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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K/A
(Amendment No. 1)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended December 31, 2022
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) |
Registrant’s telephone number, including area
code: (732) 380-4600
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 |
|
Nasdaq
Capital Market |
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐ No ☒
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 has
filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report. ☐
If securities are registered pursuant to Section 12(b)
of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of
an error to previously issued financial statements. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
The
aggregate market value of the common stock, $0.086 par value per share, held by non-affiliates of the registrant, based on the closing
sale price of registrant’s common stock ($31.65) as quoted on the NASDAQ on June 30, 2022 (the last business day of the registrant’s
most recently completed second fiscal quarter), was approximately $21 million.
At March 30, 2023, the registrant had 1,566,048
shares of common stock, par value $0.086 per share, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE: None
EXPLANATORY NOTE
On
March 30, 2023, Reliance Global Group, Inc. (the “Company”) filed its Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 (the “Original 2022 10-K”), with the Securities and Exchange Commission (“SEC”).
This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) is being filed to:
|
(i) |
Include the
conformed signature of Mazars USA LLP (“Mazars”), the Company’s independent registered public accounting firm,
on Mazars’ Report of Independent Registered Public Accounting Firm (the “Audit Report”); |
|
(ii) |
Revise Part II, Item 9A
to indicate that the Company’s disclosure controls and procedures and the Company’s internal control over financial reporting
were not effective as of December 31, 2022; and |
|
(iii) |
Provide current dated certifications. |
With
respect to (i) above, although Mazars delivered to the Company a manually signed copy of the Audit Report,
the version of the Original 2022 10-K that was filed with the SEC inadvertently omitted Mazar’s conformed signature on the copy
of the Audit Report included in Part II, Item 8 of the 2022 10-K. Therefore, in this Amendment No. 1, Part IV, Item 15 has been replaced
in its entirety, solely to include Mazars’ conformed signature on the Audit Report. No changes to the financial statements or notes
have been made in Amendment No. 1.
With
respect to (ii) above, as disclosed by the Company in
a Current Report on Form 8-K filed on May 18, 2023 with the SEC, on May 12, 2023, subsequent to the filing of the Original 2022 10-K,
the Company determined that the following financial statements should be restated and should no longer be relied upon:
|
(i) |
The Company’s
unaudited consolidated financial statements for the three months ended March 31, 2022 included in the Company’s Quarterly Report
on Form 10-Q, filed with the SEC on May 16, 2022 (the “Q1 2022 10-Q”); |
|
(ii) |
The Company’s unaudited
consolidated financial statements for the three and six months ended June 30, 2022 included in the Company’s Quarterly Report
on Form 10-Q, filed with the SEC on August 15, 2022 (the “Q2 2022 10-Q”) |
|
(iii) |
The Company’s unaudited
consolidated financial statements for the three and nine months ended September 30, 2022 included in the Company’s Quarterly
Report on Form 10-Q, filed with the SEC on November 14, 2022 (the “Q3 2022 10-Q” and collectively with the Q1 2022 10-Q
and the Q2 2022 10-Q, the “10-Qs”). |
Subsequent
to the Company’s filing with the SEC of the 10-Qs, the Company performed an evaluation of its accounting in connection with the
calculation of its basic earnings per share (“EPS”) and diluted EPS and identified errors in such calculations. The errors
resulted from improper application of sequencing rules, a miscalculation of the numerator used in the determination of diluted EPS, and
a miscalculation of the denominator used in the determination of weighted average shares outstanding for both basic EPS and diluted EPS,
and the Company determined that the errors required adjustments of the previously issued financial statements in the 10-Qs.
The
Company determined that the reporting effects of the above errors had a material impact to the Company’s unaudited
consolidated financial statements included in the 10-Qs. As a result, the unaudited consolidated financial statements for the three
months ended March 31, 2022, the unaudited consolidated financial statements for the three and six months ended June 30, 2022, and
the unaudited consolidated financial statements for the three and nine months ended September 30, 2022 were restated, and the
Company filed an amendment to each of the 10-Qs with the SEC on May 18, 2023.
The
Company’s management concluded that in light of the errors mentioned above, a material weakness existed in the Company’s
internal control over financial reporting as of March 31, 2022, June 30, 2022 and September 30, 2022, and the Company’s disclosure
controls and procedures were not effective as of such dates. The material weakness was disclosed in the amendment to each of the 10-Qs,
as filed with the SEC on May 18, 2023, as well as in the Company’s Quarterly Report on Form 10-Q for the three months ended March
31, 2023, as filed with the SEC on May 18, 2023.
Although
the Company was not aware of any material weaknesses, as of December 31, 2022, in its internal control over financial reporting and in
its disclosure controls and procedures as of the filing date of the Original 2022 10-K, in this Amendment No. 1, the Company is replacing
Part II, Item 9A (Controls and Procedures) in its entirety to disclose the existence of such material weaknesses as of December 31, 2022.
Amendment
No. 1 speaks as of the filing date of the Original 2022 10-K, and does not reflect events that may have occurred subsequent to the filing
date of the Original 2022 10-K. Except as described above, no other changes have been made to the Original 2022 10-K, and Amendment No.
1 does not modify, amend or update in any way revenue, expenses, net income (loss), or any of the financial or other information contained
in the Original 2022 10-K. Amendment No. 1 should be read in conjunction with the Original 2022 10-K and the Company’s other filings
with the SEC. The filing of this Amendment No. 1 is not an admission that the Original 2022 10-K, when filed, included any untrue statement
of a material fact or omitted to state a material fact necessary to make a statement not misleading.
Item
9A. Controls and Procedures
Controls and Procedure Requirements
Evaluation of Disclosure Controls and Procedures
Disclosure controls are procedures that are designed
with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this annual
report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure
controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including
the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management
evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”),
the effectiveness of our disclosure controls and procedures as of December 31, 2022, pursuant to Rule 13a-15(b) under the Exchange Act.
Based upon that evaluation, our Certifying Officers concluded that, as of December 31, 2022, our disclosure controls and procedures were
not effective.
The Company determined it had a material weakness in its disclosure controls and procedures as it pertains to earnings
per share (EPS) for the fiscal year ended December 31, 2022. During the quarter ended March 31, 2023, the Company mitigated this deficiency
by consulting with qualified advisors that have in-depth EPS expertise. These advisors will assist the Company in the calculations and
disclosures of EPS for future reporting periods.
We do not expect that our disclosure controls and
procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the
design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered
relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls
and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design
of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can
be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Management’s Report on Internal Control Over
Financial Reporting
Our management is responsible for establishing and
maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 14d-14(f). Our internal
control over financial reporting is designed 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.
All internal control systems, no matter how well designed,
have inherent limitations and may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only
provide reasonable assurance with respect to financial reporting reliability and financial statement preparation and presentation. In
addition, projections of any evaluation of effectiveness to future periods are subject to risk that controls become inadequate because
of changes in conditions and that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of the Company’s
internal control over financial reporting as of December 31, 2022. In making the assessment, management used the criteria issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO – 2013) in Internal Control-Integrated Framework. Based on
its assessment, management concluded that, as of December 31, 2022, our Company’s internal control over financial reporting was
not effective due to the material weakness in disclosure controls and procedures discussed above.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over
financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
IV
Item
15. Exhibits and Financial Statement Schedules
a) |
The
following documents are filed as part of this Annual Report on Form 10-K |
|
|
|
|
(1) |
Financial
Statements |
|
|
|
|
|
See
Index to Financial Statements on page F-1 of this Annual Report on Form 10-K |
|
(2) |
Financial
Statement Schedules |
|
|
|
|
|
Schedules
not listed above have been omitted because they are not required, not applicable, or the required information is otherwise included
elsewhere in Annual Report on Form 10-K. |
|
|
|
|
(3) |
Exhibits |
Report
of Independent Registered Public Accounting Firm PCAOB ID 339
To
the Stockholders and the Board of Directors of Reliance Global Group, Inc. and Subsidiaries
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Reliance Global Group, Inc. and Subsidiaries (the “Company”)
as of December 31, 2022 and 2021, the related consolidated statements of operations, stockholders’ equity (deficit), and cash flows
for each of the two years in the period December 31, 2022 and 2021, and the related notes (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the two years
in the period December 31, 2022 and 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matter
The
critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that
were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material
to the consolidated financial statements and (2) involved especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts
or disclosures to which they relate.
Impairment
Evaluation of Goodwill
Critical
Audit Matter Description
As
described in Note 6 to the consolidated financial statements, the Company’s consolidated goodwill balance was approximately $19
million as of December 31, 2022. Management tests goodwill for impairment on October 1 of each year, or more frequently should an event
or a change in circumstances occur that would indicate the carrying value may be impaired. If the carrying amount of a reporting unit
exceeds its fair value, an impairment is recorded equal to the amount by which the carrying value exceeds the fair value, up to the amount
of goodwill associated with the reporting unit. As a result of management’s assessment, the Company recognized impairment charges
of $14.3 million related to goodwill during the year ended December 31, 2022.
The
principal considerations for our determination that the goodwill impairment assessment was a critical audit matter are that there is
significant judgment in selection of the valuation methods to use along with assumptions used to estimate the future revenues and cash
flows, including revenue growth rates, operating expenses and cash outflows necessary to support the cash flows, weighted average costs
of capital and future market conditions as well as the valuation methodologies applied by the Company. This in turn led to a high degree
of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to managements inputs and
selection of methods used. In addition, the audit effort involved the use of auditor employed professionals with specialized skill and
knowledge to assist in performing these procedures and evaluating the audit evidence obtained.
How
the Critical Matter Was Addressed in the Audit
The
primary audit procedures we performed to address this critical audit matter included:
| - | Obtaining
an understanding over the Company’s process for evaluation whether an event of a change
in circumstances occur that would indicate the carrying value of goodwill may be impaired. |
| - | Utilizing
a firm employed valuation specialist with the skills and knowledge to assist in: (i) evaluating
and challenging the reasonableness of the valuation methods selected by management to determine
the fair value of the Company, (ii) evaluating management’s significant assumptions
by comparing inputs to market data (iii) performing a control premium sensitivity study to
determine the impact to market approach, and (iv) performing recalculations of the method
utilized by management. |
| - | Testing
the completeness and accuracy of the underlying data utilized by management in their evaluation
of goodwill impairment. |
We
have served as the Company’s auditor since 2020.
/s/ Mazars USA LLP
Fort
Washington, Pennsylvania
March
30, 2023
Reliance
Global Group, Inc. and Subsidiaries
Consolidated
Balance Sheets
| |
2022 | | |
2021 | |
| |
December 31 | | |
December 31, | |
| |
2022 | | |
2021 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 505,410 | | |
$ | 4,136,180 | |
Restricted cash | |
| 1,404,359 | | |
| 484,542 | |
Accounts receivable | |
| 1,067,544 | | |
| 1,024,831 | |
Accounts receivable, related parties | |
| 21,887 | | |
| 7,131 | |
Other receivables | |
| 16,852 | | |
| - | |
Prepaid expense and other current assets | |
| 249,327 | | |
| 2,328,817 | |
Total current assets | |
| 3,265,379 | | |
| 7,981,501 | |
Property and equipment, net | |
| 186,883 | | |
| 130,359 | |
Right-of-use assets | |
| 1,182,079 | | |
| 1,067,734 | |
Investment in NSURE, Inc. | |
| 900,000 | | |
| 1,350,000 | |
Intangibles, net | |
| 13,757,370 | | |
| 7,078,900 | |
Goodwill | |
| 19,112,733 | | |
| 10,050,277 | |
Other non-current assets | |
| 23,284 | | |
| 16,792 | |
Total assets | |
$ | 38,427,729 | | |
$ | 27,675,563 | |
| |
| | | |
| | |
Liabilities and stockholders’ equity (deficit) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and other accrued liabilities | |
$ | 1,457,967 | | |
$ | 2,759,160 | |
Short term financing agreements | |
| 154,017 | | |
| - | |
Chargeback reserve | |
| 915,934 | | |
| - | |
Other payables | |
| 1,476,113 | | |
| 81,500 | |
Current portion of long-term debt | |
| 1,118,721 | | |
| 913,920 | |
Current portion of leases payable | |
| 518,054 | | |
| 276,009 | |
Earn-out liability, current portion | |
| 2,153,478 | | |
| 3,297,855 | |
Warrant commitment | |
| - | | |
| 37,652,808 | |
Total current liabilities | |
| 7,794,284 | | |
| 44,981,252 | |
| |
| | | |
| | |
Loans payable, related parties, less current portion | |
| 1,669,514 | | |
| 353,766 | |
Long term debt, less current portion | |
| 12,349,673 | | |
| 7,085,325 | |
Leases payable, less current portion | |
| 714,068 | | |
| 805,326 | |
Earn-out liability, less current portion | |
| 556,000 | | |
| 516,023 | |
Warrant liabilities | |
| 6,433,150 | | |
| - | |
Total liabilities | |
| 29,516,689 | | |
| 53,741,692 | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 0 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | |
| - | | |
| - | |
Common stock, $0.086 par value; 133,333,333 shares authorized and 1,219,573 and 730,407 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | |
| 104,883 | | |
| 62,815 | |
Additional paid-in capital | |
| 35,798,139 | | |
| 27,329,201 | |
Stock subscription receivable | |
| - | | |
| (20,000,000 | ) |
Accumulated deficit | |
| (26,991,983 | ) | |
| (33,458,145 | ) |
Total stockholders’ equity (deficit) | |
| 8,911,039 | | |
| (26,066,129 | ) |
Total liabilities and stockholders’ equity | |
$ | 38,427,729
| | |
$ | 27,675,563 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Consolidated
Statements of Operations
| |
| | |
| |
| |
Year ended | | |
Year ended | |
| |
December 31, 2022 | | |
December 31, 2021 | |
Revenue | |
| | | |
| | |
Commission income | |
$ | 16,755,884 | | |
$ | 9,710,334 | |
Total revenue | |
| 16,755,884 | | |
| 9,710,334 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
Commission expense | |
| 3,384,734 | | |
| 2,427,294 | |
Salaries and wages | |
| 8,592,051 | | |
| 4,672,988 | |
General and administrative expenses | |
| 6,717,889 | | |
| 3,589,221 | |
Marketing and advertising | |
| 2,584,895 | | |
| 325,838 | |
Depreciation and amortization | |
| 2,801,824 | | |
| 1,607,313 | |
Goodwill impairment | |
| 14,373,374 | | |
| - | |
Total operating expenses | |
| 38,454,767 | | |
| 12,622,654 | |
| |
| | | |
| | |
Loss from operations | |
| (21,698,883 | ) | |
| (2,912,320 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Other expense, net | |
| (899,913 | ) | |
| (533,337 | ) |
Recognition and change in fair value of warrant liabilities | |
| 29,064,958 | | |
| (17,652,808 | ) |
Total other income (expense) | |
| 28,165,045 | | |
| (18,186,145 | ) |
| |
| | | |
| | |
Net income (loss) | |
$ | 6,466,162 | | |
$ | (21,098,465 | ) |
| |
| | | |
| | |
Basic and diluted earnings (loss) per share | |
$ | (0.42 | ) | |
$ | (31.34 | ) |
Weighted average number of shares outstanding – Basic and diluted | |
| 1,094,989 | | |
| 673,137 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity (Deficit)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
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 | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,249,873 | | |
| - | | |
| - | | |
| 1,249,873.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued in private placement | |
| 9,076 | | |
| 781 | | |
| 178,060 | | |
| 15,313 | | |
| - | | |
| - | | |
| (16,043 | ) | |
| 20,000,000 | | |
| - | | |
| 20,000,051.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued pursuant to acquisition of Medigap | |
| - | | |
| - | | |
| 40,402 | | |
| 3,475 | | |
| - | | |
| - | | |
| 4,759,976 | | |
| - | | |
| - | | |
| 4,763,451.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Series
A warrants | |
| - | | |
| - | | |
| 25,000 | | |
| 2,150 | | |
| - | | |
| - | | |
| 2,472,850 | | |
| - | | |
| - | | |
| 2,475,000.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of Series C warrants in exchange for common shares | |
| | | |
| | | |
| (218,462 | ) | |
| (18,788 | ) | |
| - | | |
| - | | |
| 18,788 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued for vested stock awards | |
| - | | |
| - | | |
| 14,675 | | |
| 1,262 | | |
| - | | |
| - | | |
| (1,262 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of Series C warrants | |
| - | | |
| - | | |
| 218,462 | | |
| 18,788 | | |
| - | | |
| - | | |
| (17,452 | ) | |
| - | | |
| - | | |
| 1,336.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of Series D warrants | |
| - | | |
| - | | |
| 81,423 | | |
| 7,002 | | |
| - | | |
| - | | |
| (6,207 | ) | |
| - | | |
| - | | |
| 795.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of common stock for conversion of Series B warrants | |
| - | | |
| - | | |
| 1,667 | | |
| 143 | | |
| - | | |
| - | | |
| 12,357 | | |
| - | | |
| - | | |
| 12,500.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant
liability reclassified to equity upon exercise of Series B Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,000 | | |
| - | | |
| - | | |
| 8,000.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares
issued due to conversion of preferred stock | |
| (9,076 | ) | |
| (781 | ) | |
| 147,939 | | |
| 12,723 | | |
| - | | |
| - | | |
| (11,942 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 6,466,162 | | |
| 6,466,162 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance,
December 31, 2022 | |
| - | | |
| - | | |
|
1,219,573
| | |
$ | 104,883 | | |
| - | | |
| - | | |
$ | 35,798,139 | | |
| - | | |
$ | (26,991,983 | ) | |
$ | 8,911,039 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity
| |
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, 2020 | |
| 395,640 | | |
$ | 33,912 | | |
| 282,735 | | |
$ | 24,315 | | |
| 1,556 | | |
$ | 340,000 | | |
$ | 11,898,441 | | |
$ | - | | |
$ | (12,359,680 | ) | |
$ | (63,012 | ) |
Balance | |
| 395,640 | | |
$ | 33,912 | | |
| 282,735 | | |
$ | 24,315 | | |
| 1,556 | | |
$ | 340,000 | | |
$ | 11,898,441 | | |
$ | - | | |
$ | (12,359,680 | ) | |
$ | (63,012 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Share based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 658,077 | | |
| - | | |
| - | | |
| 658,077 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for services | |
| - | | |
| - | | |
| 1,000 | | |
| 86 | | |
| - | | |
| - | | |
| 90,964 | | |
| - | | |
| - | | |
| 91,050 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to public offering, net of offering costs of $1,672,852 | |
| - | | |
| - | | |
| 120,000 | | |
| 10,320 | | |
| - | | |
| - | | |
| 9,098,828 | | |
| - | | |
| - | | |
| 9,109,148 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Over-allotment shares from offering, net of offering costs of $250,928 | |
| - | | |
| - | | |
| 18,000 | | |
| 1,548 | | |
| - | | |
| - | | |
| 1,364,825 | | |
| - | | |
| - | | |
| 1,366,373 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants sold during public offering at quoted price | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| 20,700 | | |
| - | | |
| - | | |
| 20,700 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to conversion of preferred stock | |
| (395,660 | ) | |
| (33,912 | ) | |
| 263,773 | | |
| 22,685 | | |
| - | | |
| - | | |
| 11,227 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued due to conversion of debt | |
| - | | |
| - | | |
| 42,222 | | |
| 3,631 | | |
| - | | |
| - | | |
| 3,796,369 | | |
| - | | |
| - | | |
| 3,800,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rounding shares related to initial public offering | |
| 20 | | |
| - | | |
| 126 | | |
| 10 | | |
| - | | |
| - | | |
| (10 | ) | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to software purchase | |
| - | | |
| - | | |
| 1,556 | | |
| 134 | | |
| (1,556 | ) | |
| (340,000 | ) | |
| 339,866 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued pursuant to acquisition of Kush | |
| - | | |
| - | | |
| 995 | | |
| 86 | | |
| - | | |
| - | | |
| 49,914 | | |
| - | | |
| - | | |
| 50,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock subscriptions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (20,000,000 | ) | |
| - | | |
| (20,000,000 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (21,098,465 | ) | |
| (21,098,465 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2021 | |
| - | | |
$ | - | | |
| 730,407 | | |
$ | 62,815 | | |
| - | | |
$ | - | | |
$ | 27,329,201 | | |
$ | (20,000,000 | ) | |
$ | (33,458,145 | ) | |
$ | (26,066,129 | ) |
Balance | |
| - | | |
$ | - | | |
| 730,407 | | |
$ | 62,815 | | |
| - | | |
$ | - | | |
$ | 27,329,201 | | |
$ | (20,000,000 | ) | |
$ | (33,458,145 | ) | |
$ | (26,066,129 | ) |
The
accompanying notes are an integral part of these consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries and Predecessor
Consolidated
Statements of Cash Flows
| |
2022 | | |
2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net Income | |
$ | 6,466,162 | | |
$ | (21,098,465 | ) |
Adjustment to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 2,801,824 | | |
| 1,607,313 | |
Goodwill impairment | |
| 14,373,374 | | |
| | |
Amortization of debt issuance costs and accretion of debt discount | |
| 41,875 | | |
| 22,822 | |
Non-cash lease expense | |
| 36,442 | | |
| 7,329 | |
Stock compensation expense | |
| 1,249,873 | | |
| 749,127 | |
Earn-out fair value and write-off adjustments | |
| 524 | | |
| (359,470 | ) |
Change in fair value of warrant liability | |
| (29,064,958 | ) | |
| 17,652,808 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts payables and other accrued liabilities | |
| (1,304,652 | ) | |
| (531,123 | ) |
Accounts receivable | |
| 49,876 | | |
| (162,234 | ) |
Accounts receivable, related parties | |
| (14,756 | ) | |
| (7,131 | ) |
Note receivables | |
| - | | |
| 3,825 | |
Other receivables | |
| (16,852 | ) | |
| 1,952 | |
Other payables | |
| 269,613 | | |
| 19,000 | |
Chargeback reserve | |
| (568,539 | ) | |
| - | |
Other non-current assets | |
| (6,492 | ) | |
| (14,992 | ) |
Prepaid expense and other current assets | |
| 2,496,689 | | |
| (144,036 | ) |
Net cash used in operating activities | |
| (3,189,997 | ) | |
| (2,253,275 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from partial sale of investment in NSURE | |
| 450,000 | | |
| | |
Purchase of property and equipment | |
| (71,212 | ) | |
| (71,108 | ) |
Business acquisitions, net of cash acquired | |
| (24,138,750 | ) | |
| (1,608,586 | ) |
Purchase of intangibles | |
| (882,350 | ) | |
| (619,666 | ) |
Net cash used in investing activities | |
| (24,642,312 | ) | |
| (2,299,360 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from borrowings of debt | |
| - | | |
| - | |
Principal repayments of debt | |
| (875,010 | ) | |
| (887,455 | ) |
Debt issuance costs | |
| (214,257 | ) | |
| - | |
Loans acquired through acquisitions | |
| 6,520,000 | | |
| - | |
Issuance of common shares in exchange for Series C and D warrants | |
| 2,131 | | |
| - | |
Proceeds from loans payable, related parties | |
| 1,500,000 | | |
| 2,931 | |
Payments of loans payable, related parties | |
| (184,252 | ) | |
| (515,685 | ) |
Earn-out liability | |
| (1,704,925 | ) | |
| (452,236 | ) |
Exercise of warrants into common stock | |
| 2,475,000 | | |
| - | |
Repayments on short term financing | |
| (263,182 | ) | |
| | |
Private Placement of shares and warrants | |
| 17,853,351 | | |
| 10,496,221 | |
Issuance of common shares in exchange for Series B warrants | |
| 12,500 | | |
| - | |
Net cash provided by financing activities | |
| 25,121,356 | | |
| 8,643,776 | |
| |
| | | |
| | |
Net increase (decrease) in cash and restricted cash | |
| (2,710,953 | ) | |
| 4,091,141 | |
Cash and restricted cash at beginning of year | |
| 4,620,722 | | |
| 529,581 | |
Cash and restricted cash at end of year | |
| 1,909,769 | | |
| 4,620,722 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS: | |
| | | |
| | |
Cash paid for interest | |
| 863,936 | | |
| 456,482 | |
Issuance of Series D warrants | |
| 6,930,335 | | |
| - | |
Issuance of placement agent warrants | |
| 1,525,923 | | |
| - | |
Prepaid insurance acquired through short-term financing | |
| 417,199 | | |
| - | |
Conversion of preferred stock into common stock | |
| 190,069 | | |
| 340,268 | |
Conversion of debt into equity | |
| - | | |
| 3,800,000 | |
Cashless conversion of Series D Warrants for common stock | |
| 36,761 | | |
| - | |
Common stock issued pursuant to acquisition | |
| 4,763,451 | | |
| 50,000 | |
Common stock issued in lieu of services | |
| - | | |
| 91,050 | |
Issuance of common stock pursuant to the purchase of software | |
| - | | |
| 340,000 | |
Unpaid deferred transaction costs | |
| - | | |
| 2,146,700 | |
Stock subscriptions | |
| - | | |
| 20,000,000 | |
Acquisition of business deferred purchase price | |
| 1,125,000 | | |
| - | |
Warrant liability reclassified to equity upon exercise of Series B Warrants | |
| 8,000 | | |
| | |
Lease assets acquired in exchange for lease liabilities | |
| 628,004 | | |
| 861,443 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Reliance
Global Group, Inc. and Subsidiaries
Notes
to the Consolidated Financial Statements
NOTE
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Reliance
Global Group, Inc. (formerly known as Ethos Media Network, Inc.) (“RELI”, “Reliance”, or the “Company”)
was incorporated in Florida on August 2, 2013. In September 2018, Reliance Global Holdings, LLC (“Reliance Holdings”), a related party acquired control of the Company. Ethos Media Network, Inc. was then renamed on October
18, 2018.
On
May 1, 2021, the Company acquired the assets of J.P. Kush and Associates, Inc., an independent healthcare
insurance agency headquartered in Michigan (see Note 3).
On
January 10, 2022, the Company acquired the assets of Medigap Healthcare Insurance Company, LLC, an unaffiliated insurance brokerage
company headquartered in Florida (see Note 3).
On
April 26, 2022, the Company acquired the assets of Barra & Associates, LLC., an unaffiliated full-service insurance agency headquartered in Illinois (see Note 3).
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the
accounting of Reliance Global Group, Inc., and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation.
Liquidity
As
of December 31, 2022, the Company’s reported cash and restricted cash aggregated balance was approximately $1,910,000,
current assets were approximately $3,265,000,
while current liabilities were approximately $7,794,000.
As of December 31, 2022, the Company had a working capital deficit of approximately $4,529,000 and
stockholders’ equity of approximately $8,911,039.
For the year ended December 31, 2022, the Company reported net income of approximately $6,466,162,
which includes a non-cash goodwill impairment of approximately $14,373,000,
offset by a non-cash, non-operating measurement gain on the warrant commitment of approximately $29,065,000.
The Company reported negative cash flows from operations of approximately $3,190,000.
The Company completed a capital offering in February 2021 and January 2022 that raised net proceeds of approximately $10,496,000 and
$17,853,000,
respectively. As noted in Note 17 - Subsequent Events, pursuant to a securities purchase agreement which closed on March 16,
2023, the Company received funds net of transaction costs of approximately $3,446,000,
to be used primarily for working capital.
Management believes the company’s financial position and continued ability to raise
capital to be reasonable and sufficient. Based on our assessment, we do not believe there are any 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 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
consists of checking accounts. The Company considers all highly liquid investments with an original maturity of three months or less
to be cash equivalents.
Restricted
cash includes cash pledged as collateral to secure obligations and/or all cash whose use is otherwise limited by contractual provisions.
At times, some cash balances held in banks may exceed the Federal Deposit Insurance Corporation, or FDIC, standard
deposit insurance limit of $250,000.
The
reconciliation of cash and restricted cash reported within the applicable balance sheet accounts that sum to the total of cash and restricted
cash presented in the statement of cash flows is as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash | |
$ | 505,410 | | |
$ | 4,136,180 | |
Restricted cash | |
| 1,404,359 | | |
| 484,542 | |
Total cash and restricted cash | |
$ | 1,909,769 | | |
$ | 4,620,722 | |
Property
and Equipment
Property
and equipment is stated at cost, less accumulated depreciation. Depreciation is recognized over an asset’s estimated useful life
using the straight-line method beginning on the date an asset is placed in service. The Company regularly evaluates the estimated remaining
useful lives of the Company’s property and equipment to determine whether events or changes in circumstances warrant a revision
to the remaining period of depreciation. Certain capitalized software has been reclassified in the consolidated balance sheet from property
and equipment, net to intangibles, net and comparative periods have been adjusted accordingly. Maintenance and repairs are charged to
expense as incurred. Estimated useful lives of the Company’s Property and Equipment are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVE PROPERTY AND EQUIPMENT
| |
Useful Life (in years) |
Computer equipment | |
5 |
Office equipment and furniture | |
7 |
Leasehold improvements | |
Shorter of the useful life or the lease term |
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:
Level
1 — Observable inputs that reflect 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.
As
of December 31, 2022 and 2021 respectively, the Company’s balance sheet includes certain financial instruments, including cash,
notes receivables, accounts payable, and short and long-term debt. The carrying amounts of current assets and current liabilities approximate
their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.
The carrying amounts of long-term debt approximate their fair value as the variable interest rates are based on a market index.
Warrant
Liabilities: The Company’s warrant liabilities (see Note 9, Warrant Liabilities) represent liability-classified derivative
financial instruments recorded at fair value on a recurring basis. The fair value of the Warrant Liabilities includes significant inputs
unobservable in the market and thus are considered Level 3. The Company measured the fair value of the warrant liabilities at the issuance
date, December 22, 2022, and subsequently at the balance sheet date, using a binomial option pricing model. The following summarizes
the significant unobservable inputs, not accounting for the Reverse Split-2023:
SCHEDULE
OF EARN OUT LIABILITY
| |
December 22, 2022 | | |
December 22, 2021 | |
Stock price | |
$ | 0.57 | | |
$ | 6.44 | |
Volatility | |
| 105.0 | % | |
| 90 | % |
Time to Expiry | |
| 4.01 | | |
| 5 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.1 | % | |
| 1.10 | % |
The
following reconciles the warrant liabilities for the years ended December 31, 2022 and 2021:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
| | |
| | |
| | |
| |
| |
Years ended December 31, 2022 and 2021 | |
| |
Series B Warrant Commitment | | |
Series B warrant liabilities | | |
Placement agent warrants | | |
Total | |
Beginning balance, December 31, 2020 | |
| - | | |
| - | | |
| - | | |
| - | |
Initial recognition | |
| 20,244,497 | | |
| - | | |
| - | | |
| 20,244,497 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| - | | |
| - | | |
| 17,408,311 | |
Ending balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Beginning balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Initial recognition | |
| - | | |
| 55,061,119 | | |
| 1,525,924 | | |
| 56,587,043 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| (48,668,869 | ) | |
| (1,477,024 | ) | |
| (32,737,582 | )* |
Warrants exercised or transferred | |
| (55,061,119 | ) | |
| (8,000 | ) | |
| - | | |
| (55,069,119 | ) |
Ending balance, December 31, 2022 | |
| - | | |
| 6,384,250 | | |
| 48,900 | | |
| 6,433,150 | |
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
| |
December 31, 2022 | |
December 31, 2021 |
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
| |
December 31, 2022 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 7.7 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments are approximately $2,967,592 as of December 31, 2022. The following table reconciles fair value of earn-out
liabilities for the years ending December 31, 2022 and 2021:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
|
|
December
31,
2022 |
|
|
December
31,
2021 |
|
Beginning
balance – January 1 |
|
$ |
3,813,878 |
|
|
$ |
2,931,418 |
|
|
|
|
|
|
|
|
|
|
Acquisitions
and Settlements |
|
|
(1,104,925 |
)
|
|
|
1,160,562 |
|
|
|
|
|
|
|
|
|
|
Period
adjustments: |
|
|
|
|
|
|
|
|
Fair
value changes included in earnings* |
|
|
524 |
|
|
|
(278,102 |
) |
|
|
|
|
|
|
|
|
|
Ending
balance |
|
$ |
2,709,478 |
|
|
$ |
3,813,878 |
|
Less:
Current portion |
|
|
(2,153,478 |
) |
|
|
(3,297,855 |
) |
Ending
balance, less current portion |
|
|
556,000 |
|
|
|
516,023 |
|
Deferred
Financing Costs
The
Company has recorded deferred financing costs as a result of fees incurred by the Company in conjunction with its debt financing activities.
These costs are amortized to interest expense using the straight-line method which approximates the interest rate method over the term
of the related debt. As of December 31, 2022, and 2021, unamortized deferred financing costs were $313,829, and $134,528, respectively
and are netted against the related debt.
Business
Combinations
The
Company accounts for its business combinations using the acquisition method of accounting. Under the acquisition method, assets acquired,
liabilities assumed, and consideration transferred are recorded at the date of acquisition at their respective fair values. Definite-lived
intangible assets are amortized over the expected life of the asset. Any excess of the purchase price over the estimated fair values
of the net assets acquired is recorded as goodwill.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration such as earn-outs, the Company records the contingent consideration at fair value at the acquisition
date. The Company remeasures fair value as of each reporting date and changes resulting from events after the acquisition date, are recognized
as follows: 1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent
settlement is accounted for within equity, or 2) if the contingent consideration is classified as a liability, the changes in fair value
and accretion costs are recognized in earnings.
Identifiable
Intangible Assets, net
Finite-lived
intangible assets such as customer relationships assets, trademarks and tradenames are amortized over their estimated useful lives, generally
on a straight-line basis for periods ranging from 3 to 20 years. Finite-lived intangible assets are reviewed for impairment or obsolescence
whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of intangible
assets is measured by a comparison of the carrying amount of the asset to the future undiscounted net cash flows expected to be generated
by that asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying
amount of the asset exceeds the estimated fair value. No impairment was recognized during the periods presented.
Goodwill
and other indefinite-lived intangibles
The
Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible
and intangible assets acquired. Goodwill is assigned on the acquisition date and tested for impairment at least annually,
or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not
declined below its carrying value. Similarly, indefinite-lived intangible assets (if any) other than goodwill are tested annually or
more frequently if indicated, for impairment. If impaired, intangible assets are written down to fair value based on the expected discounted
cash flows.
Financial
Instruments
The
Company evaluates issued financial instruments for classification as either equity or liability based on an assessment of the financial
instrument’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the financial instruments
issued are freestanding pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and, if applicable whether the financial
instruments meet all of the requirements for equity classification under ASC 815, including whether the financial instruments are indexed
to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of issuance and as of each subsequent reporting period end date while the financial instruments
are outstanding. Financial instruments that are determined to be liabilities under ASC 480 or ASC 815 are held at their initial fair
value and remeasured to fair value at each subsequent reporting date, with changes in fair value recorded as a non-operating, non-cash
loss or gain, as applicable.
The
Company’s financial instruments consist of derivatives related to the warrants issued with the securities purchase agreement as
discussed in Note 9, Warrant Liabilities. The accounting treatment of derivative financial instruments requires that we record
the derivatives at their fair values as of the inception date of the debt agreements and at fair value as of each subsequent balance
sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense at each balance sheet date. Upon the determination
that an instrument is no longer subject to derivative accounting, the fair value of the derivative instrument at the date of such determination
will be reclassified to paid in capital.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606 Revenue from Contracts with Customers
which at its core, recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration
the entity expects to be entitled to in exchange for those goods or services.
The
Company’s revenue is primarily comprised of agency commissions earned from insurance carriers (the “Customer” or “Carrier”)
related to insurance plans produced through brokering, producing and servicing agreements between insurance carriers and members. The
Company defines a “Member” as an individual, family or entity currently covered or seeking insurance coverage.
The
Company focuses primarily on agency services for insurance products in the “Healthcare” and property and casualty, which
includes auto (collectively “P&C”) space, with nominal activity in the life insurance and bond sectors. Healthcare includes
plans for individuals and families, Medicare supplements, ancillary and small businesses. The Company also earns revenue in the “Insurance
Marketing” space as discussed further below.
Consideration
for all agency services typically is based on commissions calculated by applying contractual commission rates to policy premiums. For
P&C, commission rates are applied to premiums due, whereas for healthcare, commission rates, including override commissions, are
applied to monthly premiums received by the Carrier.
The
Company has two forms of billing practices, “Direct Bill” and “Agency Bill”. With Direct Bill, Carriers bill
and collect policy premium payments directly from Members without any involvement from the Company. Commissions are paid to the Company
by the Carrier in the following month. With Agency Bill, the Company bills Members premiums due and remits them to Carriers net of commission
earned.
The
following outlines the core principles of ASC 606:
Identification
of the contract, or contracts, with a customer. A contract with a customer exists when (i) we enter into an enforceable contract
with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms
related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially
all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the
promised consideration.
Identification
of the performance obligations in the contract. Performance obligations promised in a contract are identified based on the goods
or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the
goods or service either on its own or together with other resources that are readily available from third parties or from us, and are
distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises
in the contract.
Determination
of the transaction price. The transaction price is determined based on the consideration to which we will be entitled in exchange
for transferring goods or services to the customer.
Allocation
of the transaction price to the performance obligations in the contract. If the contract contains a single performance obligation,
the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis.
Recognition
of revenue when, or as, the Company satisfies a performance obligation. The Company satisfies performance obligations either over
time or at a point in time, as discussed in further detail below. Revenue is recognized at the time the related performance obligation
is satisfied by transferring the promised good or service to the customer.
Healthcare
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Carriers, to perform agency services that culminate in monthly premium cash
collections by the Carrier. The performance obligation is satisfied through a combination of agency services including, marketing carrier’s
insurance plans, soliciting Member applications, binding, executing and servicing insurance policies on a continuous basis throughout
a policy’s life cycle which includes and culminates with the Customer’s collection of monthly premiums. No commission is
earned if cash is not received by Carrier. Thus, commission revenue is earned only after a month’s cash receipts from Members’
dues is received by the Customer. Each month’s Carrier cash collections is considered a separate unit sold and transferred to the
Customer i.e., the satisfaction of that month’s performance obligation.
Transaction
price is typically stated in a contract and usually based on a commission rate applied to Member premiums paid and received by Carrier.
The Company generally continues to receive commission payments from Carriers until a Member’s plan is cancelled or the Company
terminates its agency agreement with the Carrier. Upon termination, the Company normally will no longer receive any commissions from
Carriers even on business still in place. In some instances, trailing commissions could occur which would be recognized similar to other
Healthcare revenue. With one performance obligation, allocation of transaction price is normally not necessary.
Healthcare
typically utilizes the Direct Bill method.
The
Company recognizes revenue at a point in time, when it satisfies its monthly performance obligation and control of the service transfers
to the Customer. Transfer occurs when Member insurance premium cash payments are received by the Customer. The Customer’s receipt
of cash is the culmination and complete satisfaction of the Company’s performance obligation, and the earnings process is complete.
With
Direct Bill, since the amount of monthly Customer cash receipts is unknown to the Company until the following month when notice is provided
by Customer to Company, the Company accrues revenue at each period end. Any estimated revenue accrued and recognized at a period-end
is trued up for financial reporting per actual revenue earned as provided by the Customer during the following month.
P&C
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Customers, to perform agency services to solicit, receive proposals and bind
insurance policies culminating with policy placement. Commission revenue is earned at the time of policy placement.
Transaction
price is typically stated in a contract and usually based on commission rates applied to Member premiums due. With one performance obligation,
allocation of transaction price is normally not necessary.
P&C
utilizes both the Agency Bill and Direct Bill methods, depending on the Carrier.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of the service transfers to the
Customer. Transfer occurs when the policy placement process is complete.
With
both Direct Bill and Agency Bill, the Company accrues commission revenue in the period policies are placed. With Agency Bill, payment
is typically received from Members in the month earned, however with Direct Bill, payment is typically received from Carriers in the
month subsequent to the commissions being earned.
Insurance
Marketing revenue recognition:
Medigap,
a consolidated wholly owned subsidiary of the Company earns commission revenue by selling bound insurance policies with all renewal rights
to insurance marketing organizations (the “IM Customer”). The IM Customers utilize innovative actuarial models to value and
price policies purchased based on future projections. IM Customers pay a one-time commission per policy purchased to selling agencies
based on a pre-agreed formula outlined in the parties’ contractual agreement. Commission payments are subject to chargeback in
the event a policy is cancelled or lapses within 3 months of a policy’s effective date or until the first three payments are received
from the insured party, depending on the IM Customer Contract.
The
Company identifies a contract when it has a binding agreement to sell issued insurance policies to the IM Customer.
There
is one performance obligation in IM Customer contracts, to sell the rights in Company procured issued insurance policies to the IM Customer.
The performance obligation is satisfied when the rights to an issued policy have been transferred to the IM Customer.
Transaction
price is stated in a contract and is a set range of commission amounts based on each policy sold. There are two variable components to
consideration received:
|
a) |
Commissions
are only earned once a policy is “Placed”, defined as, an active policy sold to the IM Customer where the IM Customer
has received the initial insurance carrier payment with respect to such policy. The Company requires end-user insured parties to
pay the initial premium to the insurance carrier upon issuance of a policy. Insurance carrier in turn pays IM Customer its initial
payment soon thereafter. Thus, upon sale of an issued policy to IM Customer, the Company has provided a bound issued policy and ensured
first premium payment has been completed by insured party. This results in virtual assurance that the IM Customer will receive its
initial insurance carrier payment, and it is more than probable that a significant revenue reversal will not occur. The Company thus
considers all policies sold to the IM Customer to be Placed for revenue recognition purposes. |
|
|
|
|
b) |
Commission
revenue is subject to chargeback in full if a policy is cancelled or lapses within three months from the policy effective date or
if the insured party does not make the first three payments of the policy. The Company uses historical activity as well as current
factors to estimate the unconstrained variable consideration for recognition per the expected value method. A chargeback reserve
liability is credited for the difference between cash consideration received and variable consideration recognized. At each reporting
period, the Company remeasures the chargeback reserve liability and recognizes any change as an increase or decrease to the then
current period revenue. As of March 31, 2022 and December 31, 2021, the chargeback reserve liability was $1,585,435 and $0, respectively. |
With
one performance obligation, allocation of transaction price is normally not necessary.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of an insurance policy transfers
to the IM Customer. Transfer of control occurs when the Company submits the Policy to the IM Customer.
IM
Customers generally pay the Company weekly, and accruals are recorded as necessary at period end.
Other
revenue policies: Insurance commissions earned from Carriers for life insurance products are recorded gross of amounts due to agents,
with a corresponding commission expense for downstream agent commissions being recorded as commission expense within the condensed consolidated
statements of operations.
When
applicable, commission revenue is recognized net of any deductions for estimated commission adjustments due to lapses, policy cancellations,
and revisions in coverage.
The
Company could earn additional revenue from contingent commissions, profit-sharing, override and bonuses based on meeting certain revenue
or profit targets established periodically by the Carriers (collectively, “Contingent Commissions”). Contingent Commissions
are earned when the Company achieves targets established by Carriers. The Carriers notify the Company when it has achieved the target.
The Company recognizes revenue for any Contingent Commissions at the time it is reasonably assured that a significant revenue reversal
is not probable, which is generally when a Carrier notifies the Company that it is on track or has earned a Contingent Commission.
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Year ended December 31, 2022 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 798,412 | | |
$ | - | | |
$ | 798,412 | |
USBA | |
| 52,470 | | |
| - | | |
| 52,470 | |
CCS/UIS | |
| - | | |
| 254,325 | | |
| 254,325 | |
Montana | |
| 1,868,137 | | |
| - | | |
| 1,868,137 | |
Fortman | |
| 1,274,649 | | |
| 842,961 | | |
| 2,117,610 | |
Altruis | |
| 4,044,449 | | |
| - | | |
| 4,044,449 | |
Kush | |
| 1,536,456 | | |
| - | | |
| 1,536,456 | |
Medigap | |
| 4,994,002 | | |
| - | | |
| 4,994,002 | |
RELI Exchange | |
| 312,239 | | |
| 777,784 | | |
| 1,090,023 | |
Revenue | |
$ | 14,880,814 | | |
$ | 1,875,070 | | |
$ | 16,755,884 | |
Year ended December 31, 2021 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 799,474 | | |
$ | - | | |
$ | 799,474 | |
USBA | |
| 60,129 | | |
| - | | |
| 60,129 | |
CCS/UIS | |
| - | | |
| 333,874 | | |
| 333,874 | |
Montana | |
| 1,744,515 | | |
| - | | |
| 1,744,515 | |
Fortman | |
| 1,173,215 | | |
| 958,521 | | |
| 2,131,736 | |
Altruis | |
| 3,313,453 | | |
| - | | |
| 3,313,453 | |
Kush | |
| 1,327,153 | | |
| - | | |
| 1,327,153 | |
Revenue | |
$ | 8,417,939 | | |
$ | 1,292,395 | | |
$ | 9,710,334 | |
General
and Administrative
General
and administrative expenses primarily consist of personnel costs for the Company’s administrative functions, professional service
fees, office rent, all employee travel expenses, and other general costs.
Marketing
and Advertising
The
Company’s direct channel expenses primarily consist of costs for e-mail marketing and newspaper advertisements. The Company’s
online advertising channel expense primarily consist of social media ads. Advertising costs for both direct and online channels are expensed
as incurred.
Stock-Based
Compensation
Stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a
straight-line basis over the requisite service period, based on the terms of the awards. The fair value of the stock-based payments
to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there
is a contractual term for services in which case such compensation would be amortized over the contractual term. To the extent
possible, the Company will estimate and recognize expected forfeitures.
Leases
The
Company recognizes leases in accordance with Accounting Standards Codification Topic 842, “Leases” (“ASC 842”
or “ASU 2016-12”). This standard provides enhanced transparency and comparability by requiring lessees to record right-of-use
assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases are recognized as a
single lease expense, generally on a straight-line basis.
The
Company is the lessee in a contract when the Company obtains the right to use an asset. We currently lease real estate and office space
under non-cancelable operating lease agreements. When applicable, consideration in a contract is allocated between lease and non-lease
components. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease
cannot be readily determined, the Company uses an estimate of its incremental borrowing rate. The Company did not have any contracts
accounted for as finance leases as of December 31, 2022, or 2021. Operating leases are included in the line items right-of-use assets,
current portion of leases payable, and leases payable, less current portion in the consolidated balance sheets. Right-of-use (“ROU”)
asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s
obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum
lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded
on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statement of operations.
The Company determines a lease’s term by agreement with lessor and includes lease extension options and variable lease payments
when option and/or variable payments are reasonably certain of being exercised or paid.
Income
Taxes
The
Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book
and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than
not that some portion or all of the deferred tax asset will not be realized. In evaluating its ability to recover deferred tax assets
within the jurisdiction in which they arise, the Company considers all available positive and negative evidence, including the expected
reversals of taxable temporary differences, projected future taxable income, taxable income available via carryback to prior years, tax
planning strategies, and results of recent operations. The Company assesses the realizability of its deferred tax assets, including scheduling
the reversal of its deferred tax assets and liabilities, to determine the amount of valuation allowance needed. Scheduling the reversal
of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied
upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the
temporary differences giving rise to the deferred tax assets that will be realized.
Seasonality
A
greater number of the Company’s Medicare-related health insurance plans are sold in the fourth quarter during the Medicare annual
enrollment period when Medicare-eligible individuals are permitted to change their Medicare Advantage. The majority of the Company’s
individual and family health insurance plans are sold in the annual open enrollment period as defined under the federal Patient Protection
and Affordable Care Act and related amendments in the Health Care and Education Reconciliation Act. Individuals and families generally
are not able to purchase individual and family health insurance outside of these open enrollment periods, unless they qualify for a special
enrollment period as a result of certain qualifying events, such as losing employer-sponsored health insurance or moving to another state.
Prior
Period Adjustments
The
Company identified certain immaterial adjustments impacting the prior reporting period. Specifically, the Company identified adjustments
to correct certain asset and equity accounts in relation to historical purchase price allocation accounting and adjustments to true up
retained earnings for certain historical accrued revenues.
The
Company assessed the materiality of the adjustments to prior period financial statements in accordance with Securities and Exchange Commission
Staff Accounting Bulletin No. (SAB) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when
Quantifying Misstatements in Current Year Financial Statements, and ASC 250, Accounting Changes and Error Corrections.
Accordingly,
the Company’s comparative consolidated financial statements and impacted notes have been revised from amounts previously reported
to reflect these adjustments. The following table illustrates the impact on previously reported amounts and adjusted balances presented
in the consolidated financial statements for the year ended December 31, 2021.
SUMMARIZES
THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION
Account | |
12/31/2020 As reported | | |
Adjustment | | |
12/31/2020 Adjusted | |
Goodwill | |
| 9,265,070 | | |
| (503,345 | ) | |
| 8,761,725 | |
Accumulated Deficit | |
| (12,482,281 | ) | |
| 122,601 | | |
| (12,359,680 | ) |
Recently
Issued Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), which requires the
measurement of expected credit losses for financial instruments carried at amortized cost, such as accounts receivable, held at the reporting
date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial
statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments
to extend credit held by a reporting entity at each reporting date. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements
to Topic 326, Financing Instruments—Credit Losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019.
On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private
companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers
that are eligible to be smaller reporting companies under the SEC’s definition. The Company adopted ASU 2020-06 on January 1, 2023,
which did not have a material impact on the consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12,
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions
to the general principles in Topic 740 and simplifies other areas of the existing guidance. ASU 2019-12 is effective for fiscal years
beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this
pronouncement January 1, 2021 which did not have a material effect on the consolidated financial statements.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by
removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for
equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in
certain areas. The ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted ASU 2020-06 on January 1,
2022, which did not have a material impact on the consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which amends ASC 805 to require an acquirer to, at the date of acquisition, recognize and measure contract
assets and contract liabilities acquired in accordance with ASU 2014-9, Revenue from Contracts with Customers (Topic 606) as if the entity
had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted.
The Company elected to early adopt ASU 2021-08 as of January 1, 2022, which did not have a material impact on the consolidated financial
statements.
NOTE
3. STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS
To
date, we have acquired ten 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 |
|
Reliance 100% Controlled Entity |
|
Date |
|
Location |
|
Line
of Business |
|
Status |
|
|
|
|
|
|
|
|
|
|
|
U.S.
Benefits Alliance, LLC (USBA) |
|
US Benefits Alliance, LLC |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
|
|
Employee
Benefit Solutions, LLC (EBS) |
|
Employee Benefits Solutions, LLC |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
|
|
Commercial
Solutions of Insurance Agency, LLC (CCS or Commercial Solutions) |
|
Commercial Coverage Solutions LLC |
|
December
1, 2018 |
|
New
Jersey |
|
P&C
– Trucking Industry |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Southwestern
Montana Insurance Center, Inc. (Southwestern Montana or Montana or SWMT) |
|
Southwestern Montana Insurance Center, LLC |
|
April
1, 2019 |
|
Montana |
|
Group
Health Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Fortman
Insurance Agency, LLC (Fortman or Fortman Insurance or FIS) |
|
Fortman Insurance Solutions, LLC |
|
May
1, 2019 |
|
Ohio |
|
P&C
and
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Altruis
Benefits Consultants, Inc. (Altruis or ABC) |
|
Altruis Benefits Corporation |
|
September
1, 2019 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
UIS
Agency, LLC (UIS) |
|
UIS Agency, LLC |
|
August
17, 2020 |
|
New
York |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
J.P.
Kush and Associates, Inc. (Kush) |
|
Kush Benefit Solutions, LLC |
|
May
1, 2021 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Medigap
Healthcare Insurance Company, LLC (Medigap) |
|
Medigap Healthcare Insurance Agency LLC |
|
January
10, 2022 |
|
Florida |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Barra
& Associates, LLC (Barra) |
|
RELI Exchange, LLC |
|
April
26, 2022 |
|
Illinois |
|
P&C
and
Health
Insurance |
|
Unaffiliated |
J.P.
Kush and Associates, Inc. Transaction
On
May 1, 2021, we entered into a Purchase Agreement with J.P. Kush and Associates, Inc. whereby we purchased the business and certain assets
noted within the Purchase Agreement (the “Kush Acquisition”) for a total purchase price of $3,644,166. The purchase price
was paid with a cash payment of $1,900,000, $50,000 in restricted shares of our common stock, in a transaction exempt from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended, and an earn-out payment.
The
Kush Acquisition was accounted for as a business combination in accordance with the acquisition method under the guidance in ASC 805-10
and 805-20. Accordingly, the total purchase consideration was allocated to intangible assets acquired based on their respective estimated
fair values. The acquisition method of accounting requires, among other things, that assets acquired, and liabilities assumed, if any,
in a business purchase combination be recognized at their fair values as of the acquisition date. The process for estimating the fair
values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions, including
estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
allocation of the purchase price in connection with the Kush Acquisition was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life
(Years) |
Accounts receivable | |
$ | 291,414 | | |
|
Trade name and trademarks | |
| 685,400 | | |
5 |
Customer relationships | |
| 551,000 | | |
10 |
Non-competition agreements | |
| 827,800 | | |
5 |
Goodwill | |
| 1,288,552 | | |
Indefinite |
| |
$ | 3,644,166 | | |
|
Trade name and trademarks was measured at fair value
using the relief-from-royalty method under the income approach. Significant inputs used to measure the fair value include an estimate
of projected revenue from the trade name, a pre-tax royalty rate of 5.85% and a discount rate of 14.09%.
Customer relationships were measured at fair value
using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include
an estimate of projected revenue and costs associated with existing customers, and a discount rate of 14.09%.
Non-competition agreements were measured at fair value
using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include
an estimate of projected revenue and costs associated with existing customers, and a discount rate of 14.09%.
Goodwill
of $1,288,552 arising from the Kush Acquisition consisted of the value of the employee workforce and the residual value after all identifiable
intangible assets were valued. Goodwill recognized pursuant to the Kush Acquisition is currently expected to be deductible for income
tax purposes. Total acquisition costs for the Kush Acquisition incurred were $58,092 recorded as a component of General and administrative
expenses. The approximate revenue and net profit for the acquired business as a standalone entity per ASC 805 from January 1, 2021 to
April 30, 2021 was $500,000 and $219,097, respectively.
Pro
Forma Information
The
results of operations of Kush will be included in the Company’s consolidated financial statements as of the date of
acquisition through the current period end. The following approximate Company combined supplemental pro-forma financial information
assumes that the acquisition had occurred at the beginning of the year ended
2021:
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
| | |
| |
December 31, | |
| |
2021 | |
Revenue | |
$ | 10,090,683 | |
Net Income (Loss) | |
$ | (20,931,568 | ) |
Earnings (Loss) per common share, basic | |
$ | (31.10 | ) |
Earnings (Loss) per common share, diluted | |
$ | (31.10 | ) |
Medigap
Healthcare Insurance Agency, LLC Transaction
On
January 10, 2022, pursuant to an asset purchase agreement, dated December 21, 2021, we completed the acquisition of all of the assets
of Medigap Healthcare Insurance Company, LLC (“Medigap”) for a purchase price of $20,096,250 consisting of: (i) payment to
Medigap of $18,138,750 in cash and (ii) the issuance to Medigap of 40,402 shares of the Company’s restricted common stock in a
transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The purchase price is subject to
post-closing adjustment to reconcile certain pre-closing credits and liabilities of the parties. The shares issued to Medigap as part
of the purchase price are subject to lock up arrangements pursuant to which 50% of the shares may be sold after the one-year anniversary
of the date of closing of the transaction and the balance of the shares may be sold after the second-year anniversary of the date of
closing of the transaction.
The
acquisition of Medigap was accounted for as a business combination in accordance with the acquisition method under the guidance in ASC
805-10 and 805-20. Accordingly, the total purchase consideration was allocated to intangible assets acquired based on their respective
estimated fair values. The acquisition method of accounting requires, among other things, that assets acquired, and liabilities assumed,
if any, in a business purchase combination be recognized at their fair values as of the acquisition date. The process for estimating
the fair values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions,
including estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Property, plant and equipment | |
$ | 20,666 | | |
6 |
Right-of-use asset | |
| 317,787 | | |
|
Trade name and trademarks | |
| 340,000 | | |
15 |
Customer relationships | |
| 4,550,000 | | |
12 |
Technology | |
| 67,000 | | |
3 |
Backlog | |
| 210,000 | | |
1 |
Chargeback reserve | |
| (1,484,473 | ) | |
|
Lease liability | |
| (317,787 | ) | |
|
Goodwill | |
| 19,199,008 | | |
Indefinite |
| |
$ | 22,902,201 | | |
|
Trade
name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the
fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 0.5% and a discount rate of 11.0%.
Customer
relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant inputs
used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount
rate of 11.0%.
Technology
was measured at fair value using the cost replacement method of the cost approach. Significant inputs used to measure the fair value
include an estimate of cost to replace, an obsolescence rate of 40.3%.
The
value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of the acquisition date, using the
income approach to discount back to present value the cash flows attributable to the backlog, using a discount rate of 11.0%.
Goodwill
of $19,199,008 arising from the acquisition of Medigap consisted of the value of the employee workforce and the residual value after
all identifiable intangible assets were valued. Goodwill recognized pursuant to the acquisition of Medigap is currently expected to be
deductible for income tax purposes. Total acquisition costs for the acquisition of Medigap incurred were $94,065 recorded as a component
of General and administrative expenses.
The
approximate revenue and net profit or loss for the acquired business as a standalone entity per ASC 805 from January 10, 2022 to December
31, 2022 was $4,994,002 and a loss of $1,127,088, respectively.
Pro
Forma Information
The
results of operations of Medigap will be included in the Company’s consolidated financial statements as of the date of
acquisition through the current period end. The following approximate Company combined supplemental pro-forma financial information
assumes that the acquisition had occurred at the beginning of the years ended December
31, 2022 and 2021:
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,122,459 | | |
$ | 14,823,837 | |
Net Income (Loss) | |
$ | 20,853,020 | | |
$ | (20,910,374 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
Barra
& Associates, LLC Transaction
On
April 26, 2022, we entered into an asset purchase agreement (the “APA”) with Barra & Associates, LLC (“Barra”)
pursuant to which the Company purchased all of the assets of Barra & Associates, LLC on April 26, 2022 for a purchase price in the
amount of $7,725,000 in cash, with $6,000,000 paid to Barra at closing, $1,125,000 payable in nine months from closing, and a final earnout
of $600,000 payable over two years from closing based upon meeting stated milestones. The APA contains standard, commercial representations
and warranties and covenants. The source of the cash payment was $6,520,000 in funds borrowed from Oak Street Lending (“Loan”),
our existing lender pursuant to a Fifth Amendment to Credit Agreement and Promissory Note, of even date. The purchase price is subject
to post-closing adjustment to reconcile certain pre-closing credits and liabilities of the parties.
The
acquisition of Barra was accounted for as a business combination in accordance with the acquisition method pursuant to FASB Topic No.
805, Business Combination (ASC 805). Accordingly, the total purchase consideration was allocated to the assets acquired, and liabilities
assumed based on their respective estimated fair values. The acquisition method of accounting requires, among other things, that assets
acquired, and liabilities assumed, if any, in a business purchase combination be recognized at their fair values as of the acquisition
date. The process for estimating the fair values of identifiable intangible assets and certain tangible assets requires the use of significant
estimates and assumptions, including estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
preliminary allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Acquired accounts receivable | |
$ | 92,585 | | |
|
Property, plant and equipment | |
| 8,593 | | |
7 |
Right-of-use asset | |
| 122,984 | | |
|
Trade names | |
| 22,000 | | |
4 |
Customer relationships | |
| 550,000 | | |
10 |
Developed technology | |
| 230,000 | | |
5 |
Agency relationships | |
| 2,585,000 | | |
10 |
Lease liability | |
| (122,984 | ) | |
|
Goodwill | |
| 4,236,822 | | |
Indefinite |
| |
$ | 7,725,000 | | |
|
Trade
name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the
fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 0.5% and a discount rate of 19.5%.
Customer
and Agency relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant
inputs used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount
rate of 19.5%.
Developed
technology was measured at fair value using the cost replacement method of the cost approach. Significant inputs used to measure the
fair value include an estimate of cost to replace, an obsolescence rate of 28.6%.
Goodwill
of $4,236,822 arising from the acquisition of Barra consisted of the value of the employee workforce and the residual value after all
identifiable intangible assets were valued. Goodwill recognized pursuant to the acquisition of Barra is currently expected to be deductible
for income tax purposes. Total acquisition costs incurred through December 31, 2022 for the acquisition of Barra were $72,793 recorded
as a component of General and administrative expenses.
The
approximate revenue and net profit or loss for the acquired business as a standalone entity per ASC 805 from April 26, 2022 to December
31, 2022 was $1,090,023 and a loss of $(393,708), respectively.
Pro
Forma Information
The
results of operations of Barra will be included in the Company’s consolidated financial statements as of the date of acquisition
through the current period end. The following supplemental pro forma financial information approximate combined financial information
assumes that the acquisition had occurred at the beginning of the nine months ended December 31, 2022 and 2021:
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,303,506 | | |
$ | 11,409,850 | |
Net Income (Loss) | |
$ | 6,700,594 | | |
$ | (20,370,917 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
NOTE
4. INVESTMENT IN NSURE, INC.
On
February 19, 2020, the Company entered into a securities purchase agreement with NSURE, Inc. (“NSURE”), which was further
amended on October 8, 2020, and as amended provides that the Company may invest up to an aggregate of $5,700,000 in NSURE to be funded
in three tranches. In exchange, the Company will receive a total of 928,343 shares of NSURE’s Class A Common Stock.
During
the course of calendar year 2020 and by October 8, 2020, the Company funded the first tranche, $1,350,000 in exchange for 394,029 shares.
The second tranche allowed the Company to acquire an additional 209,075 shares at a price of $6.457 per share by no later than December
30, 2020. The third full tranche allowed the Company to purchase an additional 325,239 shares at a purchase price of $9.224 after December
20, 2020, but no later than March 31, 2021.
The
Company did not fund tranches two and three in the required timeframes, thus, the Company relinquished its rights under the contract
to any additional NSURE shares aside for the ones already acquired with tranche one.
During the fourth quarter of the year ended December 31, 2022, the Company
sold 131,345 of its NSURE shares to unaffiliated third parties, receiving cash proceeds of $450,000. The Company’s remaining NSURE
share balance as of December 31, 2022 is 262,684.
The
Company measures the NSURE shares subsequent to acquisition in accordance with ASC 321-10-35-2, at cost less impairment since no readily
determinable fair value is available to the Company. The investment is reviewed for impairment at each reporting period by qualitatively
assessing any indicators demonstrating fair value of the investment is less than carrying value. The Company did not observe any price
changes resulting from orderly transactions for identical or similar assets for the years ended December 31, 2022 or 2021. ASC 321-10-50-4
further requires an entity to disclose unrealized gains and losses for periods that relate to equity securities held at a reporting date.
To date, the Company has not recognized any unrealized gains or losses on the NSURE security.
In
accordance with ACS 321-10-35-3, the Company performed a qualitative assessment to determine if the investment may be impaired. After
considering the indicators contained in ASC 321-10-35-3a –3e, the Company determined that the investment was not impaired.
NOTE
5. PROPERTY AND EQUIPMENT
Property
and equipment consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31, 2022 | | |
December 31, 2021 | |
Computer equipment | |
$ | 107,195 | | |
$ | 72,110 | |
Office equipment and furniture | |
| 51,532 | | |
| 36,157 | |
Leasehold Improvements | |
| 127,497 | | |
| 89,819 | |
Property and equipment | |
| 286,224 | | |
| 198,086 | |
Less: Accumulated depreciation | |
| (99,341 | ) | |
| (67,727 | ) |
Property and equipment, net | |
$ | 186,883 | | |
$ | 130,359 | |
Depreciation
expense associated with property and equipment, is included within depreciation and amortization in the Company’s consolidated
statements of operations and is, $43,945 and $19,912 for the years ended December 31, 2022 and 2021, respectively.
NOTE
6. GOODWILL AND OTHER INTANGIBLE ASSETS
In
accordance with ASC 350-20-35-45, all the Company’s goodwill is assigned to a single operating and reporting unit. All of the
acquisitions made by the Company are in one general insurance agency industry and operate in a very similar economic and regulatory
environment. The Company has one executive who is responsible for the operations of the insurance agencies. This executive reports
directly to the Chief Executive Officer (“CEO”) on a quarterly basis. Additionally, the CEO who is responsible for the
strategic direction of the Company reviews the operations of the insurance agency business collectively, as opposed to office by
office.
For
the year ended December 31, 2022, due to a declining market cap, 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 $19.1 million vs. our goodwill balance prior to write-down of $33.4 million. Thus, the Company recognized a
goodwill impairment loss of $14,373,374
presented in the Statements of Operations as goodwill impairment for the year ended December 31, 2022. For the year ended December
31, 2021, the Company assessed goodwill in accordance with ASC 350-20-35-3, analyzing the relevant qualitative factors. The Company
noted that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount, thus
determining that the two-step goodwill impairment test was not required. Pursuant to the qualitative assessment, the Company
concluded that goodwill was not impaired as of and for the year ended December and 2021.
The
following table rolls forward the Company’s goodwill balance for the periods ending December 31, 2022 and 2021.
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2020 | |
$ | 8,761,725 | |
Goodwill recognized in connection with Kush acquisition on May 1, 2021 | |
| 1,288,552 | |
December 31, 2021 | |
| 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition on January 10, 2022 | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
Goodwill Impairment | |
| (14,373,374 | ) |
December 31, 2022 | |
$ | 19,112,733 | |
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:
SCHEDULE
OF INTANGIBLE OF 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 | |
4.4 | |
$ | 2,146,188 | | |
$ | (991,240 | ) | |
$ | 1,154,948 | |
Internally developed software | |
4.1 | |
| 1,635,178 | | |
| (285,743 | ) | |
| 1,349,435 | |
Customer relationships | |
9.0 | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
0.4 | |
| 665,137 | | |
| (583,744 | ) | |
| 81,393 | |
Video Production Assets | |
0.0 | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
1.9 | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Contracts backlog | |
0.0 | |
| 210,000 | | |
| (210,000 | ) | |
| - | |
| |
| |
$ | 20,133,603 | | |
$ | (6,376,233 | ) | |
$ | 13,757,370 | |
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, 2021:
| |
Weighted Average Remaining Amortization period (Years) | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
3.5 | |
$ | 1,777,475 | | |
$ | (609,822 | ) | |
$ | 1,167,653 | |
Internally developed software | |
4.7 | |
| 595,351 | | |
| (28,443 | ) | |
| 566,908 | |
Customer relationships | |
7.7 | |
| 4,237,290 | | |
| (1,048,726 | ) | |
| 3,188,564 | |
Purchased software | |
0.6 | |
| 562,327 | | |
| (452,985 | ) | |
| 109,342 | |
Video Production Assets | |
1.0 | |
| 20,000 | | |
| - | | |
| 20,000 | |
Non-competition agreements | |
2.9 | |
| 3,504,809 | | |
| (1,478,376 | ) | |
| 2,026,433 | |
| |
| |
$ | 10,697,252 | | |
$ | (3,618,352 | ) | |
$ | 7,078,900 | |
Amortization
expense, is, $2,757,879 and $1,587,401 for the years ended December 31, 2022 and 2021, respectively.
The
following table reflects expected amortization expense as of December 31, 2022, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS
| |
| |
Years ending December 31, | |
Amortization Expense | |
2023 | |
$ | 2,557,940 | |
2024 | |
| 2,179,838 | |
2025 | |
| 1,785,882 | |
2026 | |
| 1,525,785 | |
2027 | |
| 1,192,530 | |
Thereafter | |
| 4,515,395 | |
Total | |
$ | 13,757,370 | |
NOTE
7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Significant
components of accounts payable and accrued liabilities were as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Accounts payable, | |
$ | 1,221,336 | | |
$ | 547,117 | |
Accrued expenses | |
| 131,334 | | |
| 2,170,215 | |
Accrued credit card payables | |
| 58,120 | | |
| 36,103 | |
Other accrued liabilities | |
| 47,177 | | |
| 5,725 | |
Accounts payable and other accrued liabilities | |
$ | 1,457,967 | | |
$ | 2,759,160 | |
NOTE
8. LONG-TERM DEBT
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
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 $12,388
and $14,606
as of December 31, 2022 and 2021, respectively | |
$ | 426,883 | | |
$ | 485,317 | |
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 $15,076
and $17,626
as of December 31, 2022 and 2021, respectively | |
| 693,682 | | |
| 785,826 | |
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 $9,206
and $11,027
as of December 31, 2022 and 2021, respectively | |
| 788,596 | | |
| 884,720 | |
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 $36,843
and $42,660
as of December 31, 2022 and 2021, respectively | |
| 1,987,846 | | |
| 2,226,628 | |
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 $42,129
and $48,609
as of December 31, 2022 and 2021, respectively | |
| 3,249,575 | | |
| 3,616,754 | |
Oak Street Funding LLC Term Loan, variable interest of Prime Rate plus 2.5%,
maturing May 2032, for the acquisition of Barra, net of deferred financing costs of $198,188
and $0
as of December 31, 2022 and December 31, 2021, respectively | |
| 6,321,812 | | |
| - | |
| |
| 13,468,394 | | |
| 7,999,245 | |
Less: current portion | |
| (1,118,721 | ) | |
| (913,920 | ) |
Long-term debt | |
$ | 12,349,673 | | |
$ | 7,085,325 | |
Oak
Street Funding LLC – Term Loans and Credit Facilities
During
the year ended December 31, 2018 the Company entered into two debt agreements with Oak Street Funding LLC. On August 1, 2018, EBS and
USBA entered into a Credit Agreement with Oak Street Funding LLC (“Oak Street”) whereby EBS and USBA borrowed $750,000 from
Oak Street under a Term Loan. The Term Loan is secured by certain assets of the Company. Interest accrues at 5.00% on the basis of a
360-day year, maturing 120 months from the Amortization Date (September 25, 2018). The Company incurred debt issuance costs associated
with the Term Loan in the amount of $22,188. On December 7, 2018, CCS entered into a Facility with Oak Street whereby CCS borrowed $1,025,000
from Oak Street under a senior secured amortizing credit facility. The borrowing rate under the Facility is a variable rate equal to
Prime +1.50% and matures 10 years from the closing date. The Company incurred debt issuance costs associated with the Facility in the
amount of $25,506, which were deferred and are amortized over the length of the Facility.
During
the year ended December 31, 2019 the Company entered in Credit Agreements with Oak Street on April 1, 2019, May 1, 2019 and September
5, 2019 whereby the Company borrowed a total amount of $7,912,000 from Oak Street under the Term Loans. The Term Loans are secured by
certain assets of the Company. The borrowing rates under the Facility is a variable rate equal to Prime + 2.00% and matures 10 years
from the closing date. The Company recorded debt issuance costs associated with the aforementioned loans in total of $181,125.
On April 26, 2022 the Company entered into a secured
promissory note (the Note) with Oak Street Funding LLC subject to the terms of the Master Credit Agreement, whereby the Company borrowed
$6,250,000 with a maturity date of May 25, 2032. The Note is secured by certain assets of the Company and subject to certain financial
covenants. Interest accrues at the Prime Rate plus an Applicable Margin of 2.500% on the basis of a 360-day year. The Company incurred
debt issuance costs associated with the Note of $214,257.
Aggregated
cumulative maturities of long-term obligations (including the Term Loan and the Facility), excluding deferred financing costs, as of
December 31, 2022 are:
SCHEDULE
OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES
Fiscal year ending December 31, | |
Maturities of Long-Term Debt | |
2023 | |
$ | 1,118,569 | |
2024 | |
| 1,431,933 | |
2025 | |
| 1,582,287 | |
2026 | |
| 1,744,442 | |
2027 | |
| 1,923,234 | |
Thereafter | |
| 5,981,758 | |
Total | |
| 13,782,223 | |
Less debt issuance costs | |
| (313,829 | ) |
Total | |
$ | 13,468,394 | |
Short-Term
Financings
The
Company has various short-term notes payable for financed items such as insurance premiums and CRM software purchases. Total financed
for the year ended December 31, 2022 and 2021 respectively was approximately $482,000 and $0. 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 December 31, 2022 and 2021,
approximately $154,000 and $0 remains outstanding on short-term financings.
NOTE
9. WARRANT LIABILITIES
Series
B Warrants
On
December 22, 2021, the Company entered into a securities purchase agreement (SPA) with several institutional buyers for the purchase
and sale of (i) warrants to purchase up to an aggregate of 651,997
shares of the Company’s common stock, par
value $0.086
per share at an exercise price of $61.35
per share, (ii) an aggregate of 178,060
shares of Common Stock, and (iii) 9,076
shares
of the Company’s newly-designated Series B convertible preferred stock, par value $0.086
per
share, with a stated value of $1,000
per
share, initially convertible into an aggregate of 147,939
shares
of Common Stock at a conversion price of $61.35 per share,
each a freestanding financial instrument, (the “Private Placement”). The aggregate purchase price for the Common Shares,
the Preferred Shares and the Warrants was approximately $20,000,000.
By
entering into the Private Placement on December 22, 2021, the Company entered into a commitment to issue the Common Shares, Preferred
Shares and Series B Warrants on the Initial Closing Date for a fixed price and exercise price, as applicable. The commitment to issue
Series B Warrants (the “Warrant Commitment”) represents a derivative financial instrument, other than an outstanding share,
that, at inception, has both of the following characteristics: (i) embodies a conditional obligation indexed to the Company’s equity.
The Company classified the commitment to issue the warrants as a derivative liability because it represents a written option that does
not qualify for equity accounting The Company initially measured the derivative liability at its fair value and will subsequently remeasure
the derivative liability, at fair value with changes in fair value recognized in earnings. An option pricing model was utilized to calculate
the fair value of the Warrant Commitment. The Company initially recorded $17,408,311 of non-operating unrealized losses within the recognition
and change in fair value of warrant liabilities account for the year ended December 31, 2021.
The
Private Placement closed on January 4, 2022, at which time the Company remeasured the derivative liability for the warrants issued
in the transaction, recognizing $17,408,311
of non-operating unrealized losses and a derivative liability of $55,061,119.
The closing of the Private Placement settled the subscription receivable reported on the Company’s balance sheet as of
December 31, 2021.
Pursuant to the terms of the SPA, due to a non-Private
Placement related dilutive share issuance, effective December 27, 2022, the Series B Warrants outstanding increased to 1,333,333
and the exercise price reset to $7.50.
On December 27, 2022, 1,667
Series B Warrants were exercised into 1,667
shares of common stock with cash proceeds to the Company of $12,500.
As of December 31, 2022, there remains 1,331,667 Series B Warrants outstanding.
For the years ended December 31, 2022 and 2021, net
fair value (gains) and losses recognized for the Series B Warrants were, ($48,668,869) and $0 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 December 31, 2022 and 2021 is $6,384,250 and $0 respectively, presented in the warrant liability account on the consolidated balance
sheets.
Placement
Agent Warrants
In
connection with the Private Placement, the Company issued 16,303
warrants to the placement agent for the Private
Placement. The warrants were issued as compensation for the Placement Agent’s services. The Placement Agent Warrants (PAW) are:
(i) exercisable on any day after the six (6) month anniversary of the issue date, (ii) expire five
years after the closing of the Private Placement,
and (iii) exercisable at $61.35
per share. The Placement Agent Warrants contain
terms that may require the Company to transfer assets to settle the warrants. Therefore, the Placement Agent Warrants are classified
as a derivative liability, initially measured at fair value of $1,525,923
on the date of issuance and will be remeasured
each accounting period with the changes in fair value reported in earnings. The Placement Agent Warrants are considered financing expense
fees paid to the Placement Agent in relation to a derivative liability measured at fair value, thus, are included along with non-operating
unrealized gains and losses in the recognition and change in fair value of warrant liabilities account in the consolidated statements
of operations.
For the years ended December 31, 2022 and 2021, net
fair value (gains) and losses recognized for the PAW were, ($1,477,024) and $0 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 December 31,
2022 and 2021 is $48,900 and $0 respectively, presented in the warrant liability account on the consolidated balance sheets.
NOTE
10. SIGNIFICANT CUSTOMERS
Carriers
representing 10% or more of total revenue are presented in the table below:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
Insurance Carrier | |
December 31, 2022 | | |
December 31, 2021 | |
LTC Global | |
| 28 | % | |
| - | % |
BlueCross BlueShield | |
| 9 | % | |
| 19 | % |
Priority Health | |
| 16 | % | |
| 28 | % |
No
other single insurance carrier accounted for more than 10% of the Company’s commission revenues. The loss of any significant customer, could have a material adverse effect on the Company.
NOTE
11. EQUITY
Preferred
Stock
The
Company has been authorized to issue 750,000,000
shares of $0.086
par value Preferred Stock. The Board of Directors is expressly vested with the authority to divide any or all of the Preferred Stock
into series and to fix and determine the relative rights and preferences of the shares of each series so established, within certain
guidelines established in the Articles of Incorporation.
Each
share of Series A Convertible Preferred Stock shall have ten (10) votes per share and may be converted into ten (10) shares of $0.086
par value common stock. The holders of the Series A Convertible Preferred Stock shall be entitled to receive, when, if and as declared
by the Board, out of funds legally available therefore, cumulative dividends payable in cash. The annual interest rate at which cumulative
preferred dividends will accrue on each share of Series A Convertible Preferred Stock is 0%. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company, before any distribution of assets of the Corporation shall be made to or set apart
for the holders of the Common Stock and subject and subordinate to the rights of secured creditors of the Company, the holders of Series
A Preferred Stock shall receive an amount per share equal to the greater of (i) one dollar ($1.00), adjusted for any recapitalization,
stock combinations, stock dividends (whether paid or unpaid), stock options and the like with respect to such shares, plus any accumulated
but unpaid dividends (whether or not earned or declared) on the Series A Convertible Preferred Stock, and (ii) the amount such holder
would have received if such holder has converted its shares of Series A Convertible Preferred Stock to common stock, subject to but immediately
prior to such liquidation.
On February
11, 2021, Reliance Global Holdings, LLC, a related party, converted 394,493 shares of Series A Convertible Preferred Stock into 262,995
shares of common stock.
On November
5, 2021, Reliance Global Holdings, LLC, a related party, converted 1,167 shares of Series A Convertible Preferred Stock into 778 shares
of common stock.
As of December 31, 2022 and 2021, all Series A
Convertible Preferred Stock have been converted and none remain outstanding.
In
January 2022, the Company issued 9,076 shares of its newly designated Series B convertible preferred stock through the Private Placement
for the purpose of raising capital. The Series B convertible preferred stock have no voting rights and initially each share may be converted
into 16 shares of the Company’s common stock. The holders of the Series B convertible preferred stock are not entitled to receive
any dividends other than any dividends paid on account of the common stock. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Company, the holders shall be entitled to receive out of the assets, whether capital or surplus, of
the Company the same amount that a holder of common stock would receive if the Preferred Stock were fully converted (disregarding for
such purposes any conversion limitations hereunder) to common stock which amounts shall be paid pari-passu with all holders of common
stock.
During
August 2022, all 9,076 Series
B Convertible Preferred Stock were converted by third parties into 147,939 shares of common
stock.
As of December 31, 2022 and 2021, all Series B
Convertible Preferred Stock have been converted and none remain outstanding.
Common
Stock
The
Company has been authorized to issue 133,333,333 shares of common stock, $0.086 par value. Each share of issued and outstanding common
stock shall entitle 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.
On
January 21, 2021 pursuant to authority granted by the Board of Directors of the Company, the Company implemented a 1-for-85.71
reverse split of the Company’s issued and outstanding common stock simultaneously with its up listing to the Nasdaq
Capital Market (the “Reverse Split-2021”). The number of authorized shares remains unchanged. All share and per share
information has been retroactively adjusted to reflect the Reverse Split-2021 for all periods presented, unless otherwise
indicated.
In February 2021, The Company issued 1,556 shares
of common stock pursuant to software purchase, valued at $340,000.
In February 2021, the Company issued 138,000 shares
of common stock through a stock offering for the purpose of raising capital. The Company received gross proceeds of $12,420,000 for the
issuance of these common shares.
In February 2021, Reliance Global Holdings, LLC,
a related party, converted $3,800,000
of outstanding debt into 42,222
shares of common stock. The conversion considered the fair market value of the stock on the day of conversion of $6.00
for total shares issued as a result of 42,222.
In March 2021, the Company issued 1,000 shares of
the Company’s common stock to a vendor for services valued at $91,050.
In May 2021, the Company issued 995 shares of common
stock pursuant to the acquisition of the Kush Acquisition, valued at $50,000.
In
January 2022, the Company issued 178,060 shares of common stock through the Private Placement for the purpose of raising capital. See
Note 9 - Warrant Liabilities for proceeds received by the Company.
In
January 2022, the Company issued 40,402 shares of common stock pursuant to the Medigap Acquisition.
In
January 2022, upon agreement with Series A warrant holders, 25,000
warrants were exercised at a price of $99.00
into 25,000
shares of the Company’s common stock.
In
March 2022, the Company issued 400 shares of the Company’s common stock due to the vesting of 400 stock awards pursuant to
an employee agreement.
In
May and June 2022, 218,462 Series C prepaid warrants were exchanged for 218,462 shares of the Company’s common stock.
In
July 2022, 81,423 Series D prepaid warrants were exchanged for 81,423 shares of the Company’s common stock.
In
December 2022, the Company issued 14,275 shares of the Company’s common stock due to the vesting of 14,275 stock awards pursuant
to several employee agreements.
In December 2022,
upon agreement with Series B warrant holders, 1,667 warrants were exercised at a price of $7.50 into
1,667 shares of the Company’s common stock with cash proceeds to the Company of $12,500.
As
of December 31, 2022 and December 31, 2021, there were 1,219,573 and 730,407 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. The Series A Warrants are exercisable at
a per share exercise price equal to 110% of the public offering price of one share of common stock and accompanying Series A Warrant,
$90.00. Series A warrant holders exercised 25,000 Series A warrants in January 2022, resulting in 113,000 of Series A warrants remaining
issued and outstanding as of December 31, 2022 and 138,000 as of December 31, 2021.
Series
C and D Warrants
In
January 2022, as a result of the Private Placement and the Medigap Acquisition, the Company received a deficiency notification from Nasdaq
indicating violation of Listing Rule 5365(a). As part of its remediation plan, in March 2022, the Company entered into Exchange Agreements
with the holders of common stock issued in January 2022. Pursuant to the Exchange Agreements, the Company issued 218,462 Series C prepaid
warrants in exchange for 218,462 shares of the Company’s common stock. Additionally, as compensation for entering into the Exchange
Agreements, the Company issued 81,500 Series D prepaid warrants to the Private Placement investors for no additional consideration.
The fair value of the Series D prepaid warrants was treated as a deemed dividend and accordingly treated as a reduction from income available
to common stockholders in the calculation of earnings per share. Refer to Note 7, Earnings (Loss) Per Share for additional information.
The
Series C and D Warrants are equity classified pursuant to the warrant agreement provisions that permit holders to 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 expire on the fifth anniversary of the respective issuance dates and are exercisable at a per share
exercise price equal to $0.015.
In
May and June 2022, the 218,462 Series C prepaid warrants were converted for 218,462 shares of the Company’s common stock for
a conversion price of $0.015. Through December 31, 2022, the Company has received payments of $1,336 for these issuances.
In
July 2022, the 81,500 Series D prepaid warrants were converted into 81,472 shares of the Company’s common stock for a conversion
price of $0.015 through both cash and cashless exercises. Proceeds of $795 were received in conjunction with the cash exercise.
Equity Incentive Plan
During
the year ended December 31, 2019, the Company adopted the Reliance Global Group, Inc. 2019 Equity Incentive Plan (the
“Plan”) under which various forms of equity awards can be granted to employees, directors, consultants, and service
providers. Awards include but are not limited to, restricted stock, restricted stock units, performance shares and stock options. A
total of 46,667 shares
of common stock were reserved for issuance under the Plan, and as of December 31, 2022, 32,391 shares remain available for issuance.
With regards to options, the Company issues new shares of common stock from the shares reserved under the Plan upon exercise of
options.
The
Plan is administered by the Board of Directors (the “Board”). The Board is authorized to select from among eligible
employees, directors, and service providers those individuals to whom shares and options are to be granted and to determine the
number of shares to be subject to, and the terms and conditions of the options. The Board is also authorized to prescribe, amend,
and rescind terms relating to options granted under the Plan. Generally, the interpretation and construction of any provision of the
Plan or any shares and options granted hereunder is within the discretion of the Board.
Stock Options:
The
Plan provides that options may or may not be Incentive Stock Options (ISOs) within the meaning of Section 422 of the Internal Revenue
Code. Only employees of the Company are eligible to receive ISOs, while employees, non-employee directors, consultants, and service providers
are eligible to receive options which are not ISOs, i.e. “Non-Statutory Stock Options.” The options granted by the Board
in connection with its adoption of the Plan were Non-Statutory Stock Options.
The
fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model or the value of the services
provided, whichever is more readily determinable. The Black-Scholes option pricing model takes into account, as of the grant date, the
exercise price and expected life of the option, the current price of the underlying stock and its expected volatility, expected dividends
on the stock and the risk-free interest rate for the term of the option.
The
following is a summary of the stock options granted, forfeited or expired, and exercised under the Plan for the years ended December
31, 2022 and 2021 respectively:
SCHEDULE
OF THE STOCK OPTIONS GRANTED, FORFEITED OR EXPIRED
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2022 | |
| 10,928 | | |
$ | 232.78 | | |
| 1.61 | | |
| - | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2020 | |
| 15,594 | | |
$ | 231.45 | | |
| 3.63 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| (4,667 | ) | |
$ | 218.56 | | |
| 2.68 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
| - | |
The
following is a summary of the Company’s non-vested stock options as of December 31, 2022 and 2021 respectively:
SCHEDULE
OF NON - VESTED STOCK OPTIONS
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 14.89 | | |
| 1.71 | |
Forfeited or expired | |
| - | | |
| - | | |
| - | |
Non-vested at December 31, 2022 | |
| 271 | | |
$ | 18.25 | | |
| 2.27 | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2020 | |
| 10,636 | | |
$ | 200.85 | | |
| 2.53 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 206.40 | | |
| 0.82 | |
Forfeited or expired | |
| (3,734 | ) | |
| 218.55 | | |
| 2.68 | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
For
the years ended December 31, 2022 and 2021, the Board did not approve any options to be issued
pursuant to the Plan.
During
the years ended December 31, 2022 and 2021, various employee terminations occurred resulting in option forfeitures of $0 and $70,004 respectively.
As
of December 31, 2022, the Company determined that the options granted and outstanding had a total fair value of $2,421,960, which will
be amortized in future periods through February 2024. During the year ended December 31, 2022, the Company recognized $178,579
of compensation expense relating to the stock
options granted to employees, directors, and consultants. As of December 31, 2022, unrecognized compensation expense totaled $17,166
which will be recognized on a straight-line basis
over the vesting period or requisite service period through February 2024.
The
intrinsic value is calculated as the difference between the market value and the exercise price of the shares on December 31, 2022. The
market value as of December 31, 2022 was $8.55 based on the closing bid price for December 31, 2022.
As
of December 31, 2021, the Company determined that the options granted and outstanding had a total fair value of $2,421,960,
which will be amortized in future periods through February 2024. During the year ended December 31, 2021, the Company recognized
$576,160
of compensation expense relating to the stock options granted to employees, directors, and consultants. As of December 31, 2021,
unrecognized compensation expense totaled $195,746
which will be recognized on a straight-line basis over the vesting period or requisite service period through February
2024.
The
intrinsic value is calculated as the difference between the market value and the exercise price of the shares on December 31, 2021. The
market value as of December 31, 2021 was $96.60 based on the closing bid price for December 31, 2021.
The
Company estimated the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing
models require the Company to make predictive assumptions regarding future stock price volatility, recipient exercise behavior, and dividend
yield. The Company estimated the future stock price volatility using the historical volatility over the expected term of the option.
The expected term of the options was computed by taking the mid-point between the vesting date and expiration date. The following assumptions
were used in the Black-Scholes option-pricing model, not accounting for the reverse splits:
SCHEDULE
OF ASSUMPTION OF BLACK-SCHOLES OPTION PRICING MODEL
| |
Year
Ended
December 31, 2022 | | |
Year
Ended
December 31, 2021 | |
Exercise
price | |
$ | 0.16
- $0.26 | | |
$ | 0.16
- $0.26 | |
Expected
term | |
| 3.25
to 3.75 years | | |
| 3.25
to 3.75 years | |
Risk-free
interest rate | |
| 0.38%
- 2.43 | % | |
| 0.38%
- 2.43 | % |
Estimated
volatility | |
| 293.07%
- 517.13 | % | |
| 293.07%
- 517.13 | % |
Expected
dividend | |
| - | | |
| - | |
Equity-based
Compensation
The
Plan provides for various forms of stock awards. Between February and May 2022, three existing employees and/or executives were
awarded restricted shares totaling 12,460 shares of the Company’s common stock to be vested immediately. The shares were
valued at $766,250,
treated as stock-based compensation expense, and were issued in December 2022.
Pursuant to an agreement in April 2022,
further amended in October 2022 between the Company and an executive, the executive was granted 7,418 restricted
shares of the Company’s common stock which vest quarterly over a three-year period. The shares granted were valued at
$180,546 at
the date of the grant. For the year ended December 31, 2022, compensation expense on this grant was $32,131.
As of December 31, 2022, 667
shares have been issued under this agreement.
Pursuant
to an equity-based compensation program at one of the Company’s subsidiaries which provides agents the ability to earn and
receive restricted stock awards upon completion of agreed upon service requirements, the Company granted 21,615
restricted stock awards which were immediately vested. Stocks earned are restricted for twelve months. The stocks were valued at
$249,650
and recognized as stock-based compensation expense for the year ended December 31, 2022. No shares have been issued for this program
as of December 31, 2022.
In
2021, three employees received a signing bonus of shares of the Company’s common stock to be issued after the completion of a service
period ranging from one to three years of service. The shares granted in 2021 were valued at $110,240. For the year ended December 31,
2021, compensation expense on these grants totaled $81,917.
Total stock-based compensation expense for the years ended December 31, 2022 and 2021 was $1,249,873
and $749,127, respectively.
NOTE
12. 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
| |
2022 | | |
2021 | |
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
Net income (loss) | |
$ | 6,466,162 | | |
$ | (21,098,465 | ) |
Deemed dividend | |
| (6,930,335 | ) | |
| - | |
Net loss | |
$ | (464,173 | ) | |
$ | (21,098,465 | ) |
| |
| | | |
| | |
Weighted average common shares | |
| 1,094,781 | | |
| 673,137 | |
Effect of weighted average vested stock awards | |
| 208 | | |
| - | |
Basic and diluted weighted average shares outstanding | |
| 1,094,989 | | |
| 673,137 | |
Basic and diluted loss per common share: | |
$ | (0.42 | ) | |
$ | (31.34 | ) |
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
| |
2022 | | |
2021 | |
| |
For the years ended December 31, | |
| |
2022 | | |
2021 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| - | |
Shares subject to outstanding Series B Warrants and PAW | |
| 1,347,970 | | |
| - | |
Shares subject to unvested stock awards | |
| 6,576 | | |
| - | |
NOTE
13. LEASES
Operating
Leases
ASU
2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated
over the lease term, generally on a straight-line basis. The standard requires a lessee to record a right-of-use asset and a corresponding
lease liability at the inception of the lease, initially measured at the present value of the lease payments. The Company’s leases
consist of operating leases on buildings and office space.
In
accordance with ASU 2016-02, right-of-use assets are amortized over the life of the underlying leases. Lease expense for the years
ended December 31, 2022 and 2021 was $598,422
and $307,773
respectively. As of December 31, 2022 and 2021, the weighted average remaining lease term and weighted average discount rates for the
operating leases were 3.82
years and 5.67%
and 5.28 years and 5.83% respectively.
Future
minimum lease payment under these operating leases consisted of the following:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| |
Year ending December 31, | |
Operating Lease Obligations | |
2023 | |
$ | 570,275 | |
2024 | |
| 269,908 | |
2025 | |
| 144,124 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,053 | |
Total undiscounted operating lease payments | |
| 1,366,248 | |
Less: Imputed interest | |
| 134,126 | |
Present value of operating lease liabilities | |
$ | 1,232,122 | |
NOTE
14. 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 December 31, 2022 and 2021. 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
Company has recognized several earn-out liabilities resulting from contingent consideration provisions included in business combination
agreements. Earn-out consideration is normally earned by acquirees when they meet or exceed pre-agreed upon earnings targets.
The
following outlines changes to the Company’s earn-out liability balances for the respective years
ended December 31, 2022 and 2021:
SCHEDULE OF EARN-OUT LIABILITY
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 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 | | |
| 210,967 | | |
| (73,452 | ) | |
| (283,112 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | - | | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,534 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Total | |
Ending balance December 31, 2020 | |
$ | 81,368 | | |
$ | 432,655 | | |
$ | 522,553 | | |
$ | 1,894,842 | | |
$ | - | | |
$ | 2,931,418 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,694,166 | | |
| 1,694,166 | |
Changes due to payments | |
| - | | |
| - | | |
| - | | |
| (452,236 | ) | |
| - | | |
| (452,236 | ) |
Changes due to fair value adjustments | |
| - | | |
| 82,653 | | |
| 93,416 | | |
| (449,738 | ) | |
| (4,433 | ) | |
| (278,102 | ) |
Changes due to write-offs | |
| (81,368 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (81,368 | ) |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | 3,813,878 | |
COVID-19
pandemic contingencies
The
spread of the coronavirus (COVID-19) outbreak in the United States has resulted in economic uncertainties which may negatively impact
the Company’s business operations. While the disruption is expected to be temporary, there is uncertainty surrounding the duration
and extent of the impact.
Adverse
events such as health-related concerns about working in our offices, the inability to travel and other matters affecting the general
work environment could harm our business and our business strategy. While we do not anticipate any material impact to our business operations
as a result of the coronavirus, in the event of a major disruption caused by the outbreak of pandemic diseases such as coronavirus, we
may lose the services of our employees or experience system interruptions, which could lead to diminishment of our business operations.
Any of the foregoing could harm our business and delay the implementation of our business strategy and we cannot anticipate all the ways
in which the current global health crisis and financial market conditions could adversely impact our business.
Management
is actively monitoring the global situation on its financial condition, liquidity, operations, industry and workforce.
NOTE
15. INCOME TAXES
The
difference between the actual income tax rate versus the tax computed at the Federal Statutory rate follows:
SCHEDULE
OF ACTUAL INCOME TAX RATE
| |
December 31, 2022 | | |
December 31, 2021 | |
Federal rate | |
| 21.0 | % | |
| 21.0 | % |
State net of federal | |
| -7.9 | % | |
| 0.3 | % |
Non-taxable change in fair value of warrant commitment | |
| -106.3 | % | |
| 0.0 | % |
Goodwill impairment | |
| 46.7 | % | |
| - | % |
Rate Change | |
| -4.1 | % | |
| 0.4 | % |
Other | |
| 2.2 | % | |
| 0.0 | % |
Valuation allowance | |
| 48.5 | % | |
| (-21.6 | )% |
Effective income tax rate | |
| 0.0 | % | |
| 0.0 | % |
The
Company did not have any material uncertain tax positions. The Company’s policy is to recognize interest and penalties accrued
related to unrecognized benefits as a component income tax expense (benefit). The Company did not recognize any interest or penalties,
nor did it have any interest or penalties accrued as of December 31, 2022 and 2021.
Deferred
income tax assets and (liabilities) consist of the following:
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
Deferred tax assets (liabilities) | |
| | | |
| | |
Net operating loss carryforward | |
$ | 4,938,164 | | |
$ | 1,900,194 | |
Stock based compensation | |
| 1,148,836 | | |
| 725,546 | |
Goodwill | |
| (771,631 | ) | |
| (199,086 | ) |
Intangibles | |
| 745,227 | | |
| 459,441 | |
Fixed assets | |
| (99,002 | ) | |
| (56,691 | ) |
Right of use assets | |
| (300,616 | ) | |
| (333,347 | ) |
Lease liabilities | |
| 313,342 | | |
| 337,671 | |
Other | |
| 1,525 | | |
| 1,336 | |
Total deferred tax assets | |
| 5,975,846 | | |
| 2,835,065 | |
Valuation allowance | |
| (5,975,846 | ) | |
| (2,835,065 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
The
Company has approximately $19,784,000 of Federal Net Operating Loss Carry forwards, of which $1.3 million will begin to expire beginning
2031 and $18.5 million will not expire but are limited to use of 80% of current year taxable income.
The
Company has approximately $15,264,000 of state net operation loss carry forward to offset future taxable income in the states in which
it currently operates. These carryforwards start expiring in 2029.
Internal
Revenue Code Section 382 limits the ability to utilize net operating losses if a 50% change in ownership occurs over a three-year period.
Such limitation of the net operating losses may have occurred, but we have not analyzed it at this time as the deferred tax asset is
fully reserved.
During
the year ended December 31, 2022 and 2021, the valuation allowance increased $3,140,780 and $742,884, respectively.
The
tax periods ending December 31, 2019, 2020 and 2021 are open for examination.
NOTE
16. RELATED PARTY TRANSACTIONS
The
Company entered into a Loan Agreement with Reliance Global Holdings, LLC, a related party under common control. There is no term to the
loan, and it bears no interest. Repayment will be made as the Company has business cash flows. The proceeds from the various loans were
utilized to fund the acquisitions of USBA, EBS, CCS, SWMT Acquisition, Fortman, Altruis, and UIS.
As
of December 31, 2022, and the 2021 the related party loan payable was $100,724 and $353,766 respectively.
At
December 31, 2022 and 2021, Reliance Holdings owned approximately 24% and 33%, respectively, of the common stock of the Company.
On
September 13, 2022, the Company issued a promissory note to YES Americana Group, LLC, a related party entity for the principal sum of
$1,500,000 (the “Note”). The Note matures on January 15, 2024, bearing interest of 0% per annum for the first six months,
and 5% per annum thereafter, payable monthly. In the event the Note is not paid by the maturity date, the loan will automatically be
extended for an additional year until January 15, 2025, and if necessary, extended again for one additional year through January 15,
2026.
NOTE
17. SUBSEQUENT EVENTS
Effective January 1, 2023, the Company’s Board
of Directors promoted its then-current Chief Accounting Officer, Joel Markovits, to the position of Chief Financial Officer. Pursuant
to the terms of the promotion letter entered into by the Company and Mr. Markovits on December 28, 2022, Mr. Markovits will receive an
annual base salary of $275,000. Mr. Markovits was also granted 40,000 shares, per annum, of the Company’s common stock, with an
effective grant date of December 28, 2022, which will vest monthly each year during the duration of his employment.
As previously disclosed, the Company issued a promissory
note to YES Americana Group, LLC (“Americana”), a related party entity, for the principal sum of $1,500,000 (the “Note”).
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 as a result of Americana’s funding of an additional $345,000 to the Company during the period of
January 23, 2023 through February 2, 2023, (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 (the “Common Stock”). The conversion price under
the Note is equal to the Nasdaq minimum price, which is the lower of: (i) the closing price of the Common Stock (as reflected on Nasdaq.com)
immediately preceding the signing of the Amendment; or (ii) the average closing price of the Common Stock (as reflected on Nasdaq.com)
for the five trading days immediately preceding the signing of the Amendment. On February 13, 2023, Americana effectuated a conversion
of $645,000 of the Note into 1,001,148 shares of the Company’s common stock, $0.086 par value per share, in accordance with the
terms of the Amendment.
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.
On March 13, 2023, the Company entered into a
securities purchase agreement with one institutional buyer for the purchase and sale of, subject to customary closing conditions,
(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”) 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”) 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”). 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”). The closing of the Private Placement occurred on March 16, 2023. EF Hutton, a
division of Benchmark Investments, LLC (the “Placement Agent”) acted as the sole placement agent for the Company in
connection with the Private Placement. Pursuant to that certain Engagement Letter, dated as of January 30, 2023, between the Company
and the Placement Agent, the Placement Agent is entitled to a cash fee of 8%
of the gross proceeds of the Private Placement and the reimbursement of certain Placement Agent fees and expenses, including, but
not limited to, up to $95,000
for fees and expenses including “road show”, diligence, and reasonable legal fees and disbursements for the Placement
Agent’s counsel.
PART
IV
ITEM
15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
The following exhibits are filed or furnished with
this Annual Report on Form 10-K.
Exhibit
No. |
|
Description |
3.1 |
|
Articles of Incorporation of Eye on Media Network, Inc. (now, Reliance Global Group, Inc.) as amended through October 19, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on October 8, 2020 (File No. 333-249381)). |
|
|
|
3.2 |
|
Bylaws of Eye on Media Network, Inc. (now, Reliance Global Group, Inc.) (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on October 8, 2020 (File No. 333-249381)). |
|
|
|
3.3 |
|
Articles of Amendment to the Articles of Incorporation of Reliance Global Group, Inc. dated February 3, 2021 (incorporated herein by reference to Exhibit 3.9 to Amendment No. 4 to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission on February 5, 2021 (SEC File No. 333-249381)). |
|
|
|
3.4 |
|
Articles of Amendment to the Articles of Incorporation of Reliance Global Group, Inc. dated December 23, 2021 (incorporated herein by reference to Exhibit 3.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on January 6, 2022 (SEC File No. 001-40020)). |
|
|
|
3.5 |
|
Articles of Amendment to the Articles of Incorporation of Reliance Global Group, Inc. dated February 16, 2023 (incorporated herein by reference to Exhibit 3.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on February 22, 2023 (SEC File No. 001-40020)). |
|
|
|
4.1 |
|
Form of Series C Warrant (incorporated herein by reference to Exhibit 4.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2022 (SEC File No. 001-40020)). |
|
|
|
4.2 |
|
Form of Series D Warrant (incorporated herein by reference to Exhibit 4.2 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2022 (SEC File No. 001-40020)). |
|
|
|
10.1 |
|
Securities Purchase Agreement between Reliance Global Group, Inc. and Nsure, Inc. dated February 19, 2020 (incorporated herein by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on October 8, 2020 (SEC File No. 333-249381)). |
|
|
|
10.2 |
|
Irrevocable Assignment & Acquisition Agreement between Reliance Global Holdings, LLC and Ezra Beyman effective as of June 3, 2020 (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on October 8, 2020 (File No. 333-249381)). |
|
|
|
10.3 |
|
Lease between Coverage Consultants Unlimited, Inc. and Commercial Coverage Solutions, LLC dated August 17, 2020 (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) filed with the Securities and Exchange Commission on January 28, 2021 (File No. 333-249381)). |
|
|
|
10.4 |
|
Master Credit Agreement between Southwestern Montana Insurance Center, LLC and Oak Street Funding LLC dated April 3, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 1) filed with the Securities and Exchange Commission on December 4, 2020 (File No. 333-249381)). |
|
|
|
10.5† |
|
Reliance Global Group Inc. 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) filed with the Securities and Exchange Commission on January 28, 2021 (File No. 333-249381)). |
|
|
|
10.6 |
|
Amendment No. 1 to Securities Purchase Agreement between Nsure Inc. and Reliance Global Group, Inc. dated October 8, 2020 (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) filed with the Securities and Exchange Commission on January 28, 2021 (File No. 333-249381)). |
|
|
|
10.7 |
|
Form of Warrant Agent Agreement between Reliance Global Group, Inc. and VStock Transfer, LLC (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) filed with the Securities and Exchange Commission on January 28, 2021 (File No. 333-249381)). |
|
|
|
10.8 |
|
Purchase Agreement among Kush Benefit Solutions, LLC, J.P. Kush and Associates, Inc. and Joshua Kushnereit dated May 12, 2021 (incorporated herein by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021 (SEC File No. 001-40020)). |
10.9 |
|
Form of Securities Purchase Agreement among Reliance Global Group, Inc. and the investors identified on the signature pages thereto dated as of December 22, 2021 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021 (SEC File No. 001-40020)). |
|
|
|
10.10 |
|
Form of Registration Rights Agreement 2021 (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021 (SEC File No. 001-40020)). |
|
|
|
10.11 |
|
Form of Series B Warrant (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021 (SEC File No. 001-40020)). |
|
|
|
10.12 |
|
Form of Certificate of Designation for Series B Convertible Preferred Stock (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2021 (SEC File No. 001-40020)). |
|
|
|
10.13 |
|
Asset Purchase Agreement between Reliance Global Group, Inc. and Medigap Healthcare Insurance Company, LLC and the sole member thereof entered into agreement as of December 21, 2021 (incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 14, 2022 (SEC File No. 001-40020)). |
|
|
|
10.14 |
|
Form of Investor Exchange Agreement between Reliance Global Group, Inc. and the parties signatory to the agreement dated as of March 23, 2022 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2022 (SEC File No. 001-40020)). |
|
|
|
10.15 |
|
Form of Medigap Exchange Agreement between Reliance Global Group, Inc. and the parties signatory to the agreement dated as of March 23, 2022 (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2022 (SEC File No. 001-40020)). |
|
|
|
10.16 |
|
Asset Purchase Agreement between RELI Exchange, LLC and Barra & Associates, LLC dated April 26, 2022 (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 2, 2022 (File Number 001-40020)). |
|
|
|
10.17 |
|
Security Agreement between Medigap Healthcare Insurance Agency, LLC and Oak Street Funding LLC dated April 26, 2022 (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 2, 2022 (File Number 001-40020)) |
|
|
|
10.18† |
|
Employment Agreement between Reliance Global Group, Inc. and Grant Barra dated April 26, 2022 Incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 2, 2022 (File Number 001-40020))Ex. 10.3 |
|
|
|
10.19 |
|
Promissory Note issued by Reliance Global Group, Inc. to YES Americana Group LLC on September 13, 2022 (incorporated herein by reference to Exhibit 4.1 to Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2022 (SEC File No. 001-40020)). |
|
|
|
10.20 |
|
Amendment No. 1 to the Promissory Note between Reliance Global Group, Inc. and YES Americana Group, LLC, dated as of February 7, 2023 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 13, 2023 (SEC File No. 001-40020)). |
|
|
|
10.21† |
|
Promotion Letter by and between Reliance Global Group, Inc. and Joel Markovits dated as of December 28, 2022 (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 4, 2023 (SEC File No. 001-40020)). |
|
|
|
10.22# |
|
Securities Purchase Agreement, dated March 13, 2023, between Reliance Global Group, Inc. and Investor (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023 (SEC File No. 001-40020)). |
|
|
|
10.23 |
|
Form of Warrant (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023 (SEC File No. 001-40020)). |
|
|
|
10.24 |
|
Form of Pre-Funded Warrant (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023 (SEC File No. 001-40020)). |
|
|
|
10.25 |
|
Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023 (SEC File No. 001-40020)). |
|
|
|
10.26 |
|
Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023 (SEC File No. 001-40020)).. |
|
|
|
14.1 |
|
Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2022). |
|
|
|
21.1 |
|
List
of subsidiaries (incorporated by reference to exhibits to the Company’s Annual Report
on Form 10-K filed with the SEC on March 31, 2022). |
|
|
|
23.1* |
|
Consent of Mazars USA LLP. |
|
|
|
24.1* |
|
Power of Attorney (included on the signature page to the original Annual Report on Form 10-K filed with the SEC on March 30, 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.SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB* |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
104* |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed
herewith |
** |
Furnished
herewith |
† |
Includes
management contracts and compensation plans and arrangements |
# |
Certain
schedules and exhibits have been omitted pursuant to Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally copies
of omitted schedules and exhibits to the Securities and Exchange Commission or its staff upon its request. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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, on August 10,
2023.
Reliance
Global Group, Inc. |
|
|
|
|
By:
|
/s/
Ezra Beyman |
|
|
Ezra
Beyman |
|
|
Chief
Executive Officer and Chairman of the Board |
|
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Ezra Beyman |
|
Chief
Executive Officer and Executive Chairman and Director |
|
August 10, 2023 |
Ezra
Beyman |
|
(Principal
Executive Officer) |
|
|
|
|
|
|
|
/s/
Joel Markovits |
|
Chief
Financial Officer |
|
August 10, 2023 |
Joel
Markovits |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
* |
|
Director
|
|
August 10, 2023 |
Scott Korman |
|
|
|
|
|
|
|
|
|
* |
|
Director |
|
August 10, 2023 |
Sheldon
Brickman |
|
|
|
|
|
|
|
|
|
* |
|
Director |
|
August 10, 2023 |
Ben
Fruchtzweig |
|
|
|
|
|
|
|
|
|
* |
|
Director |
|
August 10, 2023 |
Alex Blumenfrucht |
|
|
|
|
* By: |
/s/
Ezra Beyman |
|
|
Ezra Beyman |
|
|
Attorney-in-fact* |
|
Exhibit
23.1
Consent
of Independent Registered Public Accounting Firm
We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (File No. 333-267799) pertaining to the Reliance
Global Group, Inc. 2019 Equity Incentive Plan of our reports dated March 30, 2023 on (i) the consolidated financial statements of Reliance
Global Group, Inc as of December 31, 2022 and 2021 and for each of the two years in the two-year period ended December 31, 2022 and 2021,
all of which appear in the Annual Report on Form 10-K of Reliance Global Group, Inc. for the year ended December 31, 2022.
/s/
Mazars USA LLP
Mazars
USA LLP
Fort
Washington, Pennsylvania
March 30, 2023
Exhibit
31.1
CERTIFICATIONS
I,
Ezra Beyman, certify that:
1.
I have reviewed this Amendment No. 1 to annual report on Form 10-K/A for the fiscal year ended December 31, 2022 of Reliance Global
Group, Inc.;
2.
Based on my knowledge, this annual 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 and Executive Chairman (Principal Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Joel Markovits, certify that:
1. I have reviewed this Amendment No. 1 to annual report on Form 10-K/A for the fiscal year ended December 31, 2022 of Reliance Global Group,
Inc.;
2.
Based on my knowledge, this annual 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/
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)
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:
Amendment No. 1 to the
Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K/A”) 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-K 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 and Executive Chairman (Principal Executive Officer) |
|
|
|
Date:
August 10, 2023 |
By: |
/s/
Joel Markovits |
|
|
Joel Markovits |
|
|
Chief
Financial Officer (Principal Financial Officer) |
v3.23.2
Cover - USD ($) $ in Millions |
12 Months Ended |
|
|
Dec. 31, 2022 |
Mar. 30, 2023 |
Jun. 30, 2022 |
Document Type |
10-K/A
|
|
|
Amendment Flag |
true
|
|
|
Amendment Description |
On
March 30, 2023, Reliance Global Group, Inc. (the “Company”) filed its Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 (the “Original 2022 10-K”), with the Securities and Exchange Commission (“SEC”).
This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) is being filed to:
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Dec. 31, 2022
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2022
|
|
|
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
|
|
|
Entity Address, Address Line Two |
Suite 105
|
|
|
Entity Address, City or Town |
Lakewood
|
|
|
Entity Address, State or Province |
NJ
|
|
|
Entity Address, Postal Zip Code |
08701
|
|
|
City Area Code |
732
|
|
|
Local Phone Number |
380-4600
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
|
Entity Emerging Growth Company |
false
|
|
|
Entity Shell Company |
false
|
|
|
Entity Public Float |
|
|
$ 21
|
Entity Common Stock, Shares Outstanding |
|
1,566,048
|
|
ICFR Auditor Attestation Flag |
false
|
|
|
Auditor Firm ID |
339
|
|
|
Auditor Name |
Mazars USA LLP
|
|
|
Auditor Location |
Washington, Pennsylvania
|
|
|
Common Stock [Member] |
|
|
|
Title of 12(b) Security |
Common
Stock
|
|
|
Trading Symbol |
RELI
|
|
|
Security Exchange Name |
NASDAQ
|
|
|
Series Warrants [Member] |
|
|
|
Title of 12(b) Security |
Series
A Warrants
|
|
|
Trading Symbol |
RELIW
|
|
|
Security Exchange Name |
NASDAQ
|
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v3.23.2
Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Current assets: |
|
|
Cash |
$ 505,410
|
$ 4,136,180
|
Restricted cash |
1,404,359
|
484,542
|
Accounts receivable |
1,067,544
|
1,024,831
|
Accounts receivable, related parties |
21,887
|
7,131
|
Other receivables |
16,852
|
|
Prepaid expense and other current assets |
249,327
|
2,328,817
|
Total current assets |
3,265,379
|
7,981,501
|
Property and equipment, net |
186,883
|
130,359
|
Right-of-use assets |
1,182,079
|
1,067,734
|
Investment in NSURE, Inc. |
900,000
|
1,350,000
|
Intangibles, net |
13,757,370
|
7,078,900
|
Goodwill |
19,112,733
|
10,050,277
|
Other non-current assets |
23,284
|
16,792
|
Total assets |
38,427,729
|
27,675,563
|
Current liabilities: |
|
|
Accounts payable and other accrued liabilities |
1,457,967
|
2,759,160
|
Short term financing agreements |
154,017
|
|
Chargeback reserve |
915,934
|
|
Other payables |
1,476,113
|
81,500
|
Current portion of long-term debt |
1,118,721
|
913,920
|
Current portion of leases payable |
518,054
|
276,009
|
Earn-out liability, current portion |
2,153,478
|
3,297,855
|
Warrant commitment |
|
37,652,808
|
Total current liabilities |
7,794,284
|
44,981,252
|
Loans payable, related parties, less current portion |
1,669,514
|
353,766
|
Long term debt, less current portion |
12,349,673
|
7,085,325
|
Leases payable, less current portion |
714,068
|
805,326
|
Earn-out liability, less current portion |
556,000
|
516,023
|
Warrant liabilities |
6,433,150
|
|
Total liabilities |
29,516,689
|
53,741,692
|
Stockholders’ equity (deficit): |
|
|
Preferred stock, $0.086 par value; 750,000,000 shares authorized and 0 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively |
|
|
Common stock, $0.086 par value; 133,333,333 shares authorized and 1,219,573 and 730,407 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively |
104,883
|
62,815
|
Additional paid-in capital |
35,798,139
|
27,329,201
|
Stock subscription receivable |
|
(20,000,000)
|
Accumulated deficit |
(26,991,983)
|
(33,458,145)
|
Total stockholders’ equity (deficit) |
8,911,039
|
(26,066,129)
|
Total liabilities and stockholders’ equity |
$ 38,427,729
|
$ 27,675,563
|
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v3.23.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 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 |
1,219,573
|
730,407
|
Common stock, shares outstanding |
1,219,573
|
730,407
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Revenue |
|
|
Commission income |
$ 16,755,884
|
$ 9,710,334
|
Total revenue |
16,755,884
|
9,710,334
|
Operating expenses |
|
|
Commission expense |
3,384,734
|
2,427,294
|
Salaries and wages |
8,592,051
|
4,672,988
|
General and administrative expenses |
6,717,889
|
3,589,221
|
Marketing and advertising |
2,584,895
|
325,838
|
Depreciation and amortization |
2,801,824
|
1,607,313
|
Goodwill impairment |
14,373,374
|
|
Total operating expenses |
38,454,767
|
12,622,654
|
Loss from operations |
(21,698,883)
|
(2,912,320)
|
Other income (expense) |
|
|
Other expense, net |
(899,913)
|
(533,337)
|
Recognition and change in fair value of warrant liabilities |
29,064,958
|
(17,652,808)
|
Total other income (expense) |
28,165,045
|
(18,186,145)
|
Net income (loss) |
$ 6,466,162
|
$ (21,098,465)
|
Basic and diluted earnings (loss) per share |
$ (0.42)
|
$ (31.34)
|
Weighted average number of shares outstanding – Basic and diluted |
1,094,989
|
673,137
|
X |
- DefinitionRecognition and change in fair value of warrant liability.
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v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) - 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, 2020 |
$ 33,912
|
$ 24,315
|
$ 340,000
|
$ 11,898,441
|
|
$ (12,359,680)
|
$ (63,012)
|
Balance, shares at Dec. 31, 2020 |
395,640
|
282,735
|
1,556
|
|
|
|
|
Share based compensation |
|
|
|
658,077
|
|
|
658,077
|
Shares issued due to public offering, net of offering costs of $1,672,852 |
|
$ 10,320
|
|
9,098,828
|
|
|
9,109,148
|
Shares issued due to public offering, shares |
|
120,000
|
|
|
|
|
|
Shares issued pursuant to acquisition of Kush |
|
$ 86
|
|
49,914
|
|
|
$ 50,000
|
Shares issued pursuant to acquisition of Kush, shares |
|
995
|
|
|
|
|
|
Shares issued for vested stock awards, shares |
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
(21,098,465)
|
$ (21,098,465)
|
Shares issued for services |
|
$ 86
|
|
90,964
|
|
|
91,050
|
Shares issued for services, shares |
|
1,000
|
|
|
|
|
|
Over-allotment shares from offering, net of offering costs of $250,928 |
|
$ 1,548
|
|
1,364,825
|
|
|
1,366,373
|
Over-allotment shares from offering, shares |
|
18,000
|
|
|
|
|
|
Warrants sold during public offering at quoted price |
|
|
|
20,700
|
|
|
20,700
|
Shares issued due to conversion of preferred stock |
$ (33,912)
|
$ 22,685
|
|
11,227
|
|
|
|
Shares issued due to conversion of preferred stock, shares |
(395,660)
|
263,773
|
|
|
|
|
|
Shares issued due to conversion of debt |
|
$ 3,631
|
|
3,796,369
|
|
|
3,800,000
|
Shares issued due to conversion of debt, shares |
|
42,222
|
|
|
|
|
|
Rounding shares related to initial public offering |
|
$ 10
|
|
(10)
|
|
|
|
Rounding shares related to initial public offering, shares |
20
|
126
|
|
|
|
|
|
Shares issued pursuant to software purchase |
|
$ 134
|
$ (340,000)
|
339,866
|
|
|
|
Shares issued pursuant to software purchase, shares |
|
1,556
|
(1,556)
|
|
|
|
|
Stock subscriptions |
|
|
|
|
(20,000,000)
|
|
(20,000,000)
|
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
|
|
|
|
|
|
Share based compensation |
|
|
|
1,249,873
|
|
|
1,249,873.00
|
Shares issued due to public offering, net of offering costs of $1,672,852 |
$ 781
|
$ 15,313
|
|
(16,043)
|
20,000,000
|
|
20,000,051.00
|
Shares issued due to public offering, shares |
9,076
|
178,060
|
|
|
|
|
|
Shares issued pursuant to acquisition of Kush |
|
$ 3,475
|
|
4,759,976
|
|
|
4,763,451.00
|
Shares issued pursuant to acquisition of Kush, shares |
|
40,402
|
|
|
|
|
|
Series A warrants |
|
$ 2,150
|
|
2,472,850
|
|
|
2,475,000.00
|
Series A warrants, shares |
|
25,000
|
|
|
|
|
|
Issuance of Series C warrants in exchange for common shares |
|
$ (18,788)
|
|
18,788
|
|
|
|
Issuance of prefunded Series C Warrants in exchange for common shares, shares |
|
(218,462)
|
|
|
|
|
|
Shares issued for vested stock awards |
|
$ 1,262
|
|
(1,262)
|
|
|
|
Shares issued for vested stock awards, shares |
|
14,675
|
|
|
|
|
|
Issuance of common stock for conversion of Series C warrants |
|
$ 18,788
|
|
(17,452)
|
|
|
$ 1,336.00
|
Issuance of common stock for conversion of Series C warrants, shares |
|
218,462
|
|
|
|
|
|
Issuance of common stock for conversion of Series D warrants |
|
$ 7,002
|
|
(6,207)
|
|
|
795.00
|
Issuance of common stock for conversion of Series D warrants, shares |
|
81,423
|
|
|
|
|
|
Issuance of common stock for conversion of Series B warrants |
|
$ 143
|
|
12,357
|
|
|
12,500.00
|
Issuance of common stock for conversion of Series B warrants, shares |
|
1,667
|
|
|
|
|
|
Warrant liability reclassified to equity upon exercise of Series B Warrants |
|
|
|
8,000
|
|
|
8,000.00
|
Shares issued due to conversion of preferred stock |
$ (781)
|
$ 12,723
|
|
(11,942)
|
|
|
|
Shares issued due to conversion of preferred stock, shares |
(9,076)
|
147,939
|
|
|
|
|
|
Net loss |
|
|
|
|
|
6,466,162
|
6,466,162
|
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
|
|
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Income |
$ 6,466,162
|
$ (21,098,465)
|
Adjustment to reconcile net income to net cash used in operating activities: |
|
|
Depreciation and amortization |
2,801,824
|
1,607,313
|
Goodwill impairment |
14,373,374
|
|
Amortization of debt issuance costs and accretion of debt discount |
41,875
|
22,822
|
Non-cash lease expense |
36,442
|
7,329
|
Stock compensation expense |
1,249,873
|
749,127
|
Earn-out fair value and write-off adjustments |
524
|
(359,470)
|
Change in fair value of warrant liability |
(29,064,958)
|
17,652,808
|
Change in operating assets and liabilities: |
|
|
Accounts payables and other accrued liabilities |
(1,304,652)
|
(531,123)
|
Accounts receivable |
49,876
|
(162,234)
|
Accounts receivable, related parties |
(14,756)
|
(7,131)
|
Note receivables |
|
3,825
|
Other receivables |
(16,852)
|
1,952
|
Other payables |
269,613
|
19,000
|
Chargeback reserve |
(568,539)
|
|
Other non-current assets |
(6,492)
|
(14,992)
|
Prepaid expense and other current assets |
2,496,689
|
(144,036)
|
Net cash used in operating activities |
(3,189,997)
|
(2,253,275)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Proceeds from partial sale of investment in NSURE |
450,000
|
|
Purchase of property and equipment |
(71,212)
|
(71,108)
|
Business acquisitions, net of cash acquired |
(24,138,750)
|
(1,608,586)
|
Purchase of intangibles |
(882,350)
|
(619,666)
|
Net cash used in investing activities |
(24,642,312)
|
(2,299,360)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from borrowings of debt |
|
|
Principal repayments of debt |
(875,010)
|
(887,455)
|
Debt issuance costs |
(214,257)
|
|
Loans acquired through acquisitions |
6,520,000
|
|
Issuance of common shares in exchange for Series C and D warrants |
2,131
|
|
Proceeds from loans payable, related parties |
1,500,000
|
2,931
|
Payments of loans payable, related parties |
(184,252)
|
(515,685)
|
Earn-out liability |
(1,704,925)
|
(452,236)
|
Exercise of warrants into common stock |
2,475,000
|
|
Repayments on short term financing |
(263,182)
|
|
Private Placement of shares and warrants |
17,853,351
|
10,496,221
|
Issuance of common shares in exchange for Series B warrants |
12,500
|
|
Net cash provided by financing activities |
25,121,356
|
8,643,776
|
Net increase (decrease) in cash and restricted cash |
(2,710,953)
|
4,091,141
|
Cash and restricted cash at beginning of year |
4,620,722
|
529,581
|
Cash and restricted cash at end of year |
1,909,769
|
4,620,722
|
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS: |
|
|
Cash paid for interest |
863,936
|
456,482
|
Issuance of Series D warrants |
6,930,335
|
|
Issuance of placement agent warrants |
1,525,923
|
|
Prepaid insurance acquired through short-term financing |
417,199
|
|
Conversion of preferred stock into common stock |
190,069
|
340,268
|
Conversion of debt into equity |
|
3,800,000
|
Cashless conversion of Series D Warrants for common stock |
36,761
|
|
Common stock issued pursuant to acquisition |
4,763,451
|
50,000
|
Common stock issued in lieu of services |
|
91,050
|
Issuance of common stock pursuant to the purchase of software |
|
340,000
|
Unpaid deferred transaction costs |
|
2,146,700
|
Stock subscriptions |
|
20,000,000
|
Acquisition of business deferred purchase price |
1,125,000
|
|
Warrant liability reclassified to equity upon exercise of Series B Warrants |
8,000
|
|
Lease assets acquired in exchange for lease liabilities |
$ 628,004
|
$ 861,443
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
12 Months Ended |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1. ORGANIZATION AND DESCRIPTION OF BUSINESS
Reliance
Global Group, Inc. (formerly known as Ethos Media Network, Inc.) (“RELI”, “Reliance”, or the “Company”)
was incorporated in Florida on August 2, 2013. In September 2018, Reliance Global Holdings, LLC (“Reliance Holdings”), a related party acquired control of the Company. Ethos Media Network, Inc. was then renamed on October
18, 2018.
On
May 1, 2021, the Company acquired the assets of J.P. Kush and Associates, Inc., an independent healthcare
insurance agency headquartered in Michigan (see Note 3).
On
January 10, 2022, the Company acquired the assets of Medigap Healthcare Insurance Company, LLC, an unaffiliated insurance brokerage
company headquartered in Florida (see Note 3).
On
April 26, 2022, the Company acquired the assets of Barra & Associates, LLC., an unaffiliated full-service insurance agency headquartered in Illinois (see Note 3).
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the
accounting of Reliance Global Group, Inc., and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation.
Liquidity
As
of December 31, 2022, the Company’s reported cash and restricted cash aggregated balance was approximately $1,910,000,
current assets were approximately $3,265,000,
while current liabilities were approximately $7,794,000.
As of December 31, 2022, the Company had a working capital deficit of approximately $4,529,000 and
stockholders’ equity of approximately $8,911,039.
For the year ended December 31, 2022, the Company reported net income of approximately $6,466,162,
which includes a non-cash goodwill impairment of approximately $14,373,000,
offset by a non-cash, non-operating measurement gain on the warrant commitment of approximately $29,065,000.
The Company reported negative cash flows from operations of approximately $3,190,000.
The Company completed a capital offering in February 2021 and January 2022 that raised net proceeds of approximately $10,496,000 and
$17,853,000,
respectively. As noted in Note 17 - Subsequent Events, pursuant to a securities purchase agreement which closed on March 16,
2023, the Company received funds net of transaction costs of approximately $3,446,000,
to be used primarily for working capital.
Management believes the company’s financial position and continued ability to raise
capital to be reasonable and sufficient. Based on our assessment, we do not believe there are any 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 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
consists of checking accounts. The Company considers all highly liquid investments with an original maturity of three months or less
to be cash equivalents.
Restricted
cash includes cash pledged as collateral to secure obligations and/or all cash whose use is otherwise limited by contractual provisions.
At times, some cash balances held in banks may exceed the Federal Deposit Insurance Corporation, or FDIC, standard
deposit insurance limit of $250,000.
The
reconciliation of cash and restricted cash reported within the applicable balance sheet accounts that sum to the total of cash and restricted
cash presented in the statement of cash flows is as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash | |
$ | 505,410 | | |
$ | 4,136,180 | |
Restricted cash | |
| 1,404,359 | | |
| 484,542 | |
Total cash and restricted cash | |
$ | 1,909,769 | | |
$ | 4,620,722 | |
Property
and Equipment
Property
and equipment is stated at cost, less accumulated depreciation. Depreciation is recognized over an asset’s estimated useful life
using the straight-line method beginning on the date an asset is placed in service. The Company regularly evaluates the estimated remaining
useful lives of the Company’s property and equipment to determine whether events or changes in circumstances warrant a revision
to the remaining period of depreciation. Certain capitalized software has been reclassified in the consolidated balance sheet from property
and equipment, net to intangibles, net and comparative periods have been adjusted accordingly. Maintenance and repairs are charged to
expense as incurred. Estimated useful lives of the Company’s Property and Equipment are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVE PROPERTY AND EQUIPMENT
| |
Useful Life (in years) |
Computer equipment | |
5 |
Office equipment and furniture | |
7 |
Leasehold improvements | |
Shorter of the useful life or the lease term |
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:
Level
1 — Observable inputs that reflect 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.
As
of December 31, 2022 and 2021 respectively, the Company’s balance sheet includes certain financial instruments, including cash,
notes receivables, accounts payable, and short and long-term debt. The carrying amounts of current assets and current liabilities approximate
their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.
The carrying amounts of long-term debt approximate their fair value as the variable interest rates are based on a market index.
Warrant
Liabilities: The Company’s warrant liabilities (see Note 9, Warrant Liabilities) represent liability-classified derivative
financial instruments recorded at fair value on a recurring basis. The fair value of the Warrant Liabilities includes significant inputs
unobservable in the market and thus are considered Level 3. The Company measured the fair value of the warrant liabilities at the issuance
date, December 22, 2022, and subsequently at the balance sheet date, using a binomial option pricing model. The following summarizes
the significant unobservable inputs, not accounting for the Reverse Split-2023:
SCHEDULE
OF EARN OUT LIABILITY
| |
December 22, 2022 | | |
December 22, 2021 | |
Stock price | |
$ | 0.57 | | |
$ | 6.44 | |
Volatility | |
| 105.0 | % | |
| 90 | % |
Time to Expiry | |
| 4.01 | | |
| 5 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.1 | % | |
| 1.10 | % |
The
following reconciles the warrant liabilities for the years ended December 31, 2022 and 2021:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
| | |
| | |
| | |
| |
| |
Years ended December 31, 2022 and 2021 | |
| |
Series B Warrant Commitment | | |
Series B warrant liabilities | | |
Placement agent warrants | | |
Total | |
Beginning balance, December 31, 2020 | |
| - | | |
| - | | |
| - | | |
| - | |
Initial recognition | |
| 20,244,497 | | |
| - | | |
| - | | |
| 20,244,497 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| - | | |
| - | | |
| 17,408,311 | |
Ending balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Beginning balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Initial recognition | |
| - | | |
| 55,061,119 | | |
| 1,525,924 | | |
| 56,587,043 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| (48,668,869 | ) | |
| (1,477,024 | ) | |
| (32,737,582 | )* |
Warrants exercised or transferred | |
| (55,061,119 | ) | |
| (8,000 | ) | |
| - | | |
| (55,069,119 | ) |
Ending balance, December 31, 2022 | |
| - | | |
| 6,384,250 | | |
| 48,900 | | |
| 6,433,150 | |
* | Recognition and change in fair value of warrant liabilities per income statement is $29,064,958. The
difference of $3,672,624 is made up of the Warrant issuance costs. |
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
| |
December 31, 2022 | |
December 31, 2021 |
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
| |
December 31, 2022 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 7.7 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments are approximately $2,967,592 as of December 31, 2022. The following table reconciles fair value of earn-out
liabilities for the years ending December 31, 2022 and 2021:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
|
|
December
31,
2022 |
|
|
December
31,
2021 |
|
Beginning
balance – January 1 |
|
$ |
3,813,878 |
|
|
$ |
2,931,418 |
|
|
|
|
|
|
|
|
|
|
Acquisitions
and Settlements |
|
|
(1,104,925 |
)
|
|
|
1,160,562 |
|
|
|
|
|
|
|
|
|
|
Period
adjustments: |
|
|
|
|
|
|
|
|
Fair
value changes included in earnings* |
|
|
524 |
|
|
|
(278,102 |
) |
|
|
|
|
|
|
|
|
|
Ending
balance |
|
$ |
2,709,478 |
|
|
$ |
3,813,878 |
|
Less:
Current portion |
|
|
(2,153,478 |
) |
|
|
(3,297,855 |
) |
Ending
balance, less current portion |
|
|
556,000 |
|
|
|
516,023 |
|
* |
Recorded
as a reduction to general and administrative expenses |
Deferred
Financing Costs
The
Company has recorded deferred financing costs as a result of fees incurred by the Company in conjunction with its debt financing activities.
These costs are amortized to interest expense using the straight-line method which approximates the interest rate method over the term
of the related debt. As of December 31, 2022, and 2021, unamortized deferred financing costs were $313,829, and $134,528, respectively
and are netted against the related debt.
Business
Combinations
The
Company accounts for its business combinations using the acquisition method of accounting. Under the acquisition method, assets acquired,
liabilities assumed, and consideration transferred are recorded at the date of acquisition at their respective fair values. Definite-lived
intangible assets are amortized over the expected life of the asset. Any excess of the purchase price over the estimated fair values
of the net assets acquired is recorded as goodwill.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration such as earn-outs, the Company records the contingent consideration at fair value at the acquisition
date. The Company remeasures fair value as of each reporting date and changes resulting from events after the acquisition date, are recognized
as follows: 1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent
settlement is accounted for within equity, or 2) if the contingent consideration is classified as a liability, the changes in fair value
and accretion costs are recognized in earnings.
Identifiable
Intangible Assets, net
Finite-lived
intangible assets such as customer relationships assets, trademarks and tradenames are amortized over their estimated useful lives, generally
on a straight-line basis for periods ranging from 3 to 20 years. Finite-lived intangible assets are reviewed for impairment or obsolescence
whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of intangible
assets is measured by a comparison of the carrying amount of the asset to the future undiscounted net cash flows expected to be generated
by that asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying
amount of the asset exceeds the estimated fair value. No impairment was recognized during the periods presented.
Goodwill
and other indefinite-lived intangibles
The
Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible
and intangible assets acquired. Goodwill is assigned on the acquisition date and tested for impairment at least annually,
or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not
declined below its carrying value. Similarly, indefinite-lived intangible assets (if any) other than goodwill are tested annually or
more frequently if indicated, for impairment. If impaired, intangible assets are written down to fair value based on the expected discounted
cash flows.
Financial
Instruments
The
Company evaluates issued financial instruments for classification as either equity or liability based on an assessment of the financial
instrument’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the financial instruments
issued are freestanding pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and, if applicable whether the financial
instruments meet all of the requirements for equity classification under ASC 815, including whether the financial instruments are indexed
to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of issuance and as of each subsequent reporting period end date while the financial instruments
are outstanding. Financial instruments that are determined to be liabilities under ASC 480 or ASC 815 are held at their initial fair
value and remeasured to fair value at each subsequent reporting date, with changes in fair value recorded as a non-operating, non-cash
loss or gain, as applicable.
The
Company’s financial instruments consist of derivatives related to the warrants issued with the securities purchase agreement as
discussed in Note 9, Warrant Liabilities. The accounting treatment of derivative financial instruments requires that we record
the derivatives at their fair values as of the inception date of the debt agreements and at fair value as of each subsequent balance
sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense at each balance sheet date. Upon the determination
that an instrument is no longer subject to derivative accounting, the fair value of the derivative instrument at the date of such determination
will be reclassified to paid in capital.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606 Revenue from Contracts with Customers
which at its core, recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration
the entity expects to be entitled to in exchange for those goods or services.
The
Company’s revenue is primarily comprised of agency commissions earned from insurance carriers (the “Customer” or “Carrier”)
related to insurance plans produced through brokering, producing and servicing agreements between insurance carriers and members. The
Company defines a “Member” as an individual, family or entity currently covered or seeking insurance coverage.
The
Company focuses primarily on agency services for insurance products in the “Healthcare” and property and casualty, which
includes auto (collectively “P&C”) space, with nominal activity in the life insurance and bond sectors. Healthcare includes
plans for individuals and families, Medicare supplements, ancillary and small businesses. The Company also earns revenue in the “Insurance
Marketing” space as discussed further below.
Consideration
for all agency services typically is based on commissions calculated by applying contractual commission rates to policy premiums. For
P&C, commission rates are applied to premiums due, whereas for healthcare, commission rates, including override commissions, are
applied to monthly premiums received by the Carrier.
The
Company has two forms of billing practices, “Direct Bill” and “Agency Bill”. With Direct Bill, Carriers bill
and collect policy premium payments directly from Members without any involvement from the Company. Commissions are paid to the Company
by the Carrier in the following month. With Agency Bill, the Company bills Members premiums due and remits them to Carriers net of commission
earned.
The
following outlines the core principles of ASC 606:
Identification
of the contract, or contracts, with a customer. A contract with a customer exists when (i) we enter into an enforceable contract
with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms
related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially
all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the
promised consideration.
Identification
of the performance obligations in the contract. Performance obligations promised in a contract are identified based on the goods
or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the
goods or service either on its own or together with other resources that are readily available from third parties or from us, and are
distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises
in the contract.
Determination
of the transaction price. The transaction price is determined based on the consideration to which we will be entitled in exchange
for transferring goods or services to the customer.
Allocation
of the transaction price to the performance obligations in the contract. If the contract contains a single performance obligation,
the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis.
Recognition
of revenue when, or as, the Company satisfies a performance obligation. The Company satisfies performance obligations either over
time or at a point in time, as discussed in further detail below. Revenue is recognized at the time the related performance obligation
is satisfied by transferring the promised good or service to the customer.
Healthcare
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Carriers, to perform agency services that culminate in monthly premium cash
collections by the Carrier. The performance obligation is satisfied through a combination of agency services including, marketing carrier’s
insurance plans, soliciting Member applications, binding, executing and servicing insurance policies on a continuous basis throughout
a policy’s life cycle which includes and culminates with the Customer’s collection of monthly premiums. No commission is
earned if cash is not received by Carrier. Thus, commission revenue is earned only after a month’s cash receipts from Members’
dues is received by the Customer. Each month’s Carrier cash collections is considered a separate unit sold and transferred to the
Customer i.e., the satisfaction of that month’s performance obligation.
Transaction
price is typically stated in a contract and usually based on a commission rate applied to Member premiums paid and received by Carrier.
The Company generally continues to receive commission payments from Carriers until a Member’s plan is cancelled or the Company
terminates its agency agreement with the Carrier. Upon termination, the Company normally will no longer receive any commissions from
Carriers even on business still in place. In some instances, trailing commissions could occur which would be recognized similar to other
Healthcare revenue. With one performance obligation, allocation of transaction price is normally not necessary.
Healthcare
typically utilizes the Direct Bill method.
The
Company recognizes revenue at a point in time, when it satisfies its monthly performance obligation and control of the service transfers
to the Customer. Transfer occurs when Member insurance premium cash payments are received by the Customer. The Customer’s receipt
of cash is the culmination and complete satisfaction of the Company’s performance obligation, and the earnings process is complete.
With
Direct Bill, since the amount of monthly Customer cash receipts is unknown to the Company until the following month when notice is provided
by Customer to Company, the Company accrues revenue at each period end. Any estimated revenue accrued and recognized at a period-end
is trued up for financial reporting per actual revenue earned as provided by the Customer during the following month.
P&C
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Customers, to perform agency services to solicit, receive proposals and bind
insurance policies culminating with policy placement. Commission revenue is earned at the time of policy placement.
Transaction
price is typically stated in a contract and usually based on commission rates applied to Member premiums due. With one performance obligation,
allocation of transaction price is normally not necessary.
P&C
utilizes both the Agency Bill and Direct Bill methods, depending on the Carrier.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of the service transfers to the
Customer. Transfer occurs when the policy placement process is complete.
With
both Direct Bill and Agency Bill, the Company accrues commission revenue in the period policies are placed. With Agency Bill, payment
is typically received from Members in the month earned, however with Direct Bill, payment is typically received from Carriers in the
month subsequent to the commissions being earned.
Insurance
Marketing revenue recognition:
Medigap,
a consolidated wholly owned subsidiary of the Company earns commission revenue by selling bound insurance policies with all renewal rights
to insurance marketing organizations (the “IM Customer”). The IM Customers utilize innovative actuarial models to value and
price policies purchased based on future projections. IM Customers pay a one-time commission per policy purchased to selling agencies
based on a pre-agreed formula outlined in the parties’ contractual agreement. Commission payments are subject to chargeback in
the event a policy is cancelled or lapses within 3 months of a policy’s effective date or until the first three payments are received
from the insured party, depending on the IM Customer Contract.
The
Company identifies a contract when it has a binding agreement to sell issued insurance policies to the IM Customer.
There
is one performance obligation in IM Customer contracts, to sell the rights in Company procured issued insurance policies to the IM Customer.
The performance obligation is satisfied when the rights to an issued policy have been transferred to the IM Customer.
Transaction
price is stated in a contract and is a set range of commission amounts based on each policy sold. There are two variable components to
consideration received:
|
a) |
Commissions
are only earned once a policy is “Placed”, defined as, an active policy sold to the IM Customer where the IM Customer
has received the initial insurance carrier payment with respect to such policy. The Company requires end-user insured parties to
pay the initial premium to the insurance carrier upon issuance of a policy. Insurance carrier in turn pays IM Customer its initial
payment soon thereafter. Thus, upon sale of an issued policy to IM Customer, the Company has provided a bound issued policy and ensured
first premium payment has been completed by insured party. This results in virtual assurance that the IM Customer will receive its
initial insurance carrier payment, and it is more than probable that a significant revenue reversal will not occur. The Company thus
considers all policies sold to the IM Customer to be Placed for revenue recognition purposes. |
|
|
|
|
b) |
Commission
revenue is subject to chargeback in full if a policy is cancelled or lapses within three months from the policy effective date or
if the insured party does not make the first three payments of the policy. The Company uses historical activity as well as current
factors to estimate the unconstrained variable consideration for recognition per the expected value method. A chargeback reserve
liability is credited for the difference between cash consideration received and variable consideration recognized. At each reporting
period, the Company remeasures the chargeback reserve liability and recognizes any change as an increase or decrease to the then
current period revenue. As of March 31, 2022 and December 31, 2021, the chargeback reserve liability was $1,585,435 and $0, respectively. |
With
one performance obligation, allocation of transaction price is normally not necessary.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of an insurance policy transfers
to the IM Customer. Transfer of control occurs when the Company submits the Policy to the IM Customer.
IM
Customers generally pay the Company weekly, and accruals are recorded as necessary at period end.
Other
revenue policies: Insurance commissions earned from Carriers for life insurance products are recorded gross of amounts due to agents,
with a corresponding commission expense for downstream agent commissions being recorded as commission expense within the condensed consolidated
statements of operations.
When
applicable, commission revenue is recognized net of any deductions for estimated commission adjustments due to lapses, policy cancellations,
and revisions in coverage.
The
Company could earn additional revenue from contingent commissions, profit-sharing, override and bonuses based on meeting certain revenue
or profit targets established periodically by the Carriers (collectively, “Contingent Commissions”). Contingent Commissions
are earned when the Company achieves targets established by Carriers. The Carriers notify the Company when it has achieved the target.
The Company recognizes revenue for any Contingent Commissions at the time it is reasonably assured that a significant revenue reversal
is not probable, which is generally when a Carrier notifies the Company that it is on track or has earned a Contingent Commission.
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Year ended December 31, 2022 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 798,412 | | |
$ | - | | |
$ | 798,412 | |
USBA | |
| 52,470 | | |
| - | | |
| 52,470 | |
CCS/UIS | |
| - | | |
| 254,325 | | |
| 254,325 | |
Montana | |
| 1,868,137 | | |
| - | | |
| 1,868,137 | |
Fortman | |
| 1,274,649 | | |
| 842,961 | | |
| 2,117,610 | |
Altruis | |
| 4,044,449 | | |
| - | | |
| 4,044,449 | |
Kush | |
| 1,536,456 | | |
| - | | |
| 1,536,456 | |
Medigap | |
| 4,994,002 | | |
| - | | |
| 4,994,002 | |
RELI Exchange | |
| 312,239 | | |
| 777,784 | | |
| 1,090,023 | |
Revenue | |
$ | 14,880,814 | | |
$ | 1,875,070 | | |
$ | 16,755,884 | |
Year ended December 31, 2021 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 799,474 | | |
$ | - | | |
$ | 799,474 | |
USBA | |
| 60,129 | | |
| - | | |
| 60,129 | |
CCS/UIS | |
| - | | |
| 333,874 | | |
| 333,874 | |
Montana | |
| 1,744,515 | | |
| - | | |
| 1,744,515 | |
Fortman | |
| 1,173,215 | | |
| 958,521 | | |
| 2,131,736 | |
Altruis | |
| 3,313,453 | | |
| - | | |
| 3,313,453 | |
Kush | |
| 1,327,153 | | |
| - | | |
| 1,327,153 | |
Revenue | |
$ | 8,417,939 | | |
$ | 1,292,395 | | |
$ | 9,710,334 | |
General
and Administrative
General
and administrative expenses primarily consist of personnel costs for the Company’s administrative functions, professional service
fees, office rent, all employee travel expenses, and other general costs.
Marketing
and Advertising
The
Company’s direct channel expenses primarily consist of costs for e-mail marketing and newspaper advertisements. The Company’s
online advertising channel expense primarily consist of social media ads. Advertising costs for both direct and online channels are expensed
as incurred.
Stock-Based
Compensation
Stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a
straight-line basis over the requisite service period, based on the terms of the awards. The fair value of the stock-based payments
to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there
is a contractual term for services in which case such compensation would be amortized over the contractual term. To the extent
possible, the Company will estimate and recognize expected forfeitures.
Leases
The
Company recognizes leases in accordance with Accounting Standards Codification Topic 842, “Leases” (“ASC 842”
or “ASU 2016-12”). This standard provides enhanced transparency and comparability by requiring lessees to record right-of-use
assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases are recognized as a
single lease expense, generally on a straight-line basis.
The
Company is the lessee in a contract when the Company obtains the right to use an asset. We currently lease real estate and office space
under non-cancelable operating lease agreements. When applicable, consideration in a contract is allocated between lease and non-lease
components. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease
cannot be readily determined, the Company uses an estimate of its incremental borrowing rate. The Company did not have any contracts
accounted for as finance leases as of December 31, 2022, or 2021. Operating leases are included in the line items right-of-use assets,
current portion of leases payable, and leases payable, less current portion in the consolidated balance sheets. Right-of-use (“ROU”)
asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s
obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum
lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded
on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statement of operations.
The Company determines a lease’s term by agreement with lessor and includes lease extension options and variable lease payments
when option and/or variable payments are reasonably certain of being exercised or paid.
Income
Taxes
The
Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book
and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than
not that some portion or all of the deferred tax asset will not be realized. In evaluating its ability to recover deferred tax assets
within the jurisdiction in which they arise, the Company considers all available positive and negative evidence, including the expected
reversals of taxable temporary differences, projected future taxable income, taxable income available via carryback to prior years, tax
planning strategies, and results of recent operations. The Company assesses the realizability of its deferred tax assets, including scheduling
the reversal of its deferred tax assets and liabilities, to determine the amount of valuation allowance needed. Scheduling the reversal
of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied
upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the
temporary differences giving rise to the deferred tax assets that will be realized.
Seasonality
A
greater number of the Company’s Medicare-related health insurance plans are sold in the fourth quarter during the Medicare annual
enrollment period when Medicare-eligible individuals are permitted to change their Medicare Advantage. The majority of the Company’s
individual and family health insurance plans are sold in the annual open enrollment period as defined under the federal Patient Protection
and Affordable Care Act and related amendments in the Health Care and Education Reconciliation Act. Individuals and families generally
are not able to purchase individual and family health insurance outside of these open enrollment periods, unless they qualify for a special
enrollment period as a result of certain qualifying events, such as losing employer-sponsored health insurance or moving to another state.
Prior
Period Adjustments
The
Company identified certain immaterial adjustments impacting the prior reporting period. Specifically, the Company identified adjustments
to correct certain asset and equity accounts in relation to historical purchase price allocation accounting and adjustments to true up
retained earnings for certain historical accrued revenues.
The
Company assessed the materiality of the adjustments to prior period financial statements in accordance with Securities and Exchange Commission
Staff Accounting Bulletin No. (SAB) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when
Quantifying Misstatements in Current Year Financial Statements, and ASC 250, Accounting Changes and Error Corrections.
Accordingly,
the Company’s comparative consolidated financial statements and impacted notes have been revised from amounts previously reported
to reflect these adjustments. The following table illustrates the impact on previously reported amounts and adjusted balances presented
in the consolidated financial statements for the year ended December 31, 2021.
SUMMARIZES
THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION
Account | |
12/31/2020 As reported | | |
Adjustment | | |
12/31/2020 Adjusted | |
Goodwill | |
| 9,265,070 | | |
| (503,345 | ) | |
| 8,761,725 | |
Accumulated Deficit | |
| (12,482,281 | ) | |
| 122,601 | | |
| (12,359,680 | ) |
Recently
Issued Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), which requires the
measurement of expected credit losses for financial instruments carried at amortized cost, such as accounts receivable, held at the reporting
date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial
statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments
to extend credit held by a reporting entity at each reporting date. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements
to Topic 326, Financing Instruments—Credit Losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019.
On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private
companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers
that are eligible to be smaller reporting companies under the SEC’s definition. The Company adopted ASU 2020-06 on January 1, 2023,
which did not have a material impact on the consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12,
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions
to the general principles in Topic 740 and simplifies other areas of the existing guidance. ASU 2019-12 is effective for fiscal years
beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this
pronouncement January 1, 2021 which did not have a material effect on the consolidated financial statements.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by
removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for
equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in
certain areas. The ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted ASU 2020-06 on January 1,
2022, which did not have a material impact on the consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which amends ASC 805 to require an acquirer to, at the date of acquisition, recognize and measure contract
assets and contract liabilities acquired in accordance with ASU 2014-9, Revenue from Contracts with Customers (Topic 606) as if the entity
had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted.
The Company elected to early adopt ASU 2021-08 as of January 1, 2022, which did not have a material impact on the consolidated financial
statements.
|
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v3.23.2
STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS
|
12 Months Ended |
Dec. 31, 2022 |
Business Combination and Asset Acquisition [Abstract] |
|
STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS |
NOTE
3. STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS
To
date, we have acquired ten 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 |
|
Reliance 100% Controlled Entity |
|
Date |
|
Location |
|
Line
of Business |
|
Status |
|
|
|
|
|
|
|
|
|
|
|
U.S.
Benefits Alliance, LLC (USBA) |
|
US Benefits Alliance, LLC |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
|
|
Employee
Benefit Solutions, LLC (EBS) |
|
Employee Benefits Solutions, LLC |
|
October
24, 2018 |
|
Michigan |
|
Health
Insurance |
|
Affiliated |
|
|
|
|
|
|
|
|
|
|
|
Commercial
Solutions of Insurance Agency, LLC (CCS or Commercial Solutions) |
|
Commercial Coverage Solutions LLC |
|
December
1, 2018 |
|
New
Jersey |
|
P&C
– Trucking Industry |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Southwestern
Montana Insurance Center, Inc. (Southwestern Montana or Montana or SWMT) |
|
Southwestern Montana Insurance Center, LLC |
|
April
1, 2019 |
|
Montana |
|
Group
Health Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Fortman
Insurance Agency, LLC (Fortman or Fortman Insurance or FIS) |
|
Fortman Insurance Solutions, LLC |
|
May
1, 2019 |
|
Ohio |
|
P&C
and
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Altruis
Benefits Consultants, Inc. (Altruis or ABC) |
|
Altruis Benefits Corporation |
|
September
1, 2019 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
UIS
Agency, LLC (UIS) |
|
UIS Agency, LLC |
|
August
17, 2020 |
|
New
York |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
J.P.
Kush and Associates, Inc. (Kush) |
|
Kush Benefit Solutions, LLC |
|
May
1, 2021 |
|
Michigan |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Medigap
Healthcare Insurance Company, LLC (Medigap) |
|
Medigap Healthcare Insurance Agency LLC |
|
January
10, 2022 |
|
Florida |
|
Health
Insurance |
|
Unaffiliated |
|
|
|
|
|
|
|
|
|
|
|
Barra
& Associates, LLC (Barra) |
|
RELI Exchange, LLC |
|
April
26, 2022 |
|
Illinois |
|
P&C
and
Health
Insurance |
|
Unaffiliated |
J.P.
Kush and Associates, Inc. Transaction
On
May 1, 2021, we entered into a Purchase Agreement with J.P. Kush and Associates, Inc. whereby we purchased the business and certain assets
noted within the Purchase Agreement (the “Kush Acquisition”) for a total purchase price of $3,644,166. The purchase price
was paid with a cash payment of $1,900,000, $50,000 in restricted shares of our common stock, in a transaction exempt from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended, and an earn-out payment.
The
Kush Acquisition was accounted for as a business combination in accordance with the acquisition method under the guidance in ASC 805-10
and 805-20. Accordingly, the total purchase consideration was allocated to intangible assets acquired based on their respective estimated
fair values. The acquisition method of accounting requires, among other things, that assets acquired, and liabilities assumed, if any,
in a business purchase combination be recognized at their fair values as of the acquisition date. The process for estimating the fair
values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions, including
estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
allocation of the purchase price in connection with the Kush Acquisition was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life
(Years) |
Accounts receivable | |
$ | 291,414 | | |
|
Trade name and trademarks | |
| 685,400 | | |
5 |
Customer relationships | |
| 551,000 | | |
10 |
Non-competition agreements | |
| 827,800 | | |
5 |
Goodwill | |
| 1,288,552 | | |
Indefinite |
| |
$ | 3,644,166 | | |
|
Trade name and trademarks was measured at fair value
using the relief-from-royalty method under the income approach. Significant inputs used to measure the fair value include an estimate
of projected revenue from the trade name, a pre-tax royalty rate of 5.85% and a discount rate of 14.09%.
Customer relationships were measured at fair value
using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include
an estimate of projected revenue and costs associated with existing customers, and a discount rate of 14.09%.
Non-competition agreements were measured at fair value
using the multiple-period excess earnings method under the income approach. Significant inputs used to measure the fair value include
an estimate of projected revenue and costs associated with existing customers, and a discount rate of 14.09%.
Goodwill
of $1,288,552 arising from the Kush Acquisition consisted of the value of the employee workforce and the residual value after all identifiable
intangible assets were valued. Goodwill recognized pursuant to the Kush Acquisition is currently expected to be deductible for income
tax purposes. Total acquisition costs for the Kush Acquisition incurred were $58,092 recorded as a component of General and administrative
expenses. The approximate revenue and net profit for the acquired business as a standalone entity per ASC 805 from January 1, 2021 to
April 30, 2021 was $500,000 and $219,097, respectively.
Pro
Forma Information
The
results of operations of Kush will be included in the Company’s consolidated financial statements as of the date of
acquisition through the current period end. The following approximate Company combined supplemental pro-forma financial information
assumes that the acquisition had occurred at the beginning of the year ended
2021:
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
| | |
| |
December 31, | |
| |
2021 | |
Revenue | |
$ | 10,090,683 | |
Net Income (Loss) | |
$ | (20,931,568 | ) |
Earnings (Loss) per common share, basic | |
$ | (31.10 | ) |
Earnings (Loss) per common share, diluted | |
$ | (31.10 | ) |
Medigap
Healthcare Insurance Agency, LLC Transaction
On
January 10, 2022, pursuant to an asset purchase agreement, dated December 21, 2021, we completed the acquisition of all of the assets
of Medigap Healthcare Insurance Company, LLC (“Medigap”) for a purchase price of $20,096,250 consisting of: (i) payment to
Medigap of $18,138,750 in cash and (ii) the issuance to Medigap of 40,402 shares of the Company’s restricted common stock in a
transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The purchase price is subject to
post-closing adjustment to reconcile certain pre-closing credits and liabilities of the parties. The shares issued to Medigap as part
of the purchase price are subject to lock up arrangements pursuant to which 50% of the shares may be sold after the one-year anniversary
of the date of closing of the transaction and the balance of the shares may be sold after the second-year anniversary of the date of
closing of the transaction.
The
acquisition of Medigap was accounted for as a business combination in accordance with the acquisition method under the guidance in ASC
805-10 and 805-20. Accordingly, the total purchase consideration was allocated to intangible assets acquired based on their respective
estimated fair values. The acquisition method of accounting requires, among other things, that assets acquired, and liabilities assumed,
if any, in a business purchase combination be recognized at their fair values as of the acquisition date. The process for estimating
the fair values of identifiable intangible assets and certain tangible assets requires the use of significant estimates and assumptions,
including estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Property, plant and equipment | |
$ | 20,666 | | |
6 |
Right-of-use asset | |
| 317,787 | | |
|
Trade name and trademarks | |
| 340,000 | | |
15 |
Customer relationships | |
| 4,550,000 | | |
12 |
Technology | |
| 67,000 | | |
3 |
Backlog | |
| 210,000 | | |
1 |
Chargeback reserve | |
| (1,484,473 | ) | |
|
Lease liability | |
| (317,787 | ) | |
|
Goodwill | |
| 19,199,008 | | |
Indefinite |
| |
$ | 22,902,201 | | |
|
Trade
name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the
fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 0.5% and a discount rate of 11.0%.
Customer
relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant inputs
used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount
rate of 11.0%.
Technology
was measured at fair value using the cost replacement method of the cost approach. Significant inputs used to measure the fair value
include an estimate of cost to replace, an obsolescence rate of 40.3%.
The
value assigned to backlog acquired was estimated based upon the contractual nature of the backlog as of the acquisition date, using the
income approach to discount back to present value the cash flows attributable to the backlog, using a discount rate of 11.0%.
Goodwill
of $19,199,008 arising from the acquisition of Medigap consisted of the value of the employee workforce and the residual value after
all identifiable intangible assets were valued. Goodwill recognized pursuant to the acquisition of Medigap is currently expected to be
deductible for income tax purposes. Total acquisition costs for the acquisition of Medigap incurred were $94,065 recorded as a component
of General and administrative expenses.
The
approximate revenue and net profit or loss for the acquired business as a standalone entity per ASC 805 from January 10, 2022 to December
31, 2022 was $4,994,002 and a loss of $1,127,088, respectively.
Pro
Forma Information
The
results of operations of Medigap will be included in the Company’s consolidated financial statements as of the date of
acquisition through the current period end. The following approximate Company combined supplemental pro-forma financial information
assumes that the acquisition had occurred at the beginning of the years ended December
31, 2022 and 2021:
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,122,459 | | |
$ | 14,823,837 | |
Net Income (Loss) | |
$ | 20,853,020 | | |
$ | (20,910,374 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
Barra
& Associates, LLC Transaction
On
April 26, 2022, we entered into an asset purchase agreement (the “APA”) with Barra & Associates, LLC (“Barra”)
pursuant to which the Company purchased all of the assets of Barra & Associates, LLC on April 26, 2022 for a purchase price in the
amount of $7,725,000 in cash, with $6,000,000 paid to Barra at closing, $1,125,000 payable in nine months from closing, and a final earnout
of $600,000 payable over two years from closing based upon meeting stated milestones. The APA contains standard, commercial representations
and warranties and covenants. The source of the cash payment was $6,520,000 in funds borrowed from Oak Street Lending (“Loan”),
our existing lender pursuant to a Fifth Amendment to Credit Agreement and Promissory Note, of even date. The purchase price is subject
to post-closing adjustment to reconcile certain pre-closing credits and liabilities of the parties.
The
acquisition of Barra was accounted for as a business combination in accordance with the acquisition method pursuant to FASB Topic No.
805, Business Combination (ASC 805). Accordingly, the total purchase consideration was allocated to the assets acquired, and liabilities
assumed based on their respective estimated fair values. The acquisition method of accounting requires, among other things, that assets
acquired, and liabilities assumed, if any, in a business purchase combination be recognized at their fair values as of the acquisition
date. The process for estimating the fair values of identifiable intangible assets and certain tangible assets requires the use of significant
estimates and assumptions, including estimating future cash flows, developing appropriate discount rates, estimating the costs, and timing.
The
preliminary allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Acquired accounts receivable | |
$ | 92,585 | | |
|
Property, plant and equipment | |
| 8,593 | | |
7 |
Right-of-use asset | |
| 122,984 | | |
|
Trade names | |
| 22,000 | | |
4 |
Customer relationships | |
| 550,000 | | |
10 |
Developed technology | |
| 230,000 | | |
5 |
Agency relationships | |
| 2,585,000 | | |
10 |
Lease liability | |
| (122,984 | ) | |
|
Goodwill | |
| 4,236,822 | | |
Indefinite |
| |
$ | 7,725,000 | | |
|
Trade
name was measured at fair value using the relief-from-royalty method under the income approach. Significant inputs used to measure the
fair value include an estimate of projected revenue from the trade name, a pre-tax royalty rate of 0.5% and a discount rate of 19.5%.
Customer
and Agency relationships were measured at fair value using the multiple-period excess earnings method under the income approach. Significant
inputs used to measure the fair value include an estimate of projected revenue and costs associated with existing customers, and a discount
rate of 19.5%.
Developed
technology was measured at fair value using the cost replacement method of the cost approach. Significant inputs used to measure the
fair value include an estimate of cost to replace, an obsolescence rate of 28.6%.
Goodwill
of $4,236,822 arising from the acquisition of Barra consisted of the value of the employee workforce and the residual value after all
identifiable intangible assets were valued. Goodwill recognized pursuant to the acquisition of Barra is currently expected to be deductible
for income tax purposes. Total acquisition costs incurred through December 31, 2022 for the acquisition of Barra were $72,793 recorded
as a component of General and administrative expenses.
The
approximate revenue and net profit or loss for the acquired business as a standalone entity per ASC 805 from April 26, 2022 to December
31, 2022 was $1,090,023 and a loss of $(393,708), respectively.
Pro
Forma Information
The
results of operations of Barra will be included in the Company’s consolidated financial statements as of the date of acquisition
through the current period end. The following supplemental pro forma financial information approximate combined financial information
assumes that the acquisition had occurred at the beginning of the nine months ended December 31, 2022 and 2021:
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,303,506 | | |
$ | 11,409,850 | |
Net Income (Loss) | |
$ | 6,700,594 | | |
$ | (20,370,917 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
|
X |
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v3.23.2
INVESTMENT IN NSURE, INC
|
12 Months Ended |
Dec. 31, 2022 |
Investments, All Other Investments [Abstract] |
|
INVESTMENT IN NSURE, INC |
NOTE
4. INVESTMENT IN NSURE, INC.
On
February 19, 2020, the Company entered into a securities purchase agreement with NSURE, Inc. (“NSURE”), which was further
amended on October 8, 2020, and as amended provides that the Company may invest up to an aggregate of $5,700,000 in NSURE to be funded
in three tranches. In exchange, the Company will receive a total of 928,343 shares of NSURE’s Class A Common Stock.
During
the course of calendar year 2020 and by October 8, 2020, the Company funded the first tranche, $1,350,000 in exchange for 394,029 shares.
The second tranche allowed the Company to acquire an additional 209,075 shares at a price of $6.457 per share by no later than December
30, 2020. The third full tranche allowed the Company to purchase an additional 325,239 shares at a purchase price of $9.224 after December
20, 2020, but no later than March 31, 2021.
The
Company did not fund tranches two and three in the required timeframes, thus, the Company relinquished its rights under the contract
to any additional NSURE shares aside for the ones already acquired with tranche one.
During the fourth quarter of the year ended December 31, 2022, the Company
sold 131,345 of its NSURE shares to unaffiliated third parties, receiving cash proceeds of $450,000. The Company’s remaining NSURE
share balance as of December 31, 2022 is 262,684.
The
Company measures the NSURE shares subsequent to acquisition in accordance with ASC 321-10-35-2, at cost less impairment since no readily
determinable fair value is available to the Company. The investment is reviewed for impairment at each reporting period by qualitatively
assessing any indicators demonstrating fair value of the investment is less than carrying value. The Company did not observe any price
changes resulting from orderly transactions for identical or similar assets for the years ended December 31, 2022 or 2021. ASC 321-10-50-4
further requires an entity to disclose unrealized gains and losses for periods that relate to equity securities held at a reporting date.
To date, the Company has not recognized any unrealized gains or losses on the NSURE security.
In
accordance with ACS 321-10-35-3, the Company performed a qualitative assessment to determine if the investment may be impaired. After
considering the indicators contained in ASC 321-10-35-3a –3e, the Company determined that the investment was not impaired.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.23.2
PROPERTY AND EQUIPMENT
|
12 Months Ended |
Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5. PROPERTY AND EQUIPMENT
Property
and equipment consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31, 2022 | | |
December 31, 2021 | |
Computer equipment | |
$ | 107,195 | | |
$ | 72,110 | |
Office equipment and furniture | |
| 51,532 | | |
| 36,157 | |
Leasehold Improvements | |
| 127,497 | | |
| 89,819 | |
Property and equipment | |
| 286,224 | | |
| 198,086 | |
Less: Accumulated depreciation | |
| (99,341 | ) | |
| (67,727 | ) |
Property and equipment, net | |
$ | 186,883 | | |
$ | 130,359 | |
Depreciation
expense associated with property and equipment, is included within depreciation and amortization in the Company’s consolidated
statements of operations and is, $43,945 and $19,912 for the years ended December 31, 2022 and 2021, respectively.
|
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS
|
12 Months Ended |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE
6. GOODWILL AND OTHER INTANGIBLE ASSETS
In
accordance with ASC 350-20-35-45, all the Company’s goodwill is assigned to a single operating and reporting unit. All of the
acquisitions made by the Company are in one general insurance agency industry and operate in a very similar economic and regulatory
environment. The Company has one executive who is responsible for the operations of the insurance agencies. This executive reports
directly to the Chief Executive Officer (“CEO”) on a quarterly basis. Additionally, the CEO who is responsible for the
strategic direction of the Company reviews the operations of the insurance agency business collectively, as opposed to office by
office.
For
the year ended December 31, 2022, due to a declining market cap, 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 $19.1 million vs. our goodwill balance prior to write-down of $33.4 million. Thus, the Company recognized a
goodwill impairment loss of $14,373,374
presented in the Statements of Operations as goodwill impairment for the year ended December 31, 2022. For the year ended December
31, 2021, the Company assessed goodwill in accordance with ASC 350-20-35-3, analyzing the relevant qualitative factors. The Company
noted that it was not more likely than not that the fair value of the reporting unit is less than its carrying amount, thus
determining that the two-step goodwill impairment test was not required. Pursuant to the qualitative assessment, the Company
concluded that goodwill was not impaired as of and for the year ended December and 2021.
The
following table rolls forward the Company’s goodwill balance for the periods ending December 31, 2022 and 2021.
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2020 | |
$ | 8,761,725 | |
Goodwill recognized in connection with Kush acquisition on May 1, 2021 | |
| 1,288,552 | |
December 31, 2021 | |
| 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition on January 10, 2022 | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
Goodwill Impairment | |
| (14,373,374 | ) |
December 31, 2022 | |
$ | 19,112,733 | |
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:
SCHEDULE
OF INTANGIBLE OF 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 | |
4.4 | |
$ | 2,146,188 | | |
$ | (991,240 | ) | |
$ | 1,154,948 | |
Internally developed software | |
4.1 | |
| 1,635,178 | | |
| (285,743 | ) | |
| 1,349,435 | |
Customer relationships | |
9.0 | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
0.4 | |
| 665,137 | | |
| (583,744 | ) | |
| 81,393 | |
Video Production Assets | |
0.0 | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
1.9 | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Contracts backlog | |
0.0 | |
| 210,000 | | |
| (210,000 | ) | |
| - | |
| |
| |
$ | 20,133,603 | | |
$ | (6,376,233 | ) | |
$ | 13,757,370 | |
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, 2021:
| |
Weighted Average Remaining Amortization period (Years) | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
3.5 | |
$ | 1,777,475 | | |
$ | (609,822 | ) | |
$ | 1,167,653 | |
Internally developed software | |
4.7 | |
| 595,351 | | |
| (28,443 | ) | |
| 566,908 | |
Customer relationships | |
7.7 | |
| 4,237,290 | | |
| (1,048,726 | ) | |
| 3,188,564 | |
Purchased software | |
0.6 | |
| 562,327 | | |
| (452,985 | ) | |
| 109,342 | |
Video Production Assets | |
1.0 | |
| 20,000 | | |
| - | | |
| 20,000 | |
Non-competition agreements | |
2.9 | |
| 3,504,809 | | |
| (1,478,376 | ) | |
| 2,026,433 | |
| |
| |
$ | 10,697,252 | | |
$ | (3,618,352 | ) | |
$ | 7,078,900 | |
Amortization
expense, is, $2,757,879 and $1,587,401 for the years ended December 31, 2022 and 2021, respectively.
The
following table reflects expected amortization expense as of December 31, 2022, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS
| |
| |
Years ending December 31, | |
Amortization Expense | |
2023 | |
$ | 2,557,940 | |
2024 | |
| 2,179,838 | |
2025 | |
| 1,785,882 | |
2026 | |
| 1,525,785 | |
2027 | |
| 1,192,530 | |
Thereafter | |
| 4,515,395 | |
Total | |
$ | 13,757,370 | |
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
|
12 Months Ended |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
NOTE
7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Significant
components of accounts payable and accrued liabilities were as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Accounts payable, | |
$ | 1,221,336 | | |
$ | 547,117 | |
Accrued expenses | |
| 131,334 | | |
| 2,170,215 | |
Accrued credit card payables | |
| 58,120 | | |
| 36,103 | |
Other accrued liabilities | |
| 47,177 | | |
| 5,725 | |
Accounts payable and other accrued liabilities | |
$ | 1,457,967 | | |
$ | 2,759,160 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
LONG-TERM DEBT
|
12 Months Ended |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
NOTE
8. LONG-TERM DEBT
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
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 $12,388
and $14,606
as of December 31, 2022 and 2021, respectively | |
$ | 426,883 | | |
$ | 485,317 | |
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 $15,076
and $17,626
as of December 31, 2022 and 2021, respectively | |
| 693,682 | | |
| 785,826 | |
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 $9,206
and $11,027
as of December 31, 2022 and 2021, respectively | |
| 788,596 | | |
| 884,720 | |
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 $36,843
and $42,660
as of December 31, 2022 and 2021, respectively | |
| 1,987,846 | | |
| 2,226,628 | |
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 $42,129
and $48,609
as of December 31, 2022 and 2021, respectively | |
| 3,249,575 | | |
| 3,616,754 | |
Oak Street Funding LLC Term Loan, variable interest of Prime Rate plus 2.5%,
maturing May 2032, for the acquisition of Barra, net of deferred financing costs of $198,188
and $0
as of December 31, 2022 and December 31, 2021, respectively | |
| 6,321,812 | | |
| - | |
| |
| 13,468,394 | | |
| 7,999,245 | |
Less: current portion | |
| (1,118,721 | ) | |
| (913,920 | ) |
Long-term debt | |
$ | 12,349,673 | | |
$ | 7,085,325 | |
Oak
Street Funding LLC – Term Loans and Credit Facilities
During
the year ended December 31, 2018 the Company entered into two debt agreements with Oak Street Funding LLC. On August 1, 2018, EBS and
USBA entered into a Credit Agreement with Oak Street Funding LLC (“Oak Street”) whereby EBS and USBA borrowed $750,000 from
Oak Street under a Term Loan. The Term Loan is secured by certain assets of the Company. Interest accrues at 5.00% on the basis of a
360-day year, maturing 120 months from the Amortization Date (September 25, 2018). The Company incurred debt issuance costs associated
with the Term Loan in the amount of $22,188. On December 7, 2018, CCS entered into a Facility with Oak Street whereby CCS borrowed $1,025,000
from Oak Street under a senior secured amortizing credit facility. The borrowing rate under the Facility is a variable rate equal to
Prime +1.50% and matures 10 years from the closing date. The Company incurred debt issuance costs associated with the Facility in the
amount of $25,506, which were deferred and are amortized over the length of the Facility.
During
the year ended December 31, 2019 the Company entered in Credit Agreements with Oak Street on April 1, 2019, May 1, 2019 and September
5, 2019 whereby the Company borrowed a total amount of $7,912,000 from Oak Street under the Term Loans. The Term Loans are secured by
certain assets of the Company. The borrowing rates under the Facility is a variable rate equal to Prime + 2.00% and matures 10 years
from the closing date. The Company recorded debt issuance costs associated with the aforementioned loans in total of $181,125.
On April 26, 2022 the Company entered into a secured
promissory note (the Note) with Oak Street Funding LLC subject to the terms of the Master Credit Agreement, whereby the Company borrowed
$6,250,000 with a maturity date of May 25, 2032. The Note is secured by certain assets of the Company and subject to certain financial
covenants. Interest accrues at the Prime Rate plus an Applicable Margin of 2.500% on the basis of a 360-day year. The Company incurred
debt issuance costs associated with the Note of $214,257.
Aggregated
cumulative maturities of long-term obligations (including the Term Loan and the Facility), excluding deferred financing costs, as of
December 31, 2022 are:
SCHEDULE
OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES
Fiscal year ending December 31, | |
Maturities of Long-Term Debt | |
2023 | |
$ | 1,118,569 | |
2024 | |
| 1,431,933 | |
2025 | |
| 1,582,287 | |
2026 | |
| 1,744,442 | |
2027 | |
| 1,923,234 | |
Thereafter | |
| 5,981,758 | |
Total | |
| 13,782,223 | |
Less debt issuance costs | |
| (313,829 | ) |
Total | |
$ | 13,468,394 | |
Short-Term
Financings
The
Company has various short-term notes payable for financed items such as insurance premiums and CRM software purchases. Total financed
for the year ended December 31, 2022 and 2021 respectively was approximately $482,000 and $0. 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 December 31, 2022 and 2021,
approximately $154,000 and $0 remains outstanding on short-term financings.
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v3.23.2
WARRANT LIABILITIES
|
12 Months Ended |
Dec. 31, 2022 |
Warrant Liabilities |
|
WARRANT LIABILITIES |
NOTE
9. WARRANT LIABILITIES
Series
B Warrants
On
December 22, 2021, the Company entered into a securities purchase agreement (SPA) with several institutional buyers for the purchase
and sale of (i) warrants to purchase up to an aggregate of 651,997
shares of the Company’s common stock, par
value $0.086
per share at an exercise price of $61.35
per share, (ii) an aggregate of 178,060
shares of Common Stock, and (iii) 9,076
shares
of the Company’s newly-designated Series B convertible preferred stock, par value $0.086
per
share, with a stated value of $1,000
per
share, initially convertible into an aggregate of 147,939
shares
of Common Stock at a conversion price of $61.35 per share,
each a freestanding financial instrument, (the “Private Placement”). The aggregate purchase price for the Common Shares,
the Preferred Shares and the Warrants was approximately $20,000,000.
By
entering into the Private Placement on December 22, 2021, the Company entered into a commitment to issue the Common Shares, Preferred
Shares and Series B Warrants on the Initial Closing Date for a fixed price and exercise price, as applicable. The commitment to issue
Series B Warrants (the “Warrant Commitment”) represents a derivative financial instrument, other than an outstanding share,
that, at inception, has both of the following characteristics: (i) embodies a conditional obligation indexed to the Company’s equity.
The Company classified the commitment to issue the warrants as a derivative liability because it represents a written option that does
not qualify for equity accounting The Company initially measured the derivative liability at its fair value and will subsequently remeasure
the derivative liability, at fair value with changes in fair value recognized in earnings. An option pricing model was utilized to calculate
the fair value of the Warrant Commitment. The Company initially recorded $17,408,311 of non-operating unrealized losses within the recognition
and change in fair value of warrant liabilities account for the year ended December 31, 2021.
The
Private Placement closed on January 4, 2022, at which time the Company remeasured the derivative liability for the warrants issued
in the transaction, recognizing $17,408,311
of non-operating unrealized losses and a derivative liability of $55,061,119.
The closing of the Private Placement settled the subscription receivable reported on the Company’s balance sheet as of
December 31, 2021.
Pursuant to the terms of the SPA, due to a non-Private
Placement related dilutive share issuance, effective December 27, 2022, the Series B Warrants outstanding increased to 1,333,333
and the exercise price reset to $7.50.
On December 27, 2022, 1,667
Series B Warrants were exercised into 1,667
shares of common stock with cash proceeds to the Company of $12,500.
As of December 31, 2022, there remains 1,331,667 Series B Warrants outstanding.
For the years ended December 31, 2022 and 2021, net
fair value (gains) and losses recognized for the Series B Warrants were, ($48,668,869) and $0 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 December 31, 2022 and 2021 is $6,384,250 and $0 respectively, presented in the warrant liability account on the consolidated balance
sheets.
Placement
Agent Warrants
In
connection with the Private Placement, the Company issued 16,303
warrants to the placement agent for the Private
Placement. The warrants were issued as compensation for the Placement Agent’s services. The Placement Agent Warrants (PAW) are:
(i) exercisable on any day after the six (6) month anniversary of the issue date, (ii) expire five
years after the closing of the Private Placement,
and (iii) exercisable at $61.35
per share. The Placement Agent Warrants contain
terms that may require the Company to transfer assets to settle the warrants. Therefore, the Placement Agent Warrants are classified
as a derivative liability, initially measured at fair value of $1,525,923
on the date of issuance and will be remeasured
each accounting period with the changes in fair value reported in earnings. The Placement Agent Warrants are considered financing expense
fees paid to the Placement Agent in relation to a derivative liability measured at fair value, thus, are included along with non-operating
unrealized gains and losses in the recognition and change in fair value of warrant liabilities account in the consolidated statements
of operations.
For the years ended December 31, 2022 and 2021, net
fair value (gains) and losses recognized for the PAW were, ($1,477,024) and $0 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 December 31,
2022 and 2021 is $48,900 and $0 respectively, presented in the warrant liability account on the consolidated balance sheets.
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v3.23.2
SIGNIFICANT CUSTOMERS
|
12 Months Ended |
Dec. 31, 2022 |
Risks and Uncertainties [Abstract] |
|
SIGNIFICANT CUSTOMERS |
NOTE
10. SIGNIFICANT CUSTOMERS
Carriers
representing 10% or more of total revenue are presented in the table below:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
Insurance Carrier | |
December 31, 2022 | | |
December 31, 2021 | |
LTC Global | |
| 28 | % | |
| - | % |
BlueCross BlueShield | |
| 9 | % | |
| 19 | % |
Priority Health | |
| 16 | % | |
| 28 | % |
No
other single insurance carrier accounted for more than 10% of the Company’s commission revenues. The loss of any significant customer, could have a material adverse effect on the Company.
|
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v3.23.2
EQUITY
|
12 Months Ended |
Dec. 31, 2022 |
Equity [Abstract] |
|
EQUITY |
NOTE
11. EQUITY
Preferred
Stock
The
Company has been authorized to issue 750,000,000
shares of $0.086
par value Preferred Stock. The Board of Directors is expressly vested with the authority to divide any or all of the Preferred Stock
into series and to fix and determine the relative rights and preferences of the shares of each series so established, within certain
guidelines established in the Articles of Incorporation.
Each
share of Series A Convertible Preferred Stock shall have ten (10) votes per share and may be converted into ten (10) shares of $0.086
par value common stock. The holders of the Series A Convertible Preferred Stock shall be entitled to receive, when, if and as declared
by the Board, out of funds legally available therefore, cumulative dividends payable in cash. The annual interest rate at which cumulative
preferred dividends will accrue on each share of Series A Convertible Preferred Stock is 0%. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company, before any distribution of assets of the Corporation shall be made to or set apart
for the holders of the Common Stock and subject and subordinate to the rights of secured creditors of the Company, the holders of Series
A Preferred Stock shall receive an amount per share equal to the greater of (i) one dollar ($1.00), adjusted for any recapitalization,
stock combinations, stock dividends (whether paid or unpaid), stock options and the like with respect to such shares, plus any accumulated
but unpaid dividends (whether or not earned or declared) on the Series A Convertible Preferred Stock, and (ii) the amount such holder
would have received if such holder has converted its shares of Series A Convertible Preferred Stock to common stock, subject to but immediately
prior to such liquidation.
On February
11, 2021, Reliance Global Holdings, LLC, a related party, converted 394,493 shares of Series A Convertible Preferred Stock into 262,995
shares of common stock.
On November
5, 2021, Reliance Global Holdings, LLC, a related party, converted 1,167 shares of Series A Convertible Preferred Stock into 778 shares
of common stock.
As of December 31, 2022 and 2021, all Series A
Convertible Preferred Stock have been converted and none remain outstanding.
In
January 2022, the Company issued 9,076 shares of its newly designated Series B convertible preferred stock through the Private Placement
for the purpose of raising capital. The Series B convertible preferred stock have no voting rights and initially each share may be converted
into 16 shares of the Company’s common stock. The holders of the Series B convertible preferred stock are not entitled to receive
any dividends other than any dividends paid on account of the common stock. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Company, the holders shall be entitled to receive out of the assets, whether capital or surplus, of
the Company the same amount that a holder of common stock would receive if the Preferred Stock were fully converted (disregarding for
such purposes any conversion limitations hereunder) to common stock which amounts shall be paid pari-passu with all holders of common
stock.
During
August 2022, all 9,076 Series
B Convertible Preferred Stock were converted by third parties into 147,939 shares of common
stock.
As of December 31, 2022 and 2021, all Series B
Convertible Preferred Stock have been converted and none remain outstanding.
Common
Stock
The
Company has been authorized to issue 133,333,333 shares of common stock, $0.086 par value. Each share of issued and outstanding common
stock shall entitle 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.
On
January 21, 2021 pursuant to authority granted by the Board of Directors of the Company, the Company implemented a 1-for-85.71
reverse split of the Company’s issued and outstanding common stock simultaneously with its up listing to the Nasdaq
Capital Market (the “Reverse Split-2021”). The number of authorized shares remains unchanged. All share and per share
information has been retroactively adjusted to reflect the Reverse Split-2021 for all periods presented, unless otherwise
indicated.
In February 2021, The Company issued 1,556 shares
of common stock pursuant to software purchase, valued at $340,000.
In February 2021, the Company issued 138,000 shares
of common stock through a stock offering for the purpose of raising capital. The Company received gross proceeds of $12,420,000 for the
issuance of these common shares.
In February 2021, Reliance Global Holdings, LLC,
a related party, converted $3,800,000
of outstanding debt into 42,222
shares of common stock. The conversion considered the fair market value of the stock on the day of conversion of $6.00
for total shares issued as a result of 42,222.
In March 2021, the Company issued 1,000 shares of
the Company’s common stock to a vendor for services valued at $91,050.
In May 2021, the Company issued 995 shares of common
stock pursuant to the acquisition of the Kush Acquisition, valued at $50,000.
In
January 2022, the Company issued 178,060 shares of common stock through the Private Placement for the purpose of raising capital. See
Note 9 - Warrant Liabilities for proceeds received by the Company.
In
January 2022, the Company issued 40,402 shares of common stock pursuant to the Medigap Acquisition.
In
January 2022, upon agreement with Series A warrant holders, 25,000
warrants were exercised at a price of $99.00
into 25,000
shares of the Company’s common stock.
In
March 2022, the Company issued 400 shares of the Company’s common stock due to the vesting of 400 stock awards pursuant to
an employee agreement.
In
May and June 2022, 218,462 Series C prepaid warrants were exchanged for 218,462 shares of the Company’s common stock.
In
July 2022, 81,423 Series D prepaid warrants were exchanged for 81,423 shares of the Company’s common stock.
In
December 2022, the Company issued 14,275 shares of the Company’s common stock due to the vesting of 14,275 stock awards pursuant
to several employee agreements.
In December 2022,
upon agreement with Series B warrant holders, 1,667 warrants were exercised at a price of $7.50 into
1,667 shares of the Company’s common stock with cash proceeds to the Company of $12,500.
As
of December 31, 2022 and December 31, 2021, there were 1,219,573 and 730,407 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. The Series A Warrants are exercisable at
a per share exercise price equal to 110% of the public offering price of one share of common stock and accompanying Series A Warrant,
$90.00. Series A warrant holders exercised 25,000 Series A warrants in January 2022, resulting in 113,000 of Series A warrants remaining
issued and outstanding as of December 31, 2022 and 138,000 as of December 31, 2021.
Series
C and D Warrants
In
January 2022, as a result of the Private Placement and the Medigap Acquisition, the Company received a deficiency notification from Nasdaq
indicating violation of Listing Rule 5365(a). As part of its remediation plan, in March 2022, the Company entered into Exchange Agreements
with the holders of common stock issued in January 2022. Pursuant to the Exchange Agreements, the Company issued 218,462 Series C prepaid
warrants in exchange for 218,462 shares of the Company’s common stock. Additionally, as compensation for entering into the Exchange
Agreements, the Company issued 81,500 Series D prepaid warrants to the Private Placement investors for no additional consideration.
The fair value of the Series D prepaid warrants was treated as a deemed dividend and accordingly treated as a reduction from income available
to common stockholders in the calculation of earnings per share. Refer to Note 7, Earnings (Loss) Per Share for additional information.
The
Series C and D Warrants are equity classified pursuant to the warrant agreement provisions that permit holders to 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 expire on the fifth anniversary of the respective issuance dates and are exercisable at a per share
exercise price equal to $0.015.
In
May and June 2022, the 218,462 Series C prepaid warrants were converted for 218,462 shares of the Company’s common stock for
a conversion price of $0.015. Through December 31, 2022, the Company has received payments of $1,336 for these issuances.
In
July 2022, the 81,500 Series D prepaid warrants were converted into 81,472 shares of the Company’s common stock for a conversion
price of $0.015 through both cash and cashless exercises. Proceeds of $795 were received in conjunction with the cash exercise.
Equity Incentive Plan
During
the year ended December 31, 2019, the Company adopted the Reliance Global Group, Inc. 2019 Equity Incentive Plan (the
“Plan”) under which various forms of equity awards can be granted to employees, directors, consultants, and service
providers. Awards include but are not limited to, restricted stock, restricted stock units, performance shares and stock options. A
total of 46,667 shares
of common stock were reserved for issuance under the Plan, and as of December 31, 2022, 32,391 shares remain available for issuance.
With regards to options, the Company issues new shares of common stock from the shares reserved under the Plan upon exercise of
options.
The
Plan is administered by the Board of Directors (the “Board”). The Board is authorized to select from among eligible
employees, directors, and service providers those individuals to whom shares and options are to be granted and to determine the
number of shares to be subject to, and the terms and conditions of the options. The Board is also authorized to prescribe, amend,
and rescind terms relating to options granted under the Plan. Generally, the interpretation and construction of any provision of the
Plan or any shares and options granted hereunder is within the discretion of the Board.
Stock Options:
The
Plan provides that options may or may not be Incentive Stock Options (ISOs) within the meaning of Section 422 of the Internal Revenue
Code. Only employees of the Company are eligible to receive ISOs, while employees, non-employee directors, consultants, and service providers
are eligible to receive options which are not ISOs, i.e. “Non-Statutory Stock Options.” The options granted by the Board
in connection with its adoption of the Plan were Non-Statutory Stock Options.
The
fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model or the value of the services
provided, whichever is more readily determinable. The Black-Scholes option pricing model takes into account, as of the grant date, the
exercise price and expected life of the option, the current price of the underlying stock and its expected volatility, expected dividends
on the stock and the risk-free interest rate for the term of the option.
The
following is a summary of the stock options granted, forfeited or expired, and exercised under the Plan for the years ended December
31, 2022 and 2021 respectively:
SCHEDULE
OF THE STOCK OPTIONS GRANTED, FORFEITED OR EXPIRED
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2022 | |
| 10,928 | | |
$ | 232.78 | | |
| 1.61 | | |
| - | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2020 | |
| 15,594 | | |
$ | 231.45 | | |
| 3.63 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| (4,667 | ) | |
$ | 218.56 | | |
| 2.68 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
| - | |
The
following is a summary of the Company’s non-vested stock options as of December 31, 2022 and 2021 respectively:
SCHEDULE
OF NON - VESTED STOCK OPTIONS
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 14.89 | | |
| 1.71 | |
Forfeited or expired | |
| - | | |
| - | | |
| - | |
Non-vested at December 31, 2022 | |
| 271 | | |
$ | 18.25 | | |
| 2.27 | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2020 | |
| 10,636 | | |
$ | 200.85 | | |
| 2.53 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 206.40 | | |
| 0.82 | |
Forfeited or expired | |
| (3,734 | ) | |
| 218.55 | | |
| 2.68 | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
For
the years ended December 31, 2022 and 2021, the Board did not approve any options to be issued
pursuant to the Plan.
During
the years ended December 31, 2022 and 2021, various employee terminations occurred resulting in option forfeitures of $0 and $70,004 respectively.
As
of December 31, 2022, the Company determined that the options granted and outstanding had a total fair value of $2,421,960, which will
be amortized in future periods through February 2024. During the year ended December 31, 2022, the Company recognized $178,579
of compensation expense relating to the stock
options granted to employees, directors, and consultants. As of December 31, 2022, unrecognized compensation expense totaled $17,166
which will be recognized on a straight-line basis
over the vesting period or requisite service period through February 2024.
The
intrinsic value is calculated as the difference between the market value and the exercise price of the shares on December 31, 2022. The
market value as of December 31, 2022 was $8.55 based on the closing bid price for December 31, 2022.
As
of December 31, 2021, the Company determined that the options granted and outstanding had a total fair value of $2,421,960,
which will be amortized in future periods through February 2024. During the year ended December 31, 2021, the Company recognized
$576,160
of compensation expense relating to the stock options granted to employees, directors, and consultants. As of December 31, 2021,
unrecognized compensation expense totaled $195,746
which will be recognized on a straight-line basis over the vesting period or requisite service period through February
2024.
The
intrinsic value is calculated as the difference between the market value and the exercise price of the shares on December 31, 2021. The
market value as of December 31, 2021 was $96.60 based on the closing bid price for December 31, 2021.
The
Company estimated the fair value of each stock option on the grant date using a Black-Scholes option-pricing model. Black-Scholes option-pricing
models require the Company to make predictive assumptions regarding future stock price volatility, recipient exercise behavior, and dividend
yield. The Company estimated the future stock price volatility using the historical volatility over the expected term of the option.
The expected term of the options was computed by taking the mid-point between the vesting date and expiration date. The following assumptions
were used in the Black-Scholes option-pricing model, not accounting for the reverse splits:
SCHEDULE
OF ASSUMPTION OF BLACK-SCHOLES OPTION PRICING MODEL
| |
Year
Ended
December 31, 2022 | | |
Year
Ended
December 31, 2021 | |
Exercise
price | |
$ | 0.16
- $0.26 | | |
$ | 0.16
- $0.26 | |
Expected
term | |
| 3.25
to 3.75 years | | |
| 3.25
to 3.75 years | |
Risk-free
interest rate | |
| 0.38%
- 2.43 | % | |
| 0.38%
- 2.43 | % |
Estimated
volatility | |
| 293.07%
- 517.13 | % | |
| 293.07%
- 517.13 | % |
Expected
dividend | |
| - | | |
| - | |
Equity-based
Compensation
The
Plan provides for various forms of stock awards. Between February and May 2022, three existing employees and/or executives were
awarded restricted shares totaling 12,460 shares of the Company’s common stock to be vested immediately. The shares were
valued at $766,250,
treated as stock-based compensation expense, and were issued in December 2022.
Pursuant to an agreement in April 2022,
further amended in October 2022 between the Company and an executive, the executive was granted 7,418 restricted
shares of the Company’s common stock which vest quarterly over a three-year period. The shares granted were valued at
$180,546 at
the date of the grant. For the year ended December 31, 2022, compensation expense on this grant was $32,131.
As of December 31, 2022, 667
shares have been issued under this agreement.
Pursuant
to an equity-based compensation program at one of the Company’s subsidiaries which provides agents the ability to earn and
receive restricted stock awards upon completion of agreed upon service requirements, the Company granted 21,615
restricted stock awards which were immediately vested. Stocks earned are restricted for twelve months. The stocks were valued at
$249,650
and recognized as stock-based compensation expense for the year ended December 31, 2022. No shares have been issued for this program
as of December 31, 2022.
In
2021, three employees received a signing bonus of shares of the Company’s common stock to be issued after the completion of a service
period ranging from one to three years of service. The shares granted in 2021 were valued at $110,240. For the year ended December 31,
2021, compensation expense on these grants totaled $81,917.
Total stock-based compensation expense for the years ended December 31, 2022 and 2021 was $1,249,873
and $749,127, respectively.
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v3.23.2
EARNINGS (LOSS) PER SHARE
|
12 Months Ended |
Dec. 31, 2022 |
Earnings Per Share [Abstract] |
|
EARNINGS (LOSS) PER SHARE |
NOTE
12. 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
| |
2022 | | |
2021 | |
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
Net income (loss) | |
$ | 6,466,162 | | |
$ | (21,098,465 | ) |
Deemed dividend | |
| (6,930,335 | ) | |
| - | |
Net loss | |
$ | (464,173 | ) | |
$ | (21,098,465 | ) |
| |
| | | |
| | |
Weighted average common shares | |
| 1,094,781 | | |
| 673,137 | |
Effect of weighted average vested stock awards | |
| 208 | | |
| - | |
Basic and diluted weighted average shares outstanding | |
| 1,094,989 | | |
| 673,137 | |
Basic and diluted loss per common share: | |
$ | (0.42 | ) | |
$ | (31.34 | ) |
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
| |
2022 | | |
2021 | |
| |
For the years ended December 31, | |
| |
2022 | | |
2021 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| - | |
Shares subject to outstanding Series B Warrants and PAW | |
| 1,347,970 | | |
| - | |
Shares subject to unvested stock awards | |
| 6,576 | | |
| - | |
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v3.23.2
LEASES
|
12 Months Ended |
Dec. 31, 2022 |
Leases |
|
LEASES |
NOTE
13. LEASES
Operating
Leases
ASU
2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated
over the lease term, generally on a straight-line basis. The standard requires a lessee to record a right-of-use asset and a corresponding
lease liability at the inception of the lease, initially measured at the present value of the lease payments. The Company’s leases
consist of operating leases on buildings and office space.
In
accordance with ASU 2016-02, right-of-use assets are amortized over the life of the underlying leases. Lease expense for the years
ended December 31, 2022 and 2021 was $598,422
and $307,773
respectively. As of December 31, 2022 and 2021, the weighted average remaining lease term and weighted average discount rates for the
operating leases were 3.82
years and 5.67%
and 5.28 years and 5.83% respectively.
Future
minimum lease payment under these operating leases consisted of the following:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| |
Year ending December 31, | |
Operating Lease Obligations | |
2023 | |
$ | 570,275 | |
2024 | |
| 269,908 | |
2025 | |
| 144,124 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,053 | |
Total undiscounted operating lease payments | |
| 1,366,248 | |
Less: Imputed interest | |
| 134,126 | |
Present value of operating lease liabilities | |
$ | 1,232,122 | |
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
14. 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 December 31, 2022 and 2021. 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
Company has recognized several earn-out liabilities resulting from contingent consideration provisions included in business combination
agreements. Earn-out consideration is normally earned by acquirees when they meet or exceed pre-agreed upon earnings targets.
The
following outlines changes to the Company’s earn-out liability balances for the respective years
ended December 31, 2022 and 2021:
SCHEDULE OF EARN-OUT LIABILITY
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 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 | | |
| 210,967 | | |
| (73,452 | ) | |
| (283,112 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | - | | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,534 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Total | |
Ending balance December 31, 2020 | |
$ | 81,368 | | |
$ | 432,655 | | |
$ | 522,553 | | |
$ | 1,894,842 | | |
$ | - | | |
$ | 2,931,418 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,694,166 | | |
| 1,694,166 | |
Changes due to payments | |
| - | | |
| - | | |
| - | | |
| (452,236 | ) | |
| - | | |
| (452,236 | ) |
Changes due to fair value adjustments | |
| - | | |
| 82,653 | | |
| 93,416 | | |
| (449,738 | ) | |
| (4,433 | ) | |
| (278,102 | ) |
Changes due to write-offs | |
| (81,368 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (81,368 | ) |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | 3,813,878 | |
COVID-19
pandemic contingencies
The
spread of the coronavirus (COVID-19) outbreak in the United States has resulted in economic uncertainties which may negatively impact
the Company’s business operations. While the disruption is expected to be temporary, there is uncertainty surrounding the duration
and extent of the impact.
Adverse
events such as health-related concerns about working in our offices, the inability to travel and other matters affecting the general
work environment could harm our business and our business strategy. While we do not anticipate any material impact to our business operations
as a result of the coronavirus, in the event of a major disruption caused by the outbreak of pandemic diseases such as coronavirus, we
may lose the services of our employees or experience system interruptions, which could lead to diminishment of our business operations.
Any of the foregoing could harm our business and delay the implementation of our business strategy and we cannot anticipate all the ways
in which the current global health crisis and financial market conditions could adversely impact our business.
Management
is actively monitoring the global situation on its financial condition, liquidity, operations, industry and workforce.
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v3.23.2
INCOME TAXES
|
12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
15. INCOME TAXES
The
difference between the actual income tax rate versus the tax computed at the Federal Statutory rate follows:
SCHEDULE
OF ACTUAL INCOME TAX RATE
| |
December 31, 2022 | | |
December 31, 2021 | |
Federal rate | |
| 21.0 | % | |
| 21.0 | % |
State net of federal | |
| -7.9 | % | |
| 0.3 | % |
Non-taxable change in fair value of warrant commitment | |
| -106.3 | % | |
| 0.0 | % |
Goodwill impairment | |
| 46.7 | % | |
| - | % |
Rate Change | |
| -4.1 | % | |
| 0.4 | % |
Other | |
| 2.2 | % | |
| 0.0 | % |
Valuation allowance | |
| 48.5 | % | |
| (-21.6 | )% |
Effective income tax rate | |
| 0.0 | % | |
| 0.0 | % |
The
Company did not have any material uncertain tax positions. The Company’s policy is to recognize interest and penalties accrued
related to unrecognized benefits as a component income tax expense (benefit). The Company did not recognize any interest or penalties,
nor did it have any interest or penalties accrued as of December 31, 2022 and 2021.
Deferred
income tax assets and (liabilities) consist of the following:
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
Deferred tax assets (liabilities) | |
| | | |
| | |
Net operating loss carryforward | |
$ | 4,938,164 | | |
$ | 1,900,194 | |
Stock based compensation | |
| 1,148,836 | | |
| 725,546 | |
Goodwill | |
| (771,631 | ) | |
| (199,086 | ) |
Intangibles | |
| 745,227 | | |
| 459,441 | |
Fixed assets | |
| (99,002 | ) | |
| (56,691 | ) |
Right of use assets | |
| (300,616 | ) | |
| (333,347 | ) |
Lease liabilities | |
| 313,342 | | |
| 337,671 | |
Other | |
| 1,525 | | |
| 1,336 | |
Total deferred tax assets | |
| 5,975,846 | | |
| 2,835,065 | |
Valuation allowance | |
| (5,975,846 | ) | |
| (2,835,065 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
The
Company has approximately $19,784,000 of Federal Net Operating Loss Carry forwards, of which $1.3 million will begin to expire beginning
2031 and $18.5 million will not expire but are limited to use of 80% of current year taxable income.
The
Company has approximately $15,264,000 of state net operation loss carry forward to offset future taxable income in the states in which
it currently operates. These carryforwards start expiring in 2029.
Internal
Revenue Code Section 382 limits the ability to utilize net operating losses if a 50% change in ownership occurs over a three-year period.
Such limitation of the net operating losses may have occurred, but we have not analyzed it at this time as the deferred tax asset is
fully reserved.
During
the year ended December 31, 2022 and 2021, the valuation allowance increased $3,140,780 and $742,884, respectively.
The
tax periods ending December 31, 2019, 2020 and 2021 are open for examination.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Dec. 31, 2022 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
16. RELATED PARTY TRANSACTIONS
The
Company entered into a Loan Agreement with Reliance Global Holdings, LLC, a related party under common control. There is no term to the
loan, and it bears no interest. Repayment will be made as the Company has business cash flows. The proceeds from the various loans were
utilized to fund the acquisitions of USBA, EBS, CCS, SWMT Acquisition, Fortman, Altruis, and UIS.
As
of December 31, 2022, and the 2021 the related party loan payable was $100,724 and $353,766 respectively.
At
December 31, 2022 and 2021, Reliance Holdings owned approximately 24% and 33%, respectively, of the common stock of the Company.
On
September 13, 2022, the Company issued a promissory note to YES Americana Group, LLC, a related party entity for the principal sum of
$1,500,000 (the “Note”). The Note matures on January 15, 2024, bearing interest of 0% per annum for the first six months,
and 5% per annum thereafter, payable monthly. In the event the Note is not paid by the maturity date, the loan will automatically be
extended for an additional year until January 15, 2025, and if necessary, extended again for one additional year through January 15,
2026.
|
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
SUBSEQUENT EVENTS
|
12 Months Ended |
Dec. 31, 2022 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
17. SUBSEQUENT EVENTS
Effective January 1, 2023, the Company’s Board
of Directors promoted its then-current Chief Accounting Officer, Joel Markovits, to the position of Chief Financial Officer. Pursuant
to the terms of the promotion letter entered into by the Company and Mr. Markovits on December 28, 2022, Mr. Markovits will receive an
annual base salary of $275,000. Mr. Markovits was also granted 40,000 shares, per annum, of the Company’s common stock, with an
effective grant date of December 28, 2022, which will vest monthly each year during the duration of his employment.
As previously disclosed, the Company issued a promissory
note to YES Americana Group, LLC (“Americana”), a related party entity, for the principal sum of $1,500,000 (the “Note”).
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 as a result of Americana’s funding of an additional $345,000 to the Company during the period of
January 23, 2023 through February 2, 2023, (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 (the “Common Stock”). The conversion price under
the Note is equal to the Nasdaq minimum price, which is the lower of: (i) the closing price of the Common Stock (as reflected on Nasdaq.com)
immediately preceding the signing of the Amendment; or (ii) the average closing price of the Common Stock (as reflected on Nasdaq.com)
for the five trading days immediately preceding the signing of the Amendment. On February 13, 2023, Americana effectuated a conversion
of $645,000 of the Note into 1,001,148 shares of the Company’s common stock, $0.086 par value per share, in accordance with the
terms of the Amendment.
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.
On March 13, 2023, the Company entered into a
securities purchase agreement with one institutional buyer for the purchase and sale of, subject to customary closing conditions,
(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”) 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”) 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”). 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”). The closing of the Private Placement occurred on March 16, 2023. EF Hutton, a
division of Benchmark Investments, LLC (the “Placement Agent”) acted as the sole placement agent for the Company in
connection with the Private Placement. Pursuant to that certain Engagement Letter, dated as of January 30, 2023, between the Company
and the Placement Agent, the Placement Agent is entitled to a cash fee of 8%
of the gross proceeds of the Private Placement and the reimbursement of certain Placement Agent fees and expenses, including, but
not limited to, up to $95,000
for fees and expenses including “road show”, diligence, and reasonable legal fees and disbursements for the Placement
Agent’s counsel.
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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 SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the
accounting of Reliance Global Group, Inc., and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation.
|
Liquidity |
Liquidity
As
of December 31, 2022, the Company’s reported cash and restricted cash aggregated balance was approximately $1,910,000,
current assets were approximately $3,265,000,
while current liabilities were approximately $7,794,000.
As of December 31, 2022, the Company had a working capital deficit of approximately $4,529,000 and
stockholders’ equity of approximately $8,911,039.
For the year ended December 31, 2022, the Company reported net income of approximately $6,466,162,
which includes a non-cash goodwill impairment of approximately $14,373,000,
offset by a non-cash, non-operating measurement gain on the warrant commitment of approximately $29,065,000.
The Company reported negative cash flows from operations of approximately $3,190,000.
The Company completed a capital offering in February 2021 and January 2022 that raised net proceeds of approximately $10,496,000 and
$17,853,000,
respectively. As noted in Note 17 - Subsequent Events, pursuant to a securities purchase agreement which closed on March 16,
2023, the Company received funds net of transaction costs of approximately $3,446,000,
to be used primarily for working capital.
Management believes the company’s financial position and continued ability to raise
capital to be reasonable and sufficient. Based on our assessment, we do not believe there are any 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 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
consists of checking accounts. The Company considers all highly liquid investments with an original maturity of three months or less
to be cash equivalents.
Restricted
cash includes cash pledged as collateral to secure obligations and/or all cash whose use is otherwise limited by contractual provisions.
At times, some cash balances held in banks may exceed the Federal Deposit Insurance Corporation, or FDIC, standard
deposit insurance limit of $250,000.
The
reconciliation of cash and restricted cash reported within the applicable balance sheet accounts that sum to the total of cash and restricted
cash presented in the statement of cash flows is as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash | |
$ | 505,410 | | |
$ | 4,136,180 | |
Restricted cash | |
| 1,404,359 | | |
| 484,542 | |
Total cash and restricted cash | |
$ | 1,909,769 | | |
$ | 4,620,722 | |
|
Property and Equipment |
Property
and Equipment
Property
and equipment is stated at cost, less accumulated depreciation. Depreciation is recognized over an asset’s estimated useful life
using the straight-line method beginning on the date an asset is placed in service. The Company regularly evaluates the estimated remaining
useful lives of the Company’s property and equipment to determine whether events or changes in circumstances warrant a revision
to the remaining period of depreciation. Certain capitalized software has been reclassified in the consolidated balance sheet from property
and equipment, net to intangibles, net and comparative periods have been adjusted accordingly. Maintenance and repairs are charged to
expense as incurred. Estimated useful lives of the Company’s Property and Equipment are as follows:
SCHEDULE
OF ESTIMATED USEFUL LIVE PROPERTY AND EQUIPMENT
| |
Useful Life (in years) |
Computer equipment | |
5 |
Office equipment and furniture | |
7 |
Leasehold improvements | |
Shorter of the useful life or the lease term |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:
Level
1 — Observable inputs that reflect 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.
As
of December 31, 2022 and 2021 respectively, the Company’s balance sheet includes certain financial instruments, including cash,
notes receivables, accounts payable, and short and long-term debt. The carrying amounts of current assets and current liabilities approximate
their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.
The carrying amounts of long-term debt approximate their fair value as the variable interest rates are based on a market index.
Warrant
Liabilities: The Company’s warrant liabilities (see Note 9, Warrant Liabilities) represent liability-classified derivative
financial instruments recorded at fair value on a recurring basis. The fair value of the Warrant Liabilities includes significant inputs
unobservable in the market and thus are considered Level 3. The Company measured the fair value of the warrant liabilities at the issuance
date, December 22, 2022, and subsequently at the balance sheet date, using a binomial option pricing model. The following summarizes
the significant unobservable inputs, not accounting for the Reverse Split-2023:
SCHEDULE
OF EARN OUT LIABILITY
| |
December 22, 2022 | | |
December 22, 2021 | |
Stock price | |
$ | 0.57 | | |
$ | 6.44 | |
Volatility | |
| 105.0 | % | |
| 90 | % |
Time to Expiry | |
| 4.01 | | |
| 5 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.1 | % | |
| 1.10 | % |
The
following reconciles the warrant liabilities for the years ended December 31, 2022 and 2021:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
| | |
| | |
| | |
| |
| |
Years ended December 31, 2022 and 2021 | |
| |
Series B Warrant Commitment | | |
Series B warrant liabilities | | |
Placement agent warrants | | |
Total | |
Beginning balance, December 31, 2020 | |
| - | | |
| - | | |
| - | | |
| - | |
Initial recognition | |
| 20,244,497 | | |
| - | | |
| - | | |
| 20,244,497 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| - | | |
| - | | |
| 17,408,311 | |
Ending balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Beginning balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Initial recognition | |
| - | | |
| 55,061,119 | | |
| 1,525,924 | | |
| 56,587,043 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| (48,668,869 | ) | |
| (1,477,024 | ) | |
| (32,737,582 | )* |
Warrants exercised or transferred | |
| (55,061,119 | ) | |
| (8,000 | ) | |
| - | | |
| (55,069,119 | ) |
Ending balance, December 31, 2022 | |
| - | | |
| 6,384,250 | | |
| 48,900 | | |
| 6,433,150 | |
* | Recognition and change in fair value of warrant liabilities per income statement is $29,064,958. The
difference of $3,672,624 is made up of the Warrant issuance costs. |
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
| |
December 31, 2022 | |
December 31, 2021 |
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
| |
December 31, 2022 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 7.7 | % |
Payment Delay (days) | |
| 90 | |
Risk free rate | |
| USD Yield Curve | |
Discounting Convention: | |
| Mid-period | |
Number of Iterations | |
| 100,000 | |
Undiscounted
remaining earn out payments are approximately $2,967,592 as of December 31, 2022. The following table reconciles fair value of earn-out
liabilities for the years ending December 31, 2022 and 2021:
SCHEDULE
OF GAIN OR LOSSES RECOGNIZED FAIR VALUE
|
|
December
31,
2022 |
|
|
December
31,
2021 |
|
Beginning
balance – January 1 |
|
$ |
3,813,878 |
|
|
$ |
2,931,418 |
|
|
|
|
|
|
|
|
|
|
Acquisitions
and Settlements |
|
|
(1,104,925 |
)
|
|
|
1,160,562 |
|
|
|
|
|
|
|
|
|
|
Period
adjustments: |
|
|
|
|
|
|
|
|
Fair
value changes included in earnings* |
|
|
524 |
|
|
|
(278,102 |
) |
|
|
|
|
|
|
|
|
|
Ending
balance |
|
$ |
2,709,478 |
|
|
$ |
3,813,878 |
|
Less:
Current portion |
|
|
(2,153,478 |
) |
|
|
(3,297,855 |
) |
Ending
balance, less current portion |
|
|
556,000 |
|
|
|
516,023 |
|
* |
Recorded
as a reduction to general and administrative expenses |
|
Deferred Financing Costs |
Deferred
Financing Costs
The
Company has recorded deferred financing costs as a result of fees incurred by the Company in conjunction with its debt financing activities.
These costs are amortized to interest expense using the straight-line method which approximates the interest rate method over the term
of the related debt. As of December 31, 2022, and 2021, unamortized deferred financing costs were $313,829, and $134,528, respectively
and are netted against the related debt.
|
Business Combinations |
Business
Combinations
The
Company accounts for its business combinations using the acquisition method of accounting. Under the acquisition method, assets acquired,
liabilities assumed, and consideration transferred are recorded at the date of acquisition at their respective fair values. Definite-lived
intangible assets are amortized over the expected life of the asset. Any excess of the purchase price over the estimated fair values
of the net assets acquired is recorded as goodwill.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration such as earn-outs, the Company records the contingent consideration at fair value at the acquisition
date. The Company remeasures fair value as of each reporting date and changes resulting from events after the acquisition date, are recognized
as follows: 1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent
settlement is accounted for within equity, or 2) if the contingent consideration is classified as a liability, the changes in fair value
and accretion costs are recognized in earnings.
|
Identifiable Intangible Assets, net |
Identifiable
Intangible Assets, net
Finite-lived
intangible assets such as customer relationships assets, trademarks and tradenames are amortized over their estimated useful lives, generally
on a straight-line basis for periods ranging from 3 to 20 years. Finite-lived intangible assets are reviewed for impairment or obsolescence
whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of intangible
assets is measured by a comparison of the carrying amount of the asset to the future undiscounted net cash flows expected to be generated
by that asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying
amount of the asset exceeds the estimated fair value. No impairment was recognized during the periods presented.
|
Goodwill and other indefinite-lived intangibles |
Goodwill
and other indefinite-lived intangibles
The
Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible
and intangible assets acquired. Goodwill is assigned on the acquisition date and tested for impairment at least annually,
or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not
declined below its carrying value. Similarly, indefinite-lived intangible assets (if any) other than goodwill are tested annually or
more frequently if indicated, for impairment. If impaired, intangible assets are written down to fair value based on the expected discounted
cash flows.
|
Financial Instruments |
Financial
Instruments
The
Company evaluates issued financial instruments for classification as either equity or liability based on an assessment of the financial
instrument’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC
480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the financial instruments
issued are freestanding pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and, if applicable whether the financial
instruments meet all of the requirements for equity classification under ASC 815, including whether the financial instruments are indexed
to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of issuance and as of each subsequent reporting period end date while the financial instruments
are outstanding. Financial instruments that are determined to be liabilities under ASC 480 or ASC 815 are held at their initial fair
value and remeasured to fair value at each subsequent reporting date, with changes in fair value recorded as a non-operating, non-cash
loss or gain, as applicable.
The
Company’s financial instruments consist of derivatives related to the warrants issued with the securities purchase agreement as
discussed in Note 9, Warrant Liabilities. The accounting treatment of derivative financial instruments requires that we record
the derivatives at their fair values as of the inception date of the debt agreements and at fair value as of each subsequent balance
sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense at each balance sheet date. Upon the determination
that an instrument is no longer subject to derivative accounting, the fair value of the derivative instrument at the date of such determination
will be reclassified to paid in capital.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606 Revenue from Contracts with Customers
which at its core, recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration
the entity expects to be entitled to in exchange for those goods or services.
The
Company’s revenue is primarily comprised of agency commissions earned from insurance carriers (the “Customer” or “Carrier”)
related to insurance plans produced through brokering, producing and servicing agreements between insurance carriers and members. The
Company defines a “Member” as an individual, family or entity currently covered or seeking insurance coverage.
The
Company focuses primarily on agency services for insurance products in the “Healthcare” and property and casualty, which
includes auto (collectively “P&C”) space, with nominal activity in the life insurance and bond sectors. Healthcare includes
plans for individuals and families, Medicare supplements, ancillary and small businesses. The Company also earns revenue in the “Insurance
Marketing” space as discussed further below.
Consideration
for all agency services typically is based on commissions calculated by applying contractual commission rates to policy premiums. For
P&C, commission rates are applied to premiums due, whereas for healthcare, commission rates, including override commissions, are
applied to monthly premiums received by the Carrier.
The
Company has two forms of billing practices, “Direct Bill” and “Agency Bill”. With Direct Bill, Carriers bill
and collect policy premium payments directly from Members without any involvement from the Company. Commissions are paid to the Company
by the Carrier in the following month. With Agency Bill, the Company bills Members premiums due and remits them to Carriers net of commission
earned.
The
following outlines the core principles of ASC 606:
Identification
of the contract, or contracts, with a customer. A contract with a customer exists when (i) we enter into an enforceable contract
with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms
related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially
all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the
promised consideration.
Identification
of the performance obligations in the contract. Performance obligations promised in a contract are identified based on the goods
or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the
goods or service either on its own or together with other resources that are readily available from third parties or from us, and are
distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises
in the contract.
Determination
of the transaction price. The transaction price is determined based on the consideration to which we will be entitled in exchange
for transferring goods or services to the customer.
Allocation
of the transaction price to the performance obligations in the contract. If the contract contains a single performance obligation,
the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations
require an allocation of the transaction price to each performance obligation based on a relative standalone selling price basis.
Recognition
of revenue when, or as, the Company satisfies a performance obligation. The Company satisfies performance obligations either over
time or at a point in time, as discussed in further detail below. Revenue is recognized at the time the related performance obligation
is satisfied by transferring the promised good or service to the customer.
Healthcare
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Carriers, to perform agency services that culminate in monthly premium cash
collections by the Carrier. The performance obligation is satisfied through a combination of agency services including, marketing carrier’s
insurance plans, soliciting Member applications, binding, executing and servicing insurance policies on a continuous basis throughout
a policy’s life cycle which includes and culminates with the Customer’s collection of monthly premiums. No commission is
earned if cash is not received by Carrier. Thus, commission revenue is earned only after a month’s cash receipts from Members’
dues is received by the Customer. Each month’s Carrier cash collections is considered a separate unit sold and transferred to the
Customer i.e., the satisfaction of that month’s performance obligation.
Transaction
price is typically stated in a contract and usually based on a commission rate applied to Member premiums paid and received by Carrier.
The Company generally continues to receive commission payments from Carriers until a Member’s plan is cancelled or the Company
terminates its agency agreement with the Carrier. Upon termination, the Company normally will no longer receive any commissions from
Carriers even on business still in place. In some instances, trailing commissions could occur which would be recognized similar to other
Healthcare revenue. With one performance obligation, allocation of transaction price is normally not necessary.
Healthcare
typically utilizes the Direct Bill method.
The
Company recognizes revenue at a point in time, when it satisfies its monthly performance obligation and control of the service transfers
to the Customer. Transfer occurs when Member insurance premium cash payments are received by the Customer. The Customer’s receipt
of cash is the culmination and complete satisfaction of the Company’s performance obligation, and the earnings process is complete.
With
Direct Bill, since the amount of monthly Customer cash receipts is unknown to the Company until the following month when notice is provided
by Customer to Company, the Company accrues revenue at each period end. Any estimated revenue accrued and recognized at a period-end
is trued up for financial reporting per actual revenue earned as provided by the Customer during the following month.
P&C
revenue recognition:
The
Company identifies a contract when it has a binding agreement with a Carrier, the Customer, to provide agency services to Members.
There
typically is one performance obligation in contracts with Customers, to perform agency services to solicit, receive proposals and bind
insurance policies culminating with policy placement. Commission revenue is earned at the time of policy placement.
Transaction
price is typically stated in a contract and usually based on commission rates applied to Member premiums due. With one performance obligation,
allocation of transaction price is normally not necessary.
P&C
utilizes both the Agency Bill and Direct Bill methods, depending on the Carrier.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of the service transfers to the
Customer. Transfer occurs when the policy placement process is complete.
With
both Direct Bill and Agency Bill, the Company accrues commission revenue in the period policies are placed. With Agency Bill, payment
is typically received from Members in the month earned, however with Direct Bill, payment is typically received from Carriers in the
month subsequent to the commissions being earned.
Insurance
Marketing revenue recognition:
Medigap,
a consolidated wholly owned subsidiary of the Company earns commission revenue by selling bound insurance policies with all renewal rights
to insurance marketing organizations (the “IM Customer”). The IM Customers utilize innovative actuarial models to value and
price policies purchased based on future projections. IM Customers pay a one-time commission per policy purchased to selling agencies
based on a pre-agreed formula outlined in the parties’ contractual agreement. Commission payments are subject to chargeback in
the event a policy is cancelled or lapses within 3 months of a policy’s effective date or until the first three payments are received
from the insured party, depending on the IM Customer Contract.
The
Company identifies a contract when it has a binding agreement to sell issued insurance policies to the IM Customer.
There
is one performance obligation in IM Customer contracts, to sell the rights in Company procured issued insurance policies to the IM Customer.
The performance obligation is satisfied when the rights to an issued policy have been transferred to the IM Customer.
Transaction
price is stated in a contract and is a set range of commission amounts based on each policy sold. There are two variable components to
consideration received:
|
a) |
Commissions
are only earned once a policy is “Placed”, defined as, an active policy sold to the IM Customer where the IM Customer
has received the initial insurance carrier payment with respect to such policy. The Company requires end-user insured parties to
pay the initial premium to the insurance carrier upon issuance of a policy. Insurance carrier in turn pays IM Customer its initial
payment soon thereafter. Thus, upon sale of an issued policy to IM Customer, the Company has provided a bound issued policy and ensured
first premium payment has been completed by insured party. This results in virtual assurance that the IM Customer will receive its
initial insurance carrier payment, and it is more than probable that a significant revenue reversal will not occur. The Company thus
considers all policies sold to the IM Customer to be Placed for revenue recognition purposes. |
|
|
|
|
b) |
Commission
revenue is subject to chargeback in full if a policy is cancelled or lapses within three months from the policy effective date or
if the insured party does not make the first three payments of the policy. The Company uses historical activity as well as current
factors to estimate the unconstrained variable consideration for recognition per the expected value method. A chargeback reserve
liability is credited for the difference between cash consideration received and variable consideration recognized. At each reporting
period, the Company remeasures the chargeback reserve liability and recognizes any change as an increase or decrease to the then
current period revenue. As of March 31, 2022 and December 31, 2021, the chargeback reserve liability was $1,585,435 and $0, respectively. |
With
one performance obligation, allocation of transaction price is normally not necessary.
The
Company recognizes revenue at a point in time when it satisfies its performance obligation and control of an insurance policy transfers
to the IM Customer. Transfer of control occurs when the Company submits the Policy to the IM Customer.
IM
Customers generally pay the Company weekly, and accruals are recorded as necessary at period end.
Other
revenue policies: Insurance commissions earned from Carriers for life insurance products are recorded gross of amounts due to agents,
with a corresponding commission expense for downstream agent commissions being recorded as commission expense within the condensed consolidated
statements of operations.
When
applicable, commission revenue is recognized net of any deductions for estimated commission adjustments due to lapses, policy cancellations,
and revisions in coverage.
The
Company could earn additional revenue from contingent commissions, profit-sharing, override and bonuses based on meeting certain revenue
or profit targets established periodically by the Carriers (collectively, “Contingent Commissions”). Contingent Commissions
are earned when the Company achieves targets established by Carriers. The Carriers notify the Company when it has achieved the target.
The Company recognizes revenue for any Contingent Commissions at the time it is reasonably assured that a significant revenue reversal
is not probable, which is generally when a Carrier notifies the Company that it is on track or has earned a Contingent Commission.
The
following table disaggregates the Company’s revenue by line of business, showing commissions earned:
SCHEDULE
OF DISAGGREGATION REVENUE
Year ended December 31, 2022 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 798,412 | | |
$ | - | | |
$ | 798,412 | |
USBA | |
| 52,470 | | |
| - | | |
| 52,470 | |
CCS/UIS | |
| - | | |
| 254,325 | | |
| 254,325 | |
Montana | |
| 1,868,137 | | |
| - | | |
| 1,868,137 | |
Fortman | |
| 1,274,649 | | |
| 842,961 | | |
| 2,117,610 | |
Altruis | |
| 4,044,449 | | |
| - | | |
| 4,044,449 | |
Kush | |
| 1,536,456 | | |
| - | | |
| 1,536,456 | |
Medigap | |
| 4,994,002 | | |
| - | | |
| 4,994,002 | |
RELI Exchange | |
| 312,239 | | |
| 777,784 | | |
| 1,090,023 | |
Revenue | |
$ | 14,880,814 | | |
$ | 1,875,070 | | |
$ | 16,755,884 | |
Year ended December 31, 2021 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 799,474 | | |
$ | - | | |
$ | 799,474 | |
USBA | |
| 60,129 | | |
| - | | |
| 60,129 | |
CCS/UIS | |
| - | | |
| 333,874 | | |
| 333,874 | |
Montana | |
| 1,744,515 | | |
| - | | |
| 1,744,515 | |
Fortman | |
| 1,173,215 | | |
| 958,521 | | |
| 2,131,736 | |
Altruis | |
| 3,313,453 | | |
| - | | |
| 3,313,453 | |
Kush | |
| 1,327,153 | | |
| - | | |
| 1,327,153 | |
Revenue | |
$ | 8,417,939 | | |
$ | 1,292,395 | | |
$ | 9,710,334 | |
|
General and Administrative |
General
and Administrative
General
and administrative expenses primarily consist of personnel costs for the Company’s administrative functions, professional service
fees, office rent, all employee travel expenses, and other general costs.
|
Marketing and Advertising |
Marketing
and Advertising
The
Company’s direct channel expenses primarily consist of costs for e-mail marketing and newspaper advertisements. The Company’s
online advertising channel expense primarily consist of social media ads. Advertising costs for both direct and online channels are expensed
as incurred.
|
Stock-Based Compensation |
Stock-Based
Compensation
Stock-based
compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense on a
straight-line basis over the requisite service period, based on the terms of the awards. The fair value of the stock-based payments
to nonemployees that are fully vested and non-forfeitable as at the grant date is measured and recognized at that date, unless there
is a contractual term for services in which case such compensation would be amortized over the contractual term. To the extent
possible, the Company will estimate and recognize expected forfeitures.
|
Leases |
Leases
The
Company recognizes leases in accordance with Accounting Standards Codification Topic 842, “Leases” (“ASC 842”
or “ASU 2016-12”). This standard provides enhanced transparency and comparability by requiring lessees to record right-of-use
assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases are recognized as a
single lease expense, generally on a straight-line basis.
The
Company is the lessee in a contract when the Company obtains the right to use an asset. We currently lease real estate and office space
under non-cancelable operating lease agreements. When applicable, consideration in a contract is allocated between lease and non-lease
components. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease
cannot be readily determined, the Company uses an estimate of its incremental borrowing rate. The Company did not have any contracts
accounted for as finance leases as of December 31, 2022, or 2021. Operating leases are included in the line items right-of-use assets,
current portion of leases payable, and leases payable, less current portion in the consolidated balance sheets. Right-of-use (“ROU”)
asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s
obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum
lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded
on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statement of operations.
The Company determines a lease’s term by agreement with lessor and includes lease extension options and variable lease payments
when option and/or variable payments are reasonably certain of being exercised or paid.
|
Income Taxes |
Income
Taxes
The
Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book
and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than
not that some portion or all of the deferred tax asset will not be realized. In evaluating its ability to recover deferred tax assets
within the jurisdiction in which they arise, the Company considers all available positive and negative evidence, including the expected
reversals of taxable temporary differences, projected future taxable income, taxable income available via carryback to prior years, tax
planning strategies, and results of recent operations. The Company assesses the realizability of its deferred tax assets, including scheduling
the reversal of its deferred tax assets and liabilities, to determine the amount of valuation allowance needed. Scheduling the reversal
of deferred tax asset and liability balances requires judgment and estimation. The Company believes the deferred tax liabilities relied
upon as future taxable income in its assessment will reverse in the same period and jurisdiction and are of the same character as the
temporary differences giving rise to the deferred tax assets that will be realized.
|
Seasonality |
Seasonality
A
greater number of the Company’s Medicare-related health insurance plans are sold in the fourth quarter during the Medicare annual
enrollment period when Medicare-eligible individuals are permitted to change their Medicare Advantage. The majority of the Company’s
individual and family health insurance plans are sold in the annual open enrollment period as defined under the federal Patient Protection
and Affordable Care Act and related amendments in the Health Care and Education Reconciliation Act. Individuals and families generally
are not able to purchase individual and family health insurance outside of these open enrollment periods, unless they qualify for a special
enrollment period as a result of certain qualifying events, such as losing employer-sponsored health insurance or moving to another state.
|
Prior Period Adjustments |
Prior
Period Adjustments
The
Company identified certain immaterial adjustments impacting the prior reporting period. Specifically, the Company identified adjustments
to correct certain asset and equity accounts in relation to historical purchase price allocation accounting and adjustments to true up
retained earnings for certain historical accrued revenues.
The
Company assessed the materiality of the adjustments to prior period financial statements in accordance with Securities and Exchange Commission
Staff Accounting Bulletin No. (SAB) 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when
Quantifying Misstatements in Current Year Financial Statements, and ASC 250, Accounting Changes and Error Corrections.
Accordingly,
the Company’s comparative consolidated financial statements and impacted notes have been revised from amounts previously reported
to reflect these adjustments. The following table illustrates the impact on previously reported amounts and adjusted balances presented
in the consolidated financial statements for the year ended December 31, 2021.
SUMMARIZES
THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION
Account | |
12/31/2020 As reported | | |
Adjustment | | |
12/31/2020 Adjusted | |
Goodwill | |
| 9,265,070 | | |
| (503,345 | ) | |
| 8,761,725 | |
Accumulated Deficit | |
| (12,482,281 | ) | |
| 122,601 | | |
| (12,359,680 | ) |
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (“ASU 2016-13”), which requires the
measurement of expected credit losses for financial instruments carried at amortized cost, such as accounts receivable, held at the reporting
date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial
statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments
to extend credit held by a reporting entity at each reporting date. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements
to Topic 326, Financing Instruments—Credit Losses. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019.
On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private
companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers
that are eligible to be smaller reporting companies under the SEC’s definition. The Company adopted ASU 2020-06 on January 1, 2023,
which did not have a material impact on the consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12,
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions
to the general principles in Topic 740 and simplifies other areas of the existing guidance. ASU 2019-12 is effective for fiscal years
beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this
pronouncement January 1, 2021 which did not have a material effect on the consolidated financial statements.
In
August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt-Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments
and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by
removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for
equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in
certain areas. The ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted ASU 2020-06 on January 1,
2022, which did not have a material impact on the consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers, which amends ASC 805 to require an acquirer to, at the date of acquisition, recognize and measure contract
assets and contract liabilities acquired in accordance with ASU 2014-9, Revenue from Contracts with Customers (Topic 606) as if the entity
had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted.
The Company elected to early adopt ASU 2021-08 as of January 1, 2022, which did not have a material impact on the consolidated financial
statements.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
SCHEDULE OF RESTRICTED CASH IN STATEMENT OF CASH FLOW |
The
reconciliation of cash and restricted cash reported within the applicable balance sheet accounts that sum to the total of cash and restricted
cash presented in the statement of cash flows is as follows:
SCHEDULE
OF RESTRICTED CASH IN STATEMENT OF CASH FLOW
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash | |
$ | 505,410 | | |
$ | 4,136,180 | |
Restricted cash | |
| 1,404,359 | | |
| 484,542 | |
Total cash and restricted cash | |
$ | 1,909,769 | | |
$ | 4,620,722 | |
|
SCHEDULE OF ESTIMATED USEFUL LIVE PROPERTY AND EQUIPMENT |
SCHEDULE
OF ESTIMATED USEFUL LIVE PROPERTY AND EQUIPMENT
| |
Useful Life (in years) |
Computer equipment | |
5 |
Office equipment and furniture | |
7 |
Leasehold improvements | |
Shorter of the useful life or the lease term |
|
SCHEDULE OF EARN OUT LIABILITY |
SCHEDULE
OF EARN OUT LIABILITY
| |
December 22, 2022 | | |
December 22, 2021 | |
Stock price | |
$ | 0.57 | | |
$ | 6.44 | |
Volatility | |
| 105.0 | % | |
| 90 | % |
Time to Expiry | |
| 4.01 | | |
| 5 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Risk free rate | |
| 4.1 | % | |
| 1.10 | % |
|
SCHEDULE OF RECONCILES WARRANT COMMITMENT |
The
following reconciles the warrant liabilities for the years ended December 31, 2022 and 2021:
SCHEDULE
OF RECONCILES WARRANT COMMITMENT
| |
| | |
| | |
| | |
| |
| |
Years ended December 31, 2022 and 2021 | |
| |
Series B Warrant Commitment | | |
Series B warrant liabilities | | |
Placement agent warrants | | |
Total | |
Beginning balance, December 31, 2020 | |
| - | | |
| - | | |
| - | | |
| - | |
Initial recognition | |
| 20,244,497 | | |
| - | | |
| - | | |
| 20,244,497 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| - | | |
| - | | |
| 17,408,311 | |
Ending balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Beginning balance, December 31, 2021 | |
$ | 37,652,808 | | |
$ | - | | |
$ | - | | |
$ | 37,652,808 | |
Initial recognition | |
| - | | |
| 55,061,119 | | |
| 1,525,924 | | |
| 56,587,043 | |
Unrealized (gain) loss | |
| 17,408,311 | | |
| (48,668,869 | ) | |
| (1,477,024 | ) | |
| (32,737,582 | )* |
Warrants exercised or transferred | |
| (55,061,119 | ) | |
| (8,000 | ) | |
| - | | |
| (55,069,119 | ) |
Ending balance, December 31, 2022 | |
| - | | |
| 6,384,250 | | |
| 48,900 | | |
| 6,433,150 | |
|
SCHEDULE OF FAIR VALUE MEASUREMENTS |
SCHEDULE
OF FAIR VALUE MEASUREMENTS
| |
December 31, 2022 | |
December 31, 2021 |
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
|
|
December
31,
2022 |
|
|
December
31,
2021 |
|
Beginning
balance – January 1 |
|
$ |
3,813,878 |
|
|
$ |
2,931,418 |
|
|
|
|
|
|
|
|
|
|
Acquisitions
and Settlements |
|
|
(1,104,925 |
)
|
|
|
1,160,562 |
|
|
|
|
|
|
|
|
|
|
Period
adjustments: |
|
|
|
|
|
|
|
|
Fair
value changes included in earnings* |
|
|
524 |
|
|
|
(278,102 |
) |
|
|
|
|
|
|
|
|
|
Ending
balance |
|
$ |
2,709,478 |
|
|
$ |
3,813,878 |
|
Less:
Current portion |
|
|
(2,153,478 |
) |
|
|
(3,297,855 |
) |
Ending
balance, less current portion |
|
|
556,000 |
|
|
|
516,023 |
|
* |
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
Year ended December 31, 2022 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 798,412 | | |
$ | - | | |
$ | 798,412 | |
USBA | |
| 52,470 | | |
| - | | |
| 52,470 | |
CCS/UIS | |
| - | | |
| 254,325 | | |
| 254,325 | |
Montana | |
| 1,868,137 | | |
| - | | |
| 1,868,137 | |
Fortman | |
| 1,274,649 | | |
| 842,961 | | |
| 2,117,610 | |
Altruis | |
| 4,044,449 | | |
| - | | |
| 4,044,449 | |
Kush | |
| 1,536,456 | | |
| - | | |
| 1,536,456 | |
Medigap | |
| 4,994,002 | | |
| - | | |
| 4,994,002 | |
RELI Exchange | |
| 312,239 | | |
| 777,784 | | |
| 1,090,023 | |
Revenue | |
$ | 14,880,814 | | |
$ | 1,875,070 | | |
$ | 16,755,884 | |
Year ended December 31, 2021 | |
Medical/Life | | |
Property and Casualty | | |
Total | |
Regular | |
| | | |
| | | |
| | |
EBS | |
$ | 799,474 | | |
$ | - | | |
$ | 799,474 | |
USBA | |
| 60,129 | | |
| - | | |
| 60,129 | |
CCS/UIS | |
| - | | |
| 333,874 | | |
| 333,874 | |
Montana | |
| 1,744,515 | | |
| - | | |
| 1,744,515 | |
Fortman | |
| 1,173,215 | | |
| 958,521 | | |
| 2,131,736 | |
Altruis | |
| 3,313,453 | | |
| - | | |
| 3,313,453 | |
Kush | |
| 1,327,153 | | |
| - | | |
| 1,327,153 | |
Revenue | |
$ | 8,417,939 | | |
$ | 1,292,395 | | |
$ | 9,710,334 | |
|
SUMMARIZES THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION |
SUMMARIZES
THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION
Account | |
12/31/2020 As reported | | |
Adjustment | | |
12/31/2020 Adjusted | |
Goodwill | |
| 9,265,070 | | |
| (503,345 | ) | |
| 8,761,725 | |
Accumulated Deficit | |
| (12,482,281 | ) | |
| 122,601 | | |
| (12,359,680 | ) |
|
Fair Value, Inputs, Level 3 [Member] |
|
Defined Benefit Plan Disclosure [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
| |
December 31, 2022 | |
WACC Risk Premium: | |
| 14.0 | % |
Volatility | |
| 50.0 | % |
Credit Spread: | |
| 7.7 | % |
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
STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
JP Kush And Associates Inc [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF ALLOCATION OF PURCHASE PRICE |
The
allocation of the purchase price in connection with the Kush Acquisition was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life
(Years) |
Accounts receivable | |
$ | 291,414 | | |
|
Trade name and trademarks | |
| 685,400 | | |
5 |
Customer relationships | |
| 551,000 | | |
10 |
Non-competition agreements | |
| 827,800 | | |
5 |
Goodwill | |
| 1,288,552 | | |
Indefinite |
| |
$ | 3,644,166 | | |
|
|
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION |
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
| | |
| |
December 31, | |
| |
2021 | |
Revenue | |
$ | 10,090,683 | |
Net Income (Loss) | |
$ | (20,931,568 | ) |
Earnings (Loss) per common share, basic | |
$ | (31.10 | ) |
Earnings (Loss) per common share, diluted | |
$ | (31.10 | ) |
|
Medigap Healthcare Insurance Company [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF ALLOCATION OF PURCHASE PRICE |
The
allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Property, plant and equipment | |
$ | 20,666 | | |
6 |
Right-of-use asset | |
| 317,787 | | |
|
Trade name and trademarks | |
| 340,000 | | |
15 |
Customer relationships | |
| 4,550,000 | | |
12 |
Technology | |
| 67,000 | | |
3 |
Backlog | |
| 210,000 | | |
1 |
Chargeback reserve | |
| (1,484,473 | ) | |
|
Lease liability | |
| (317,787 | ) | |
|
Goodwill | |
| 19,199,008 | | |
Indefinite |
| |
$ | 22,902,201 | | |
|
|
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION |
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,122,459 | | |
$ | 14,823,837 | |
Net Income (Loss) | |
$ | 20,853,020 | | |
$ | (20,910,374 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.41 | ) | |
$ | (29.31 | ) |
|
Barra [Member] |
|
Business Acquisition [Line Items] |
|
SCHEDULE OF ALLOCATION OF PURCHASE PRICE |
The
preliminary allocation of the purchase price in connection with the acquisition of Medigap was calculated as follows:
SCHEDULE
OF ALLOCATION OF PURCHASE PRICE
Description | |
Fair Value | | |
Weighted Average Useful Life (Years) |
Acquired accounts receivable | |
$ | 92,585 | | |
|
Property, plant and equipment | |
| 8,593 | | |
7 |
Right-of-use asset | |
| 122,984 | | |
|
Trade names | |
| 22,000 | | |
4 |
Customer relationships | |
| 550,000 | | |
10 |
Developed technology | |
| 230,000 | | |
5 |
Agency relationships | |
| 2,585,000 | | |
10 |
Lease liability | |
| (122,984 | ) | |
|
Goodwill | |
| 4,236,822 | | |
Indefinite |
| |
$ | 7,725,000 | | |
|
|
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION |
SCHEDULE
OF PRO FORMA INFORMATION RELATED TO ACQUISITION
| |
December 31, | | |
December 31, | |
| |
2022 | | |
2021 | |
Revenue | |
$ | 17,303,506 | | |
$ | 11,409,850 | |
Net Income (Loss) | |
$ | 6,700,594 | | |
$ | (20,370,917 | ) |
Earnings (Loss) per common share, basic | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
Earnings (Loss) per common share, diluted | |
$ | (0.21 | ) | |
$ | (30.26 | ) |
|
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31, 2022 | | |
December 31, 2021 | |
Computer equipment | |
$ | 107,195 | | |
$ | 72,110 | |
Office equipment and furniture | |
| 51,532 | | |
| 36,157 | |
Leasehold Improvements | |
| 127,497 | | |
| 89,819 | |
Property and equipment | |
| 286,224 | | |
| 198,086 | |
Less: Accumulated depreciation | |
| (99,341 | ) | |
| (67,727 | ) |
Property and equipment, net | |
$ | 186,883 | | |
$ | 130,359 | |
|
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF IMPAIRMENT OF GOODWILL |
SCHEDULE
OF IMPAIRMENT OF GOODWILL
| |
Goodwill | |
December 31, 2020 | |
$ | 8,761,725 | |
Goodwill recognized in connection with Kush acquisition on May 1, 2021 | |
| 1,288,552 | |
December 31, 2021 | |
| 10,050,277 | |
Goodwill recognized in connection with Medigap acquisition on January 10, 2022 | |
| 19,199,008 | |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 | |
| 4,236,822 | |
Goodwill Impairment | |
| (14,373,374 | ) |
December 31, 2022 | |
$ | 19,112,733 | |
|
SCHEDULE OF INTANGIBLE OF 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 December 31, 2022:
SCHEDULE
OF INTANGIBLE OF 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 | |
4.4 | |
$ | 2,146,188 | | |
$ | (991,240 | ) | |
$ | 1,154,948 | |
Internally developed software | |
4.1 | |
| 1,635,178 | | |
| (285,743 | ) | |
| 1,349,435 | |
Customer relationships | |
9.0 | |
| 11,922,290 | | |
| (2,076,086 | ) | |
| 9,846,204 | |
Purchased software | |
0.4 | |
| 665,137 | | |
| (583,744 | ) | |
| 81,393 | |
Video Production Assets | |
0.0 | |
| 50,000 | | |
| (50,000 | ) | |
| - | |
Non-competition agreements | |
1.9 | |
| 3,504,810 | | |
| (2,179,420 | ) | |
| 1,325,390 | |
Contracts backlog | |
0.0 | |
| 210,000 | | |
| (210,000 | ) | |
| - | |
| |
| |
$ | 20,133,603 | | |
$ | (6,376,233 | ) | |
$ | 13,757,370 | |
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, 2021:
| |
Weighted Average Remaining Amortization period (Years) | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
Trade name and trademarks | |
3.5 | |
$ | 1,777,475 | | |
$ | (609,822 | ) | |
$ | 1,167,653 | |
Internally developed software | |
4.7 | |
| 595,351 | | |
| (28,443 | ) | |
| 566,908 | |
Customer relationships | |
7.7 | |
| 4,237,290 | | |
| (1,048,726 | ) | |
| 3,188,564 | |
Purchased software | |
0.6 | |
| 562,327 | | |
| (452,985 | ) | |
| 109,342 | |
Video Production Assets | |
1.0 | |
| 20,000 | | |
| - | | |
| 20,000 | |
Non-competition agreements | |
2.9 | |
| 3,504,809 | | |
| (1,478,376 | ) | |
| 2,026,433 | |
| |
| |
$ | 10,697,252 | | |
$ | (3,618,352 | ) | |
$ | 7,078,900 | |
|
SCHEDULE OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS |
The
following table reflects expected amortization expense as of December 31, 2022, for each of the following five years and thereafter:
SCHEDULE
OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS
| |
| |
Years ending December 31, | |
Amortization Expense | |
2023 | |
$ | 2,557,940 | |
2024 | |
| 2,179,838 | |
2025 | |
| 1,785,882 | |
2026 | |
| 1,525,785 | |
2027 | |
| 1,192,530 | |
Thereafter | |
| 4,515,395 | |
Total | |
$ | 13,757,370 | |
|
X |
- DefinitionTabular disclosure of amortization expense of assets, excluding financial assets, that lack physical substance, having a limited useful life.
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
Significant
components of accounts payable and accrued liabilities were as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Accounts payable, | |
$ | 1,221,336 | | |
$ | 547,117 | |
Accrued expenses | |
| 131,334 | | |
| 2,170,215 | |
Accrued credit card payables | |
| 58,120 | | |
| 36,103 | |
Other accrued liabilities | |
| 47,177 | | |
| 5,725 | |
Accounts payable and other accrued liabilities | |
$ | 1,457,967 | | |
$ | 2,759,160 | |
|
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- DefinitionTabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.
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v3.23.2
LONG-TERM DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LONG TERM DEBT |
The
composition of the long-term debt follows:
SCHEDULE
OF LONG TERM DEBT
| |
December 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
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 $12,388
and $14,606
as of December 31, 2022 and 2021, respectively | |
$ | 426,883 | | |
$ | 485,317 | |
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 $15,076
and $17,626
as of December 31, 2022 and 2021, respectively | |
| 693,682 | | |
| 785,826 | |
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 $9,206
and $11,027
as of December 31, 2022 and 2021, respectively | |
| 788,596 | | |
| 884,720 | |
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 $36,843
and $42,660
as of December 31, 2022 and 2021, respectively | |
| 1,987,846 | | |
| 2,226,628 | |
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 $42,129
and $48,609
as of December 31, 2022 and 2021, respectively | |
| 3,249,575 | | |
| 3,616,754 | |
Oak Street Funding LLC Term Loan, variable interest of Prime Rate plus 2.5%,
maturing May 2032, for the acquisition of Barra, net of deferred financing costs of $198,188
and $0
as of December 31, 2022 and December 31, 2021, respectively | |
| 6,321,812 | | |
| - | |
| |
| 13,468,394 | | |
| 7,999,245 | |
Less: current portion | |
| (1,118,721 | ) | |
| (913,920 | ) |
Long-term debt | |
$ | 12,349,673 | | |
$ | 7,085,325 | |
|
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 | |
$ | 1,118,569 | |
2024 | |
| 1,431,933 | |
2025 | |
| 1,582,287 | |
2026 | |
| 1,744,442 | |
2027 | |
| 1,923,234 | |
Thereafter | |
| 5,981,758 | |
Total | |
| 13,782,223 | |
Less debt issuance costs | |
| (313,829 | ) |
Total | |
$ | 13,468,394 | |
|
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v3.23.2
SIGNIFICANT CUSTOMERS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Risks and Uncertainties [Abstract] |
|
SCHEDULE OF CONCENTRATIONS OF REVENUES |
Carriers
representing 10% or more of total revenue are presented in the table below:
SCHEDULE
OF CONCENTRATIONS OF REVENUES
Insurance Carrier | |
December 31, 2022 | | |
December 31, 2021 | |
LTC Global | |
| 28 | % | |
| - | % |
BlueCross BlueShield | |
| 9 | % | |
| 19 | % |
Priority Health | |
| 16 | % | |
| 28 | % |
|
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v3.23.2
EQUITY (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Equity [Abstract] |
|
SCHEDULE OF THE STOCK OPTIONS GRANTED, FORFEITED OR EXPIRED |
The
following is a summary of the stock options granted, forfeited or expired, and exercised under the Plan for the years ended December
31, 2022 and 2021 respectively:
SCHEDULE
OF THE STOCK OPTIONS GRANTED, FORFEITED OR EXPIRED
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2022 | |
| 10,928 | | |
$ | 232.78 | | |
| 1.61 | | |
| - | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2020 | |
| 15,594 | | |
$ | 231.45 | | |
| 3.63 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited or expired | |
| (4,667 | ) | |
$ | 218.56 | | |
| 2.68 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding at December 31, 2021 | |
| 10,928 | | |
$ | 232.78 | | |
| 2.61 | | |
| - | |
|
SCHEDULE OF NON - VESTED STOCK OPTIONS |
The
following is a summary of the Company’s non-vested stock options as of December 31, 2022 and 2021 respectively:
SCHEDULE
OF NON - VESTED STOCK OPTIONS
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 14.89 | | |
| 1.71 | |
Forfeited or expired | |
| - | | |
| - | | |
| - | |
Non-vested at December 31, 2022 | |
| 271 | | |
$ | 18.25 | | |
| 2.27 | |
| |
Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (Years) | |
Non-vested at December 31, 2020 | |
| 10,636 | | |
$ | 200.85 | | |
| 2.53 | |
Granted | |
| - | | |
| - | | |
| - | |
Vested | |
| (3,315 | ) | |
| 206.40 | | |
| 0.82 | |
Forfeited or expired | |
| (3,734 | ) | |
| 218.55 | | |
| 2.68 | |
Non-vested at December 31, 2021 | |
| 3,587 | | |
$ | 227.78 | | |
| 0.90 | |
|
SCHEDULE OF ASSUMPTION OF BLACK-SCHOLES OPTION PRICING MODEL |
SCHEDULE
OF ASSUMPTION OF BLACK-SCHOLES OPTION PRICING MODEL
| |
Year
Ended
December 31, 2022 | | |
Year
Ended
December 31, 2021 | |
Exercise
price | |
$ | 0.16
- $0.26 | | |
$ | 0.16
- $0.26 | |
Expected
term | |
| 3.25
to 3.75 years | | |
| 3.25
to 3.75 years | |
Risk-free
interest rate | |
| 0.38%
- 2.43 | % | |
| 0.38%
- 2.43 | % |
Estimated
volatility | |
| 293.07%
- 517.13 | % | |
| 293.07%
- 517.13 | % |
Expected
dividend | |
| - | | |
| - | |
|
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v3.23.2
EARNINGS (LOSS) PER SHARE (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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
| |
2022 | | |
2021 | |
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
Net income (loss) | |
$ | 6,466,162 | | |
$ | (21,098,465 | ) |
Deemed dividend | |
| (6,930,335 | ) | |
| - | |
Net loss | |
$ | (464,173 | ) | |
$ | (21,098,465 | ) |
| |
| | | |
| | |
Weighted average common shares | |
| 1,094,781 | | |
| 673,137 | |
Effect of weighted average vested stock awards | |
| 208 | | |
| - | |
Basic and diluted weighted average shares outstanding | |
| 1,094,989 | | |
| 673,137 | |
Basic and diluted loss per common share: | |
$ | (0.42 | ) | |
$ | (31.34 | ) |
|
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
| |
2022 | | |
2021 | |
| |
For the years ended December 31, | |
| |
2022 | | |
2021 | |
Shares subject to outstanding common stock options | |
| 10,928 | | |
| 10,928 | |
Shares subject to outstanding Series A warrants | |
| 113,000 | | |
| - | |
Shares subject to outstanding Series B Warrants and PAW | |
| 1,347,970 | | |
| - | |
Shares subject to unvested stock awards | |
| 6,576 | | |
| - | |
|
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v3.23.2
LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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
| |
| |
Year ending December 31, | |
Operating Lease Obligations | |
2023 | |
$ | 570,275 | |
2024 | |
| 269,908 | |
2025 | |
| 144,124 | |
2026 | |
| 113,738 | |
2027 | |
| 117,150 | |
Thereafter | |
| 151,053 | |
Total undiscounted operating lease payments | |
| 1,366,248 | |
Less: Imputed interest | |
| 134,126 | |
Present value of operating lease liabilities | |
$ | 1,232,122 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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 years
ended December 31, 2022 and 2021:
SCHEDULE OF EARN-OUT LIABILITY
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Barra | | |
Total | |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 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 | | |
| 210,967 | | |
| (73,452 | ) | |
| (283,112 | ) | |
| (40,000 | ) | |
| 525 | |
Ending balance December 31, 2022 | |
$ | - | | |
$ | 667,000 | | |
$ | 500,000 | | |
$ | 834,943 | | |
$ | 147,534 | | |
$ | 560,000 | | |
$ | 2,709,478 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
CCS | | |
Fortman | | |
Montana | | |
Altruis | | |
Kush | | |
Total | |
Ending balance December 31, 2020 | |
$ | 81,368 | | |
$ | 432,655 | | |
$ | 522,553 | | |
$ | 1,894,842 | | |
$ | - | | |
$ | 2,931,418 | |
Changes due to business combinations | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,694,166 | | |
| 1,694,166 | |
Changes due to payments | |
| - | | |
| - | | |
| - | | |
| (452,236 | ) | |
| - | | |
| (452,236 | ) |
Changes due to fair value adjustments | |
| - | | |
| 82,653 | | |
| 93,416 | | |
| (449,738 | ) | |
| (4,433 | ) | |
| (278,102 | ) |
Changes due to write-offs | |
| (81,368 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| (81,368 | ) |
Ending balance December 31, 2021 | |
$ | - | | |
$ | 515,308 | | |
$ | 615,969 | | |
$ | 992,868 | | |
$ | 1,689,733 | | |
$ | 3,813,878 | |
|
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v3.23.2
INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF ACTUAL INCOME TAX RATE |
The
difference between the actual income tax rate versus the tax computed at the Federal Statutory rate follows:
SCHEDULE
OF ACTUAL INCOME TAX RATE
| |
December 31, 2022 | | |
December 31, 2021 | |
Federal rate | |
| 21.0 | % | |
| 21.0 | % |
State net of federal | |
| -7.9 | % | |
| 0.3 | % |
Non-taxable change in fair value of warrant commitment | |
| -106.3 | % | |
| 0.0 | % |
Goodwill impairment | |
| 46.7 | % | |
| - | % |
Rate Change | |
| -4.1 | % | |
| 0.4 | % |
Other | |
| 2.2 | % | |
| 0.0 | % |
Valuation allowance | |
| 48.5 | % | |
| (-21.6 | )% |
Effective income tax rate | |
| 0.0 | % | |
| 0.0 | % |
|
SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES |
Deferred
income tax assets and (liabilities) consist of the following:
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
December 31, 2022 | | |
December 31, 2021 | |
Deferred tax assets (liabilities) | |
| | | |
| | |
Net operating loss carryforward | |
$ | 4,938,164 | | |
$ | 1,900,194 | |
Stock based compensation | |
| 1,148,836 | | |
| 725,546 | |
Goodwill | |
| (771,631 | ) | |
| (199,086 | ) |
Intangibles | |
| 745,227 | | |
| 459,441 | |
Fixed assets | |
| (99,002 | ) | |
| (56,691 | ) |
Right of use assets | |
| (300,616 | ) | |
| (333,347 | ) |
Lease liabilities | |
| 313,342 | | |
| 337,671 | |
Other | |
| 1,525 | | |
| 1,336 | |
Total deferred tax assets | |
| 5,975,846 | | |
| 2,835,065 | |
Valuation allowance | |
| (5,975,846 | ) | |
| (2,835,065 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
|
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v3.23.2
SCHEDULE OF RESTRICTED CASH IN STATEMENT OF CASH FLOW (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Accounting Policies [Abstract] |
|
|
Cash |
$ 505,410
|
$ 4,136,180
|
Restricted cash |
1,404,359
|
484,542
|
Total cash and restricted cash |
$ 1,909,769
|
$ 4,620,722
|
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v3.23.2
SCHEDULE OF EARN OUT LIABILITY (Details)
|
12 Months Ended |
|
Dec. 31, 2022
shares
|
Dec. 31, 2021 |
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 |
0.57
|
6.44
|
Measurement Input, Price Volatility [Member] |
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
Earn out liability |
105.0
|
90
|
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 |
4 years 3 days
|
5 years
|
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 |
4.1
|
1.10
|
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 |
7.7
|
|
Payment Delay (Days) [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
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 ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, December 31, 2021 |
$ 37,652,808
|
|
|
Initial recognition |
56,587,043
|
|
20,244,497
|
Unrealized (gain) loss |
(32,737,582)
|
[1] |
17,408,311
|
Warrants exercised or transferred |
(55,069,119)
|
|
|
Ending balance, December 31, 2022 |
6,433,150
|
|
37,652,808
|
Series B Warrant Commitment [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, December 31, 2021 |
37,652,808
|
|
|
Initial recognition |
|
|
20,244,497
|
Unrealized (gain) loss |
17,408,311
|
|
17,408,311
|
Warrants exercised or transferred |
(55,061,119)
|
|
|
Ending balance, December 31, 2022 |
|
|
37,652,808
|
Series B Warrant Liability [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, December 31, 2021 |
|
|
|
Initial recognition |
55,061,119
|
|
|
Unrealized (gain) loss |
(48,668,869)
|
|
|
Warrants exercised or transferred |
(8,000)
|
|
|
Ending balance, December 31, 2022 |
6,384,250
|
|
|
Placement Agent Warrants [Member] |
|
|
|
Offsetting Assets [Line Items] |
|
|
|
Beginning balance, December 31, 2021 |
|
|
|
Initial recognition |
1,525,924
|
|
|
Unrealized (gain) loss |
(1,477,024)
|
|
|
Warrants exercised or transferred |
|
|
|
Ending balance, December 31, 2022 |
$ 48,900
|
|
|
|
|
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v3.23.2
SCHEDULE OF GAIN OR LOSSES RECOGNIZED FAIR VALUE (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Beginning balance – January 1 |
|
$ 3,813,878
|
$ 2,931,418
|
Ending balance |
|
2,709,478
|
3,813,878
|
Less: Current portion |
|
(2,153,478)
|
(3,297,855)
|
Ending balance, less current portion |
|
556,000
|
516,023
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Beginning balance – January 1 |
|
3,813,878
|
2,931,418
|
Acquisitions and Settlements |
|
(1,104,925)
|
1,160,562
|
Fair value changes included in earnings |
[1] |
524
|
(278,102)
|
Ending balance |
|
$ 2,709,478
|
$ 3,813,878
|
|
|
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v3.23.2
SCHEDULE OF DISAGGREGATION REVENUE (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Product Information [Line Items] |
|
|
Revenue |
$ 16,755,884
|
$ 9,710,334
|
Employee Benefits Solutions L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
798,412
|
799,474
|
U S Benefits Alliance L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
52,470
|
60,129
|
Commercial Coverage Solutions LLC [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
254,325
|
333,874
|
Southwestern Montana Financial Center Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,868,137
|
1,744,515
|
Fortman Insurance Services L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
2,117,610
|
2,131,736
|
Altruis Benefits Consulting Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
4,044,449
|
3,313,453
|
Kush [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,536,456
|
1,327,153
|
Medigap [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
4,994,002
|
|
Reli Exchange [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,090,023
|
|
Medical/Life [Member] | Regular [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
14,880,814
|
8,417,939
|
Medical/Life [Member] | Regular [Member] | Employee Benefits Solutions L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
798,412
|
799,474
|
Medical/Life [Member] | Regular [Member] | U S Benefits Alliance L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
52,470
|
60,129
|
Medical/Life [Member] | Regular [Member] | Commercial Coverage Solutions LLC [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Medical/Life [Member] | Regular [Member] | Southwestern Montana Financial Center Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,868,137
|
1,744,515
|
Medical/Life [Member] | Regular [Member] | Fortman Insurance Services L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,274,649
|
1,173,215
|
Medical/Life [Member] | Regular [Member] | Altruis Benefits Consulting Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
4,044,449
|
3,313,453
|
Medical/Life [Member] | Regular [Member] | Kush [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,536,456
|
1,327,153
|
Medical/Life [Member] | Regular [Member] | Medigap [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
4,994,002
|
|
Medical/Life [Member] | Regular [Member] | Reli Exchange [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
312,239
|
|
Property and Casualty [Member] | Regular [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
1,875,070
|
1,292,395
|
Property and Casualty [Member] | Regular [Member] | Employee Benefits Solutions L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | U S Benefits Alliance L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | Commercial Coverage Solutions LLC [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
254,325
|
333,874
|
Property and Casualty [Member] | Regular [Member] | Southwestern Montana Financial Center Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | Fortman Insurance Services L L C [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
842,961
|
958,521
|
Property and Casualty [Member] | Regular [Member] | Altruis Benefits Consulting Inc [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | Kush [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | Medigap [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
|
|
Property and Casualty [Member] | Regular [Member] | Reli Exchange [Member] |
|
|
Product Information [Line Items] |
|
|
Revenue |
$ 777,784
|
|
X |
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v3.23.2
SUMMARIZES THE CHANGES TO THE PREVIOUSLY ISSUED FINANCIAL INFORMATION (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Goodwill |
$ 19,112,733
|
$ 10,050,277
|
$ 8,761,725
|
Accumulated Deficit |
$ (26,991,983)
|
$ (33,458,145)
|
(12,359,680)
|
Previously Reported [Member] |
|
|
|
Goodwill |
|
|
9,265,070
|
Accumulated Deficit |
|
|
(12,482,281)
|
Revision of Prior Period, Adjustment [Member] |
|
|
|
Goodwill |
|
|
(503,345)
|
Accumulated Deficit |
|
|
$ 122,601
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
1 Months Ended |
11 Months Ended |
12 Months Ended |
|
|
Jan. 31, 2022 |
Dec. 28, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 16, 2023 |
Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Restricted Cash and Cash Equivalents |
|
|
$ 1,910,000
|
|
|
|
Assets, Current |
|
|
3,265,379
|
$ 7,981,501
|
|
|
Liabilities, Current |
|
|
7,794,284
|
44,981,252
|
|
|
Working capital deficiency |
|
|
4,529,000
|
|
|
|
Stockholders' Equity Attributable to Parent |
|
|
8,911,039
|
(26,066,129)
|
|
$ (63,012)
|
Net income |
|
|
6,466,162
|
(21,098,465)
|
|
|
[custom:GainOnWarrantCommitment] |
|
|
29,065,000
|
|
|
|
Net Cash Provided by (Used in) Operating Activities |
|
|
3,189,997
|
2,253,275
|
|
|
[custom:NetProceedsFromPrivatePlacementIssuanceOfSharesAndWarrants] |
$ 17,853,000
|
$ 10,496,000
|
(17,853,351)
|
(10,496,221)
|
|
|
FDIC amount |
|
|
250,000
|
|
|
|
Recognition and change in fair value of warrant liability |
|
|
29,064,958
|
(17,652,808)
|
|
|
Warrant issuance cost |
|
|
3,672,624
|
|
|
|
Earn out payments |
|
|
2,967,592
|
|
|
|
Unamortized deferred financing costs |
|
|
$ 313,829
|
$ 134,528
|
|
|
Minimum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Estimated useful lives of intangible assets |
|
|
3 years
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
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|
|
20 years
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Working capital |
|
|
|
|
$ 3,446,000
|
|
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v3.23.2
SCHEDULE OF ALLOCATION OF PURCHASE PRICE (Details) - USD ($)
|
|
12 Months Ended |
|
|
May 02, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
May 01, 2021 |
Dec. 31, 2020 |
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value, accounts receivable |
|
$ 1,067,544
|
$ 1,024,831
|
|
|
Fair value, goodwill |
|
$ 19,112,733
|
$ 10,050,277
|
|
$ 8,761,725
|
Customer Relationships [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
9 years
|
7 years 8 months 12 days
|
|
|
Non-competition Agreements [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
1 year 10 months 24 days
|
2 years 10 months 24 days
|
|
|
JP Kush And Associates Inc [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value, accounts receivable |
$ 291,414
|
|
|
|
|
Fair value, trade name and trademarks |
685,400
|
|
|
|
|
Fair value, customer relationships |
551,000
|
|
|
|
|
Fair value, non-competition agreements |
827,800
|
|
|
|
|
Fair value, goodwill |
1,288,552
|
|
|
$ 1,288,552
|
|
Purchase consideration allocated |
$ 3,644,166
|
|
|
|
|
JP Kush And Associates Inc [Member] | Trade Name And Trademarks [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
5 years
|
|
|
|
|
JP Kush And Associates Inc [Member] | Customer Relationships [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
10 years
|
|
|
|
|
JP Kush And Associates Inc [Member] | Non-competition Agreements [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
5 years
|
|
|
|
|
JP Kush And Associates Inc [Member] | Goodwill [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life description |
Indefinite
|
|
|
|
|
Medigap Healthcare Insurance Company [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value, goodwill |
|
$ 19,199,008
|
|
|
|
Purchase consideration allocated |
|
$ 22,902,201
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Customer Relationships [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
12 years
|
|
|
|
Purchase consideration allocated |
|
$ 4,550,000
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Goodwill [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life description |
|
Indefinite
|
|
|
|
Purchase consideration allocated |
|
$ 19,199,008
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Property, Plant and Equipment [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
6 years
|
|
|
|
Purchase consideration allocated |
|
$ 20,666
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Right of use asset [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
$ 317,787
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Trade Names [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
15 years
|
|
|
|
Purchase consideration allocated |
|
$ 340,000
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Technology-Based Intangible Assets [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
3 years
|
|
|
|
Purchase consideration allocated |
|
$ 67,000
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Back log [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
1 year
|
|
|
|
Purchase consideration allocated |
|
$ 210,000
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Chargeback reserve [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
(1,484,473)
|
|
|
|
Medigap Healthcare Insurance Company [Member] | Lease liability [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
(317,787)
|
|
|
|
Barra [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Fair value, goodwill |
|
4,236,822
|
|
|
|
Purchase consideration allocated |
|
$ 7,725,000
|
|
|
|
Barra [Member] | Customer Relationships [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
10 years
|
|
|
|
Purchase consideration allocated |
|
$ 550,000
|
|
|
|
Barra [Member] | Goodwill [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life description |
|
Indefinite
|
|
|
|
Purchase consideration allocated |
|
$ 4,236,822
|
|
|
|
Barra [Member] | Property, Plant and Equipment [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
7 years
|
|
|
|
Purchase consideration allocated |
|
$ 8,593
|
|
|
|
Barra [Member] | Right of use asset [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
$ 122,984
|
|
|
|
Barra [Member] | Trade Names [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
4 years
|
|
|
|
Purchase consideration allocated |
|
$ 22,000
|
|
|
|
Barra [Member] | Lease liability [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
(122,984)
|
|
|
|
Barra [Member] | Acquired Accounts Receivable [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Purchase consideration allocated |
|
$ 92,585
|
|
|
|
Barra [Member] | Developed Technology [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
5 years
|
|
|
|
Purchase consideration allocated |
|
$ 230,000
|
|
|
|
Barra [Member] | Agency Relationships [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Weighted average useful life |
|
10 years
|
|
|
|
Purchase consideration allocated |
|
$ 2,585,000
|
|
|
|
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v3.23.2
SCHEDULE OF PRO FORMA INFORMATION RELATED TO ACQUISITION (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Business Acquisition [Line Items] |
|
|
Revenue |
|
$ 10,090,683
|
Net Income (Loss) |
|
$ (20,931,568)
|
Earnings (Loss) per common share, basic |
|
$ (31.10)
|
Earnings (Loss) per common share, diluted |
|
$ (31.10)
|
Medigap Healthcare Insurance Company [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Revenue |
$ 17,122,459
|
$ 14,823,837
|
Net Income (Loss) |
$ 20,853,020
|
$ (20,910,374)
|
Earnings (Loss) per common share, basic |
$ (0.41)
|
$ (29.31)
|
Earnings (Loss) per common share, diluted |
$ (0.41)
|
$ (29.31)
|
Barra [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Revenue |
$ 17,303,506
|
$ 11,409,850
|
Net Income (Loss) |
$ 6,700,594
|
$ (20,370,917)
|
Earnings (Loss) per common share, basic |
$ (0.21)
|
$ (30.26)
|
Earnings (Loss) per common share, diluted |
$ (0.21)
|
$ (30.26)
|
X |
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v3.23.2
STRATEGIC INVESTMENTS AND BUSINESS COMBINATIONS (Details Narrative)
|
|
|
|
1 Months Ended |
4 Months Ended |
8 Months Ended |
12 Months Ended |
|
|
Apr. 26, 2022
USD ($)
|
Jan. 10, 2022
USD ($)
shares
|
May 01, 2021
USD ($)
|
May 31, 2021
USD ($)
shares
|
Apr. 30, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
May 02, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Shares issued during acquisition, value |
|
|
|
|
|
|
$ 4,763,451.00
|
|
$ 50,000
|
|
|
Goodwill |
|
|
|
|
|
$ 19,112,733
|
$ 19,112,733
|
$ 19,112,733
|
$ 10,050,277
|
|
$ 8,761,725
|
APA [Member] | Barra and Associates LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
$ 7,725,000
|
|
|
|
|
|
|
|
|
|
|
Working capital |
6,520,000
|
|
|
|
|
|
|
|
|
|
|
APA [Member] | Barra and Associates LLC [Member] | Paid at Closing [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
6,000,000
|
|
|
|
|
|
|
|
|
|
|
APA [Member] | Barra and Associates LLC [Member] | Payable in Six Months [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
1,125,000
|
|
|
|
|
|
|
|
|
|
|
APA [Member] | Barra and Associates LLC [Member] | Payable Over Two Years [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Asset Acquisition, Consideration Transferred |
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
Measurement Input, Discount Rate [Member] | Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
11.00
|
11.00
|
11.00
|
|
|
|
Pretax royalty rate |
|
|
|
|
|
|
0.005
|
|
|
|
|
Measurement Input, Discount Rate [Member] | Customer Relationships [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
11.00
|
11.00
|
11.00
|
|
|
|
Measurement Input, Discount Rate [Member] | Back log [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
11.00
|
11.00
|
11.00
|
|
|
|
Measurement Input, Discount Rate [Member] | Developed Technology [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
28.06
|
28.06
|
28.06
|
|
|
|
Measurement Input Obsolescence Rate [Member] | Technology-Based Intangible Assets [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
40.03
|
40.03
|
40.03
|
|
|
|
JP Kush And Associates Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Assets purchase price |
|
|
$ 3,644,166
|
|
|
|
|
|
|
|
|
Payments to acquire businesses gross |
|
|
1,900,000
|
|
|
|
|
|
|
|
|
Shares issued during acquisition, value |
|
|
50,000
|
$ 50,000
|
|
|
|
|
|
|
|
Goodwill |
|
|
1,288,552
|
|
|
|
|
|
|
$ 1,288,552
|
|
Acquisition Costs |
|
|
$ 58,092
|
|
|
|
|
|
|
|
|
Revenue from acquired entity |
|
|
|
|
$ 500,000
|
|
|
|
|
|
|
Shares issued upon termination of employee |
|
|
|
|
$ 219,097
|
|
|
|
|
|
|
Issuance of shares acquistions | shares |
|
|
|
995
|
|
|
|
|
|
|
|
J P Kush [Member] | Measurement Input Royalty Rate [Member] | Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
5.85
|
5.85
|
5.85
|
|
|
|
J P Kush [Member] | Measurement Input, Discount Rate [Member] | Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
14.09
|
14.09
|
14.09
|
|
|
|
J P Kush [Member] | Measurement Input, Discount Rate [Member] | Customer Relationships [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
14.09
|
14.09
|
14.09
|
|
|
|
J P Kush [Member] | Measurement Input, Discount Rate [Member] | Non Competition [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
14.09
|
14.09
|
14.09
|
|
|
|
Medigap Healthcare Insurance Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Assets purchase price |
|
$ 20,096,250
|
|
|
|
|
|
|
|
|
|
Payments to acquire businesses gross |
|
$ 18,138,750
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
$ 19,199,008
|
$ 19,199,008
|
$ 19,199,008
|
|
|
|
Acquisition Costs |
|
|
|
|
|
|
94,065
|
|
|
|
|
Revenue from acquired entity |
|
|
|
|
|
|
|
4,994,002
|
|
|
|
Shares issued upon termination of employee |
|
|
|
|
|
|
|
1,127,088
|
|
|
|
Issuance of shares acquistions | shares |
|
40,402
|
|
|
|
|
|
|
|
|
|
Barra [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
4,236,822
|
4,236,822
|
$ 4,236,822
|
|
|
|
Acquisition Costs |
|
|
|
|
|
|
$ 72,793
|
|
|
|
|
Revenue from acquired entity |
|
|
|
|
|
1,090,023
|
|
|
|
|
|
Shares issued upon termination of employee |
|
|
|
|
|
$ (393,708)
|
|
|
|
|
|
Barra [Member] | Measurement Input Royalty Rate [Member] | Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
0.05
|
0.05
|
0.05
|
|
|
|
Barra [Member] | Measurement Input, Discount Rate [Member] | Trade Names [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
19.05
|
19.05
|
19.05
|
|
|
|
Barra [Member] | Measurement Input, Discount Rate [Member] | Customer Relationships [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Business combination, measurement input |
|
|
|
|
|
19.05
|
19.05
|
19.05
|
|
|
|
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v3.23.2
INVESTMENT IN NSURE, INC (Details Narrative) - USD ($)
|
|
1 Months Ended |
12 Months Ended |
|
|
Oct. 08, 2020 |
Feb. 28, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Investments |
|
|
$ 900,000
|
$ 1,350,000
|
|
Number of shares of common stock, shares |
|
138,000
|
|
|
|
Cash proceeds |
|
|
$ 450,000
|
|
|
NSURE, Inc. [Member] |
|
|
|
|
|
Number of shares of common stock, shares |
|
|
262,684
|
|
|
Sale of shares |
|
|
131,345
|
|
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] |
|
|
|
|
|
Investments |
$ 5,700,000
|
|
|
|
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
Investments |
$ 1,350,000
|
|
|
|
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] | Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
Number of shares of common stock, shares |
209,075
|
|
|
|
|
Share price |
$ 6.457
|
|
|
|
$ 9.224
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] | Share-Based Payment Arrangement, Tranche Three [Member] |
|
|
|
|
|
Number of shares of common stock, shares |
325,239
|
|
|
|
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] | Common Class A [Member] |
|
|
|
|
|
Number of shares of common stock, shares |
928,343
|
|
|
|
|
Securities Purchase Agreement [Member] | NSURE, Inc. [Member] | Common Class A [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
Number of shares of common stock, shares |
394,029
|
|
|
|
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 286,224
|
$ 198,086
|
Less: Accumulated depreciation |
(99,341)
|
(67,727)
|
Property and equipment, net |
186,883
|
130,359
|
Computer Equipment And Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
107,195
|
72,110
|
Office Equipment and Furniture [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
51,532
|
36,157
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment |
$ 127,497
|
$ 89,819
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
SCHEDULE OF IMPAIRMENT OF GOODWILL (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill Beginning |
$ 10,050,277
|
$ 8,761,725
|
Goodwill impairment loss |
(14,373,374)
|
|
Goodwill end |
19,112,733
|
10,050,277
|
J P Kush [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill acquired during period |
|
$ 1,288,552
|
Medigap Healthcare Insurance Company [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill acquired during period |
19,199,008
|
|
Goodwill end |
19,199,008
|
|
Barra [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Goodwill acquired during period |
4,236,822
|
|
Goodwill end |
$ 4,236,822
|
|
X |
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v3.23.2
SCHEDULE OF INTANGIBLE OF ASSETS AND WEIGHTED- AVERAGE REMAINING AMORTIZATION PERIOD (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 20,133,603
|
$ 10,697,252
|
Accumulated Amortization |
(6,376,233)
|
(3,618,352)
|
Net carrying amount |
$ 13,757,370
|
$ 7,078,900
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
4 years 4 months 24 days
|
3 years 6 months
|
Gross Carrying Amount |
$ 2,146,188
|
$ 1,777,475
|
Accumulated Amortization |
(991,240)
|
(609,822)
|
Net carrying amount |
$ 1,154,948
|
$ 1,167,653
|
Internally Developed Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
4 years 1 month 6 days
|
4 years 8 months 12 days
|
Gross Carrying Amount |
$ 1,635,178
|
$ 595,351
|
Accumulated Amortization |
(285,743)
|
(28,443)
|
Net carrying amount |
$ 1,349,435
|
$ 566,908
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
9 years
|
7 years 8 months 12 days
|
Gross Carrying Amount |
$ 11,922,290
|
$ 4,237,290
|
Accumulated Amortization |
(2,076,086)
|
(1,048,726)
|
Net carrying amount |
$ 9,846,204
|
$ 3,188,564
|
Purchased Software [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
4 months 24 days
|
7 months 6 days
|
Gross Carrying Amount |
$ 665,137
|
$ 562,327
|
Accumulated Amortization |
(583,744)
|
(452,985)
|
Net carrying amount |
$ 81,393
|
$ 109,342
|
Video Production Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
0 years
|
1 year
|
Gross Carrying Amount |
$ 50,000
|
$ 20,000
|
Accumulated Amortization |
(50,000)
|
|
Net carrying amount |
|
$ 20,000
|
Non-competition Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
1 year 10 months 24 days
|
2 years 10 months 24 days
|
Gross Carrying Amount |
$ 3,504,810
|
$ 3,504,809
|
Accumulated Amortization |
(2,179,420)
|
(1,478,376)
|
Net carrying amount |
$ 1,325,390
|
$ 2,026,433
|
Contracts Backlog [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Weighted Average Remaining Amortization Period |
0 years
|
|
Gross Carrying Amount |
$ 210,000
|
|
Accumulated Amortization |
(210,000)
|
|
Net carrying amount |
|
|
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v3.23.2
SCHEDULE OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2023 |
$ 2,557,940
|
|
2024 |
2,179,838
|
|
2025 |
1,785,882
|
|
2026 |
1,525,785
|
|
2027 |
1,192,530
|
|
Thereafter |
4,515,395
|
|
Total |
$ 13,757,370
|
$ 7,078,900
|
X |
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v3.23.2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
12 Months Ended |
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
Goodwill |
$ 19,112,733
|
$ 10,050,277
|
$ 8,761,725
|
Goodwill written-down |
33,400,000
|
|
|
Goodwill, Impairment Loss |
14,373,374
|
|
|
Amortization of intangible assets |
$ 2,757,879
|
$ 1,587,401
|
|
X |
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SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Payables and Accruals [Abstract] |
|
|
Accounts payable, |
$ 1,221,336
|
$ 547,117
|
Accrued expenses |
131,334
|
2,170,215
|
Accrued credit card payables |
58,120
|
36,103
|
Other accrued liabilities |
47,177
|
5,725
|
Accounts payable and other accrued liabilities |
$ 1,457,967
|
$ 2,759,160
|
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v3.23.2
SCHEDULE OF LONG TERM DEBT (Details) (Parenthetical) - USD ($)
|
12 Months Ended |
|
|
Dec. 31, 2022 |
Apr. 26, 2022 |
Dec. 31, 2021 |
Oak Street Funding LLC [Member] | Master Credit Agreement [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Variable interest of prime rate plus |
|
2.50%
|
|
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 |
$ 9,206
|
|
$ 11,027
|
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 |
$ 36,843
|
|
42,660
|
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 |
$ 42,129
|
|
48,609
|
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 |
$ 198,188
|
|
0
|
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 |
$ 12,388
|
|
|
Net of deferred financing cost |
|
|
14,606
|
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 |
$ 15,076
|
|
$ 17,626
|
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v3.23.2
SCHEDULE OF LONG TERM DEBT (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
$ 13,468,394
|
$ 7,999,245
|
Long term debt current |
(1,118,721)
|
(913,920)
|
Long term debt current |
12,349,673
|
7,085,325
|
SWMT [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
788,596
|
884,720
|
FIS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
1,987,846
|
2,226,628
|
ABC [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
3,249,575
|
3,616,754
|
Barra [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
6,321,812
|
|
EBS and USBA [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
426,883
|
485,317
|
CCS [Member] |
|
|
Line of Credit Facility [Line Items] |
|
|
Long term debt current |
$ 693,682
|
$ 785,826
|
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v3.23.2
SCHEDULE OF CUMULATIVE MATURITIES OF LONG -TERM LOANS AND CREDIT FACILITIES (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Debt Disclosure [Abstract] |
|
|
2023 |
$ 1,118,569
|
|
2024 |
1,431,933
|
|
2025 |
1,582,287
|
|
2026 |
1,744,442
|
|
2027 |
1,923,234
|
|
Thereafter |
5,981,758
|
|
Total |
13,782,223
|
|
Less debt issuance costs |
(313,829)
|
|
Total |
$ 13,468,394
|
$ 7,999,245
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v3.23.2
LONG-TERM DEBT (Details Narrative) - USD ($)
|
|
|
12 Months Ended |
|
|
Apr. 26, 2022 |
Dec. 07, 2018 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Aug. 01, 2018 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
|
0.00%
|
8.00%
|
|
|
|
Debt issuance costs |
|
|
$ 313,829
|
|
|
|
|
Debt issuance costs |
|
|
214,257
|
|
|
|
|
Total financed |
|
|
482,000
|
0
|
|
|
|
Short-term financings |
|
|
$ 154,000
|
$ 0
|
|
|
|
Master Credit Agreement [Member] | Oak Street Funding LLC [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Borrowings |
$ 6,250,000
|
|
|
|
|
|
|
Maturity date |
May 25, 2032
|
|
|
|
|
|
|
Debt issuance costs |
$ 214,257
|
|
|
|
|
|
|
Employee Benefits, Solutions, LLC, and US Benefits Alliance [Member] | Credit Agreement [Member] | Oak Street Funding LLC [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Borrowings |
|
|
|
|
|
|
$ 750,000
|
Interest rate |
|
|
|
|
|
|
5.00%
|
Debt issuance costs |
|
|
|
|
|
$ 22,188
|
|
Commercial Coverage Solutions LLC [Member] | Oak Street Funding LLC [Member] | Senior Secured Amortizing Credit Facility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Borrowings |
|
$ 1,025,000
|
|
|
|
|
|
Debt issuance costs |
|
|
|
|
|
$ 25,506
|
|
Debt description |
|
The borrowing rate under the Facility is a variable rate equal to
Prime +1.50% and matures 10 years from the closing date
|
|
|
|
|
|
Debt instrument term |
|
10 years
|
|
|
|
|
|
Commercial Coverage Solutions LLC [Member] | Oak Street Funding LLC [Member] | Senior Secured Amortizing Credit Facility [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
1.50%
|
|
|
2.00%
|
|
|
Commercial Coverage Solutions LLC [Member] | Oak Street Funding LLC [Member] | Term Loan [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Borrowings |
|
|
|
|
$ 7,912,000
|
|
|
Debt issuance costs |
|
|
|
|
$ 181,125
|
|
|
Debt description |
|
|
|
|
The borrowing rates under the Facility is a variable rate equal to Prime + 2.00% and matures 10 years
from the closing date
|
|
|
Debt instrument term |
|
|
|
|
10 years
|
|
|
X |
- DefinitionIdentification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.
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v3.23.2
WARRANT LIABILITIES (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
12 Months Ended |
Dec. 27, 2022 |
Aug. 09, 2022 |
Jan. 05, 2022 |
Dec. 22, 2021 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Jan. 31, 2022 |
Feb. 28, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Common Stock, Par or Stated Value Per Share |
|
|
|
|
$ 0.086
|
|
|
|
$ 0.086
|
|
$ 0.086
|
Exercisable price |
|
|
|
|
0.15
|
|
|
|
0.15
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
|
|
|
138,000
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
|
|
$ 0.086
|
|
|
|
$ 0.086
|
|
$ 0.086
|
Unrealized losses |
|
|
|
|
|
|
|
|
|
|
$ 17,408,311
|
Non-operating unrealized gains |
|
|
|
|
|
|
|
|
$ 17,408,311
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
|
|
|
|
|
|
|
|
|
|
[custom:IsusanceOfCommonSharesInExchangeForSeriesBWarrants] |
|
|
|
|
|
|
|
|
$ 12,500
|
|
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
32,737,582
|
[1] |
(17,408,311)
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
(32,737,582)
|
[1] |
17,408,311
|
Fair value |
|
|
|
|
|
|
|
|
1,525,923
|
|
|
Series B Warrant Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
Derivative Liability |
|
|
|
|
$ 55,061,119
|
|
|
|
$ 55,061,119
|
|
|
Class of Warrant or Right, Outstanding |
|
|
|
|
1,331,667
|
|
|
|
1,331,667
|
|
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
$ 48,668,869
|
|
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
(48,668,869)
|
|
|
Warrant liability |
|
|
|
|
$ 6,384,250
|
|
|
|
6,384,250
|
|
0
|
Series B Warrant Liability [Member] | Non Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Exercisable price |
$ 7.50
|
|
|
|
|
|
|
|
|
|
|
Class of Warrant or Right, Outstanding |
1,333,333
|
|
|
|
|
|
|
|
|
|
|
[custom:IsusanceOfCommonSharesInExchangeForSeriesBWarrants] |
$ 12,500
|
|
|
|
|
|
|
|
|
|
|
Placement Agent Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
1,477,024
|
|
|
Net fair value gains losses |
|
|
|
|
|
|
|
|
(1,477,024)
|
|
|
Warrant liability |
|
|
|
|
$ 48,900
|
|
|
|
$ 48,900
|
|
0
|
Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
9,076
|
|
|
|
|
9,076
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Common Stock, Par or Stated Value Per Share |
|
|
|
$ 0.086
|
|
|
|
|
|
|
|
[custom:AggregatePurchasePriceOfCommonSharesPreferredSharesAndWarrants] |
|
|
|
|
|
|
|
|
|
|
$ 20,000,000
|
Securities Purchase Agreement [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Issued warrant |
|
|
16,303
|
|
|
|
|
|
|
|
|
Exercisable price |
|
|
$ 61.35
|
|
|
|
|
|
|
|
|
Warrants and rights outstanding term |
|
|
5 years
|
|
|
|
|
|
|
|
|
Fair value |
|
|
$ 1,525,923
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Series B Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Converted |
|
|
|
9,076
|
|
|
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
|
$ 0.086
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
14,275
|
400
|
|
|
178,060
|
|
120,000
|
Conversion of Stock, Shares Converted |
|
147,939
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
|
|
178,060
|
|
|
|
|
Common Stock [Member] | Series B Warrant Liability [Member] |
|
|
|
|
|
|
|
|
|
|
|
Exercisable price |
|
|
|
|
$ 7.50
|
|
|
|
$ 7.50
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
|
1,667
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
|
|
|
|
1,667
|
|
|
|
|
|
|
[custom:IsusanceOfCommonSharesInExchangeForSeriesBWarrants] |
|
|
|
|
$ 12,500
|
|
|
|
|
|
|
Common Stock [Member] | Series B Warrant Liability [Member] | Non Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
1,667
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period |
1,667
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Exercisable price |
|
|
|
$ 61.35
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
|
|
178,060
|
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
147,939
|
|
|
|
|
|
|
|
Common Stock [Member] | Securities Purchase Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Issued warrant |
|
|
|
651,997
|
|
|
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF THE STOCK OPTIONS GRANTED, FORFEITED OR EXPIRED (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Equity [Abstract] |
|
|
Number of Non-vested Stock Options Outstanding, Outstanding at Beginning of Period |
10,928
|
15,594
|
Weighted Average Exercise Price Per Share, Outstanding at Beginning of Period |
$ 232.78
|
$ 231.45
|
Weighted Average Remaining Contractual Life (years), Outstanding at Beginning of Period |
2 years 7 months 9 days
|
3 years 7 months 17 days
|
Aggregate Intrinsic Value, Outstanding at Beginning of Period |
|
|
Number of Stock Options Outstanding, Granted |
|
|
Weighted Average Exercise Price Per Share, Granted |
|
|
Aggregate Intrinsic Value, Granted |
|
|
Weighted Average Exercise Price Per Share, Forfeited or expired |
|
$ 218.56
|
Aggregate Intrinsic Value, Forfeited or expired |
|
|
Number of Stock Options Outstanding, Exercised |
|
|
Weighted Average Exercise Price Per Share, Exercised |
|
|
Aggregate Intrinsic Value, Exercised |
|
|
Number of Stock Options Outstanding, Outstanding at End of Period |
10,928
|
10,928
|
Weighted Average Exercise Price, Outstanding at End of Period |
$ 232.78
|
$ 232.78
|
Weighted Average Remaining Contractual Life (years), Outstanding at End of Period |
1 year 7 months 9 days
|
2 years 7 months 9 days
|
Aggregate Intrinsic Value, Outstanding at End of Period |
|
|
Number of Stock Options Outstanding, Forfeited or expired |
|
(4,667)
|
Weighted Average Remaining Contractual Life (years), Forfeited or expired |
|
2 years 8 months 4 days
|
X |
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v3.23.2
SCHEDULE OF NON - VESTED STOCK OPTIONS (Details) - $ / shares
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Equity [Abstract] |
|
|
Number of Non-vested Stock Options Outstanding, Outstanding at Beginning of Period |
3,587
|
10,636
|
Weighted Average Exercise Price Per Share, Outstanding at Beginning of Period |
$ 227.78
|
$ 200.85
|
Weighted Average Remaining Contractual Life (years), Outstanding at Beginning of Period |
10 months 24 days
|
2 years 6 months 10 days
|
Number of Non-vested Stock Options Outstanding, Granted |
|
|
Weighted Average Exercise Price Per Share, Granted |
|
|
Number of Non-vested Stock Options Outstanding, Vested |
(3,315)
|
(3,315)
|
Weighted Average Exercise Price Per Share, Vested |
$ 14.89
|
$ 206.40
|
Weighted Average Remaining Contractual Life (years), Vested |
1 year 8 months 15 days
|
9 months 25 days
|
Number of Non-vested Stock Options Outstanding, Forfeited or expired |
|
3,734
|
Weighted Average Exercise Price Per Share, Forfeited or expired |
|
$ 218.55
|
Number of Non-vested Stock Options Outstanding, Outstanding at End of Period |
271
|
3,587
|
Weighted Average Exercise Price, Outstanding at End of Period |
$ 18.25
|
$ 227.78
|
Weighted Average Remaining Contractual Life (years), Outstanding at ending of Period |
2 years 3 months 7 days
|
10 months 24 days
|
Number of Non-vested Stock Options Outstanding, Forfeited or expired |
|
(3,734)
|
Weighted Average Remaining Contractual Life (years), Forfeited or expired |
|
2 years 8 months 4 days
|
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v3.23.2
EQUITY (Details Narrative) - USD ($)
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1 Months Ended |
12 Months Ended |
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Aug. 09, 2022 |
Nov. 05, 2021 |
May 01, 2021 |
Feb. 11, 2021 |
Jan. 21, 2021 |
Dec. 31, 2022 |
Jul. 31, 2022 |
Jun. 30, 2022 |
May 31, 2022 |
Mar. 31, 2022 |
Jan. 31, 2022 |
May 31, 2021 |
Mar. 31, 2021 |
Feb. 28, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 31, 2022 |
Dec. 22, 2021 |
Dec. 31, 2019 |
Class of Stock [Line Items] |
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Preferred stock, shares authorized |
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750,000,000
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750,000,000
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750,000,000
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Preferred stock, par value |
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$ 0.086
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$ 0.086
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$ 0.086
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Preferred stock voting rights description |
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Each
share of Series A Convertible Preferred Stock shall have ten (10) votes per share and may be converted into ten (10) shares of $0.086
par value common stock. The holders of the Series A Convertible Preferred Stock shall be entitled to receive, when, if and as declared
by the Board, out of funds legally available therefore, cumulative dividends payable in cash. The annual interest rate at which cumulative
preferred dividends will accrue on each share of Series A Convertible Preferred Stock is 0%. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company, before any distribution of assets of the Corporation shall be made to or set apart
for the holders of the Common Stock and subject and subordinate to the rights of secured creditors of the Company, the holders of Series
A Preferred Stock shall receive an amount per share equal to the greater of (i) one dollar ($1.00), adjusted for any recapitalization,
stock combinations, stock dividends (whether paid or unpaid)
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Common stock, shares authorized |
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133,333,333
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133,333,333
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133,333,333
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Common stock, par value |
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$ 0.086
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$ 0.086
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$ 0.086
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Stockholders' equity, reverse stock split |
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1-for-85.71
reverse split
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Fair value of shares issued to purchase software |
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Shares issued due to public offering, shares |
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138,000
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Issuance of common stock |
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$ 12,420,000
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$ 2,131
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Number of value issued for services |
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$ 91,050
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91,050
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Fair value of shares issued for acquisition |
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$ 4,763,451.00
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$ 50,000
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Warrents exercise price |
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$ 0.15
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$ 0.15
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Vesting of stock award |
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3,315
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3,315
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Number of shares issued exercised |
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Cash proceeds |
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$ 12,500
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Common stock, shares outstanding |
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1,219,573
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1,219,573
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730,407
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Number of shares option forfeitures |
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$ 0
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$ 70,004
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Fair value |
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$ 2,421,960
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2,421,960
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2,421,960
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Stock compensation expense |
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1,249,873
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749,127
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Unrecognized compensation expense |
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$ 17,166
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$ 17,166
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$ 195,746
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Market value price per share |
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$ 8.55
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$ 8.55
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$ 96.60
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Compensation expense |
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$ 249,650
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$ 81,917
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Restricted stock awards |
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21,615
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Employees, Directors, and Consultants [Member] |
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Class of Stock [Line Items] |
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Stock compensation expense |
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$ 178,579
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$ 576,160
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Three Employees [Member] |
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Class of Stock [Line Items] |
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Shares restricted |
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12,460
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12,460
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Number of shares of compensation |
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$ 766,250
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2019 Equity Incentive Plan [Member] |
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Class of Stock [Line Items] |
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Common Stock, Capital Shares Reserved for Future Issuance |
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32,391
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32,391
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46,667
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JP Kush And Associates Inc [Member] |
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Class of Stock [Line Items] |
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Stock issued during period, shares, acquisitions |
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995
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Fair value of shares issued for acquisition |
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$ 50,000
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$ 50,000
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Medigap Acquisition [Member] |
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Class of Stock [Line Items] |
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Stock issued during period, shares, acquisitions |
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40,402
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Software and Software Development Costs [Member] |
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Class of Stock [Line Items] |
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Number of shares issued to purchase software |
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1,556
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Fair value of shares issued to purchase software |
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$ 340,000
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Common Stock [Member] |
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Class of Stock [Line Items] |
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Conversion of stock shares converted |
147,939
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Shares converted |
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263,773
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Number of shares issued to purchase software |
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1,556
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Fair value of shares issued to purchase software |
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$ 134
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Shares issued due to public offering, shares |
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14,275
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400
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178,060
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120,000
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Number of shares issued for services |
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1,000
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Number of value issued for services |
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$ 86
|
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Stock issued during period, shares, acquisitions |
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40,402
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995
|
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Fair value of shares issued for acquisition |
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$ 3,475
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$ 86
|
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Exercise of Series A warrants, shares |
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25,000
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Number of shares converted |
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25,000
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(218,462)
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Vesting of stock award |
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14,275
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400
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Class of warrant or right, number of securities called by warrants or rights |
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7,418
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Number of shares of compensation |
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$ 110,240
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Shares granted |
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$ 180,546
|
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Compensation expense |
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$ 32,131
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Shares issued |
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667
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Common Stock [Member] | Series B Warrant Liability [Member] |
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Class of Stock [Line Items] |
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Shares issued due to public offering, shares |
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1,667
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Warrents exercise price |
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$ 7.50
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$ 7.50
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Number of shares issued exercised |
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1,667
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Cash proceeds |
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$ 12,500
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Common Stock [Member] | Private Placement [Member] |
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Class of Stock [Line Items] |
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Shares issued due to public offering, shares |
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|
178,060
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Common Stock [Member] | Vendor [Member] |
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Class of Stock [Line Items] |
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Number of shares issued for services |
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1,000
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Series A Warrant [Member] |
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Class of Stock [Line Items] |
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Exercise of Series A warrants, shares |
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25,000
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Warrents exercise price |
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$ 99.00
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Series A Warrants [Member] |
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Class of Stock [Line Items] |
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Exercise of Series A warrants, shares |
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25,000
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Series B Convertible Preferred Stock [Member] |
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Class of Stock [Line Items] |
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Preferred stock, par value |
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|
$ 1,000
|
|
Conversion of stock shares converted |
9,076
|
|
|
|
|
|
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|
9,076
|
|
|
|
|
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Shares converted |
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|
|
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|
|
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|
16
|
|
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|
Series C Prepaid Warrants [Member] |
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Class of Stock [Line Items] |
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|
Warrant conversion shares |
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|
|
|
|
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|
218,462
|
218,462
|
|
|
|
|
|
|
|
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|
|
Warrants exercise price |
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|
|
|
|
|
|
$ 0.015
|
$ 0.015
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right, number of securities called by warrants or rights |
|
|
|
|
|
|
|
218,462
|
|
|
218,462
|
|
|
|
|
|
|
|
|
Series C Prepaid Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
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|
|
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|
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|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant conversion shares |
|
|
|
|
|
|
|
218,462
|
218,462
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right, number of securities called by warrants or rights |
|
|
|
|
|
|
|
218,462
|
|
|
218,462
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,336
|
|
|
|
|
Series D Prepaid Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant conversion shares |
|
|
|
|
|
|
81,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
$ 0.015
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right, number of securities called by warrants or rights |
|
|
|
|
|
|
81,423
|
|
|
|
81,500
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
|
|
|
|
$ 795
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D Prepaid Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant conversion shares |
|
|
|
|
|
|
81,472
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of warrant or right, number of securities called by warrants or rights |
|
|
|
|
|
|
81,423
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of Series A warrants, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113,000
|
138,000
|
|
|
|
Warrents exercise price |
|
|
|
|
|
$ 90.00
|
|
|
|
|
|
|
|
|
$ 90.00
|
|
|
|
|
Class of warrant or right, number of securities called by warrants or rights |
|
|
|
|
|
138,000
|
|
|
|
|
|
|
|
|
138,000
|
|
|
|
|
Exercise price percentage |
|
|
|
|
|
11000.00%
|
|
|
|
|
|
|
|
|
11000.00%
|
|
|
|
|
Series C and D Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrents exercise price |
|
|
|
|
|
$ 0.015
|
|
|
|
|
|
|
|
|
$ 0.015
|
|
|
|
|
Reliance Global Holdings, LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Conversion, Original Debt, Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,800,000
|
|
|
|
|
|
Warrant conversion shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
42,222
|
|
|
|
|
|
Warrants exercise price |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6.00
|
|
|
|
|
|
Reliance Global Holdings, LLC [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued upon conversion |
|
778
|
|
262,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reliance Global Holdings, LLC [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares converted |
|
1,167
|
|
394,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF CALCULATIONS OF BASIC AND DILUTED EPS (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Earnings Per Share [Abstract] |
|
|
Net loss |
$ 6,466,162
|
$ (21,098,465)
|
Deemed dividend |
(6,930,335)
|
|
Net loss |
$ (464,173)
|
$ (21,098,465)
|
Weighted average common shares |
1,094,781
|
673,137
|
Effect of weighted average vested stock awards |
208
|
|
Basic and diluted weighted average shares outstanding |
1,094,989
|
673,137
|
Basic and diluted loss per common share: |
$ (0.42)
|
$ (31.34)
|
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v3.23.2
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT (Details)
|
Dec. 31, 2022
USD ($)
|
Leases |
|
2023 |
$ 570,275
|
2024 |
269,908
|
2025 |
144,124
|
2026 |
113,738
|
2027 |
117,150
|
Thereafter |
151,053
|
Total undiscounted operating lease payments |
1,366,248
|
Less: Imputed interest |
134,126
|
Present value of operating lease liabilities |
$ 1,232,122
|
X |
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v3.23.2
SCHEDULE OF EARN-OUT LIABILITY (Details) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
$ 3,813,878
|
$ 2,931,418
|
Changes due to business combinations |
600,000
|
1,694,166
|
Changes due to payments |
(1,704,925)
|
(452,236)
|
Changes due to fair value adjustments |
525
|
(278,102)
|
Ending balance |
2,709,478
|
3,813,878
|
Changes due to write-offs |
|
(81,368)
|
Commercial Solutions Of Insurance Agency LLC [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
|
81,368
|
Changes due to business combinations |
|
|
Changes due to payments |
|
|
Changes due to fair value adjustments |
|
|
Ending balance |
|
|
Changes due to write-offs |
|
(81,368)
|
Fortman Insurance Agency LLC [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
515,308
|
432,655
|
Changes due to business combinations |
|
|
Changes due to payments |
(34,430)
|
|
Changes due to fair value adjustments |
186,122
|
82,653
|
Ending balance |
667,000
|
515,308
|
Changes due to write-offs |
|
|
Southwestern Montana Insurance Center Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
615,969
|
522,553
|
Changes due to business combinations |
|
|
Changes due to payments |
(326,935)
|
|
Changes due to fair value adjustments |
210,967
|
93,416
|
Ending balance |
500,000
|
615,969
|
Changes due to write-offs |
|
|
Altruis Benefits Consultants Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
992,868
|
1,894,842
|
Changes due to business combinations |
|
|
Changes due to payments |
(84,473)
|
(452,236)
|
Changes due to fair value adjustments |
(73,452)
|
(449,738)
|
Ending balance |
834,943
|
992,868
|
Changes due to write-offs |
|
|
JP Kush And Associates Inc [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
1,689,733
|
|
Changes due to business combinations |
|
1,694,166
|
Changes due to payments |
(1,259,087)
|
|
Changes due to fair value adjustments |
(283,112)
|
(4,433)
|
Ending balance |
147,534
|
1,689,733
|
Changes due to write-offs |
|
|
Barra [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Beginning balance – January 1 |
|
|
Changes due to business combinations |
600,000
|
|
Changes due to fair value adjustments |
(40,000)
|
|
Ending balance |
$ 560,000
|
|
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v3.23.2
v3.23.2
SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES (Details) - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Income Tax Disclosure [Abstract] |
|
|
Net operating loss carryforward |
$ 4,938,164
|
$ 1,900,194
|
Stock based compensation |
1,148,836
|
725,546
|
Goodwill |
(771,631)
|
(199,086)
|
Intangibles |
745,227
|
459,441
|
Fixed assets |
(99,002)
|
(56,691)
|
Right of use assets |
(300,616)
|
(333,347)
|
Lease liabilities |
313,342
|
337,671
|
Other |
1,525
|
1,336
|
Total deferred tax assets |
5,975,846
|
2,835,065
|
Valuation allowance |
(5,975,846)
|
(2,835,065)
|
Net deferred tax assets |
|
|
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v3.23.2
INCOME TAXES (Details Narrative) - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Federal net operating loss carryforwards excluding indefinite life |
$ 19,784,000
|
|
Operating loss carryforward limitation |
Federal Net Operating Loss Carry forwards, of which $1.3 million will begin to expire beginning
2031
|
|
Income tax description |
$18.5 million will not expire but are limited to use of 80% of current year taxable income
|
|
State net operating loss carry forwards |
$ 15,264,000
|
|
Change in valuation of allowance |
$ 3,140,780
|
$ 742,884
|
CARES Act [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Income tax description |
Internal
Revenue Code Section 382 limits the ability to utilize net operating losses if a 50% change in ownership occurs over a three-year period.
Such limitation of the net operating losses may have occurred, but we have not analyzed it at this time as the deferred tax asset is
fully reserved
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
Sep. 13, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Due to related party |
|
$ 100,724
|
$ 353,766
|
Promissory note principle |
|
$ 482,000
|
$ 0
|
Notes bearing interest percentage |
|
0.00%
|
8.00%
|
YES Americana Group LLC [Member] |
|
|
|
Promissory note principle |
$ 1,500,000
|
|
|
Note matures date |
Jan. 15, 2024
|
|
|
Notes bearing interest percentage |
0.00%
|
|
|
Debt description |
5% per annum thereafter, payable monthly
|
|
|
Reliance Holdings [Member] |
|
|
|
Ownership percentage |
|
24.00%
|
33.00%
|
X |
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
12 Months Ended |
|
|
Mar. 13, 2023 |
Feb. 23, 2023 |
Feb. 13, 2023 |
Feb. 07, 2023 |
Jan. 02, 2023 |
Sep. 13, 2022 |
Jan. 21, 2021 |
Feb. 28, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 01, 2023 |
Dec. 22, 2021 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for vested stock awards, shares |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note principle |
|
|
|
|
|
|
|
|
$ 482,000
|
$ 0
|
|
|
Common stock par value |
|
|
|
|
|
|
|
|
$ 0.086
|
$ 0.086
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
|
|
|
|
|
1-for-85.71
reverse split
|
|
|
|
|
|
Shares issued due to public offering, shares |
|
|
|
|
|
|
|
138,000
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
|
|
$ 0.086
|
YES Americana Group LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note principle |
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
|
|
Debt instrument description |
|
|
|
|
|
5% per annum thereafter, payable monthly
|
|
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Officers compensation |
|
|
|
|
$ 275,000
|
|
|
|
|
|
|
|
Shares issued for vested stock awards, shares |
|
|
|
|
40,000
|
|
|
|
|
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
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.
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
$ 0.086
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued due to public offering, shares |
155,038
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable warrants |
897,594
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued pursuant to acquisition of Kush, shares |
2,105,264
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Placement Agent Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
52,632
|
|
|
|
|
|
|
|
|
|
|
|
Cash fee percentage |
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
legal fees |
$ 95,000
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | YES Americana Group LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Promissory note principle |
|
|
|
|
|
|
|
|
|
|
$ 1,500,000
|
|
Debt instrument description |
|
|
|
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 as a result of Americana’s funding of an additional $345,000 to the Company during the period of
January 23, 2023 through February 2, 2023, (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 (the “Common Stock”). The conversion price under
the Note is equal to the Nasdaq minimum price, which is the lower of: (i) the closing price of the Common Stock (as reflected on Nasdaq.com)
immediately preceding the signing of the Amendment; or (ii) the average closing price of the Common Stock (as reflected on Nasdaq.com)
for the five trading days immediately preceding the signing of the Amendment
|
|
|
|
|
|
|
|
|
Conversion of stock |
|
|
$ 645,000
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares |
|
|
1,001,148
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
$ 0.086
|
|
|
|
|
|
|
|
|
|
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