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