Reliance Global Group, Inc. (Reliance) reported its financial performance for the quarter ended March 31, 2024, with a net loss of $5.35 million compared to a net loss of $1.79 million for the same period in the previous year. The loss from operations was $5.03 million, a significant increase from the $1.00 million loss reported in the prior year's quarter. This was primarily due to a non-cash asset impairment loss of approximately $3.92 million. Commission income saw a modest increase of 4% year-over-year, reaching $4.08 million. Total operating expenses surged by 84% to $9.11 million, driven by the asset impairment and increased general and administrative expenses, which rose by 64% due to higher acquisition-related and regulatory compliance costs. The company's cash position decreased to $2.11 million from...Show More

Reliance Global Group, Inc. (Reliance) reported its financial performance for the quarter ended March 31, 2024, with a net loss of $5.35 million compared to a net loss of $1.79 million for the same period in the previous year. The loss from operations was $5.03 million, a significant increase from the $1.00 million loss reported in the prior year's quarter. This was primarily due to a non-cash asset impairment loss of approximately $3.92 million. Commission income saw a modest increase of 4% year-over-year, reaching $4.08 million. Total operating expenses surged by 84% to $9.11 million, driven by the asset impairment and increased general and administrative expenses, which rose by 64% due to higher acquisition-related and regulatory compliance costs. The company's cash position decreased to $2.11 million from $2.74 million at the end of the previous year. Reliance's business development included the signing of a definitive agreement to acquire Spetner Associates, a benefits enrollment company, for a combination of cash, stock, and a promissory note. The acquisition is expected to expand Reliance's footprint in the insurance market. The company's future plans involve focusing on asset acquisitions in insurance markets and organic growth of current insurance operations through geographic expansion and market share growth.