 | | |
| 517,758 | |
Altruis | |
| 1,200,537 | | |
| - | | |
| - | | |
| 1,200,537 | |
Kush | |
| 322,188 | | |
| - | | |
| - | | |
| 322,188 | |
Barra | |
| 52,209 | | |
| 61,821 | | |
| 296,634 | | |
| 410,664 | |
Total | |
$ | 2,526,713 | | |
$ | 71,980 | | |
$ | 597,212 | | |
$ | 3,195,905 | |
Six Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 439,949 | | |
$ | 8,571 | | |
$ | - | | |
$ | 448,520 | |
USBA | |
| 22,689 | | |
| 1,423 | | |
| - | | |
| 24,112 | |
CCS/UIS | |
| - | | |
| - | | |
| 120,172 | | |
| 120,172 | |
Montana | |
| 930,792 | | |
| 8,335 | | |
| - | | |
| 939,127 | |
Fortman | |
| 596,557 | | |
| 2,073 | | |
| 433,544 | | |
| 1,032,174 | |
Altruis | |
| 3,068,673 | | |
| - | | |
| - | | |
| 3,068,673 | |
Kush | |
| 642,479 | | |
| - | | |
| - | | |
| 642,479 | |
Barra | |
| 121,319 | | |
| 85,202 | | |
| 653,230 | | |
| 859,751 | |
Total | |
$ | 5,822,458 | | |
$ | 105,604 | | |
$ | 1,206,946 | | |
$ | 7,135,008 | |
Three Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 178,936 | | |
$ | 5,915 | | |
$ | - | | |
$ | 184,851 | |
USBA | |
| 12,319 | | |
| - | | |
| - | | |
| 12,319 | |
CCS/UIS | |
| - | | |
| - | | |
| 57,195 | | |
| 57,195 | |
Montana | |
| 450,742 | | |
| 963 | | |
| - | | |
| 451,705 | |
Fortman | |
| 357,334 | | |
| - | | |
| 205,804 | | |
| 563,138 | |
Altruis | |
| 881,337 | | |
| 834 | | |
| - | | |
| 882,171 | |
Kush | |
| 425,449 | | |
| - | | |
| - | | |
| 425,449 | |
Reli Exchange | |
| 47,661 | | |
| 22,263 | | |
| 200,397 | | |
| 270,321 | |
Total | |
$ | 2,353,778 | | |
$ | 29,975 | | |
$ | 463,396 | | |
$ | 2,847,149 | |
Six Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 399,547 | | |
$ | 6,488 | | |
$ | - | | |
$ | 406,035 | |
USBA | |
| 25,906 | | |
| - | | |
| - | | |
| 25,906 | |
CCS/UIS | |
| - | | |
| - | | |
| 101,077 | | |
| 101,077 | |
Montana | |
| 956,329 | | |
| 2,097 | | |
| - | | |
| 958,426 | |
Fortman | |
| 687,060 | | |
| 2,873 | | |
| 403,064 | | |
| 1,092,997 | |
Altruis | |
| 2,184,367 | | |
| 2,676 | | |
| - | | |
| 2,187,043 | |
Kush | |
| 864,040 | | |
| - | | |
| - | | |
| 864,040 | |
Reli Exchange | |
| 47,662 | | |
| 22,263 | | |
| 200,397 | | |
| 270,322 | |
Total | |
$ | 5,164,911 | | |
$ | 36,397 | | |
$ | 704,538 | | |
$ | 5,905,846 | |
The
following are customers representing 10% or more of total revenue:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
| |
| | |
| |
| |
For the three months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 28 | % | |
| 30 | % |
BlueCross BlueShield | |
| 12 | % | |
| 13 | % |
Insurance Carrier | |
| 12 | % | |
| 13 | % |
| |
| | |
| |
| |
For the six months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 37 | % | |
| 36 | % |
BlueCross BlueShield | |
| 13 | % | |
| 14 | % |
Insurance Carrier | |
| 37 | % | |
| 36 | % |
No
other single customer accounted for more than 10%
of the Company’s commission revenues during the three and six months ended June 30, 2023 and 2022. The loss of any significant customer could have a material adverse effect on the
Company. Customers from 2022 were adjusted to reflect percentages of revenue from continued operations.
|
Income Taxes |
Income
Taxes
The
Company recorded no income tax expense for the three and six months ended June 30, 2023 and 2022 because the estimated annual effective
tax rate was zero. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections
of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local
income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives.
As
of June 30, 2023 and December 31, 2022, the Company provided a full valuation allowance
against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.
|
Discontinued Operations |
Discontinued
Operations
The
Company’s board of directors approved the discontinuation and abandonment of Medigap Healthcare Insurance Company, LLC
(“Medigap”), a subsidiary of the Company, effective April 17, 2023, due to Medigap’s sustained recurring losses
stemming from amongst other factors, greater than anticipated revenue chargebacks. The Company was unable to divest its interest in
Medigap for value, and accordingly, operations were wound down in an orderly manner. In doing so, the Company transferred to its
operating entity, Medigap’s customer relationships and internally developed and purchased software intangible assets, with net
of amortization combined value of approximately $4,300,000,
as well as, its short-term financing arrangement of $29,500,
and each are respectively classified in the intangible assets and short term financing agreements accounts in the condensed
consolidated balance sheets for the periods ended June 30, 2023 and December 31, 2022. These assets have continued value to the
Company and have not been impaired as the fair value exceeds carrying cost. Medigap’s remaining assets were considered to have
no remaining asset value and were fully impaired. Certain liabilities and estimated liabilities as outlined in the tables herein,
were discharged and/or written-off in conjunction with the Settlement Agreement (as defined below) because of them having a net zero dollar estimated liability value. Accordingly, the Company recognized a net of estimated liability
adjustments gain of approximately $10,000,
and loss of approximately $4,400,000,
presented in income (loss) from discontinued operations in the consolidated statements of operations for the three and six months
ended June 30, 2023 respectively. As part of the abandonment, the Company cancelled third party contracts, settled outstanding
vendor and other third-party obligations, ceased to enter into new customer contracts via Medigap, and no further customer performance
obligations existed. The Company does not expect further continuing involvement with Medigap, and in accordance with ASC
205-20-45-9, no corporate overhead has been allocated to discontinued operations.
Settlement
Agreement
On
June 30, 2023, the Company entered into a confidential settlement agreement
and mutual release (the “Settlement Agreement”) with certain Medigap affiliated entities and persons, and the former owners
of Medigap, whereby the Company would receive a settlement payment of
$2,900,000 and was released from all past and future Medigap obligations and liabilities.
The settlement payment was received in full by the Company in July 2023 and is recorded as income from discontinued operations in the
condensed consolidated statements of operations for the three and six months ended June 30, 2023.
The following tables present the major components
of assets and liabilities included in discontinued operations on the condensed consolidated balance sheets.
SCHEDULE OF DISCONTINUED OPERATIONS ON
CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
| - | | |
$ | 73,223 | |
Accounts receivable, related parties | |
| - | | |
| 3,595 | |
Other receivables | |
| - | | |
| 5,388 | |
Prepaid expense and other current assets | |
| - | | |
| 3,792 | |
Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Property and equipment, net | |
| - | | |
$ | 24,116 | |
Right-of-use assets | |
| - | | |
| 163,129 | |
Intangibles, net | |
| - | | |
| 318,000 | |
Goodwill | |
| - | | |
| 4,825,634 | |
Other Assets - Discontinued Operations | |
| - | | |
$ | 5,330,879 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Other Assets -
Discontinued Operations | |
| - | | |
$ | 5,330,877 | |
| |
| | | |
| | |
Accounts payable and other accrued liabilities | |
| - | | |
$ | 506,585 | |
Chargeback reserve | |
| - | | |
| 915,934 | |
Current portion of leases payable | |
| - | | |
| 178,117 | |
Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
| |
| | | |
| | |
Condensed consolidated balance
sheets - Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
The
following table rolls forward Medigap’s assets and liabilities from their carrying values pre-abandonment to their values post
abandonment, and presents the impact of reclassifications, impairments, and write-offs:
Medigap Related Assets | |
Carrying Value Prior To Abandonment | | |
Asset and Liability Transfers Retained by the Company | | |
Asset Impairments and Liability Write-Offs | | |
Carrying Value As of June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
$ | 56,398 | | |
$ | - | | |
$ | (56,398 | ) | |
$ | - | |
Accounts receivable, related party | |
| 3,595 | | |
| - | | |
| (3,595 | ) | |
| - | |
Other receivables | |
| 5,388 | | |
| - | | |
| (5,388 | ) | |
| - | |
Current assets – Medigap | |
$ | 65,381 | | |
$ | - | | |
$ | (65,381 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Property and equipment, net | |
$ | 22,378 | | |
$ | - | | |
$ | (22,378 | ) | |
$ | - | |
Right-of-use assets | |
| 119,594 | | |
| - | | |
| (119,594 | ) | |
| - | |
Intangibles, net | |
| 4,570,536 | | |
| (4,258,214 | )1 | |
| (312,322 | ) | |
| - | |
Goodwill | |
| 4,825,634 | | |
| - | | |
| (4,825,634 | ) | |
| - | |
Other assets - Medigap | |
$ | 9,538,142 | | |
$ | (4,258,214 | ) | |
$ | (5,279,928 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total assets - Medigap | |
$ | 9,603,523 | | |
$ | (4,258,214 | ) | |
$ | (5,345,309 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 4,157 | | |
$ | - | | |
$ | (4,157 | ) | |
$ | - | |
Short term financing agreements | |
| 29,500 | | |
| (29,500 | ) | |
| - | | |
| - | |
Chargeback Reserve | |
| 831,725 | | |
| - | | |
| (831,725 | )2 | |
| - | |
Current portion of leases payable | |
| 134,517 | | |
| - | | |
| (134,517 | )3 | |
| - | |
Other liabilities | |
| 9,842 | | |
| - | | |
| (9,842 | )3 | |
| - | |
Current Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Net assets and liabilities - Medigap | |
$ | 8,593,782 | | |
$ | (4,228,714 | ) | |
$ | (4,365,068 | ) | |
$ | - | |
| 1 | Includes
customer relationships and internally developed and purchased software intangible assets
that have continued value to the Company and have not been impaired as the fair value exceeds
carrying cost. |
| 2 | Estimated
liability write-off per net zero dollar estimated liability value. |
| 3 | Liability
discharge pursuant to the Settlement Agreement. |
The
following tables disaggregate the major classes of pretax gain and loss as presented in discontinued operations in the condensed consolidated
statements of operations.
| |
Three Months Ended June 30, 2023 | | |
Three Months Ended June 30, 2022 | | |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
|
Three Months Ended June 30, 2023 |
|
Income | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission income | |
$ | 11,025 | | |
$ | 1,359,976 | | |
$ | 744,030 | | |
$ | 2,537,061 | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Expenses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission expense | |
| 5,491 | | |
| 187,196 | | |
| 110,639 | | |
| 305,740 | |
|
|
|
|
Salaries and wages | |
| 53,508 | | |
| 539,380 | | |
| 454,823 | | |
| 989,743 | |
|
|
|
|
General and administrative expenses | |
| 10,612 | | |
| 129,048 | | |
| 129,348 | | |
| 248,323 | |
|
|
|
|
Marketing and advertising | |
| 36,544 | | |
| 614,226 | | |
| 426,819 | | |
| 1,111,719 | |
|
|
|
|
Depreciation and amortization | |
| - | | |
| 61,964 | | |
| 7,283 | | |
| 100,488 | |
|
|
|
|
Other expenses (income) | |
| 267 | | |
| (7,500 | ) | |
| (3,902 | ) | |
| (7,456 | ) |
|
|
|
|
Total discontinued operations expenses before impairments and write-offs
| |
| 106,422 | | |
| 1,524,314 | | |
| 1,125,010 | | |
| 2,748,557 | |
|
|
|
|
Total discontinued operations income / (loss) before impairments and write-offs
| |
$ | (95,397 | ) | |
$ | (164,338 | ) | |
$ | (380,980 | ) | |
$ | (211,496 | ) |
|
|
|
|
Gains and (losses) from recoveries and impairments / write-offs of discontinued operations assets and liabilities | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Settlement Recovery | |
$ | 2,900,000 | | |
| - | | |
$ | 2,900,000 | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Asset impairment losses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts receivable | |
| - | | |
| - | | |
| (56,398 | ) | |
| - | |
|
|
|
|
Accounts receivable, related parties | |
| - | | |
| - | | |
| (3,595 | ) | |
| - | |
|
|
|
|
Other receivables | |
| - | | |
| - | | |
| (5,388 | ) | |
| - | |
|
|
|
|
Property and equipment, net | |
| - | | |
| - | | |
| (22,378 | ) | |
| - | |
|
|
|
|
Right-of-use assets | |
| - | | |
| - | | |
| (119,594 | ) | |
| - | |
|
|
|
|
Intangibles, net | |
| - | | |
| - | | |
| (312,322 | ) | |
| - | |
|
|
|
|
Goodwill | |
| - | | |
| - | | |
| (4,825,634 | ) | |
| - | |
|
|
|
|
Total Asset Impairments | |
| - | | |
| - | | |
| (5,345,309 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Liability write-off gains | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts payable and other accrued liabilities | |
| - | | |
| - | | |
| 4,157 | | |
| - | |
|
|
|
|
Other payables | |
| 9,842 | | |
| - | | |
| 9,842 | | |
| - | |
|
|
|
|
Chargeback reserve | |
| - | | |
| - | | |
| 831,725 | | |
| - | |
|
|
|
|
Current portion of leases payable | |
| - | | |
| - | | |
| 134,517 | | |
| - | |
|
|
|
|
Total liability write-off gains | |
| 9,842 | | |
| - | | |
| 980,241 | | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Discontinued operations net asset and
liability impairments / write-offs gains and (losses) | |
| 9,842 | | |
| - | | |
| (4,365,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Net gains and (losses) from recoveries
and impairments / write-offs from discontinued operations assets and liabilities | |
| 2,909,842 | | |
| - | | |
| (1,465,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Gain (loss) from discontinued operations before tax | |
| 2,814,445 | | |
| (164,338 | ) | |
| (1,846,048 | ) | |
| (211,496 | ) |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Consolidated
statement of operations - Income (loss) from discontinued operations before tax
| |
$ | 2,814,445 | | |
$ | (164,338 | ) | |
$ | (1,846,048 | ) | |
$ | (211,496 | ) |
|
|
|
|
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
We
do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.
|
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v3.23.2
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
SCHEDULE OF RESTRICTED CASH IN STATEMENT OF CASH FLOW |
Cash
and restricted cash reported on our Condensed Consolidated Balance Sheets are reconciled to the total shown on our Condensed Consolidated
Statements of Cash Flows as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash | |
$ | 1,274,743 | | |
$ | 2,979,769 | |
Restricted cash | |
| 1,405,513 | | |
| 1,417,634 | |
Total cash and restricted cash | |
$ | 2,680,256 | | |
$ | 4,397,403 | |
|
SCHEDULE OF EARN OUT LIABILITY |
SCHEDULE OF EARN OUT LIABILITY
| |
June 30, 2023 | | |
December
31, 2022 | |
Stock price | |
$ | 4.71 | | |
$ | 8.55 | |
Volatility | |
| 105.0 | % | |
| 105.0 | % |
Time to expiry | |
| 3.51 | | |
| 4.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.4 | % | |
| 4.1 | % |
|
SCHEDULE OF RECONCILES WARRANT COMMITMENT |
The
following reconciles fair value of the liability classified warrants:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
Series B Warrant Commitment | | |
Series B Warrant Liabilities | | |
Placement Agent Warrants | | |
Total | |
Beginning balance, December 31, 2022 | |
$ | - | | |
$ | 6,384,250 | | |
$ | 48,900 | | |
$ | 6,433,150 | |
Unrealized (gain) loss | |
| - | | |
| (4,226,950 | ) | |
| (39,281 | ) | |
| (4,266,231 | ) |
Ending balance, March 31, 2023 | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Beginning balance, | |
| - | | |
| 2,157,300 | | |
| 9,619 | | |
| 2,166,919 | |
Unrealized (gain) loss | |
| - | | |
| 1,584,684 | | |
| 7,825 | | |
| 1,592,509 | |
Ending balance, June 30, 2023 | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
Ending balance | |
$ | - | | |
$ | 3,741,984 | | |
$ | 17,444 | | |
$ | 3,759,428 | |
|
SCHEDULE OF FAIR VALUE MEASUREMENTS |
SCHEDULE
OF FAIR VALUE MEASUREMENTS
|
|
June
30, 2023 |
|
December
31, 2022 |
Valuation
technique |
|
Discounted
cash flow |
|
Discounted
cash flow |
Significant
unobservable input |
|
Projected
revenue and probability of achievement |
|
Projected
revenue and probability of achievement |
|
SCHEDULE OF GAIN OR LOSSES RECOGNIZED FAIR VALUE |
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
| |
June 30, 2023 | | |
December 31, 2022 | |
Beginning balance – January 1 | |
$ | 2,709,478 | | |
$ | 3,813,878 | |
| |
| | | |
| | |
Acquisitions and settlements | |
| (2,760,403 | ) | |
| (1,104,925 | ) |
| |
| | | |
| | |
Period adjustments: | |
| | | |
| | |
Fair value changes included in earnings* | |
| 1,019,925 | | |
| 525 | |
| |
| | | |
| | |
Ending balance | |
| 969,000 | | |
| 2,709,478 | |
Less: Current portion | |
| (969,000 | ) | |
| (2,153,478 | ) |
Ending balance, less current portion | |
$ | - | | |
$ | 556,000 | |
* |
Recorded
as a reduction to general and administrative expenses |
|
SCHEDULE OF DISAGGREGATION REVENUE |
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Three Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 206,668 | | |
$ | 4,471 | | |
$ | - | | |
$ | 211,139 | |
USBA | |
| 11,426 | | |
| 658 | | |
| - | | |
| 12,084 | |
CCS/UIS | |
| - | | |
| - | | |
| 73,402 | | |
| 73,402 | |
Montana | |
| 444,783 | | |
| 3,350 | | |
| - | | |
| 448,133 | |
Fortman | |
| 288,902 | | |
| 1,680 | | |
| 227,176 | | |
| 517,758 | |
Altruis | |
| 1,200,537 | | |
| - | | |
| - | | |
| 1,200,537 | |
Kush | |
| 322,188 | | |
| - | | |
| - | | |
| 322,188 | |
Barra | |
| 52,209 | | |
| 61,821 | | |
| 296,634 | | |
| 410,664 | |
Total | |
$ | 2,526,713 | | |
$ | 71,980 | | |
$ | 597,212 | | |
$ | 3,195,905 | |
Six Months ended June 30, 2023 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 439,949 | | |
$ | 8,571 | | |
$ | - | | |
$ | 448,520 | |
USBA | |
| 22,689 | | |
| 1,423 | | |
| - | | |
| 24,112 | |
CCS/UIS | |
| - | | |
| - | | |
| 120,172 | | |
| 120,172 | |
Montana | |
| 930,792 | | |
| 8,335 | | |
| - | | |
| 939,127 | |
Fortman | |
| 596,557 | | |
| 2,073 | | |
| 433,544 | | |
| 1,032,174 | |
Altruis | |
| 3,068,673 | | |
| - | | |
| - | | |
| 3,068,673 | |
Kush | |
| 642,479 | | |
| - | | |
| - | | |
| 642,479 | |
Barra | |
| 121,319 | | |
| 85,202 | | |
| 653,230 | | |
| 859,751 | |
Total | |
$ | 5,822,458 | | |
$ | 105,604 | | |
$ | 1,206,946 | | |
$ | 7,135,008 | |
Three Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 178,936 | | |
$ | 5,915 | | |
$ | - | | |
$ | 184,851 | |
USBA | |
| 12,319 | | |
| - | | |
| - | | |
| 12,319 | |
CCS/UIS | |
| - | | |
| - | | |
| 57,195 | | |
| 57,195 | |
Montana | |
| 450,742 | | |
| 963 | | |
| - | | |
| 451,705 | |
Fortman | |
| 357,334 | | |
| - | | |
| 205,804 | | |
| 563,138 | |
Altruis | |
| 881,337 | | |
| 834 | | |
| - | | |
| 882,171 | |
Kush | |
| 425,449 | | |
| - | | |
| - | | |
| 425,449 | |
Reli Exchange | |
| 47,661 | | |
| 22,263 | | |
| 200,397 | | |
| 270,321 | |
Total | |
$ | 2,353,778 | | |
$ | 29,975 | | |
$ | 463,396 | | |
$ | 2,847,149 | |
Six Months ended June 30, 2022 | |
Medical | | |
Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | | |
| | |
EBS | |
$ | 399,547 | | |
$ | 6,488 | | |
$ | - | | |
$ | 406,035 | |
USBA | |
| 25,906 | | |
| - | | |
| - | | |
| 25,906 | |
CCS/UIS | |
| - | | |
| - | | |
| 101,077 | | |
| 101,077 | |
Montana | |
| 956,329 | | |
| 2,097 | | |
| - | | |
| 958,426 | |
Fortman | |
| 687,060 | | |
| 2,873 | | |
| 403,064 | | |
| 1,092,997 | |
Altruis | |
| 2,184,367 | | |
| 2,676 | | |
| - | | |
| 2,187,043 | |
Kush | |
| 864,040 | | |
| - | | |
| - | | |
| 864,040 | |
Reli Exchange | |
| 47,662 | | |
| 22,263 | | |
| 200,397 | | |
| 270,322 | |
Total | |
$ | 5,164,911 | | |
$ | 36,397 | | |
$ | 704,538 | | |
$ | 5,905,846 | |
|
SCHEDULE OF CONCENTRATIONS OF REVENUES |
The
following are customers representing 10% or more of total revenue:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
| |
| | |
| |
| |
For the three months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 28 | % | |
| 30 | % |
BlueCross BlueShield | |
| 12 | % | |
| 13 | % |
Insurance Carrier | |
| 12 | % | |
| 13 | % |
| |
| | |
| |
| |
For the six months ended June 30, | |
Insurance Carrier | |
2023 | | |
2022 | |
Priority Health | |
| 37 | % | |
| 36 | % |
BlueCross BlueShield | |
| 13 | % | |
| 14 | % |
Insurance Carrier | |
| 37 | % | |
| 36 | % |
|
SCHEDULE OF DISCONTINUED OPERATIONS ON CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS |
The following tables present the major components
of assets and liabilities included in discontinued operations on the condensed consolidated balance sheets.
SCHEDULE OF DISCONTINUED OPERATIONS ON
CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS
| |
June 30, 2023 | | |
December 31, 2022 | |
Accounts receivable | |
| - | | |
$ | 73,223 | |
Accounts receivable, related parties | |
| - | | |
| 3,595 | |
Other receivables | |
| - | | |
| 5,388 | |
Prepaid expense and other current assets | |
| - | | |
| 3,792 | |
Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Current Assets - Discontinued Operations | |
| | | |
$ | 85,998 | |
| |
| | | |
| | |
Property and equipment, net | |
| - | | |
$ | 24,116 | |
Right-of-use assets | |
| - | | |
| 163,129 | |
Intangibles, net | |
| - | | |
| 318,000 | |
Goodwill | |
| - | | |
| 4,825,634 | |
Other Assets - Discontinued Operations | |
| - | | |
$ | 5,330,879 | |
| |
| | | |
| | |
Condensed consolidated balance sheets - Other Assets -
Discontinued Operations | |
| - | | |
$ | 5,330,877 | |
| |
| | | |
| | |
Accounts payable and other accrued liabilities | |
| - | | |
$ | 506,585 | |
Chargeback reserve | |
| - | | |
| 915,934 | |
Current portion of leases payable | |
| - | | |
| 178,117 | |
Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
| |
| | | |
| | |
Condensed consolidated balance
sheets - Current Liabilities - Discontinued Operations | |
| - | | |
$ | 1,600,636 | |
The
following table rolls forward Medigap’s assets and liabilities from their carrying values pre-abandonment to their values post
abandonment, and presents the impact of reclassifications, impairments, and write-offs:
Medigap Related Assets | |
Carrying Value Prior To Abandonment | | |
Asset and Liability Transfers Retained by the Company | | |
Asset Impairments and Liability Write-Offs | | |
Carrying Value As of June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Accounts receivable | |
$ | 56,398 | | |
$ | - | | |
$ | (56,398 | ) | |
$ | - | |
Accounts receivable, related party | |
| 3,595 | | |
| - | | |
| (3,595 | ) | |
| - | |
Other receivables | |
| 5,388 | | |
| - | | |
| (5,388 | ) | |
| - | |
Current assets – Medigap | |
$ | 65,381 | | |
$ | - | | |
$ | (65,381 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Property and equipment, net | |
$ | 22,378 | | |
$ | - | | |
$ | (22,378 | ) | |
$ | - | |
Right-of-use assets | |
| 119,594 | | |
| - | | |
| (119,594 | ) | |
| - | |
Intangibles, net | |
| 4,570,536 | | |
| (4,258,214 | )1 | |
| (312,322 | ) | |
| - | |
Goodwill | |
| 4,825,634 | | |
| - | | |
| (4,825,634 | ) | |
| - | |
Other assets - Medigap | |
$ | 9,538,142 | | |
$ | (4,258,214 | ) | |
$ | (5,279,928 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total assets - Medigap | |
$ | 9,603,523 | | |
$ | (4,258,214 | ) | |
$ | (5,345,309 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 4,157 | | |
$ | - | | |
$ | (4,157 | ) | |
$ | - | |
Short term financing agreements | |
| 29,500 | | |
| (29,500 | ) | |
| - | | |
| - | |
Chargeback Reserve | |
| 831,725 | | |
| - | | |
| (831,725 | )2 | |
| - | |
Current portion of leases payable | |
| 134,517 | | |
| - | | |
| (134,517 | )3 | |
| - | |
Other liabilities | |
| 9,842 | | |
| - | | |
| (9,842 | )3 | |
| - | |
Current Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Total Liabilities - Medigap | |
$ | 1,009,741 | | |
$ | (29,500 | ) | |
$ | (980,241 | ) | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Net assets and liabilities - Medigap | |
$ | 8,593,782 | | |
$ | (4,228,714 | ) | |
$ | (4,365,068 | ) | |
$ | - | |
| 1 | Includes
customer relationships and internally developed and purchased software intangible assets
that have continued value to the Company and have not been impaired as the fair value exceeds
carrying cost. |
| 2 | Estimated
liability write-off per net zero dollar estimated liability value. |
| 3 | Liability
discharge pursuant to the Settlement Agreement. |
The
following tables disaggregate the major classes of pretax gain and loss as presented in discontinued operations in the condensed consolidated
statements of operations.
| |
Three Months Ended June 30, 2023 | | |
Three Months Ended June 30, 2022 | | |
Six Months Ended June 30, 2023 | | |
Six Months Ended June 30, 2022 | |
|
Three Months Ended June 30, 2023 |
|
Income | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission income | |
$ | 11,025 | | |
$ | 1,359,976 | | |
$ | 744,030 | | |
$ | 2,537,061 | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Expenses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Commission expense | |
| 5,491 | | |
| 187,196 | | |
| 110,639 | | |
| 305,740 | |
|
|
|
|
Salaries and wages | |
| 53,508 | | |
| 539,380 | | |
| 454,823 | | |
| 989,743 | |
|
|
|
|
General and administrative expenses | |
| 10,612 | | |
| 129,048 | | |
| 129,348 | | |
| 248,323 | |
|
|
|
|
Marketing and advertising | |
| 36,544 | | |
| 614,226 | | |
| 426,819 | | |
| 1,111,719 | |
|
|
|
|
Depreciation and amortization | |
| - | | |
| 61,964 | | |
| 7,283 | | |
| 100,488 | |
|
|
|
|
Other expenses (income) | |
| 267 | | |
| (7,500 | ) | |
| (3,902 | ) | |
| (7,456 | ) |
|
|
|
|
Total discontinued operations expenses before impairments and write-offs
| |
| 106,422 | | |
| 1,524,314 | | |
| 1,125,010 | | |
| 2,748,557 | |
|
|
|
|
Total discontinued operations income / (loss) before impairments and write-offs
| |
$ | (95,397 | ) | |
$ | (164,338 | ) | |
$ | (380,980 | ) | |
$ | (211,496 | ) |
|
|
|
|
Gains and (losses) from recoveries and impairments / write-offs of discontinued operations assets and liabilities | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Settlement Recovery | |
$ | 2,900,000 | | |
| - | | |
$ | 2,900,000 | | |
| | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Asset impairment losses | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts receivable | |
| - | | |
| - | | |
| (56,398 | ) | |
| - | |
|
|
|
|
Accounts receivable, related parties | |
| - | | |
| - | | |
| (3,595 | ) | |
| - | |
|
|
|
|
Other receivables | |
| - | | |
| - | | |
| (5,388 | ) | |
| - | |
|
|
|
|
Property and equipment, net | |
| - | | |
| - | | |
| (22,378 | ) | |
| - | |
|
|
|
|
Right-of-use assets | |
| - | | |
| - | | |
| (119,594 | ) | |
| - | |
|
|
|
|
Intangibles, net | |
| - | | |
| - | | |
| (312,322 | ) | |
| - | |
|
|
|
|
Goodwill | |
| - | | |
| - | | |
| (4,825,634 | ) | |
| - | |
|
|
|
|
Total Asset Impairments | |
| - | | |
| - | | |
| (5,345,309 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Liability write-off gains | |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Accounts payable and other accrued liabilities | |
| - | | |
| - | | |
| 4,157 | | |
| - | |
|
|
|
|
Other payables | |
| 9,842 | | |
| - | | |
| 9,842 | | |
| - | |
|
|
|
|
Chargeback reserve | |
| - | | |
| - | | |
| 831,725 | | |
| - | |
|
|
|
|
Current portion of leases payable | |
| - | | |
| - | | |
| 134,517 | | |
| - | |
|
|
|
|
Total liability write-off gains | |
| 9,842 | | |
| - | | |
| 980,241 | | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Discontinued operations net asset and
liability impairments / write-offs gains and (losses) | |
| 9,842 | | |
| - | | |
| (4,365,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Net gains and (losses) from recoveries
and impairments / write-offs from discontinued operations assets and liabilities | |
| 2,909,842 | | |
| - | | |
| (1,465,068 | ) | |
| - | |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Gain (loss) from discontinued operations before tax | |
| 2,814,445 | | |
| (164,338 | ) | |
| (1,846,048 | ) | |
| (211,496 | ) |
|
|
|
|
| |
| | | |
| | | |
| | | |
| | |
|
|
|
|
Consolidated
statement of operations - Income (loss) from discontinued operations before tax
| |
$ | 2,814,445 | | |
$ | (164,338 | ) | |
$ | (1,846,048 | ) | |
$ | (211,496 | ) |
|
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
Platform Operator, Crypto-Asset [Line Items] |
|
SCHEDULE OF EARN OUT LIABILITY |
The
Company values its Level 3 earn-out liability related to the Barra Acquisition using a Monte Carlo simulation in a risk-neutral framework
(a special case of the Income Approach). The following summarizes the significant unobservable inputs:
SCHEDULE
OF EARN OUT LIABILITY
| |
June
30, 2023 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 9.6 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
|
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF IMPAIRMENT OF GOODWILL |
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022,
adjusted for discontinued operations.
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
December 31, 2022 | |
| 14,287,099 | |
June 30, 2023 | |
$ | 14,287,099 | |
For the year ended December 31, 2022, due to a declining market capitalization attributed
to Medigap’s performance, the Company performed a goodwill impairment test utilizing the Market Approach – Traded Market Value
Method, concluding that the Company’s fair value and resultant net assets, implied a goodwill balance of $19,100,000 versus our goodwill
balance prior to write-down of $33,400,000. Thus, the Company recognized a goodwill impairment loss of $14,373,374. As of June 30, 2023,
the Company recognized an additional goodwill impairment of $4,825,634 upon the abandonment of Medigap.
The
following table rolls forward the Company’s goodwill balance for the periods ended June 30, 2023, and December 31, 2022 inclusive
of discontinued operations.
| |
Goodwill | |
December 31, 2021 | |
$ | 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition | |
| 4,236,822 | |
Goodwill impairment (Medigap) during the year-ended December
31, 2022 | |
| (14,373,374 | ) |
December 31, 2022 | |
| 19,112,733 | |
Goodwill impairment (Medigap) during
the six months ended June 30, 2023 | |
| (4,825,634 | ) |
June 30, 2023 | |
$ | 14,287,099 | |
|
SCHEDULE OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of June 30, 2023:
SCHEDULE
OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 2.0 | | |
$ | 1,807,187 | | |
$ | (1,144,749 | ) | |
$ | 662,438 | |
Internally developed software | |
| 3.7 | | |
| 1,783,837 | | |
| (464,372 | ) | |
| 1,319,465 | |
Customer relationships | |
| 8.5 | | |
| 11,922,290 | | |
| (2,635,325 | ) | |
| 9,286,965 | |
Purchased software | |
| 0.3 | | |
| 667,206 | | |
| (600,937 | ) | |
| 66,269 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.4 | | |
| 3,504,810 | | |
| (2,531,250 | ) | |
| 973,560 | |
| |
| | | |
$ | 19,735,330 | | |
$ | (7,426,633 | ) | |
$ | 12,308,697 | |
The
following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization
period as of December 31, 2022:
| |
Weighted Average Remaining Amortization period (Years) | | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
| 4.4 | | |
$ | 1,806,188 | | |
$ | (969,241 | ) | |
$ | 836,947 | |
Internally developed software | |
| 4.1 | | |
| 1,635,178 | | |
| (287,990 | ) | |
| 1,347,188 | |
Customer relationships | |
| 9.0 | | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
| 0.4 | | |
| 665,137 | | |
| (581,497 | ) | |
| 83,640 | |
Video production assets | |
| - | | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
| 1.9 | | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Total | |
| | | |
$ | 19,583,603 | | |
$ | (6,144,234 | ) | |
$ | 13,439,369 | |
|
SCHEDULE OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS |
The
following table reflects expected amortization expense as of June 30, 2023, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS
Years ending December 31, | |
Amortization Expense | |
2023 (remainder of year) | |
$ | 1,279,911 | |
2024 | |
| 2,190,466 | |
2025 | |
| 1,796,510 | |
2026 | |
| 1,527,816 | |
2027 | |
| 1,194,592 | |
Thereafter | |
| 4,319,402 | |
Total | |
$ | 12,308,697 | |
|
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v3.23.2
LONG-TERM DEBT AND SHORT-TERM FINANCINGS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LONG TERM DEBT |
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, variable interest of Prime Rate plus 2.5%, maturing August 2028, net of deferred financing costs of $11,279 and $12,388 as of June 30, 2023 and December 31, 2022, respectively | |
$ | 398,734 | | |
$ | 426,883 | |
Oak Street Funding LLC Senior Secured Amortizing Credit Facility for the acquisition of CCS, variable interest of Prime Rate plus 1.5%, maturing December 2028, net of deferred financing costs of $13,800 and $15,076 as of June 30, 2023 and December 31, 2022, respectively | |
| 649,875 | | |
| 693,682 | |
Oak Street Funding LLC Term Loan for the acquisition of SWMT, variable interest of Prime Rate plus 2.0%, maturing April 2029, net of deferred financing costs of $8,469 and $9,206 as of June 30, 2023 and December 31, 2022, respectively | |
| 742,833 | | |
| 788,596 | |
Oak Street Funding LLC Term Loan for the acquisition of FIS, variable interest of Prime Rate plus 2.0%, maturing May 2029, net of deferred financing costs of $33,935 and $36,843 as of June 30, 2023 and December 31, 2022, respectively | |
| 1,874,813 | | |
| 1,987,846 | |
Oak Street Funding LLC Term Loan for the acquisition of ABC, variable interest of Prime Rate plus 2.0%, maturing September 2029, net of deferred financing costs of $38,889 and $42,129 as of June 30, 2023 and December 31, 2022, respectively | |
| 3,076,800 | | |
| 3,249,575 | |
Oak Street Funding LLC Term Loan for the acquisition of Barra, variable interest of Prime Rate plus 2.5%, maturing May 2032, net of deferred financing costs of $187,475 and $198,188 as of June 30, 2023 and December 31, 2022, respectively | |
| 6,297,846 | | |
| 6,321,812 | |
| |
| 13,040,901 | | |
| 13,468,394 | |
Less: current portion | |
| (1,329,121 | ) | |
| (1,118,721 | ) |
Long-term debt | |
$ | 11,711,780 | | |
$ | 12,349,673 | |
|
SCHEDULE OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES |
SCHEDULE
OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES
Fiscal year ending December 31, | |
Maturities of Long-Term Debt | |
2023 (remainder of year) | |
$ | 647,062 | |
2024 | |
| 1,401,013 | |
2025 | |
| 1,560,173 | |
2026 | |
| 1,733,052 | |
2027 | |
| 1,925,105 | |
Thereafter | |
| 6,068,494 | |
Total | |
| 13,334,899 | |
Less: debt issuance costs | |
| (293,998 | ) |
Total | |
$ | 13,040,901 | |
|
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v3.23.2
EARNINGS (LOSS) PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF CALCULATIONS OF BASIC AND DILUTED EPS |
The
following calculates basic and diluted EPS:
SCHEDULE
OF CALCULATIONS OF BASIC AND DILUTED EPS
| |
Three Months | | |
Three Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations, numerator, basic and diluted computation | |
$ | (3,869,732 | ) | |
$ | 10,660,028 | |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,716,512 | | |
| 1,069,157 | |
Effect of series B warrants | |
| - | | |
| - | |
Effect of stock awards | |
| - | | |
| 2,128 | |
Effect of preferred stock | |
| - | | |
| 147,939 | |
Weighted average common shares, dilutive | |
| 2,716,512 | | |
| 1,219,224 | |
(Loss) earnings per common share – basic | |
$ | (1.42 | ) | |
$ | 9.97 | |
(Loss) earnings per common share – diluted | |
$ | (1.42 | ) | |
| 8.74 | |
| |
Six Months | | |
Six Months | |
| |
Ended | | |
Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
(Loss) income from continuing operations | |
$ | (997,776 | ) | |
$ | 20,047,189 | |
Deemed dividend | |
| - | | |
| (6,930,335 | ) |
Net income continuing operations, numerator, basic computation | |
| (997,776 | ) | |
| 13,116,854 | |
Recognition and change in fair value of warrant liabilities | |
| - | | |
| (26,625,915 | ) |
Net loss continuing operations, numerator, diluted computation | |
$ | (997,776 | ) | |
$ | (13,509,061 | ) |
| |
| | | |
| | |
Weighted average common shares, basic | |
| 2,138,444 | | |
| 1,025,108 | |
Effect of series B warrants | |
| - | | |
| 43,128 | |
Weighted average common shares, dilutive | |
| 2,138,444 | | |
| 1,068,236 | |
Loss per common share – basic | |
| (0.47 | ) | |
| 12.80 | |
Loss per common share – diluted | |
$ | (0.47 | ) | |
$ | (12.65 | ) |
|
SCHEDULE OF DILUTIVE NET LOSS PER COMMON SHARES |
Additionally,
the following are considered anti-dilutive securities excluded from weighted-average shares used to calculate diluted net loss per common
share:
SCHEDULE
OF DILUTIVE NET LOSS PER COMMON SHARES
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| - | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| - | |
Shares subject to warrant liability | |
| - | | |
| 668,299 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| 113,000 | |
Shares subject to outstanding Series F warrants | |
| 2,105,264 | | |
| - | |
Shares subject to placement agent warrants | |
| 52,632 | | |
| - | |
Shares subject to unvested stock awards | |
| 3,471 | | |
| 4,621 | |
Shares subject to conversion of Series B preferred stock | |
| - | | |
| 147,939 | |
Shares subject to warrant liability | |
| - | | |
| - | |
|
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT |
Future
minimum lease payment under these operating leases consisted of the following:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
Period ending June 30, 2023 | |
Operating Lease Obligations | |
2023 | |
$ | 216,833 | |
2024 | |
| 357,688 | |
2025 | |
| 166,384 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,052 | |
Total undiscounted operating lease payments | |
| 1,122,845 | |
Less: Imputed interest | |
| 116,127 | |
Present value of operating lease liabilities | |
$ | 1,006,718 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF EARN-OUT LIABILITY |
The
following outlines changes to the Company’s earn-out liability balances for the respective periods ended June 30, 2023 and December
31, 2022:
SCHEDULE OF EARN-OUT LIABILITY
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Changes due to payments | |
$ | (1,433,700 | ) | |
$ | (250,000 | ) | |
$ | (929,168 | ) | |
$ | (147,535 | ) | |
| - | | |
| (2,760,403 | ) |
Changes due to fair value adjustments | |
| 766,700 | | |
| 150,000 | | |
| 94,225 | | |
| - | | |
| 9,000 | | |
| 1,019,925 | |
Ending balance June 30, 2023 | |
$ | - | | |
$ | 400,000 | | |
$ | - | | |
$ | - | | |
$ | 569,000 | | |
$ | 969,000 | |
| |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Beginning balance | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | - | | |
$ | 3,813,878 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 600,000 | | |
| 600,000 | |
Changes due to payments | |
| (34,430 | ) | |
| (326,935 | ) | |
| (84,473 | ) | |
| (1,259,087 | ) | |
| - | | |
| (1,704,925 | ) |
Changes due to fair value adjustments | |
| 186,122 | | |
| 210,966 | | |
| (73,452 | ) | |
| (283,111 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
Ending balance | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,535 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
|
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v3.23.2
SCHEDULE OF RESTRICTED CASH IN STATEMENT OF CASH FLOW (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
Cash |
$ 1,274,743
|
$ 505,410
|
$ 2,979,769
|
Restricted cash |
1,405,513
|
$ 1,404,359
|
1,417,634
|
Total cash and restricted cash |
$ 2,680,256
|
|
$ 4,397,403
|
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v3.23.2
SCHEDULE OF EARN OUT LIABILITY (Details)
|
6 Months Ended |
|
Jun. 30, 2023
shares
|
Dec. 31, 2022 |
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Risk free rate |
USD Yield Curve
|
|
Discounting Convention |
Mid-period
|
|
Number of iterations |
100,000
|
|
Measurement Input, Share Price [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
4.71
|
8.55
|
Measurement Input, Price Volatility [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
105.0
|
105.0
|
Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
50.0
|
|
Measurement Input, Expected Term [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
3 years 6 months 3 days
|
4 years 3 days
|
Measurement Input, Expected Dividend Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
0
|
0
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
4.4
|
4.1
|
WACC Risk Premium [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
14.0
|
|
Credit Spread [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
9.6
|
|
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|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
90 days
|
|
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v3.23.2
SCHEDULE OF RECONCILES WARRANT COMMITMENT (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, |
$ 2,166,919
|
$ 6,433,150
|
$ 6,433,150
|
Unrealized (gain) loss |
1,592,509
|
(4,266,231)
|
|
Ending balance |
3,759,428
|
2,166,919
|
3,759,428
|
Series B Warrant Commitment [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, |
|
|
|
Unrealized (gain) loss |
|
|
|
Ending balance |
|
|
|
Series B Warrant Liabilities [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, |
2,157,300
|
6,384,250
|
6,384,250
|
Unrealized (gain) loss |
1,584,684
|
(4,226,950)
|
|
Ending balance |
3,741,984
|
2,157,300
|
3,741,984
|
Placement Agent Warrants [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, |
9,619
|
48,900
|
48,900
|
Unrealized (gain) loss |
7,825
|
(39,281)
|
(31,456)
|
Ending balance |
$ 17,444
|
$ 9,619
|
$ 17,444
|
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v3.23.2
v3.23.2
SCHEDULE OF GAIN OR LOSSES RECOGNIZED FAIR VALUE (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Beginning balance – January 1 |
|
$ 2,709,478
|
$ 3,813,878
|
Ending balance |
|
969,000
|
2,709,478
|
Less: Current portion |
|
(969,000)
|
(2,153,478)
|
Ending balance, less current portion |
|
|
556,000
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
|
Beginning balance – January 1 |
|
2,709,478
|
3,813,878
|
Acquisitions and settlements |
|
(2,760,403)
|
(1,104,925)
|
Fair value changes included in earnings |
[1] |
1,019,925
|
525
|
Ending balance |
|
$ 969,000
|
$ 2,709,478
|
|
|
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v3.23.2
SCHEDULE OF DISAGGREGATION REVENUE (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Total |
$ 3,195,905
|
$ 2,847,149
|
$ 7,135,008
|
$ 5,905,846
|
Employee Benefits Solutions LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
211,139
|
184,851
|
448,520
|
406,035
|
US Benefits Alliance LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
12,084
|
12,319
|
24,112
|
25,906
|
Commercial Coverage Solutions L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
73,402
|
57,195
|
120,172
|
101,077
|
Southwestern Montana Financial Center Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
448,133
|
451,705
|
939,127
|
958,426
|
Fortman Insurance Services L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
517,758
|
563,138
|
1,032,174
|
1,092,997
|
Altruis Benefits Consulting Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
1,200,537
|
882,171
|
3,068,673
|
2,187,043
|
Kush [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
322,188
|
425,449
|
642,479
|
864,040
|
Barra [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
410,664
|
|
859,751
|
|
Reli Exchange [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
270,321
|
|
270,322
|
Medical [Member] | Regular [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
2,526,713
|
2,353,778
|
5,822,458
|
5,164,911
|
Medical [Member] | Regular [Member] | Employee Benefits Solutions LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
206,668
|
178,936
|
439,949
|
399,547
|
Medical [Member] | Regular [Member] | US Benefits Alliance LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
11,426
|
12,319
|
22,689
|
25,906
|
Medical [Member] | Regular [Member] | Commercial Coverage Solutions L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Medical [Member] | Regular [Member] | Southwestern Montana Financial Center Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
444,783
|
450,742
|
930,792
|
956,329
|
Medical [Member] | Regular [Member] | Fortman Insurance Services L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
288,902
|
357,334
|
596,557
|
687,060
|
Medical [Member] | Regular [Member] | Altruis Benefits Consulting Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
1,200,537
|
881,337
|
3,068,673
|
2,184,367
|
Medical [Member] | Regular [Member] | Kush [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
322,188
|
425,449
|
642,479
|
864,040
|
Medical [Member] | Regular [Member] | Barra [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
52,209
|
|
121,319
|
|
Medical [Member] | Regular [Member] | Reli Exchange [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
47,661
|
|
47,662
|
Life [Member] | Regular [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
71,980
|
29,975
|
105,604
|
36,397
|
Life [Member] | Regular [Member] | Employee Benefits Solutions LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
4,471
|
5,915
|
8,571
|
6,488
|
Life [Member] | Regular [Member] | US Benefits Alliance LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
658
|
|
1,423
|
|
Life [Member] | Regular [Member] | Commercial Coverage Solutions L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Life [Member] | Regular [Member] | Southwestern Montana Financial Center Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
3,350
|
963
|
8,335
|
2,097
|
Life [Member] | Regular [Member] | Fortman Insurance Services L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
1,680
|
|
2,073
|
2,873
|
Life [Member] | Regular [Member] | Altruis Benefits Consulting Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
834
|
|
2,676
|
Life [Member] | Regular [Member] | Kush [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Life [Member] | Regular [Member] | Barra [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
61,821
|
|
85,202
|
|
Life [Member] | Regular [Member] | Reli Exchange [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
22,263
|
|
22,263
|
Property and Casualty [Member] | Regular [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
597,212
|
463,396
|
1,206,946
|
704,538
|
Property and Casualty [Member] | Regular [Member] | Employee Benefits Solutions LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Property and Casualty [Member] | Regular [Member] | US Benefits Alliance LLC [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Property and Casualty [Member] | Regular [Member] | Commercial Coverage Solutions L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
73,402
|
57,195
|
120,172
|
101,077
|
Property and Casualty [Member] | Regular [Member] | Southwestern Montana Financial Center Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Property and Casualty [Member] | Regular [Member] | Fortman Insurance Services L L C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
227,176
|
205,804
|
433,544
|
403,064
|
Property and Casualty [Member] | Regular [Member] | Altruis Benefits Consulting Inc [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Property and Casualty [Member] | Regular [Member] | Kush [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
|
|
|
Property and Casualty [Member] | Regular [Member] | Barra [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
$ 296,634
|
|
$ 653,230
|
|
Property and Casualty [Member] | Regular [Member] | Reli Exchange [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Total |
|
$ 200,397
|
|
$ 200,397
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
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X |
- DefinitionFor an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.
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v3.23.2
SCHEDULE OF DISCONTINUED OPERATIONS ON CONDENSED CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
$ 978,877
|
|
$ 978,877
|
|
$ 994,321
|
|
Other receivables |
|
2,900,648
|
|
2,900,648
|
|
11,464
|
|
Prepaid expense and other current assets |
|
553,122
|
|
553,122
|
|
245,535
|
|
Current assets – Medigap |
|
|
|
|
|
85,998
|
|
Condensed consolidated balance sheets - Current Assets - Discontinued Operations |
|
|
|
|
|
85,998
|
|
Property and equipment, net |
|
149,084
|
|
149,084
|
|
162,767
|
|
Right-of-use assets |
|
976,020
|
|
976,020
|
|
1,018,952
|
|
Intangibles, net |
|
12,308,697
|
|
12,308,697
|
|
13,439,369
|
|
Goodwill |
|
14,287,099
|
|
14,287,099
|
|
14,287,099
|
$ 10,050,277
|
Condensed consolidated balance sheets - Other Assets - Discontinued Operations |
|
|
|
|
|
5,330,879
|
|
Accounts payable and other accrued liabilities |
|
911,247
|
|
911,247
|
|
951,382
|
|
Current portion of leases payable |
|
370,855
|
|
370,855
|
|
339,937
|
|
Current Liabilities - Medigap |
|
|
|
|
|
1,600,636
|
|
Condensed consolidated balance sheets - Current Liabilities - Discontinued Operations |
|
|
|
|
|
1,600,636
|
|
Other assets - Medigap |
|
|
|
|
|
5,330,879
|
|
Short term financing agreements |
|
195,024
|
|
195,024
|
|
154,017
|
|
Commission income |
|
3,195,905
|
$ 2,847,149
|
7,135,008
|
$ 5,905,846
|
|
|
Income total |
|
3,195,905
|
2,847,149
|
7,135,008
|
5,905,846
|
|
|
Commission expense |
|
822,274
|
662,932
|
1,905,600
|
1,448,543
|
|
|
Salaries and wages |
|
1,742,697
|
1,637,412
|
3,454,794
|
3,269,225
|
|
|
General and administrative expenses |
|
1,703,811
|
1,630,169
|
3,062,066
|
3,963,964
|
|
|
Marketing and advertising |
|
109,860
|
(4,844)
|
246,432
|
84,686
|
|
|
Depreciation and amortization |
|
655,449
|
694,440
|
1,309,227
|
1,263,440
|
|
|
Other expenses (income) |
|
(2,031,546)
|
12,432,988
|
1,845,335
|
24,171,201
|
|
|
Goodwill |
|
|
|
|
|
(14,373,374)
|
|
Related Party [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
19,364
|
|
19,364
|
|
18,292
|
|
Medigap Healthcare Insurance Company [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
|
|
|
|
73,223
|
|
Other receivables |
|
|
|
|
|
5,388
|
|
Prepaid expense and other current assets |
|
|
|
|
|
3,792
|
|
Current assets – Medigap |
|
|
|
|
|
85,998
|
|
Condensed consolidated balance sheets - Current Assets - Discontinued Operations |
|
|
|
|
|
85,998
|
|
Property and equipment, net |
|
|
|
|
|
24,116
|
|
Right-of-use assets |
|
|
|
|
|
163,129
|
|
Intangibles, net |
|
|
|
|
|
318,000
|
|
Goodwill |
|
|
|
|
|
4,825,634
|
|
Other Assets - Discontinued Operations |
|
|
|
|
|
5,330,879
|
|
Condensed consolidated balance sheets - Other Assets - Discontinued Operations |
|
|
|
|
|
5,330,877
|
|
Accounts payable and other accrued liabilities |
|
|
|
|
|
506,585
|
|
Chargeback Reserve |
|
|
|
|
|
915,934
|
|
Current portion of leases payable |
|
|
|
|
|
178,117
|
|
Current Liabilities - Medigap |
|
|
|
|
|
1,600,636
|
|
Condensed consolidated balance sheets - Current Liabilities - Discontinued Operations |
|
|
|
|
|
1,600,636
|
|
Other assets - Medigap |
|
|
|
|
|
5,330,877
|
|
Total assets - Medigap |
|
|
|
|
|
|
|
Short term financing agreements |
|
|
|
|
|
|
|
Other liabilities |
|
|
|
|
|
|
|
Total Liabilities - Medigap |
|
|
|
|
|
|
|
Net assets and liabilities - Medigap |
|
|
|
|
|
|
|
Commission income |
|
11,025
|
1,359,976
|
744,030
|
2,537,061
|
|
|
Commission expense |
|
5,491
|
187,196
|
110,639
|
305,740
|
|
|
Salaries and wages |
|
53,508
|
539,380
|
454,823
|
989,743
|
|
|
General and administrative expenses |
|
10,612
|
129,048
|
129,348
|
248,323
|
|
|
Marketing and advertising |
|
36,544
|
614,226
|
426,819
|
1,111,719
|
|
|
Depreciation and amortization |
|
|
61,964
|
7,283
|
100,488
|
|
|
Other expenses (income) |
|
267
|
(7,500)
|
(3,902)
|
(7,456)
|
|
|
Total discontinued operations expenses before impairments and write-offs |
|
106,422
|
1,524,314
|
1,125,010
|
2,748,557
|
|
|
Total discontinued operations income / (loss) before impairments and write-offs |
|
(95,397)
|
(164,338)
|
(380,980)
|
(211,496)
|
|
|
Settlement Recovery |
|
2,900,000
|
|
2,900,000
|
|
|
|
Accounts receivable, related parties |
|
|
|
(56,398)
|
|
|
|
Other receivables |
|
|
|
(5,388)
|
|
|
|
Property and equipment, net |
|
|
|
(22,378)
|
|
|
|
Right-of-use assets |
|
|
|
(119,594)
|
|
|
|
Intangibles, net |
|
|
|
(312,322)
|
|
|
|
Goodwill |
|
|
|
(4,825,634)
|
|
|
|
Total Asset Impairments |
|
|
|
(5,345,309)
|
|
|
|
Accounts payable and other accrued liabilities |
|
|
|
4,157
|
|
|
|
Other payables |
|
9,842
|
|
9,842
|
|
|
|
Chargeback reserve |
|
|
|
831,725
|
|
|
|
Current portion of leases payable |
|
|
|
134,517
|
|
|
|
Total liability write-off gains |
|
9,842
|
|
980,241
|
|
|
|
Discontinued operations net asset and liability impairments / write-offs gains and (losses) |
|
9,842
|
|
(4,365,068)
|
|
|
|
Net gains and (losses) from recoveries and impairments / write-offs from discontinued operations assets and liabilities |
|
2,909,842
|
|
(1,465,068)
|
|
|
|
Gain (loss) from discontinued operations before tax |
|
2,814,445
|
(164,338)
|
(1,846,048)
|
(211,496)
|
|
|
Consolidated statement of operations - Income (loss) from discontinued operations before tax |
|
2,814,445
|
(164,338)
|
(1,846,048)
|
(211,496)
|
|
|
Medigap Healthcare Insurance Company [Member] | Carrying Value Prior to Abandonment [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
56,398
|
|
56,398
|
|
|
|
Other receivables |
|
5,388
|
|
5,388
|
|
|
|
Current assets – Medigap |
|
65,381
|
|
65,381
|
|
|
|
Condensed consolidated balance sheets - Current Assets - Discontinued Operations |
|
65,381
|
|
65,381
|
|
|
|
Property and equipment, net |
|
22,378
|
|
22,378
|
|
|
|
Right-of-use assets |
|
119,594
|
|
119,594
|
|
|
|
Intangibles, net |
|
4,570,536
|
|
4,570,536
|
|
|
|
Goodwill |
|
4,825,634
|
|
4,825,634
|
|
|
|
Condensed consolidated balance sheets - Other Assets - Discontinued Operations |
|
9,538,142
|
|
9,538,142
|
|
|
|
Accounts payable and other accrued liabilities |
|
4,157
|
|
4,157
|
|
|
|
Chargeback Reserve |
|
831,725
|
|
831,725
|
|
|
|
Current portion of leases payable |
|
134,517
|
|
134,517
|
|
|
|
Current Liabilities - Medigap |
|
1,009,741
|
|
1,009,741
|
|
|
|
Condensed consolidated balance sheets - Current Liabilities - Discontinued Operations |
|
1,009,741
|
|
1,009,741
|
|
|
|
Other assets - Medigap |
|
9,538,142
|
|
9,538,142
|
|
|
|
Total assets - Medigap |
|
9,603,523
|
|
9,603,523
|
|
|
|
Short term financing agreements |
|
29,500
|
|
29,500
|
|
|
|
Other liabilities |
|
9,842
|
|
9,842
|
|
|
|
Total Liabilities - Medigap |
|
1,009,741
|
|
1,009,741
|
|
|
|
Net assets and liabilities - Medigap |
|
8,593,782
|
|
8,593,782
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Asset and Liability Transfers Retained by the Company [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
|
|
|
|
|
|
Other receivables |
|
|
|
|
|
|
|
Current assets – Medigap |
|
|
|
|
|
|
|
Condensed consolidated balance sheets - Current Assets - Discontinued Operations |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
|
|
|
|
Right-of-use assets |
|
|
|
|
|
|
|
Intangibles, net |
[1] |
(4,258,214)
|
|
(4,258,214)
|
|
|
|
Goodwill |
|
|
|
|
|
|
|
Condensed consolidated balance sheets - Other Assets - Discontinued Operations |
|
(4,258,214)
|
|
(4,258,214)
|
|
|
|
Accounts payable and other accrued liabilities |
|
|
|
|
|
|
|
Chargeback Reserve |
|
|
|
|
|
|
|
Current portion of leases payable |
|
|
|
|
|
|
|
Current Liabilities - Medigap |
|
(29,500)
|
|
(29,500)
|
|
|
|
Condensed consolidated balance sheets - Current Liabilities - Discontinued Operations |
|
(29,500)
|
|
(29,500)
|
|
|
|
Other assets - Medigap |
|
(4,258,214)
|
|
(4,258,214)
|
|
|
|
Total assets - Medigap |
|
(4,258,214)
|
|
(4,258,214)
|
|
|
|
Short term financing agreements |
|
(29,500)
|
|
(29,500)
|
|
|
|
Other liabilities |
|
|
|
|
|
|
|
Total Liabilities - Medigap |
|
(29,500)
|
|
(29,500)
|
|
|
|
Net assets and liabilities - Medigap |
|
(4,228,714)
|
|
(4,228,714)
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Asset Impairments and liability WriteOffs [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
(56,398)
|
|
(56,398)
|
|
|
|
Other receivables |
|
(5,388)
|
|
(5,388)
|
|
|
|
Current assets – Medigap |
|
(65,381)
|
|
(65,381)
|
|
|
|
Condensed consolidated balance sheets - Current Assets - Discontinued Operations |
|
(65,381)
|
|
(65,381)
|
|
|
|
Property and equipment, net |
|
(22,378)
|
|
(22,378)
|
|
|
|
Right-of-use assets |
|
(119,594)
|
|
(119,594)
|
|
|
|
Intangibles, net |
|
(312,322)
|
|
(312,322)
|
|
|
|
Goodwill |
|
(4,825,634)
|
|
(4,825,634)
|
|
|
|
Condensed consolidated balance sheets - Other Assets - Discontinued Operations |
|
(5,279,928)
|
|
(5,279,928)
|
|
|
|
Accounts payable and other accrued liabilities |
|
(4,157)
|
|
(4,157)
|
|
|
|
Chargeback Reserve |
[2] |
(831,725)
|
|
(831,725)
|
|
|
|
Current portion of leases payable |
[3] |
(134,517)
|
|
(134,517)
|
|
|
|
Current Liabilities - Medigap |
|
(980,241)
|
|
(980,241)
|
|
|
|
Condensed consolidated balance sheets - Current Liabilities - Discontinued Operations |
|
(980,241)
|
|
(980,241)
|
|
|
|
Other assets - Medigap |
|
(5,279,928)
|
|
(5,279,928)
|
|
|
|
Total assets - Medigap |
|
(5,345,309)
|
|
(5,345,309)
|
|
|
|
Short term financing agreements |
|
|
|
|
|
|
|
Other liabilities |
[3] |
(9,842)
|
|
(9,842)
|
|
|
|
Total Liabilities - Medigap |
|
(980,241)
|
|
(980,241)
|
|
|
|
Net assets and liabilities - Medigap |
|
(4,365,068)
|
|
(4,365,068)
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Related Party [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
|
|
|
|
$ 3,595
|
|
Accounts receivable, related parties |
|
|
|
(3,595)
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Related Party [Member] | Carrying Value Prior to Abandonment [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
3,595
|
|
3,595
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Related Party [Member] | Asset and Liability Transfers Retained by the Company [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
|
|
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Related Party [Member] | Asset Impairments and liability WriteOffs [Member] |
|
|
|
|
|
|
|
Multiemployer Plan [Line Items] |
|
|
|
|
|
|
|
Accounts receivable, related party |
|
$ (3,595)
|
|
$ (3,595)
|
|
|
|
|
|
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v3.23.2
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Cash and restricted cash |
|
$ 2,680,000
|
|
$ 2,680,000
|
|
|
|
|
Assets current |
|
7,132,267
|
|
7,132,267
|
|
$ 3,265,379
|
|
|
Liabilities current |
|
4,864,597
|
|
4,864,597
|
|
7,841,533
|
|
|
Working capital deficiency |
|
2,268,000
|
|
2,268,000
|
|
|
|
|
Stockholders equity |
$ 12,235,614
|
13,027,389
|
$ 21,928,443
|
13,027,389
|
$ 21,928,443
|
8,911,039
|
$ 11,252,333
|
$ (26,066,129)
|
Operating income loss |
|
1,838,186
|
1,772,960
|
2,843,111
|
4,124,012
|
|
|
|
Fair value of warrant liabilities |
|
|
|
2,674,000
|
|
|
|
|
Income loss from continuing operations |
|
(3,869,732)
|
$ 10,660,028
|
997,776
|
$ (20,047,189)
|
|
|
|
Discontinued operations |
|
|
|
1,846,000
|
|
|
|
|
Net loss |
|
|
|
2,844,000,000
|
|
|
|
|
Raising net proceeds |
$ 3,446,000
|
|
|
|
|
|
|
|
Earn out payments |
|
1,147,000
|
|
1,147,000
|
|
|
|
|
[custom:ShortTermFinancingAgreements-0] |
|
195,024
|
|
195,024
|
|
154,017
|
|
|
Settlement payment |
|
2,900,000
|
|
2,900,000
|
|
|
|
|
Medigap Healthcare Insurance Company LLC [Member] | Discontinued Operations [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
[custom:DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfAmortizationCombined] |
|
|
|
|
|
4,300,000
|
|
|
[custom:ShortTermFinancingAgreements-0] |
|
|
|
|
|
$ 29,500
|
|
|
Net of estimated liability adjustments gain |
|
$ 10,000,000,000
|
|
$ 4,400,000,000,000
|
|
|
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration Risk, Percentage |
|
|
|
10.00%
|
10.00%
|
|
|
|
X |
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v3.23.2
SCHEDULE OF IMPAIRMENT OF GOODWILL (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill Beginning |
$ 14,287,099
|
$ 10,050,277
|
Goodwill |
14,287,099
|
14,287,099
|
Goodwill Beginning |
19,112,733
|
10,050,277
|
Goodwill impairment loss |
|
(14,373,374)
|
Goodwill end |
14,287,099
|
19,112,733
|
Barra [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill acquired during period |
|
4,236,822
|
Medigap Healthcare Insurance Company [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill Beginning |
19,100,000
|
|
Goodwill acquired during period |
|
19,199,008
|
Goodwill |
|
$ 19,100,000
|
Goodwill impairment loss |
$ (4,825,634)
|
|
X |
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 19,735,330
|
$ 19,583,603
|
Accumulated Amortization |
(7,426,633)
|
(6,144,234)
|
Net Carrying Amount |
12,308,697
|
$ 13,439,369
|
Gross carrying amount |
$ 12,308,697
|
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
2 years
|
4 years 4 months 24 days
|
Gross Carrying Amount |
$ 1,807,187
|
$ 1,806,188
|
Accumulated Amortization |
(1,144,749)
|
(969,241)
|
Net Carrying Amount |
$ 662,438
|
|
Gross carrying amount |
|
$ 836,947
|
Internally Developed Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
3 years 8 months 12 days
|
4 years 1 month 6 days
|
Gross Carrying Amount |
$ 1,783,837
|
$ 1,635,178
|
Accumulated Amortization |
(464,372)
|
(287,990)
|
Net Carrying Amount |
$ 1,319,465
|
|
Gross carrying amount |
|
$ 1,347,188
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
8 years 6 months
|
9 years
|
Gross Carrying Amount |
$ 11,922,290
|
$ 11,922,290
|
Accumulated Amortization |
(2,635,325)
|
(2,076,086)
|
Net Carrying Amount |
$ 9,286,965
|
|
Gross carrying amount |
|
$ 9,846,204
|
Purchased Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
3 months 18 days
|
4 months 24 days
|
Gross Carrying Amount |
$ 667,206
|
$ 665,137
|
Accumulated Amortization |
(600,937)
|
(581,497)
|
Net Carrying Amount |
$ 66,269
|
|
Gross carrying amount |
|
$ 83,640
|
Video Production Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
|
0 years
|
Gross Carrying Amount |
$ 50,000
|
$ 50,000
|
Accumulated Amortization |
(50,000)
|
(50,000)
|
Net Carrying Amount |
|
|
Gross carrying amount |
|
|
Non-competition Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted average remaining amortization period |
1 year 4 months 24 days
|
1 year 10 months 24 days
|
Gross Carrying Amount |
$ 3,504,810
|
$ 3,504,810
|
Accumulated Amortization |
(2,531,250)
|
(2,179,420)
|
Net Carrying Amount |
$ 973,560
|
|
Gross carrying amount |
|
$ 1,325,390
|
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v3.23.2
SCHEDULE OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS (Details)
|
Jun. 30, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
2023 (remainder of year) |
$ 1,279,911
|
2024 |
2,190,466
|
2025 |
1,796,510
|
2026 |
1,527,816
|
2027 |
1,194,592
|
Thereafter |
4,319,402
|
Total |
$ 12,308,697
|
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill |
$ 14,287,099
|
$ 14,287,099
|
$ 10,050,277
|
Goodwill before write-down |
|
33,400,000
|
|
Goodwill impairment loss |
|
14,373,374
|
|
Medigap Healthcare Insurance Company [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill |
|
$ 19,100,000
|
|
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$ 4,825,634
|
|
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v3.23.2
SCHEDULE OF LONG TERM DEBT (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
$ 13,040,901
|
$ 13,468,394
|
Long term debt current |
(1,329,121)
|
(1,118,721)
|
Long term debt |
11,711,780
|
12,349,673
|
SWMT [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
742,833
|
788,596
|
FIS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
1,874,813
|
1,987,846
|
ABC [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
3,076,800
|
3,249,575
|
Barra [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
6,297,846
|
6,321,812
|
EBS and USBA [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
398,734
|
426,883
|
CCS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
$ 649,875
|
$ 693,682
|
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v3.23.2
SCHEDULE OF LONG TERM DEBT (Details) (Parenthetical) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
SWMT [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
2.00%
|
|
Maturity date |
April 2029
|
|
Net of deferred financing cost |
$ 8,469
|
$ 9,206
|
FIS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
2.00%
|
|
Maturity date |
May 2029
|
|
Net of deferred financing cost |
$ 33,935
|
36,843
|
ABC [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
2.00%
|
|
Maturity date |
September 2029
|
|
Net of deferred financing cost |
$ 38,889
|
42,129
|
Barra [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
2.50%
|
|
Maturity date |
May 2032
|
|
Net of deferred financing cost |
$ 187,475
|
198,188
|
EBS and USBA [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
2.50%
|
|
Maturity date |
August 2028
|
|
Net of deferred financing cost |
$ 11,279
|
12,388
|
CCS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Variable interest of prime rate plus |
1.50%
|
|
Maturity date |
December 2028
|
|
Net of deferred financing cost |
$ 13,800
|
$ 15,076
|
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v3.23.2
SCHEDULE OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
2023 (remainder of year) |
$ 647,062
|
|
2024 |
1,401,013
|
|
2025 |
1,560,173
|
|
2026 |
1,733,052
|
|
2027 |
1,925,105
|
|
Thereafter |
6,068,494
|
|
Total |
13,334,899
|
|
Less: debt issuance costs |
(293,998)
|
|
Total |
$ 13,040,901
|
$ 13,468,394
|
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v3.23.2
WARRANT LIABILITIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 13, 2023 |
Dec. 31, 2022 |
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
Exercise price |
$ 0.15
|
|
|
$ 0.15
|
|
$ 0.001
|
|
Net fair value gains losses |
$ (1,592,509)
|
$ 4,266,231
|
|
|
|
|
|
Net fair value gains losses |
$ 1,592,509
|
(4,266,231)
|
|
|
|
|
|
Series B Warrants [Member] |
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
Exercise price |
$ 2.63
|
|
|
$ 2.63
|
|
|
|
Series B Warrant [Member] |
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
Number of shares issued |
1,331,667
|
|
|
1,331,667
|
|
|
|
Series B Warrant Liabilities [Member] |
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
Net fair value gains losses |
$ 1,584,684
|
|
$ 12,322,737
|
$ 2,642,267
|
$ 24,748,163
|
|
|
Warrant liability |
3,741,984
|
|
|
3,741,984
|
|
|
$ 6,384,250
|
Net fair value gains losses |
(1,584,684)
|
|
$ (12,322,737)
|
(2,642,267)
|
(24,748,163)
|
|
|
Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
|
Net fair value gains losses |
(7,825)
|
39,281
|
|
31,456
|
|
|
|
Warrant liability |
17,444
|
|
|
17,444
|
|
|
$ 48,900
|
Net fair value gains losses |
7,825
|
$ (39,281)
|
|
$ (31,456)
|
|
|
|
Gain on warrants commitment |
$ 310,514
|
|
|
|
|
|
|
Loss on warrants commitment |
|
|
|
|
$ 268,948
|
|
|
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v3.23.2
EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 16, 2023 |
Mar. 13, 2023 |
Feb. 23, 2023 |
Mar. 13, 2022 |
May 31, 2023 |
Mar. 31, 2023 |
Jan. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Mar. 01, 2023 |
Jan. 13, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
133,333,333
|
|
|
133,333,333
|
|
|
133,333,333
|
Common stock, par value |
|
|
|
|
|
|
|
$ 0.086
|
|
|
$ 0.086
|
|
|
$ 0.086
|
Common shares issued for earnout liabilities |
|
|
|
|
|
|
|
$ 1,433,700
|
$ 982,478
|
|
|
|
|
|
Stockholders' equity, reverse stock split |
|
|
1-for-15 reverse
split
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
155,038
|
|
2,053,084
|
155,038
|
|
2,053,084
|
|
|
1,219,573
|
Warrents exercise price |
|
$ 0.001
|
|
|
|
|
|
$ 0.15
|
|
|
$ 0.15
|
|
|
|
Gross proceeds cash fee percentage |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct finnacing fee |
|
|
|
|
|
|
|
|
|
|
$ 553,000
|
|
|
|
Additional paid in capital |
|
|
|
|
|
|
|
$ 42,686,651
|
|
|
$ 42,686,651
|
|
|
$ 35,798,139
|
Common stock to vest |
|
|
|
|
|
|
|
|
|
|
2,667
|
|
|
|
Stock compensation expense |
|
|
|
|
|
|
|
5,601
|
|
|
$ 11,443
|
|
|
|
Warrant Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid in capital |
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
|
General Working Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross and net proceeds private placement |
|
|
|
|
|
|
|
|
|
|
4,000,000
|
|
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross and net proceeds private placement |
|
|
|
|
|
|
|
|
|
|
3,400,000
|
|
|
|
Stock compensation expense |
|
|
|
|
|
|
|
$ 35,367
|
|
|
$ 79,163
|
|
|
|
Series E [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
|
|
|
2,105,264
|
|
|
|
|
|
|
|
|
|
|
Series F [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, acquisitions |
|
|
|
52,632
|
|
|
|
|
|
|
|
|
|
|
Americana [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion original debt amount |
|
|
|
|
|
$ 645,000
|
|
|
|
|
|
|
|
|
Debt Conversion converted instrument shares |
|
|
|
|
|
66,743
|
|
|
|
|
|
|
|
|
Debt instrument convertible conversion price |
|
|
|
|
|
|
|
|
|
|
|
$ 9.67
|
|
|
Series A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of common stock warrant |
|
|
|
|
|
|
|
138,000
|
|
|
138,000
|
|
|
|
Warrant outstanding |
|
|
|
|
|
|
|
113,000
|
|
|
113,000
|
|
|
113,000
|
Series E Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrents exercise price |
|
3.55
|
|
|
|
|
|
|
|
|
|
|
|
|
Series E Warrants [Member] | Common Unit [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrents exercise price |
|
3.80
|
|
|
|
|
|
|
|
|
|
|
|
|
Series E Warrants [Member] | Prefunded Unit [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrents exercise price |
|
3.799
|
|
|
|
|
|
|
|
|
|
|
|
|
PA Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrents exercise price |
|
$ 3.91
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued for earnout liabilities |
|
|
|
|
|
|
$ 109,358
|
$ 30,294
|
$ 9,404
|
|
|
|
|
|
Class of common stock warrant |
|
|
15,300
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued for services, shares |
|
|
|
|
|
|
|
112,557
|
|
|
|
|
|
|
Common shares issued to settle earnout liability, shares |
|
|
|
|
352,260
|
|
|
352,260
|
109,358
|
|
|
|
|
|
Shares issued for vested stock awards, shares |
|
|
|
|
22,219
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
155,038
|
|
|
|
|
|
|
155,038
|
178,059
|
|
|
|
|
Stock issued during period, shares, acquisitions |
|
|
|
|
|
|
|
|
|
40,402
|
|
|
|
|
Common Stock [Member] | Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of common stock warrant, value |
|
|
$ 1,300
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Series E And F Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of common stock warrant |
|
|
|
|
|
|
|
|
|
|
|
|
897,594
|
|
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v3.23.2
SCHEDULE OF CALCULATIONS OF BASIC AND DILUTED EPS (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
(Loss) income from continuing operations, numerator, basic and diluted computation |
$ (3,869,732)
|
$ 10,660,028
|
$ 997,776
|
$ (20,047,189)
|
Weighted average common shares, basic |
2,716,512
|
1,069,157
|
2,138,444
|
1,025,108
|
Effect of series B warrants |
|
|
|
43,128
|
Effect of stock awards |
|
2,128
|
|
|
Effect of preferred stock |
|
147,939
|
|
|
Weighted average common shares, dilutive |
2,716,512
|
1,219,224
|
2,138,444
|
1,068,236
|
Loss per common share – basic |
$ (1.42)
|
$ 9.97
|
$ (0.47)
|
$ 12.80
|
Loss per common share – diluted |
$ (1.42)
|
$ 8.74
|
$ (0.47)
|
$ (12.65)
|
(Loss) income from continuing operations |
$ 3,869,732
|
$ (10,660,028)
|
$ (997,776)
|
$ 20,047,189
|
Deemed dividend |
|
|
|
(6,930,335)
|
Net income continuing operations, numerator, basic computation |
|
|
(997,776)
|
13,116,854
|
Recognition and change in fair value of warrant liabilities |
|
|
|
(26,625,915)
|
Net loss continuing operations, numerator, diluted computation |
|
|
$ (997,776)
|
$ (13,509,061)
|
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v3.23.2
SCHEDULE OF DILUTIVE NET LOSS PER COMMON SHARES (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Stock Options [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
10,928
|
10,928
|
10,928
|
10,928
|
Series A Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
113,000
|
113,000
|
113,000
|
113,000
|
Series F Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
2,105,264
|
|
2,105,264
|
|
Placement Agent Warrants [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
52,632
|
|
52,632
|
|
Unvested Stock Awards [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
3,471
|
|
3,471
|
4,621
|
Conversion Of Series B Preferred Stock [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
|
|
|
147,939
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Shares subject to warrant liability |
|
668,299
|
|
|
X |
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v3.23.2
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT (Details)
|
Jun. 30, 2023
USD ($)
|
Leases |
|
2023 |
$ 216,833
|
2024 |
357,688
|
2025 |
166,384
|
2026 |
113,738
|
2027 |
117,150
|
Thereafter |
151,052
|
Total undiscounted operating lease payments |
1,122,845
|
Less: Imputed interest |
116,127
|
Present value of operating lease liabilities |
$ 1,006,718
|
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v3.23.2
SCHEDULE OF EARN-OUT LIABILITY (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
$ 2,709,478
|
$ 3,813,878
|
Changes due to business combinations |
|
600,000
|
Changes due to payments |
(2,760,403)
|
(1,704,925)
|
Changes due to fair value adjustments |
1,019,925
|
525
|
Ending balance |
969,000
|
2,709,478
|
Fortman Insurance Agency LLC [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
667,000
|
515,308
|
Changes due to business combinations |
|
|
Changes due to payments |
(1,433,700)
|
(34,430)
|
Changes due to fair value adjustments |
766,700
|
186,122
|
Ending balance |
|
667,000
|
Southwestern Montana Insurance Center Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
500,000
|
615,969
|
Changes due to business combinations |
|
|
Changes due to payments |
(250,000)
|
(326,935)
|
Changes due to fair value adjustments |
150,000
|
210,966
|
Ending balance |
400,000
|
500,000
|
Altruis Benefits Consultants Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
834,943
|
992,868
|
Changes due to business combinations |
|
|
Changes due to payments |
(929,168)
|
(84,473)
|
Changes due to fair value adjustments |
94,225
|
(73,452)
|
Ending balance |
|
834,943
|
JP Kush And Associates Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
147,535
|
1,689,733
|
Changes due to business combinations |
|
|
Changes due to payments |
(147,535)
|
(1,259,087)
|
Changes due to fair value adjustments |
|
(283,111)
|
Ending balance |
|
147,535
|
Barra [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
560,000
|
|
Changes due to business combinations |
|
600,000
|
Changes due to payments |
|
|
Changes due to fair value adjustments |
9,000
|
(40,000)
|
Ending balance |
$ 569,000
|
$ 560,000
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Feb. 13, 2023 |
Feb. 07, 2023 |
Jan. 31, 2023 |
Jul. 31, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Sep. 13, 2022 |
Apr. 26, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Accruing monthly interest percentage |
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
Common stock par value |
|
|
|
|
|
$ 0.086
|
|
$ 0.086
|
|
$ 0.086
|
|
|
Repayment of related party debt |
|
|
|
|
|
|
|
$ 649,870
|
$ 21,541
|
|
|
|
Debt interest rate |
|
|
|
|
|
0.00%
|
8.00%
|
0.00%
|
8.00%
|
|
|
|
Interest expense, related parties |
|
|
|
|
|
$ (370,905)
|
$ (194,929)
|
$ (722,462)
|
$ (305,095)
|
|
|
|
Deferred purchase price |
|
|
$ 1,375,000
|
|
|
|
|
|
|
|
|
|
Accrue interest rate percentage |
|
|
|
|
|
|
|
|
|
|
|
1.50%
|
Other expenses |
|
|
|
|
|
49,423
|
|
89,170
|
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, related parties |
|
|
|
|
|
(51,153)
|
$ (1,729)
|
(92,629)
|
$ (3,460)
|
|
|
|
Current portion of loans payables, related parties |
|
|
|
|
|
825,000
|
|
825,000
|
|
$ 1,375,000
|
|
|
Loans payables, related parties |
|
|
|
|
|
281,916
|
|
281,916
|
|
0
|
|
|
YES Americana Group LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note principle |
|
$ 1,845,000
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
Debt instrument description |
On
February 13, 2023, Americana effectuated a conversion of $645,000
of the Note into 66,743
shares of the Company’s common stock, $0.086
par value per share, in accordance with the terms of the Amendment. In addition, during the month of March 2023 the Company repaid
to Americana $400,000.
During the months of April and June of 2023 the company repaid to Americana an additional $230,000.
As of June 30, 2023 and December 31, 2022 respectively, the balance owed to Americana was $570,000
and $1,500,000,
reclassified and recorded in the
|
On February 7, 2023 ,
the Company and Americana entered into an amendment to the Note pursuant to which (i) the principal amount of the Note was increased
to $1,845,000, (ii) the maturity date of the Note was amended to January 15, 2026, (iii) the interest rate under the Note shall not
increase after the maturity date, and (iv) the Note can be converted at any time, at the option of Americana, into shares of the
Company’s common stock, par value $0.086 per share at an agreed upon conversion price
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
$ 0.086
|
$ 0.086
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock |
$ 645,000
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares |
66,743
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of related party debt |
|
|
|
|
$ 400,000
|
230,000
|
|
|
|
|
|
|
Repayment of related party owed |
|
|
|
|
|
|
|
570,000
|
|
1,500,000
|
|
|
Loans payable related parties |
|
|
|
|
|
25,479
|
|
25,479
|
|
|
|
|
YES Americana Group LLC [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Loans payable related parties |
|
|
|
|
|
|
|
|
|
100,724
|
|
|
YES Americana Group LLC [Member] | Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
Debt instrument unmortized discount |
|
|
|
$ 27,673
|
|
|
|
|
|
|
|
|
Debt interest rate |
|
|
|
7.50%
|
|
|
|
|
|
|
|
|
Monthly payment |
|
|
|
$ 4,167
|
|
|
|
|
|
|
|
|
Current portion of loans payables, related parties |
|
|
|
|
|
47,249
|
|
47,249
|
|
47,249
|
|
|
Non-current portion of loans payables, related parties |
|
|
|
|
|
0
|
|
0
|
|
$ 21,541
|
|
|
Interest expense, related parties |
|
|
|
|
|
$ 1,730
|
|
$ 3,459
|
|
|
|
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
|
Jul. 14, 2023 |
Mar. 13, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Jul. 07, 2023 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
Warrants exercise price |
|
$ 0.001
|
|
|
|
$ 0.15
|
Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
|
|
25,000
|
|
|
Stock issued during period, shares, new issues |
|
155,038
|
155,038
|
178,059
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Adjusted balance of warrants outstanding |
$ 1,166,667
|
|
|
|
|
|
Series B Warrant Liabilities [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
$ 2.50
|
|
Series B Warrant [Member] | Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
165,000
|
|
|
|
|
|
Stock issued during period, shares, new issues |
73,264
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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Reliance Global (NASDAQ:RELI)
過去 株価チャート
から 4 2024 まで 5 2024
Reliance Global (NASDAQ:RELI)
過去 株価チャート
から 5 2023 まで 5 2024