UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2024
Commission
File Number: 001-40442
THE
REAL BROKERAGE INC.
(Registrant)
701
Brickell Avenue, 17th Floor
Miami,
Florida, 33131 USA
(Address
of Principal Executive Offices)
Indicate
by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☐ Form 40-F ☒
Indicate
by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
DOCUMENTS
INCORPORATED BY REFERENCE
This
report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (Reg. No. 333-282687)
and Registration Statements on Form S-8 (Reg. Nos. 333-262142 and 333-269982), including the prospectuses contained therein.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| |
THE
REAL BROKERAGE INC. |
| |
(Registrant) |
| |
|
|
| Date
November 7, 2024 |
By |
/s/
Tamir Poleg |
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|
Tamir
Poleg |
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|
Chief
Executive Officer |
EXHIBIT
INDEX
Exhibit
99.1
Building
Your Future, Together
The
Real Brokerage Inc. (the “Company” or “Real”) is a technology-powered real estate brokerage that
uses its innovative approach to change the way people buy and sell homes. Real’s model focuses on creating value and financial
opportunity for agents, enabling them to deliver a better experience to their clients.
Real
creates financial opportunities for agents in four key ways:
2024
Highlights
Real
was incorporated under the laws of the Business Corporations Act (British Columbia) on February 27, 2018, and was a capital pool
company. On June 5, 2020, the Company acquired all of the issued and outstanding common shares of Real Technology Broker Ltd., a private
corporation incorporated under the laws of Israel, and changed its name to The Real Brokerage Inc. On June 15, 2021, the common shares
(as defined below) commenced trading on NASDAQ under the trading symbol “REAX”. The Company’s principal executive
office is located at 701 Brickell Avenue, 17th Floor, Miami, Florida, 33131 and its registered office is located at 550 Burrard Street,
Suite 2300, Bentall 5, Vancouver, British Columbia. V6C 2B5. The Company is a “reporting issuer” in all of the provinces
and territories of Canada.
Real
provides brokerage services for the real estate market in the United States and Canada. On September 30, 2024, Real was licensed in 50
states and the District of Columbia in the United States and in Alberta, Ontario, British Columbia, and Manitoba, Canada. Real’s
fast-growing network of agents allows for strong relationship building, access to a nationwide referral network and seamless expansion
opportunities.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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MANGAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION
INTRODUCTION
This
Management’s Discussion and Analysis (the “MD&A”) is provided to enable a reader to assess the results of
operations and financial condition of The Real Brokerage Inc. (“Real” or the “Company”) for the
period ended September 30, 2024, and 2023. This MD&A is dated November 7, 2024 and should be read in conjunction with the unaudited
interim condensed consolidated financial statements and related notes for the period ended September 30, 2024 and 2023 (the “Financial
Statements”). Unless the context indicates otherwise, references to “Real”, “the Company”, “we”,
“us” and “our” in this MD&A refer to The Real Brokerage Inc. and its subsidiaries. All dollar amounts are
in U.S. dollars unless otherwise stated. The common shares of the Company (“Common Shares”) are listed and traded
on NASDAQ under the symbol “REAX”
CAUTION
REGARDING FORWARD-LOOKING INFORMATION
Some
of the statements in this MD&A are forward-looking statements. These statements may constitute “forward-looking information”
and “forward-looking statements” under applicable Canadian and United States securities laws (collectively, “forward-looking
statements”). These forward-looking statements typically include the words “anticipate,” “believe,”
“consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,”
“plan,” “predict,” “projection,” “seek,” “strategy,” “target,”
“outlook,” “will,” “should,” “could” or other words of similar meaning, as well as statements
written in the future tense. Forward-looking statements contained herein may include opinions or beliefs regarding market conditions
and similar matters. In many instances, those opinions and beliefs are based upon general observations by members of our management,
anecdotal evidence and our experience in the conduct of our businesses, without specific investigations or analyses. Therefore, while
they reflect our view of the industries and markets in which we are involved, they should not be viewed as reflecting verifiable views
or views that are necessarily shared by all who are involved in those industries or markets. These statements concern expectations, beliefs,
projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.
Without limitation, this MD&A may contain forward-looking statements pertaining to the following:
| ● | the
Company’s capital and organizational structure; |
| ● | the
Company’s expected working capital; |
| ● | the
Company’s business plans and strategies including targets for future growth; |
| ● | the
development of the Company’s business; |
| ● | expectations
regarding
the real estate industry; |
| ● | expectations
regarding the development and launch of new technologies, including Real Wallet, Leo for
Clients, and Leo CoPilot; |
| ● | expectations
with respect to future opportunities; |
| ● | capital
expenditure programs and future capital requirements; |
| ● | supply
and demand fundamentals for services of the Company; |
| ● | the
Company’s plans and funding for planned development activities and the expected results
of such activities; |
| ● | the
Company’s treatment under governmental and international regulatory regimes; |
| ● | the
Company’s access to capital and overall strategy and development plans for all of the
Company’s assets. |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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|
The
forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We
wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could
cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that
could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited
to: the impact of macroeconomic conditions on the strength of the residential real estate market; an extended slowdown in some or all
of the real estate markets in which we operate; the future operational and financial activities of the Company generally; fluctuations
in foreign currency exchange rates, interest rates, business prospects and opportunities; the impact of inflation or a higher interest
rate environment; reduced availability or increased cost of mortgage financing for homebuyers; increased interest rates or increased
competition in the mortgage industry; our inability to successfully execute our strategies, including our strategy regarding Real Wallet,
Leo for Clients, Leo CoPilot and our strategy to grow our ancillary mortgage broker and title operations; the possibility that we will
incur nonrecurring costs that affect earnings in one or more reporting periods; the impact of the industry antitrust litigation on the
industry generally and specifically to us with respect to the lawsuit in which we were named, as well as potential future lawsuits in
which we are named; a reduction in customary commission rates and reduction in the Company’s gross commission income collection;
new laws or regulatory changes that adversely affect the profitability of our businesses; risks related to information technology failures
or data security breaches; the effect of cybersecurity incidents and threats; our inability to retain agents, or maintain our agent growth
rate; the regulatory framework governing intellectual property in the jurisdictions in which the Company conducts its business and any
other jurisdictions in which the Company may conduct its business in the future; the Company’s inability to comply with the regulatory
bodies governing its activities; the impact of competition on the Company; the effects of weather conditions and natural disasters on
our business and financial results; the effects of public health issues such as a major epidemic or pandemic that could have a negative
impact on the economy and on our businesses; the effects of negative publicity; our ability to successfully estimate the impact of certain
accounting and tax matters, including related to transfer pricing; changes in law that have a negative impact on our business; and our
ability to successfully estimate the impact of regulatory and litigation matters.
The
foregoing list of assumptions is not exhaustive. Actual results could differ materially from those anticipated in forward-looking statements
as a result of various events and circumstances, including, among other things, the risk factors identified under the heading “Risks
and Uncertainties”.
Should
one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect,
actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained
in this MD&A. These factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking
information, which speaks only as of the date of this MD&A. All subsequent forward-looking information of the Company herein is expressly
qualified in its entirety by the cautionary statements contained in or referred to herein. The Company does not undertake any obligation
to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of
this MD&A or to reflect the occurrence of unanticipated events, except as may be required under applicable Canadian and United States
securities laws.
WHO
WE ARE
We
are a technology-powered real estate brokerage that uses our innovative approach to change the way people buy and sell homes. Our model
focuses on creating value and financial opportunity for agents, to enable agents to deliver a better experience to their clients.
We
create financial opportunities for our agents in four key ways:
| ● | Keep
more commission. Our compensation structure favors the agent, allowing them to keep 85% -
100% of commissions. |
| ● | 100%
Mobile Brokerage Services. We are 100% mobile - so agents have what they need to close the
deal at their fingertips and are not paying for unused office space. |
| ● | Build
Equity. Agents earn equity through our incentive program that allows them to share in the
wealth as they help to build a more valuable company. |
| ● | Earn
More with Revenue Sharing. Agents can earn a share of revenue generated by agents they
refer to us. Each referral by an agents earns that agent 5% of such referred agent’s
referred gross commission income up to an annual cap. |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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BUSINESS
OVERVIEW AND STRATEGY
We
are a growing real estate technology company located in the United States and Canada. As a licensed real estate brokerage, our revenue
is generated primarily by processing real estate transactions which entitle us to commissions. We pay a portion of our commission revenue
to real estate agents who are affiliated with us. We are taking a first principles approach to redefining the role of a real estate brokerage
in the lives of agents and within the broader housing ecosystem.
We
focus on developing technology to enhance real estate agent performance, while aiming to build a scalable, efficient brokerage operation
that allows for technologically supported brokerage oversight that is not dependent on a cost-heavy brick and mortar presence in the
markets in which we operate. Our goal is to establish ourselves as the destination brokerage for agents, by offering a combination of
technology, support, and financial incentives. Our vision is to transform home buying under the guidance of an agent through an integrated
consumer technology product, while growing our ancillary services, including mortgage broker and title services. In addition,
we plan to expand our suite of tools and products tailored for agents, including Company-branded financial products.
Our
vision is to create an integrated home buying experience through the adoption of our consumer-facing product called Leo for Clients.
This technology product, guided by our agents, aims to streamline the home buying process for consumers, while increasing the adoption
of our higher-margin ancillary services, such as mortgage brokerage and title services. As part of this strategy, we acquired a title
company in January 2022, which has been rebranded to One Real Title. In addition, we acquired a tech-enabled mortgage broker business
in December 2022, which has been rebranded to One Real Mortgage. Leo for Clients is in addition to the technology we provide to agents,
and is a natural next step in supporting both our agents with another benefit that can be provided to their clients, while providing
consumers a more enjoyable real estate transaction experience with less friction. In October 2023 we launched the first iteration of
our consumer-facing portal, offering consumers the ability to apply for a home loan through an interface, but have pivoted the program
to Leo for Clients. Leo for Clients is in addition to the technology we provide to agents, and is a natural next step in supporting
both our agents with another benefit that can be provided to their clients, while providing consumers a more enjoyable real estate transaction
experience with less friction. Leo for Clients is expected to offer 24/7 access to property information and services through a dedicated
phone line for each agent. At launch, clients are expected to be able to interact with Leo for Clients via text message, enabling them
to schedule home tours upon request, among other things.
We
believe we can change the way home buying is done, making it simpler and easier for consumers by making the experience more relaxed,
efficient, and enjoyable. We expect this transformative mission to deliver value to shareholders by better monetizing ancillary
services which have historically high margins, while seeking to create a technology-enhanced game-changing experience for consumers.
These innovations are designed to empower agents by helping them build wealth, all under the Company umbrella. As part of this strategy
of continually looking to provide new benefits to agents and new revenue channels for the Company, we have been developing a financial
technology program called Real Wallet, which is a platform that we expect will centralize an agent’s access to certain Company-branded
financial products. In October 2024, we announced certain Real Wallet products. In the United State, agents will be able to sign
up for a business checking account with Thread Bank, Member FDIC, including a Company-branded debit card, and Canadian agents will have
access to a credit line based on their earnings history with the Company. We are focused on developing an ecosystem of financial products
for real estate agents, creating additional avenues to monetize the significant gross market value transacted on our platform.
We
believe we are differentiated by our ability to deliver a simple, enjoyable experience that aligns broker, agent, and consumer interests
and changes the entire process for the better. We believe we are poised to deliver on this promise, supported by our ecosystem that includes:
| ● | Growth-minded
agents who care about making a difference in the industry. We seek to attract team players
who are in it to help others, not just themselves. |
| ● | Innovative
technology that removes friction and is designed to keep everything seamless, easily accessible,
and transparent. |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
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|
| ● | Integrated
services that put the consumer first, including mortgage, title and insurance offerings that
contribute to a seamless experience and offer consumers a better product and experience. |
Our
vision extends beyond mere transactions; we are looking to build a community where every interaction and every service is designed to
redefine what’s possible in real estate.
Business
Model
Commission
Structure
As
a licensed real estate brokerage, our primary revenue source is derived by processing real estate transactions, which entitle us to commissions.
We distribute a portion of this commission revenue to our agents and brokers, according to our commission structure. Under this model,
agents receive 85% of the commission from real estate transactions, with the remaining 15% allocated to the Company. This arrangement
continues until an agent contributes $12,000 (or other agreed amount) in commission splits to the Company, at which point the agent qualifies
to receive 100% of their gross commission income per transaction for the remainder of their annual cycle, minus a transaction fee of
$285 and a $30 fee per transaction for broker review and Errors and Omissions (“E&O”) insurance.
Revenue
Share Model
We
offer agents the opportunity to earn revenue-share, paid out of the Company’s portion of commissions, for new, productive agents
that they personally refer and who join our platform. Launched in November 2019, this program has had a major impact on our agent count
and revenue growth. This momentum across various markets is largely driven by the enthusiasm of key influential agents who have embraced
us, actively bringing peers and others in their network to our growing community. In February 2023, we expanded the program to allow
new agents to select two sponsors that split 90% of the revenue share stream equally while paying the remaining 10% back to us.
Agent
Equity Participation
In
an effort to incentivize and reward our agents, our agents have the opportunity to earn restricted share units (each an “RSU”)
based on achievement of certain performance criteria. These RSUs vest after three years into common shares directly linking our agents’
success to the Company’s. Additionally, our Agent Stock Purchase Program enables agents to buy RSUs with a portion of their commissions.
These RSUs vest after one year. To encourage participation, we provide agents participating in the program with bonus RSUs, enhancing
the financial benefits for agents. This equity incentive plan is part of our broader strategy to foster a culture of ownership and alignment.
Agent
Experience
We
focus on creating a superior agent experience through development of a comprehensive software platform. We believe our strength is our
ability to offer real estate agents a higher value, through a proprietary technology stack - a set of technologies, software and tools
essential for developing and deploying digital products - at a lower cost, compared to other brokerages. At its core, our technology
is an operating system that we believe allows agents to build their businesses rapidly and efficiently, enhancing productivity, and providing
support for marketing, education, community-building, transaction management and more.
As
part of those efforts, in August 2021, we launched a new and improved agent mobile application leveraging our proprietary technology
platform called reZEN that we believe delivers to our agents better visibility into their business, transactions, and financials.
In October 2022, reZEN was further enhanced with new features and benefits for agents and launched to all U.S. and Canada-based
agents.
reZEN
software is the backbone of our transaction processing efficiency and is a key to unlocking operating leverage as we look to continue
to scale. With reZEN, agents do not need a third-party system for inputting new transactions, which gives us greater control over the
transaction experience, increases our brokerage oversight, allows us to better integrate our own technology as we enhance our consumer-facing
product, and drives productivity and efficiency for agents. Further, by offering an open application programming interface, we provide
agents the flexibility to integrate technology partners of their choosing, while maintaining more control over their own data.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Focus
on Teams
Real
estate teams have a unique structure and are typically formed by a high producing agent who attracts other agents to work with them and
enjoy the leadership and mentoring provided by the team leader. Teams who join our platform are entitled to receive the same commission
split, revenue sharing and equity incentive programs offered to all agents. These incentive programs allow agents and brokers a financial
mechanism to build teams across geographical boundaries in any of the markets that we serve, without incurring significant additional
expense, oversight responsibility or liability, while at the same time preserving and enhancing their own personal brands. The growth
in brokerage teams joining us continues to have a positive impact on our agent growth, and in January 2024 we announced two programs
to make it easier for teams and independent brokerages to join us:
| ● | Private
Label - Specifically designed for independent brokerages that have spent years building
a brand in their local marketplace, our Private Label program empowers brokerages to benefit
from our cutting-edge transaction management platform while maintaining and continuing to
invest in their local brand, which often comes with a strong customer base and emotional
attachment. The Private Label program is available to brokerages through an application process
in states that allow this type of representation. |
| ● | ProTeams
- Our ProTeams program gives team leaders the flexibility to customize their team members’
caps, splits and fee payments down to the individual team member level, allowing them to
continue to embrace the structure that works best for them, while still reaping the benefits
associated with being a part of our platform. |
Consumer
Vision
We
believe the home buying experience is broken. It is an outdated process riddled with problems in need of enhanced technology. In particular,
the current home buying and selling experience is too often:
| ● | Unpredictable:
From a buyer’s perspective, unforeseen issues arise based on lack of awareness of potential
outcomes; |
| ● | Chaotic:
Requires interactions with multiple parties (lender, insurer, etc.) with communication through
multiple channels; and |
| ● | Nontransparent:
There is often no clear understanding in a seemingly complex and unintuitive process. |
A
core component of our strategy going forward is developing Leo for Clients, which will seek to provide a seamless end-to-end home
buying experience for consumers, including access to ancillary services such as mortgage and title services. Leo for Clients is in addition
to the technology we provide to agents, and is a natural next step in supporting both our agents with another benefit that can be provided
to their clients, and consumers who can enjoy a real estate transaction with less friction.
Brokerage
Fees and Additional Benefits
In
addition to real estate commissions, we generate revenue from fees charged to agents for being affiliated with us and for closing transactions
on our platform. In January 2023, we announced changes to U.S. brokerage fees and additional benefits as we seek to grow sustainably
while still offering industry-leading incentives for our agents. These changes include:
| ● | A
co-sponsored revenue share program that allows new agents to select two sponsors that split
90% of the revenue share stream equally while paying the remaining 10% back to us. |
| ● | Expanded
access to our share purchase program, giving agents the ability to buy our common shares
beyond the company-issued equity awards. |
| ● | A
$30 fee on each transaction to cover broker review, E&O insurance and processing expenses. |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
| ● | A
$175 annual fee to participate in our revenue sharing program, and a 1.2% fee on all revenue
share payments. |
| ● | A
$100 increase of the joining fee to $249 and a $250 increase of the annual brokerage fee
to $750. |
| ● | A
$60 increase of the post-capping transaction fee to $285, and a $29 increase to the Elite
Agent transaction fee to $129. |
These
changes went into effect in February 2023 for new agents and in April 2023 for existing agents.
Growth
in Market Share
We
believe that our non-brick and mortar-based model is desirable, enabling agents to work from anywhere by leveraging our technology,
without being tied to a costly physical office. This appeal has led to a significant period of growth, underscored by a steady increase
in the number of agents joining our platform. This trend is reflected in our results, with agents on our platform growing 70% year-over-year
during the third quarter of 2024 (6% compared to the second quarter of 2024) to 21,770 agents.
Focus
on Technology
The
real estate industry is generally considered to be slow at adopting technology and as such, real estate transactions remain difficult
to manage. We see an opportunity to produce agent focused software products that will further differentiate us from other brokerages.
We also believe that margin expansion is closely tied to the improvement of internal operational efficiency through automation, providing
the ability to rapidly grow revenue at a faster pace than expenses.
In
May 2023, we launched Leo, an artificial intelligence-powered assistant that serves as a 24/7 concierge to our agents and brokers
throughout the United States and Canada. Leveraging our proprietary transaction management platform, reZEN, Leo provides real-time answers
to user inquiries. Beyond responding to questions, Leo has been enhanced to predict agents’ needs by analyzing their past interactions
and drawing insights from similar patterns across our entire agent base. By utilizing AI to manage the most frequently asked questions,
we aim to maintain our efficient staff-to-agent ratio scaling our agent base and increasing overall agent productivity.
In October 2024, we unveiled Leo CoPilot, what we believe is an innovative, proactive enhancement of our AI-powered virtual assistant
for agents. We expect Leo CoPilot to serve as an agent command center, anticipating each agent’s unique needs and providing
personalized support. More than just a reactive tool, we expect Leo CoPilot to become the main interface agents use
to manage reZEN, our proprietary software platform, transforming how they run their businesses and boosting productivity.
In October
2024, we announced Leo for Clients, a consumer facing technology product facilitating direct communication between agents
and clients through text message. We expect Leo for Clients to offer 24/7 access to property information and services through
a dedicated phone line for each agent , and for clients to be able to interact with Leo for Clients to receive recommendations
for available properties based on their search criteria, access open house information, schedule tours and initiate mortgage applications.
This tool aims to streamline communication, enhance the client experience, and allow agents to focus their time on strategic efforts
and relationship building, while maintaining seamless client engagement. Testing for Leo for Clients began during the fourth quarter
of 2024.
We
see potential in improving the home buying and selling experience for consumers using technology, while keeping real estate agents in
the center of the transaction. We expect this approach will enable consumers to experience a faster, smoother, and more
enjoyable digital based journey, while still benefiting from the expert guidance of a real estate agent throughout this exciting and
highly emotional transaction.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Corporate
Information
The
Real Brokerage Inc. (formerly ADL Ventures Inc.) was incorporated under the laws of the Business Corporations Act (British Columbia)
(“BCBCA”) on February 27, 2018, and was a capital pool company. On June 5, 2020, ADL Ventures Inc. acquired all of
the issued and outstanding common shares of Real Technology Broker Ltd., a private corporation incorporated under the laws of Israel,
and changed its name to The Real Brokerage Inc. On June 15, 2021, the common shares commenced trading on NASDAQ under the trading
symbol “REAX.” The Company’s principal executive office is located at 701 Brickell Avenue, 17th Floor, Miami, Florida,
33131 and our registered office is located at 550 Burrard Street, Suite 2300, Bentall 5, Vancouver, British Columbia, V6C 2B5, Canada.
The Company is a “reporting issuer” in all the provinces and territories of Canada.
Recent
Developments
Normal
Course Issuer Bid
On
May 19, 2022, the Company announced that it renewed its normal course issuer bid (“NCIB”) to be transacted through
the facilities of the NASDAQ Capital Market (“NASDAQ”) and other stock exchanges and/or alternative trading systems
in the United States and/or Canada. Pursuant to the NCIB, Real was able to purchase up to 8.9 million Common Shares, representing approximately
5% of the total 178.3 million Common Shares issued and outstanding as of May 19, 2022. On May 24, 2023, the Company announced that it
renewed its NCIB pursuant to which Real may purchase up to 9.0 million Common Shares, representing approximately 5% of the total 180
million Common Shares issued and outstanding as of May 18, 2023. On May 14, 2024, the Company announced that it renewed its NCIB again
pursuant to which Real may purchase up to approximately 9.47 million Common Shares, representing approximately 5% of the total 189 million
Common Shares issued and outstanding as of May 1, 2024. Purchases are made at prevailing market prices and may be conducted during the
twelve-month period ended May 28, 2025.
The
NCIB is being conducted to acquire Common Shares for the purposes of satisfying restricted share unit obligations. The Company appointed
CWB Trust Services (the “Trustee”) as the trustee for the purposes of arranging the acquisition of Common Shares and
to hold the Common Shares in trust for the purposes of satisfying RSU payments as well as deal with other administrative matters. Through
the Trustee, RBC Capital Markets was engaged to undertake purchases under the NCIB.
During
the quarter ended September 30, 2024, the Company repurchased 2.7 million Common Shares for $15.1 million.
Trading
Plan
The
Company has adopted a written insider trading policy that governs the purchase, sale, and other dispositions of the Company’s securities
by its directors, officers, and employees, designed to promote compliance with applicable insider trading laws and regulations. The policy
permits our officers, directors, funds affiliated with our directors, and certain other persons to enter into trading plans complying
with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. On August 19, 2024, Jenna Rozenblat, the Company’s Chief
Operating Officer, entered into a 10b5-1 trading plan (the “Plan”), which is intended to satisfy the affirmative defense
of Rule 10b5-1(c), for the sale of up to 84,221 Common Shares, less any amounts that are withheld for the payment of taxes. The first
sale of Common Shares will not take place until at least December 20, 2024. The Plan end date is November 1, 2025. Under the Plan, Ms.
Rozenblat will relinquish control over the sale transactions. Accordingly, sales under the Plans may occur at any time, including possibly
before, simultaneously with, or immediately after significant events involving the Company.
On
August 30, 2024, Andrea Madden, the Company’s Chief Marketing Officer, entered into a 10b5-1 trading plan (the “Plan”),
which is intended to satisfy the affirmative defense of Rule 10b5-1(c), for the sale of up to 100,000 Common Shares. The first sale of
Common Shares will not take place until at least December 29, 2024. The Plan end date is December 31, 2025. Under the Plan, Ms. Madden
will relinquish control over the sale transactions. Accordingly, sales under the Plans may occur at any time, including possibly before,
simultaneously with, or immediately after significant events involving the Company.
On
September 12, 2024, Pritesh Damani, the Company’s Chief Technology Officer, entered into a 10b5-1 trading plan (the “Plan”),
which is intended to satisfy the affirmative defense of Rule 10b5-1(c), for the sale of up to 734,160 Common Shares. The first sale of
Common Shares will not take place until at least January 11, 2025. The Plan end date is June 15, 2025. Under the Plan, Mr. Damani will
relinquish control over the sale transactions. Accordingly, sales under the Plans may occur at any time, including possibly before, simultaneously
with, or immediately after significant events involving the Company. Mr. Damani’s prior plan, which was entered into on March 14,
2024, ended pursuant to its terms prior to entering into the new plan when all shares covered by the plan were sold.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
We
anticipate that, as permitted by Rule 10b5-1 and our policy governing transactions in our securities, some or all of our officers, directors
and employees may establish trading plans in the future. We intend to disclose the names of our executive officers and directors who
establish a trading plan in compliance with Rule 10b5-1 and the requirements of our policy governing transactions in our securities in
our future quarterly and annual reports. We, however, undertake no obligation to update or revise the information provided herein, including
for revision or termination of an established trading plan, other than in such quarterly and annual reports.
PRESENTATION
OF FINANCIAL INFORMATION AND NON-IFRS MEASURES
Presentation
of financial information
Unless
otherwise specified herein, financial results, including historical comparatives, contained in this MD&A are based on the Financial
Statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”) and the interpretations of the IFRS Interpretations Committee.
Non-IFRS
measures
In
addition to the reported IFRS measures, industry practice is to evaluate entities giving consideration to certain non-IFRS performance
measures, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) or adjusted earnings before
interest, taxes, depreciation and amortization (“Adjusted EBITDA”).
Management
believes that these measures are helpful to investors because they are measures that the Company uses to measure performance relative
to other entities. In addition to IFRS results, these measures are also used internally to measure the operating performance of the Company.
These
measures are not in accordance with IFRS and have no standardized definitions, and as such, our computations of these non-IFRS measures
may not be comparable to measures by other reporting issuers. In addition, Real’s method of calculating non-IFRS measures may differ
from other reporting issuers, and accordingly, may not be comparable.
Earnings
before Interest, Taxes, Depreciation and Amortization
EBITDA
is used as an alternative to net income because it excludes major non-cash items such as interest, taxes, and amortization, which management
considers non-operating in nature. It provides useful information about our core profit trends by eliminating our taxes, amortization,
and interest which provides a more accurate comparison between our competitors. A reconciliation of EBITDA to IFRS net income is presented
under the section “Summary Results from Operations” in this MD&A.
Adjusted
Earnings before Interest, Taxes, Depreciation and Amortization
Management
believes that Adjusted EBITDA provides useful information about our financial performance and allows for greater transparency with respect
to a key metric used by the Company for financial and operational decision-making. We believe that Adjusted EBITDA helps identify underlying
trends in our business that otherwise could be masked by the effect of the expenses that we exclude in Adjusted EBITDA. In particular,
we believe the exclusion of stock and stock option expenses provides a useful supplemental measure in evaluating the performance of our
operations and provides additional transparency into our results of operations.
Adjusted
EBITDA is used as an addition to net income (loss) and comprehensive income (loss) because it excludes major non-cash items such as amortization,
interest, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature.
A
reconciliation of Adjusted EBITDA to IFRS net income is presented under the section “Summary Results from Operations” of
this MD&A.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
SUMMARY
RESULTS FROM OPERATIONS
Select
information (in thousands)
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Operating Results | |
| | | |
| | | |
| | | |
| | |
| Total Revenues | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| Loss from Continuing Operations | |
| (2,541 | ) | |
| (3,939 | ) | |
| (19,748 | ) | |
| (15,226 | ) |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Basis | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share (ii) | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| EBITDA (i) (iii) | |
| (2,199 | ) | |
| (3,704 | ) | |
| (17,170 | ) | |
| (13,799 | ) |
| Adjusted EBITDA (i) (iii) | |
| 13,251 | | |
| 3,520 | | |
| 30,886 | | |
| 5,346 | |
| i. | Represents
a non-IFRS measure. Real’s method for calculating non-IFRS measures may differ from
other reporting issuers’ methods and accordingly may not be comparable. For definitions
and basis of presentation of Real’s non-IFRS measures, refer to the non-IFRS measures
section. |
| ii. | Basic
and diluted loss per share are calculated based on weighted average of Common Shares outstanding
during the period. |
| iii. | EBITDA
and Adjusted EBITDA are calculated on a trailing three-month basis. Refer to non-IFRS measures
section of this MD&A for further details. |
Earnings
before interest, taxes, depreciation and amortization (EBITDA) (in thousands)
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| Add/(Deduct): | |
| | | |
| | | |
| | | |
| | |
| Finance Expenses, net | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
| Net Income Attributable to Noncontrolling Interest | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | |
| (3 | ) | |
| (79 | ) | |
| (97 | ) | |
| (214 | ) |
| Depreciation and Amortization | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| EBITDA | |
| (2,199 | ) | |
| (3,704 | ) | |
| (17,170 | ) | |
| (13,799 | ) |
Adjusted
earnings before interest, taxes, depreciation, and amortization (in thousands)
Adjusted
EBITDA excludes stock-based compensation expense related to RSUs and options to purchase Common Shares (“Options”)
granted pursuant to our equity plans, including our A&R Omnibus Plan, and expenses incurred as part of the settlement agreement to
resolve the class action litigation, Umpa v. NAR, 4:23-cv-00945 (W.D. Mo.) (the “Anti-Trust Litigation Settlement”).
Also, see the disclosure in the section “Risks and Uncertainties” under the heading “adverse litigation judgments or
settlements resulting from legal proceedings could reduce the Company’s profits or limit its ability to operate”. Stock-based
compensation expense is affected by awards granted and/or awards forfeited throughout the year as well as increases in fair value and
is more fully disclosed in Note 7 of the Financial Statements, Share-Based Payment arrangements, of the Financial Statements.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| Add/(Deduct): | |
| | | |
| | | |
| | | |
| | |
| Finance Expenses, net | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
| Net Income Attributable to Noncontrolling Interest | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | |
| (3 | ) | |
| (79 | ) | |
| (97 | ) | |
| (214 | ) |
| Depreciation and Amortization | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Stock-Based Compensation | |
| 15,417 | | |
| 7,144 | | |
| 37,797 | | |
| 18,980 | |
| Restructuring Expenses | |
| - | | |
| 80 | | |
| - | | |
| 165 | |
| Expenses related to Anti-Trust Litigation Settlement | |
| 33 | | |
| - | | |
| 10,259 | | |
| - | |
| Adjusted EBITDA(i) | |
| 13,251 | | |
| 3,520 | | |
| 30,886 | | |
| 5,346 | |
REVENUE
For
the nine-month period ended September 30, 2024, total revenues were $914.0 million compared to $507.8 million for the nine-month period
ended September 30, 2023, demonstrating the effects of the Company’s growth. The Company generates substantially all its revenue
from commissions from the sale of real estate properties. Other sources of revenue include fee income from the brokerage-platform and
other revenues relating to ancillary services. The increase in revenues is attributable to an increase in productive agents on our platform,
as well as expanding the number of states and provinces in which we operate. We are continually investing in our platform to provide
agents with the tools they need to maximize their productivity, which we anticipate will further translate into a larger transaction
volume closed by our agents. As we further widen our footprint within the United States and Canada, we expect this momentum to progress.
A
breakdown in revenues (in thousands) generated during the year is included below:
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Main revenue streams | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 213,319 | | |
| 907,716 | | |
| 504,456 | |
| Title | |
| 1,400 | | |
| 964 | | |
| 3,450 | | |
| 2,510 | |
| Mortgage Income | |
| 1,198 | | |
| 357 | | |
| 2,843 | | |
| 851 | |
| Total Revenue | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| | |
| | | |
| | | |
| | | |
| | |
| Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | |
| Products and Services Transferred at a Point in Time | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| Revenue from Customers with Contracts | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
BUSINESS
SEGEMENT INFORMATION
A
further breakdown of the Condensed Consolidated Statement of Loss and Comprehensive Loss by business segment (in thousands) during the
period is included below:
| | |
Three Months Ended September 30, 2024 | |
| | |
North American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 369,890 | | |
| 2,598 | | |
| 372,488 | |
| Commissions and other agent-related costs | |
| 339,507 | | |
| 852 | | |
| 340,359 | |
| Gross Profit | |
| 30,383 | | |
| 1,746 | | |
| 32,129 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 13,592 | | |
| 2,709 | | |
| 16,301 | |
| Marketing expenses | |
| 15,240 | | |
| 21 | | |
| 15,261 | |
| Research and development expenses | |
| 3,010 | | |
| 35 | | |
| 3,045 | |
| Operating Loss | |
| (1,459 | ) | |
| (1,019 | ) | |
| (2,478 | ) |
| | |
| | | |
| | | |
| | |
| Other income, net | |
| 151 | | |
| - | | |
| 151 | |
| Finance expenses, net | |
| (189 | ) | |
| (25 | ) | |
| (214 | ) |
| Net Loss | |
| (1,497 | ) | |
| (1,044 | ) | |
| (2,541 | ) |
| Net income attributable to noncontrolling interests | |
| - | | |
| 45 | | |
| 45 | |
| Net Loss Attributable to the Owners of the Company | |
| (1,497 | ) | |
| (1,089 | ) | |
| (2,586 | ) |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | |
| Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit or loss | |
| 3 | | |
| - | | |
| 3 | |
| Foreign currency translation adjustment | |
| (228 | ) | |
| (2 | ) | |
| (230 | ) |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (1,722 | ) | |
| (1,091 | ) | |
| (2,813 | ) |
| Total Comprehensive Income Attributable to NCI | |
| - | | |
| 45 | | |
| 45 | |
| Total Comprehensive Loss | |
| (1,722 | ) | |
| (1,046 | ) | |
| (2,768 | ) |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
| | |
Nine Months Ended September 30, 2024 | |
| | |
North American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 907,716 | | |
| 6,293 | | |
| 914,009 | |
| Commissions and other agent-related costs | |
| 827,243 | | |
| 2,010 | | |
| 829,253 | |
| Gross Profit | |
| 80,473 | | |
| 4,283 | | |
| 84,756 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 35,283 | | |
| 7,169 | | |
| 42,452 | |
| Marketing expenses | |
| 43,697 | | |
| 82 | | |
| 43,779 | |
| Research and development expenses | |
| 8,016 | | |
| 99 | | |
| 8,115 | |
| Settlement of litigation | |
| 9,250 | | |
| - | | |
| 9,250 | |
| Operating Loss | |
| (15,773 | ) | |
| (3,067 | ) | |
| (18,840 | ) |
| | |
| | | |
| | | |
| | |
| Other income, net | |
| 381 | | |
| - | | |
| 381 | |
| Finance expenses, net | |
| (1,230 | ) | |
| (59 | ) | |
| (1,289 | ) |
| Net Loss | |
| (16,622 | ) | |
| (3,126 | ) | |
| (19,748 | ) |
| Net income attributable to noncontrolling interests | |
| - | | |
| 150 | | |
| 150 | |
| Net Loss Attributable to the Owners of the Company | |
| (16,622 | ) | |
| (3,276 | ) | |
| (19,898 | ) |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | |
| Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit or loss | |
| 97 | | |
| - | | |
| 97 | |
| Foreign currency translation adjustment | |
| 268 | | |
| (3 | ) | |
| 265 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (16,257 | ) | |
| (3,279 | ) | |
| (19,536 | ) |
| Total Comprehensive Income Attributable to NCI | |
| - | | |
| 150 | | |
| 150 | |
| Total Comprehensive Loss | |
| (16,257 | ) | |
| (3,129 | ) | |
| (19,386 | ) |
A
reconciliation of Comprehensive Loss Attributable to Owners of the Company to Adjusted EBITDA by business segment is presented below:
| | |
Three Months Ended September 30, 2024 | |
| | |
North American Brokerage | | |
Other Segments | | |
Total | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (1,722 | ) | |
| (1,091 | ) | |
| (2,813 | ) |
| Add/(Deduct): | |
| | | |
| | | |
| | |
| Finance Expenses, net | |
| 189 | | |
| 25 | | |
| 214 | |
| Net Income Attributable to Noncontrolling Interests | |
| - | | |
| 45 | | |
| 45 | |
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | |
| (3 | ) | |
| - | | |
| (3 | ) |
| Depreciation and Amortization | |
| 160 | | |
| 198 | | |
| 358 | |
| Stock Based Compensation Adjustments | |
| 15,417 | | |
| - | | |
| 15,417 | |
| Expenses related to Anti-Trust Litigation Settlement | |
| 33 | | |
| - | | |
| 33 | |
| Adjusted EBITDA | |
| 14,074 | | |
| (823 | ) | |
| 13,251 | |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
| | |
Nine Months Ended September 30, 2024 | |
| | |
North American Brokerage | | |
Other Segments | | |
Total | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (16,257 | ) | |
| (3,279 | ) | |
| (19,536 | ) |
| Add/(Deduct): | |
| | | |
| | | |
| | |
| Finance Expenses, net | |
| 1,230 | | |
| 59 | | |
| 1,289 | |
| Net Income Attributable to Noncontrolling Interests | |
| - | | |
| 150 | | |
| 150 | |
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | |
| (97 | ) | |
| - | | |
| (97 | ) |
| Depreciation and Amortization | |
| 436 | | |
| 588 | | |
| 1,024 | |
| Stock Based Compensation Adjustments | |
| 37,797 | | |
| - | | |
| 37,797 | |
| Expenses related to Anti-Trust Litigation Settlement | |
| 10,259 | | |
| - | | |
| 10,259 | |
| Adjusted EBITDA | |
| 33,368 | | |
| (2,482 | ) | |
| 30,886 | |
The
amount of revenue from external customers, by geography, is shown in the table below:
| | |
For the Three Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 319,411 | | |
| 171,042 | |
| Canada | |
| 53,077 | | |
| 43,598 | |
| Total revenue by region | |
| 372,488 | | |
| 214,640 | |
| | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 792,161 | | |
| 424,396 | |
| Canada | |
| 121,848 | | |
| 83,421 | |
| Total revenue by region | |
| 914,009 | | |
| 507,817 | |
EXPENSES
We
believe that growth can and should be balanced with profits and therefore plan and monitor spend responsibly to ensure we decrease our
losses. Our loss as a percentage of total revenue was 2.1% for the nine-month period ended September 30, 2024 and 3.0% for the nine-month
period ended September 30, 2023.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
A
breakdown in expenses (in thousands) during the year is included below:
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and Administrative Expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Salaries and Benefits | |
| 7,314 | | |
| 4,740 | | |
| 19,748 | | |
| 13,907 | |
| Stock Based Compensation | |
| 2,825 | | |
| 203 | | |
| 6,245 | | |
| 2,290 | |
| Administrative Expenses | |
| 1,066 | | |
| 1,227 | | |
| 2,835 | | |
| 2,817 | |
| Professional Fees | |
| 3,917 | | |
| 2,179 | | |
| 10,339 | | |
| 5,794 | |
| Depreciation Expense | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Other General and Administrative Expenses | |
| 821 | | |
| 608 | | |
| 2,261 | | |
| 1,888 | |
| Marketing Expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Salaries and Benefits | |
| 279 | | |
| 230 | | |
| 721 | | |
| 540 | |
| Stock Based Compensation for Employees | |
| 6 | | |
| 13 | | |
| 11 | | |
| 35 | |
| Stock Based Compensation for Agents | |
| 2,665 | | |
| 2,769 | | |
| 7,137 | | |
| 5,950 | |
| Revenue Share | |
| 11,651 | | |
| 7,946 | | |
| 33,190 | | |
| 21,064 | |
| Other Marketing and Advertising Cost | |
| 660 | | |
| 619 | | |
| 2,720 | | |
| 1,938 | |
| Research and Development Expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Salaries and Benefits | |
| 1,681 | | |
| 1,131 | | |
| 4,394 | | |
| 2,537 | |
| Stock Based Compensation | |
| 308 | | |
| 69 | | |
| 641 | | |
| 193 | |
| Other Research and Development | |
| 1,056 | | |
| 731 | | |
| 3,080 | | |
| 2,304 | |
| Settlement of Litigation | |
| - | | |
| - | | |
| 9,250 | | |
| - | |
| Total Cost of Sales and Operating Expenses | |
| 374,966 | | |
| 218,607 | | |
| 932,849 | | |
| 522,562 | |
Cost
of Sales
| | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Revenues | |
| 914,009 | | |
| 507,817 | |
| Cost of Sales | |
| 829,253 | | |
| 460,475 | |
| Cost of Sales as a Percentage of Revenues | |
| 91 | % | |
| 91 | % |
Cost
of sales represents real estate commission paid to Real agents, and in Canada this also includes commissions paid to outside brokerages,
as part of the Canadian regulatory process, title fees, and mortgage expenses. For the period ended September 30, 2024, total cost of
sales were $829 million compared to $460 million for the period ended September 30, 2023. We typically pay our agents 85% of the gross
commission earned on every real estate transaction with 15% of said commissions being paid to the Company. Agents pay the Company 15%
of commissions until the commission paid to the Company totals their respective “cap” amount (the “Cap”).
Each agent Cap cycle resets on an annual basis on an agent’s anniversary date. As the total revenue increases, the total commission
to agents’ expense increases respectively. Our margins are affected by the increase in the number of agents who achieve their Cap
(which is affected by an increase in transaction volume and increases in home prices), resulting in downward pressure as we continue
to attract high producing agents. We expect to offset this pressure and increase margins through the growth of title and escrow services
offered by One Real Title and mortgage broker services offered by One Real Mortgage, and by adding additional ancillary services that
will be integrated into our Leo for Clients.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Revenue
Share
Our
Revenue Share expense for the period ended September 30, 2024 was $33.2 million compared to $21.1 million for the period ended September
30, 2023. The increase in Revenue Share expense is primarily due to an increase in our agent base, which resulted in a higher number
of agents participating in our Revenue Share program. For the period ended September 30, 2024 and September 30, 2023, Revenue Share expense
is included in the marketing expense category.
Stock
Based Compensation
Our
stock based compensation expense for the period ended September 30, 2024 was $37.8 million compared to $19.0 million for the period September
30, 2023. The increase in stock based compensation expense is primarily due to an increase in our agent base, resulting in higher number
of awards granted as part of our agent incentive program. For the period ended September 30, 2024 and September 30, 2023, stock-based
compensation expense related to full-time employees (“FTEs”) within marketing and research and development are included
in the marketing and research and development expense categories.
The
following table is presented in thousands:
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU Expense | | |
Total | |
| Stock Based Compensation – COGS | |
| - | | |
| 23,763 | | |
| 23,763 | | |
| - | | |
| 10,512 | | |
| 10,512 | |
| Marketing Expenses – Agent Stock Based Compensation | |
| 301 | | |
| 6,836 | | |
| 7,137 | | |
| 2,033 | | |
| 3,917 | | |
| 5,950 | |
| Marketing Expenses – FTE Stock Based Compensation | |
| 2 | | |
| 9 | | |
| 11 | | |
| 5 | | |
| 30 | | |
| 35 | |
| Research and Development – FTE Stock Based Compensation | |
| 20 | | |
| 621 | | |
| 641 | | |
| 68 | | |
| 125 | | |
| 193 | |
| General and Administrative – FTE Stock Based Compensation | |
| 1,448 | | |
| 4,797 | | |
| 6,245 | | |
| 1,166 | | |
| 1,124 | | |
| 2,290 | |
| Total Stock Based Compensation | |
| 1,771 | | |
| 36,026 | | |
| 37,797 | | |
| 3,272 | | |
| 15,708 | | |
| 18,980 | |
Salaries
and Benefits
Our
salaries and benefits expenses for the period ended September 30, 2024 was $24.9 million in comparison to $17.0 million for the period
ended September 30, 2023. The increase in salaries and benefits expenses were mainly due to an increase in number of full-time employees
from 162 on September 30, 2023 to 240 on September 30, 2024. The increase is attributable to Real’s commitment to serve its agents
and to the growth with excellence and expansion of the Company. These investments in key management and employee personnel allow us to
offer best-in-class service to our agents. As the Company continues in this period of growth, it is necessary to scale operations in
order to support that growth. Increases in headcount, as well as the investments Real is making in its technology infrastructure, allow
us to scale at an accelerated pace and serve as key contributors to our growth. Real’s FTEs excluding One Real Title and One Real
Mortgage employees to Agent ratio as of September 30, 2024 is 1:140 compared to 1:101 as of September 30, 2023.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Professional
Fees
Our
professional fees for the period ended September 30, 2024 were $10.3 million in comparison to $5.8 million for the period ended September
30, 2023. The increase in professional fees was largely due to an increase in fees related to ongoing litigation, as well as our broker
and recruiter consulting fees, as a result of our expanding geographic footprint.
Research
and Development Expenses
Our
research and development expenses for the period ended September 30, 2024 were $8.1 million compared to $5.0 million for the period ended
September 30, 2023. The increase is primarily due to an increase in headcount and increase in costs related to maintenance for reZEN,
our internal-use cloud-based residential real-estate transaction system.
Marketing
Expenses
Our
marketing expenses for the period ended September 30, 2024 were $43.8 million compared to $29.5 million for the period ended September
30, 2023, primarily due to our efforts to attract agents. This increase is primarily comprised of a $12.1 million increase in revenue
share paid to agents as part of our revenue share model and an increase in agent related stock-based compensation expense of $1.2 million.
Agents earn revenue share for new agents that they personally refer to Real. Agents are eligible for the agent incentive program based
on certain attracting and performance criteria. Real works to limit its marketing expenses paid using traditional marketing channels
and focuses primarily on marketing through its agents as the main cost of acquisition. Therefore, as agent count increases so does our
expense related to the revenue share and equity incentive programs.
Financial
Instruments
Financial
assets and financial liabilities are recognized on the Company’s consolidated statements of financial position when Real becomes
party to the contractual provisions of the instrument.
Financial
assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit
or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate. Transaction costs
directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized
immediately in profit or loss.
Classification
and subsequent measurement
Financial
assets – Business model assessment
The
Company assesses the objective of the business model in which a financial asset is held at a portfolio level, because this best reflects
the way the business is managed, and information is provided to management. The information considered includes:
| – | the
stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether management’s strategy focuses on earning contractual interest
income, maintaining a particular interest rate profile, matching the duration of the financial
assets to the duration of any related liabilities or expected cash outflows; |
| – | how
the performance of the portfolio is evaluated and reported to the Company’s management; |
| – | the
risks that affect the performance of the business model (and the financial assets held within
that business model) and how those risks are managed; |
| – | how
managers of the business are compensated – e.g. whether compensation is based on the
fair value of the assets managed or the contractual cash flows collected; and |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
| – | the
frequency, volume and timing of sales of financial assets in prior periods, the reasons for
such sales and the expectations of future sales activity. |
Transfers
of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales, consistent with
the Company’s continuing recognition of the assets.
Financial
assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.
Financial
assets – Subsequent measurement and gains and losses
Financial
assets at
amortized
cost |
These
assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment
losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition
is recognized in profit or loss. |
Debt
investments at
FVOCI |
These
assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange
gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition,
gains and losses accumulated in OCI are reclassified to profit or loss. |
Financial
liabilities – Classification, subsequent measurement and gains and losses
Financial
liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified
as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured
at fair value and their net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities
are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses
are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.
Derecognition
Financial
assets
The
Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers
the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of
the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards
of ownership and it does not retain control of the financial asset.
Financial
liabilities
The
Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes
a financial liability when its terms are modified and the cash flows or the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognized at fair value.
On
derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including
any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Offsetting
Financial
assets and financial liabilities are offset and the net amount presented on the consolidated statements of financial position, only when
the Company has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize the
asset and settle the liability simultaneously. A breakdown of financial instruments (in thousands) for the period ended September 30,
2024 is included below:
| | |
For the Period Ended September 30, 2024 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets Not Measured at FV | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Short Term Investments | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Financial Liabilities Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 21,580 | | |
| - | | |
| 21,580 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 27,516 | | |
| - | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Funds Held in Restricted Escrow Account | |
| 9,250 | | |
| - | | |
| 9,250 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 17,305 | | |
| - | | |
| 17,305 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 75,694 | | |
| - | | |
| 75,694 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 1,133 | | |
| 1,133 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 30,991 | | |
| 30,991 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 27,516 | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 12,843 | | |
| 12,843 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 72,483 | | |
| 72,483 | | |
| - | | |
| - | | |
| - | |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
SUMMARY
OF QUARTERLY INFORMATION
The
following table provides selected quarterly financial information (in thousands, except per share data) for the eight most recently completed
financial quarters ended September 30, 2024. This information reflects all adjustments of a recurring nature that are, in the opinion
of management, necessary to present a fair statement of the results of operations for the periods presented. Quarter-to-quarter comparisons
of financial results are not necessarily meaningful and should not be relied upon as an indication of future performance. The general
increase in revenue and expense quarter over quarter is due to growth and expansion of the Company.
| | |
2024 | | |
2023 | | |
2022 | |
| | |
Q3 | | |
Q2 | | |
Q1 | | |
Q4 | | |
Q3 | | |
Q2 | | |
Q1 | | |
Q4 | |
| Revenue | |
| 372,488 | | |
| 340,778 | | |
| 200,743 | | |
| 181,341 | | |
| 214,640 | | |
| 185,332 | | |
| 107,845 | | |
| 96,118 | |
| Cost of Sales | |
| 340,359 | | |
| 308,910 | | |
| 179,984 | | |
| 165,810 | | |
| 195,865 | | |
| 167,573 | | |
| 97,037 | | |
| 87,898 | |
| Gross Profit | |
| 32,129 | | |
| 31,868 | | |
| 20,759 | | |
| 15,531 | | |
| 18,775 | | |
| 17,759 | | |
| 10,808 | | |
| 8,220 | |
| Administrative Expenses | |
| 16,301 | | |
| 14,015 | | |
| 12,136 | | |
| 15,387 | | |
| 9,234 | | |
| 9,654 | | |
| 8,638 | | |
| 7,121 | |
| Marketing Expenses | |
| 15,261 | | |
| 15,889 | | |
| 12,629 | | |
| 9,084 | | |
| 11,577 | | |
| 10,266 | | |
| 7,684 | | |
| 7,061 | |
| Research and Development Expenses | |
| 3,045 | | |
| 2,608 | | |
| 2,462 | | |
| 2,325 | | |
| 1,931 | | |
| 1,579 | | |
| 1,524 | | |
| 1,002 | |
| Settlement of Litigation | |
| - | | |
| - | | |
| 9,250 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Operating Income (Loss) | |
| (2,478 | ) | |
| (644 | ) | |
| (15,718 | ) | |
| (11,265 | ) | |
| (3,967 | ) | |
| (3,740 | ) | |
| (7,038 | ) | |
| (6,964 | ) |
| Other Loss (Income) | |
| (151 | ) | |
| (57 | ) | |
| (173 | ) | |
| 693 | | |
| (38 | ) | |
| (40 | ) | |
| (28 | ) | |
| (62 | ) |
| Listing Expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16 | |
| Finance Expenses, net | |
| 214 | | |
| 523 | | |
| 552 | | |
| 32 | | |
| 10 | | |
| 272 | | |
| 305 | | |
| (159 | ) |
| Income (Loss) Before Tax | |
| (2,541 | ) | |
| (1,110 | ) | |
| (16,097 | ) | |
| (11,990 | ) | |
| (3,939 | ) | |
| (3,972 | ) | |
| (7,315 | ) | |
| (6,759 | ) |
| Non-controlling interest | |
| (45 | ) | |
| (105 | ) | |
| - | | |
| 26 | | |
| (85 | ) | |
| (146 | ) | |
| (80 | ) | |
| (50 | ) |
| Income (Loss) Attributable to the Owners of the Company | |
| (2,586 | ) | |
| (1,215 | ) | |
| (16,097 | ) | |
| (11,964 | ) | |
| (4,024 | ) | |
| (4,118 | ) | |
| (7,395 | ) | |
| (6,809 | ) |
| Other Comprehensive Incomes (loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Unrealized Gains (Losses) on Available for Sale Investment Portfolio | |
| 3 | | |
| 51 | | |
| 43 | | |
| 116 | | |
| 79 | | |
| 42 | | |
| 93 | | |
| 128 | |
| Foreign Currency Translation Adjustment | |
| (230 | ) | |
| 376 | | |
| 119 | | |
| (38 | ) | |
| (52 | ) | |
| (85 | ) | |
| 147 | | |
| (58 | ) |
| Comprehensive Income (Loss) | |
| (2,813 | ) | |
| (788 | ) | |
| (15,935 | ) | |
| (11,886 | ) | |
| (3,997 | ) | |
| (4,161 | ) | |
| (7,155 | ) | |
| (6,739 | ) |
| Non-Operating Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Finance Costs | |
| 256 | | |
| 577 | | |
| 509 | | |
| (110 | ) | |
| 16 | | |
| 376 | | |
| 292 | | |
| (237 | ) |
| Depreciation and Amortization | |
| 358 | | |
| 340 | | |
| 326 | | |
| 298 | | |
| 277 | | |
| 284 | | |
| 269 | | |
| 108 | |
| Stock-Based Compensation | |
| 15,417 | | |
| 13,536 | | |
| 8,844 | | |
| 19,423 | | |
| 7,144 | | |
| 6,075 | | |
| 5,761 | | |
| 6,132 | |
| Goodwill Impairment | |
| - | | |
| - | | |
| - | | |
| 723 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Listing Expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 16 | |
| Restructuring Expense | |
| - | | |
| - | | |
| - | | |
| 58 | | |
| 80 | | |
| 44 | | |
| 41 | | |
| 160 | |
| Expenses related to Anti-Trust Litigation Settlement | |
| 33 | | |
| 369 | | |
| 9,857 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Other Expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 456 | |
| Adjusted EBITDA | |
| 13,251 | | |
| 14,034 | | |
| 3,601 | | |
| 8,506 | | |
| 3,520 | | |
| 2,618 | | |
| (792 | ) | |
| (104 | ) |
| Non-Recurring Stock-Based Compensation Adjustments | |
| | | |
| - | | |
| - | | |
| 6,208 | | |
| - | | |
| - | | |
| - | | |
| - | |
| Adjusted EBITDA Excluding Non-Recurring Stock Based Compensation Adjustment | |
| 13,251 | | |
| 14,034 | | |
| 3,601 | | |
| 2,298 | | |
| 3,520 | | |
| 2,618 | | |
| (792 | ) | |
| (104 | ) |
| Earnings per Share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted Loss per Share | |
| (0.013 | ) | |
| (0.006 | ) | |
| (0.087 | ) | |
| (0.066 | ) | |
| (0.022 | ) | |
| (0.023 | ) | |
| (0.041 | ) | |
| (0.038 | ) |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Revenue
Our
revenue is primarily driven by the number of transactions closed by our agents and the revenue per transaction, which is typically calculated
as a percentage of the property’s sale or lease value. While we observe quarterly seasonality in our revenue, aligning with the
traditional home sales cycle—slower during the fall and winter months and busier during spring and summer—the year-over-year
trend shows sustained growth. This growth results from the increasing number of real estate agents joining our platform, thereby expanding
our transaction volume.
Cost
of Sales
Our
cost of sales primarily represents the commissions paid to our agents, which are a percentage of our revenue. Similar to revenue, there
is quarterly seasonality in our cost of sales, largely influenced by the percentage of agents who reach their annual commission cap.
Administrative
Expenses
Administrative
expenses primarily consist of salaries for employees who manage the daily operations of our company, alongside ongoing administrative
and professional fees. As our company has grown, we have increased our headcount to support this expansion, resulting in higher administrative
expenses. This investment in human capital is essential for maintaining and scaling our operational capabilities to match our growth
trajectory.
Marketing
Expenses
Marketing
expenses are primarily driven by our Revenue Share Expense. Agents earn revenue share by referring new agents to Real, and as a result,
Revenue Share Expense tends to increase in line with revenue growth. This structure incentivizes our agents to expand our network and
aligns their financial success with the company’s.
R&D
Expenses
R&D
expenses reflect the costs associated with salaries and benefits for employees responsible for developing and maintaining Real’s
technology platform. Investing in our technology platform is critical to our strategy, as it enhances our agents’ efficiency and
effectiveness, provides a seamless experience for clients, and supports our long-term growth objectives.
Operating
Income (Loss)
The
seasonality in our operating income (loss) is primarily driven by revenue and gross profit within a given quarter. Operating loss tends
to be higher during the seasonally slower periods of fall and winter (the fourth and first calendar quarters) and lower during the periods
of higher revenue in spring and summer (the second and third calendar quarters). This pattern is consistent with the overall seasonality
of the real estate market.
LIQUIDITY
AND CAPITAL RESOURCES
The
Company has a capital structure comprised of Common Shares, contributed capital, retained deficit, and accumulated other comprehensive
loss. Our primary sources of liquidity are cash and cash flows from operations as well as cash raised from investors in exchange for
issuance of Common Shares. The Company expects to meet all of its obligations and other commitments as they become due. The Company has
various financing sources to fund operations and will continue to fund working capital needs through these sources along with cash flows
generated from operating activities.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Balance
Sheet overview (in thousands)
| | |
September 30, 2024 | | |
December 31, 2023 | |
| ASSETS | |
| | | |
| | |
| Current Assets | |
| 88,483 | | |
| 50,513 | |
| Non-Current Assets | |
| 13,990 | | |
| 14,035 | |
| TOTAL ASSETS | |
| 102,473 | | |
| 64,548 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Current Liabilities | |
| 72,483 | | |
| 27,195 | |
| Non-Current Liabilities | |
| - | | |
| 269 | |
| TOTAL LIABILITIES | |
| 72,483 | | |
| 27,464 | |
| TOTAL EQUITY | |
| 29,990 | | |
| 37,084 | |
| TOTAL LIABILITIES AND EQUITY | |
| 102,473 | | |
| 64,548 | |
Assets
overview by geographical segment (in thousands)
| | |
As of September 30, 2024 | |
| | |
Canada | | |
Israel | | |
United States | | |
Total | |
| ASSETS | |
| | |
| | |
| | |
| |
| CURRENT ASSETS | |
| | | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 2,976 | | |
| 93 | | |
| 18,511 | | |
| 21,580 | |
| Restricted cash | |
| 18,923 | | |
| - | | |
| 8,593 | | |
| 27,516 | |
| Funds held in restricted escrow account | |
| - | | |
| - | | |
| 9,250 | | |
| 9,250 | |
| Investment in financial assets | |
| 78 | | |
| - | | |
| 10,320 | | |
| 10,398 | |
| Trade receivables | |
| 5,929 | | |
| - | | |
| 11,376 | | |
| 17,305 | |
| Other receivables | |
| - | | |
| 43 | | |
| - | | |
| 43 | |
| Prepaid expenses and deposits | |
| - | | |
| - | | |
| 2,391 | | |
| 2,391 | |
| TOTAL CURRENT ASSETS | |
| 27,906 | | |
| 136 | | |
| 60,441 | | |
| 88,483 | |
| NON-CURRENT ASSETS | |
| | | |
| | | |
| | | |
| | |
| Intangible assets | |
| - | | |
| - | | |
| 2,788 | | |
| 2,788 | |
| Goodwill | |
| - | | |
| - | | |
| 8,993 | | |
| 8,993 | |
| Property and equipment | |
| 18 | | |
| 11 | | |
| 2,180 | | |
| 2,209 | |
| TOTAL NON-CURRENT ASSETS | |
| 18 | | |
| 11 | | |
| 13,961 | | |
| 13,990 | |
| TOTAL ASSETS | |
| 27,924 | | |
| 147 | | |
| 74,402 | | |
| 102,473 | |
As
of September 30, 2024, cash and cash equivalents and investments totaled $32.0 million, compared to $28.9 million as of December 31,
2023. Cash is comprised of cash held in our banking accounts.
For
the period ended September 30, 2024:
| ● | Cash
flows generated in operations was $44.6 million, in comparison to $25.7 million for the period
ended September 30, 2023. The increase in operating cash flows was primarily due to the increase
in overall growth of the company. |
| ● | Cash
flows from investing activities was $3.0 million, primarily due to net withdrawals from debt
instruments. |
| ● | Cash
flows from financing activities was a cash use of $26.4 million. Cash flow used in financing
activities primarily related to the repurchases of the Common Shares for satisfying RSU obligations
pursuant to the NCIB totaling $30.3 million, which was partially offset by proceeds of $5.6
million from the exercise of Options. |
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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We
believe that our existing balances of cash and cash equivalents, and cash flows expected to be generated from our operations will be
sufficient to satisfy our immediate and ongoing operating requirements.
Our
future capital requirements will depend on many factors, including our level of investment in technology, our rate of growth into new
markets, and potential mergers and acquisitions. Our capital requirements may be affected by factors that we cannot control such as the
residential real estate market, interest rates, and other monetary and fiscal policy changes. To support and achieve our future growth
plans, however, we may need or seek to obtain additional funding, including through equity or debt financing.
The
following table presents liquidity (in thousands):
| | |
For
the Period Ended | |
| | |
September
30, 2024 | | |
December
31, 2023 | |
| Cash
and Cash Equivalents | |
| 21,580 | | |
| 14,707 | |
| Other
Receivables | |
| 43 | | |
| 63 | |
| Investment
in Financial Assets [iii] | |
| 10,398 | | |
| 14,222 | |
| Total
[i] [ii] | |
| 32,021 | | |
| 28,992 | |
[i]
– Total Capital is not a standard financial measure under IFRS and may not be comparable to similar measures reported by other
entities.
[ii]
– Represents a non-IFRS measure. Real’s method for calculating non-IFRS measures may differ from other reporting issuers’
methods and accordingly may not be comparable.
[iii]
– Investment securities are presented in the table below.
The
following table presents Investments in Available for Sale Securities at Fair Value (in thousands):
| Description | |
Estimated Fair Value December 31, 2023 | | |
Deposits / (Withdrawals) | | |
Dividends, Interest & Income | | |
Gross Unrealized Gains / (Losses) | | |
Estimated Fair Value September 30, 2024 | |
| | |
| | |
| | |
| | |
| | |
| |
| Cash Investments | |
| 6,531 | | |
| (6,728 | ) | |
| 225 | | |
| - | | |
| 28 | |
| Fixed Income | |
| 7,597 | | |
| 2,478 | | |
| 144 | | |
| 95 | | |
| 10,314 | |
| Investment Certificate | |
| 94 | | |
| - | | |
| - | | |
| (38 | ) | |
| 56 | |
| Total | |
| 14,222 | | |
| (4,250 | ) | |
| 369 | | |
| 57 | | |
| 10,398 | |
The
Company holds no debt obligations.
The
Company has no future material contractual obligations or payments due with respect to debt, finance leases, operating leases, purchase
obligations, or other capital commitments.
Capital
management framework
Real
defines capital as its equity. It is comprised of share premium, stock-based compensation reserves, deficit, other reserves, treasury
stock, and non-controlling interests. The Company’s capital management framework is designed to maintain a level of capital that
funds the operations and business strategies and builds long-term shareholder value.
The
Company’s objective is to manage its capital structure in such a way as to diversify its funding sources, while minimizing its
funding costs and risks. The Company sets the amount of capital in proportion to the risk and adjusts considering changes in economic
conditions and the characteristic risk of underlying assets. To maintain or adjust the capital structure, the Company may repurchase
shares, return capital to shareholders, issue new shares or sell assets to reduce debt.
Real’s
strategy is to retain adequate liquidity to mitigate the effect of the risk that cash flows from its assets will not be sufficient to
meet operational, investing and financing requirements. There have been no changes to the Company’s capital management policies
during the periods ended September 30, 2024 and 2023.
INVESTMENT
IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
The
Company invested surplus funds from operating activities into a managed investment portfolio. Securities are purchased on behalf of the
Company and are actively managed through multiple investment accounts. The Company follows a conservative investment approach with limited
risk for investment activities and has allocated the funds in Level 1 assets to reduce market risk exposure.
The
Company’s investment securities portfolio consists primarily of cash investments, debt securities issued by U.S government agencies,
local municipalities, and certain corporate entities. As of September 30, 2024, the total investment in securities available for sale
at fair value was $10.4 million and is more fully disclosed in Note 8 of the Financial Statements, Investment Securities Available
for Sale Securities at Fair Value, of the Financial Statements.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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OTHER
METRICS
Year-over-year
quarterly revenue growth (in thousands)
| | |
2024 | | |
2023 | | |
2022 | |
| | |
| Q3 | | |
| Q2 | | |
| Q1 | | |
| Q4 | | |
| Q3 | | |
| Q2 | | |
| Q1 | | |
| Q4 | |
| Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 338,574 | | |
| 199,252 | | |
| 180,417 | | |
| 213,319 | | |
| 184,022 | | |
| 107,115 | | |
| 95,622 | |
| Commissions – YoY QTR | |
| 73 | % | |
| 84 | % | |
| 86 | % | |
| 89 | % | |
| 92 | % | |
| 65 | % | |
| 75 | % | |
| 89 | % |
| Title Revenue | |
| 1,400 | | |
| 1,255 | | |
| 795 | | |
| 480 | | |
| 964 | | |
| 948 | | |
| 598 | | |
| 477 | |
| Title Revenue – YoY QTR | |
| 45 | % | |
| 32 | % | |
| 33 | % | |
| 1 | % | |
| 99 | % | |
| 87 | % | |
| 49 | % | |
| -% | |
| Mortgage Income | |
| 1,198 | | |
| 949 | | |
| 696 | | |
| 444 | | |
| 357 | | |
| 362 | | |
| 132 | | |
| 19 | |
| Mortgage Income – YoY QTR | |
| 236 | % | |
| 162 | % | |
| 427 | % | |
| 2237 | % | |
| - | % | |
| - | % | |
| - | % | |
| - | % |
| Total Revenue | |
| 372,488 | | |
| 340,778 | | |
| 200,743 | | |
| 181,341 | | |
| 214,640 | | |
| 185,332 | | |
| 107,845 | | |
| 96,118 | |
| Total Revenue – YoY QTR | |
| 74 | % | |
| 84 | % | |
| 86 | % | |
| 89 | % | |
| 92 | % | |
| 65 | % | |
| 75 | % | |
| 90 | % |
Quarterly
key performance metrics
| | |
2024 | | |
2023 | | |
2022 | |
| Key Performance Metrics | |
Q3 | | |
Q2 | | |
Q1 | | |
Q4 | | |
Q3 | | |
Q2 | | |
Q1 | | |
Q4 | |
| Closed Transaction Sides | |
| 35,832 | | |
| 30,367 | | |
| 19,032 | | |
| 17,749 | | |
| 20,397 | | |
| 17,537 | | |
| 10,963 | | |
| 9,745 | |
| Total Value of Home Side Transactions ($, billions) | |
| 14.4 | | |
| 12.6 | | |
| 7.5 | | |
| 6.8 | | |
| 8.1 | | |
| 7.0 | | |
| 4.0 | | |
| 3.5 | |
| Median Home Sale Price ($, thousands) | |
| 383 | | |
| 384 | | |
| 372 | | |
| 355 | | |
| 370 | | |
| 369 | | |
| 350 | | |
| 348 | |
| | |
| | | |
| | | |
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| Total Agents | |
| 21,770 | | |
| 19,540 | | |
| 16,680 | | |
| 13,650 | | |
| 12,175 | | |
| 11,500 | | |
| 10,000 | | |
| 8,200 | |
| Agent Churn Rate (%) | |
| 7.3 | | |
| 7.5 | | |
| 7.9 | | |
| 6.2 | | |
| 10.8 | | |
| 6.5 | | |
| 8.3 | | |
| 4.4 | |
| Revenue Churn Rate (%) | |
| 2.0 | | |
| 1.6 | | |
| 1.9 | | |
| 4.9 | | |
| 4.5 | | |
| 3.8 | | |
| 4.3 | | |
| 2.4 | |
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| Full-Time Employees | |
| 240 | | |
| 231 | | |
| 151 | | |
| 159 | | |
| 162 | | |
| 145 | | |
| 127 | | |
| 118 | |
| Full-Time Employees, Excluding Real Title and One Real Mortgage | |
| 155 | | |
| 142 | | |
| 117 | | |
| 118 | | |
| 120 | | |
| 102 | | |
| 88 | | |
| 84 | |
| Headcount Efficiency Ratio1 | |
| 1:140 | | |
| 1:138 | | |
| 1:143 | | |
| 1:116 | | |
| 1:101 | | |
| 1:113 | | |
| 1:114 | | |
| 1:98 | |
| Revenue Per Full Time Employee ($, thousands)1 | |
| 2,403 | | |
| 2,400 | | |
| 1,716 | | |
| 1,537 | | |
| 1,789 | | |
| 1,817 | | |
| 1,226 | | |
| 1,144 | |
| Operating Expense Excluding Revenue Share ($, thousands) | |
| 22,956 | | |
| 20,037 | | |
| 27,413 | | |
| 19,956 | | |
| 14,796 | | |
| 13,815 | | |
| 12,412 | | |
| 11,164 | |
| Operating Expense Per Transaction Excluding Revenue Share ($) | |
| 641 | | |
| 660 | | |
| 1,440 | | |
| 1,124 | | |
| 725 | | |
| 788 | | |
| 1,132 | | |
| 1,146 | |
1 Defined as total revenue to Real divided by full-time employees excluding Real Title and One Real Mortgage.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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SIGNIFICANT
ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION
The
preparation of the Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses and the related disclosures as of the date of the Financial Statements. Actual results may differ
from estimates under different assumptions and conditions.
Significant
judgments include measure of share-based payment arrangements. Our significant judgments have been reviewed and approved by the Audit
Committee for completeness of disclosure on what management believes would be relevant and useful to investors in interpreting the amounts
and disclosures in the Financial Statements.
DISCLOSURE
CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL REPORTING
Disclosure
controls and procedures
The
Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) have designed
controls to provide reasonable assurance that: (i) material information relating to the Company is made known to management by others,
particularly during the period in which the annual and interim filings are being prepared; and (ii) information required to be disclosed
by the Company in its annual and interim filings or other reports filed or submitted under securities legislation is recorded, processed,
summarized and reported within the time frame specified in the securities legislation.
Based
on the evaluations, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were adequate and effective
as of September 30, 2024.
Internal
control over financial reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Canada by
National Instrument 52-109, Certification of Disclosure in Issuers’ Annual and Interim Filings, and in the United
States by Rule 13a-15(e) under the Securities Exchange Act of 1934). Our internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements
for external purposes in accordance with IFRS. Because of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Our
management, with the participation of our CEO and CFO, evaluated the effectiveness of our internal control over financial reporting as
of September 30, 2024, based on the criteria described in the Internal Control-Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on the results of its evaluation, management concluded that our internal control
over financial reporting was effective as of September 30, 2024.
Inherent
limitations
It
should be noted that in a control system, no matter how well conceived and operated, provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Given the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues, including instances of fraud, if any, have been detected. These inherent limitations
include, among other items: (i) that management’s assumptions and judgments could ultimately prove to be incorrect under varying
conditions and circumstances; (ii) the impact of any undetected errors; and (iii) controls may be circumvented by unauthorized acts of
individuals, by collusion of two or more people, or by management override.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Changes
in Internal Control over Financial Reporting
There
were no changes in Internal Control over Financial Reporting during the period ended September 30, 2024 that have materially affected
or are reasonably likely to materially affect the adequacy and effectiveness of the Company’s Internal Control over Financial Reporting.
Related
party transactions
The
Company’s key management personnel are comprised of its CEO, CFO, President, Chief Technology Officer, the Chief Marketing Officer,
and other members of its executive team. The remuneration of key management personnel and directors of the Company who are part of related
parties is set out below (in thousands):
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For the Nine Months Ended | |
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September 30, 2024 | | |
September 30, 2023 | |
| Salaries and Benefits | |
| 2,834 | | |
| 1,944 | |
| Stock-Based Compensation | |
| 5,559 | | |
| 2,814 | |
| Compensation Expenses for Related Parties | |
| 8,393 | | |
| 4,758 | |
RISKS
AND UNCERTAINTIES
The
following are certain risk factors relating to the Company’s business which prospective investors should carefully consider before
deciding whether to purchase Common Shares. The following information is a summary only of certain risk factors and is qualified in its
entirety by reference to, and must be read in conjunction with, the detailed information appearing elsewhere in the Company’s Annual
Information Form for the year ended December 31, 2023, available on Real’s website at www.onereal.com and is available on SEDAR+
under the Company’s profile at www.sedarplus.com. These risks and uncertainties are not the only ones the Company is facing. Additional
risks and uncertainties not presently known to the Company, or that the Company currently deems immaterial, may also impair operations.
If any such risks actually occur, the business, financial condition, liquidity and results of the Company’s operations could be
materially adversely affected.
Risk
Related to the Company
The
Company is dependent on the health of the residential real estate market and general economic conditions.
The
Company’s financial performance is closely connected to the strength of the residential real estate market, which is subject to
a number of general business and macroeconomic conditions beyond the Company’s control.
Macroeconomic
conditions that could adversely impact the growth of the real estate market and have a material adverse effect on the Company’s
business include, but are not limited to, economic slowdown or recession, increased unemployment, increased energy costs, reductions
in the availability of credit or higher interest rates, increased costs of obtaining mortgages, an increase in foreclosure activity,
inflation, disruptions in capital markets, declines in the stock market, adverse tax policies or changes in other regulations, lower
consumer confidence, lower wage and salary levels, war or terrorist attacks, a health pandemic, natural disasters or adverse weather
events, or the public perception that any of these events may occur. Unfavorable general economic conditions, such as a recession or
economic slowdown, in the United States, Canada or other markets the Company enters and operates within could negatively affect the affordability
of, and consumer demand for, its services which could have a material adverse effect on its business and profitability. In addition,
federal and state governments, agencies and government-sponsored entities could take actions that result in unforeseen consequences to
the real estate market or that otherwise could negatively impact the Company’s business.
The
real estate market is substantially reliant on the monetary policies of the federal government and its agencies and is particularly affected
by the policies of the United States’ Federal Reserve Board, which regulates the supply of money and credit in the U.S., which
in turn impacts interest rates. Changes in the interest rate environment and mortgage market are beyond the Company’s control,
are difficult to predict and could have a material adverse effect on its business and profitability.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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The
Company’s business is impacted by interest rates, and changes in prevailing interest rates may have an adverse effect on the Company’s
financial results.
The
financial performance of our brokerage business may be adversely affected by changes in prevailing interest rates, which may be impacted
by a number of factors. In response to increased inflation, in 2023, the U.S. Federal Reserve raised interest rates, which resulted in
higher mortgage interest rates. The Company’s business can be, and has been, negatively impacted by any rising interest rate environment.
As mortgage rates rise, the number of home sale transactions may decrease as potential home sellers choose to stay with their lower mortgage
rate rather than sell their home and pay a higher mortgage rate with the purchase of another home. Similarly, in higher interest rate
environments, potential home buyers may choose to rent rather than pay higher mortgage rates. The financial performance of our mortgage
broker business may also be adversely affected by changes in prevailing interest rates. As interest rates fall, refinancing generally
becomes a larger portion of the mortgage market. Likewise, as interest rates rise, refinancing generally becomes a smaller portion of
the mortgage loan market and demand may also decrease for purchase mortgages as home ownership becomes more expensive. Changes in the
interest rate environment and mortgage market are beyond the Company’s control, are difficult to predict and could have a material
adverse effect on its business and profitability.
The
Company may be unable to maintain its agent growth rate, which would adversely affect its revenue growth and results of operations.
The
Company has experienced rapid and accelerating growth in our real estate broker and agent base. Because the Company derives revenue from
real estate transactions in which its brokers and agents receive commissions, increases in the Company’s agent and broker base
correlate to increases in revenues and the rate of growth of its revenue correlates to the rate of growth of the Company’s agent
and broker base. The rate of growth of the Company’s agent and broker base cannot be predicted and is subject to many factors outside
of the Company’s control, including actions taken by the Company’s competitors and macroeconomic factors affecting the real
estate industry generally. There is no assurance that the Company will be able to maintain its recent agent growth rate or that the Company’s
agent and broker base will continue to expand in future periods. A slowdown in the Company’s agent growth rate would have a material
adverse effect on revenue growth and could adversely affect the Company’s business, financial condition or results of operations.
The
Company may be unable to effectively manage rapid growth in its business.
The
Company may not be able to scale its business quickly enough to meet the growing needs of its affiliated real estate professionals and
if the Company is not able to grow efficiently, its operating results could be harmed. As the Company adds new real estate professionals,
the Company will need to devote additional financial and human resources to improving its internal systems, integrating with third-party
systems, and maintaining infrastructure performance. In addition, the Company will need to appropriately scale its internal business
systems and its services organization, including support of its affiliated real estate professionals as its demographics expand over
time. Any failure of or delay in these efforts could cause impaired system performance and reduced real estate professional satisfaction.
These issues could reduce the attractiveness of the Company to existing real estate professionals who might leave the Company, as well
as result in decreased attraction of new real estate professionals. Even if the Company is able to upgrade its systems and expand its
staff, such expansion may be expensive, complex, and place increasing demands on its management. The Company could also face inefficiencies
or operational failures as a result of its efforts to scale its infrastructure and the Company may not be successful in maintaining adequate
financial and operating systems and controls as it expands. Moreover, there are inherent risks associated with upgrading, improving and
expanding its information technology systems. The Company cannot be sure that the expansion and improvements to its infrastructure and
systems will be fully or effectively implemented on a timely basis, if at all. These efforts may reduce the Company’s revenue and
margins and adversely impact its financial results.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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The
Company faces significant risk to its brand and revenue if it fails to maintain compliance with laws and regulations of federal, state,
county and foreign governmental authorities, or private associations and governing boards.
The
Company operates in the real estate industry which is a heavily regulated industry subject to complex, federal, state, provincial and
local laws and regulations and third-party organizations’ regulations, policies and bylaws.
In
the United States generally, the laws, rules and regulations that apply to the Company’s business practices include, without limitation,
the Real Estate Settlement Procedures Act, the federal Fair Housing Act, the Dodd-Frank Act, and federal advertising
laws, as well as comparable state statutes; rules of trade organizations such as the National Association of Realtors, local MLSs, and
state and local AORs; licensing requirements and related obligations that could arise from its business practices relating to the provision
of services other than real estate brokerage services; privacy regulations relating to its use of personal information collected from
the users of its websites; laws relating to the use and publication of information through the internet; and state real estate brokerage
licensing requirements, as well as statutory due diligence, disclosure, record keeping and standard-of-care obligations relating to these
licenses.
Additionally,
the Dodd-Frank Act contains the Mortgage Reform and Anti-Predatory Lending Act (“Mortgage Act”), which imposes a number
of additional requirements on lenders and servicers of residential mortgage loans, by amending certain existing provisions and adding
new sections to the Real Estate Settlement Procedures Act and other federal laws. It also broadly prohibits unfair, deceptive
or abusive acts or practices, and knowingly or recklessly providing substantial assistance to a covered person in violation of that prohibition.
The penalties for noncompliance with these laws are also significantly increased by the Mortgage Act, which could lead to an increase
in lawsuits against mortgage lenders and servicers.
In
Canada, generally, the laws, rules and regulations that apply to Real’s business practices include, without limitation, the Trust
in Real Estate Services Act (Ontario), the Real Estate Act (Alberta), the Real Estate Services Act (British Columbia),
the Real Estate Services Act (Manitoba), the Manitoba Securities Commission, the British Columbia Financial Services Authority
and advertising and other laws, as well as comparable and associated statutes and regulations; rules of regulatory bodies, trade organizations
and associations such as the Canadian Real Estate Association, and the real estate associations for each province, including licensing
and compliance requirements and related obligations that could arise from our business practices relating to the provision of services
other than real estate brokerage services; privacy regulations relating to our use of personal information collected from the registered
users of our websites; laws relating to the use and publication of information through the internet; and provincial real estate brokerage
licensing requirements, as well as statutory and common law due diligence, disclosure, record keeping and standard-of-care obligations
relating to these licenses and the provision of real estate brokerage services.
Maintaining
legal compliance is challenging and increases business costs due to resources required to continually monitor business practices for
compliance with applicable laws, rules and regulations, and to monitor changes in the applicable laws themselves.
The
Company may not become aware of all the laws, rules and regulations that govern its business, or be able to comply with all of them,
given the rate of regulatory changes, ambiguities in regulations, contradictions in regulations between jurisdictions, and the difficulties
in achieving both company-wide and region-specific knowledge and compliance.
If
the Company fails, or is alleged to have failed, to comply with any existing or future applicable laws, rules and regulations, the Company
could be subject to lawsuits and administrative complaints and proceedings, as well as criminal proceedings. Non-compliance could result
in significant defense costs, settlement costs, damages and penalties.
The
Company’s business licenses could be suspended or revoked, business practices enjoined, or it could be required to modify its business
practices, which could materially impair, or even prevent, the Company’s ability to conduct all or any portion of its business.
Any such events could also damage the Company’s reputation and impair the Company’s ability to attract and service home buyers,
home sellers and agents, as well its ability to attract brokerages, brokers, teams of agents and agents to the Company, without increasing
its costs.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Further,
if the Company loses its ability to obtain and maintain all of the regulatory approvals and licenses necessary to conduct business as
we currently operate, the Company’s ability to conduct its business may be harmed. Lastly, any lobbying or related activities the
Company undertakes in response to mitigate liability of current or new regulations could substantially increase the Company’s operating
expenses.
The
Company could be subject to changes in tax laws and regulations, and challenges to its transfer pricing arrangements that may have a
material adverse effect on its business.
The
Company operates and is subject to taxes in the United States, and other jurisdictions throughout the world. Changes to federal, state,
local or international tax laws on income, sale, use, indirect, or other tax laws, statutes, rules or regulations may adversely affect
its effective tax rate, operating results or cash flows.
As
an international corporation, the Company is subject to transfer pricing and other tax regulations designed to ensure that its intercompany
transactions are consummated at prices that reflect the economic reality of the relationship between entities and have not been manipulated
to produce a desired tax result, that appropriate levels of income are reported as earned by the local entities, and that the Company
is taxed appropriately on such transactions. The Company has had transfer pricing arrangements between Canada and the United States,
the two countries where our operations are located, the United States and India, where a number of the Company’s independent contractors
are located, and the United States and Israel. If taxing authorities challenge the Company’s transfer pricing arrangements, the
Company could be subject to additional taxes in one or more jurisdictions, and the Company’s operations may be harmed.
The
Company may suffer financial harm and loss of reputation if it does not or cannot comply with applicable laws, rules and regulations
concerning the classification and compensation practices for its state broker and real estate agents.
All
real estate professionals in the Company’s brokerage operations, which includes real estate agents and state brokers, have been
retained as independent contractors, either directly or indirectly through third-party entities formed by these independent contractors
for their business purposes. With respect to these independent contractors, like most brokerage firms, the Company is subject to the
Internal Revenue Service regulations and applicable state law guidelines regarding independent contractor classification. These regulations
and guidelines are subject to judicial and agency interpretation and it might be determined that the independent contractor classification
is inapplicable to any of the Company’s affiliated real estate professionals. Further, if legal standards for classification of
real estate professionals as independent contractors change or appear to be changing, it may be necessary to modify the Company’s
compensation and benefits structure for its affiliated real estate professionals in some or all of its markets, including by paying additional
compensation or reimbursing expenses.
In
the future, the Company could incur substantial costs, penalties and damages, including back pay, unpaid benefits, taxes, expense reimbursement
and legal fees, in defending future challenges by its affiliated real estate professionals to our employment classification or compensation
practices.
Actions
by the Company’s real estate agents or employees could adversely affect its reputation and subject it to liability.
The
Company’s success depends on the performance of our agents and employees. Although its agents are independent contractors, if they
were to provide lower quality services to clients, the Company’s image and reputation could be adversely affected. In addition,
if the Company’s agents make fraudulent claims about properties they show, their transactions lead to allegations of errors or
omissions, they violate certain regulations, including the Telephone Consumer Protection Act or similar laws, or employment laws applicable
to the management of their own employees, or they engage in self-dealing or do not disclose conflicts of interest to the Company agents
and clients, the Company could be subject to litigation and regulatory claims which, if adversely determined, could adversely affect
the Company’s business, financial condition and results of operations. Similarly, the Company is subject to risks of loss or reputational
harm in the event that any of its employees violate applicable laws.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Some
of the Company’s losses may not be covered by insurance or the Company may not be able to obtain or maintain adequate insurance
coverage.
The
Company maintains insurance to cover costs and losses from certain risk exposures in the ordinary course of the Company’s operations,
but its insurance does not cover all of the costs and losses from all events. The Company is responsible for certain retentions and deductibles
that vary by policy, and the Company may suffer losses that exceed its insurance coverage limits by a material amount. The Company may
also incur costs or suffer losses arising from events against which it does not have insurance coverage. In addition, large-scale market
trends or the occurrence of adverse events in the Company’s business may raise its cost of procuring insurance or limit the amount
or type of insurance it is able to secure. The Company may not be able to maintain its current coverage, or obtain new coverage in the
future, on commercially reasonable terms or at all. Incurring uninsured or underinsured costs or losses could harm the Company’s
business.
Unanticipated
delays or problems associated with the Company’s products and improvements may cause customer dissatisfaction.
The
Company’s future success is dependent on its ability to continue to develop and expand its products and technologies and to address
the needs of its customers. There may be delays in releasing the Company’s new products or technologies in the future, and any
material delays may cause customers to forego purchases of the Company’s products to purchase competitors’ offerings instead.
Further, if the Company’s systems and technologies lack capacity or quality sufficient to service agents and clients, then the
number of agents who wish to use its products could decrease, the level of client service and transaction volume afforded by the Company’s
systems could suffer, and its costs could increase.
The
Company may need to develop new products and services and rapid technological change could render its systems obsolete.
The
Company’s business strategy is dependent on its ability to develop platforms and features to attract new businesses and users,
while retaining existing ones. The introduction of new products and new technologies, the emergence of new industry standards, or improvements
to existing technologies could render the Company’s platform obsolete or relatively less competitive. There is no guarantee that
agents will use these features and the Company may fail to generate revenue from these products. Additionally, any of the following events
may cause decreased use of our platform: (a) emergence of competing platforms and applications with novel technologies; (b) inability
to convince potential agents to join our platform; (c); technical issues or delays in releasing, updating or integrating certain platforms
or in the cross-compatibility of multiple platforms; (d) security breaches with respect to our data; (e) a rise in safety or privacy
concerns; and (f) an increase in the level of spam or undesired content on the network.
The
Company’s commercial and financial success depends on market acceptance, and if not achieved will result in the Company not being
able to generate revenue to support its operations.
The
commercial success of the Company depends, among other things, on market acceptance. The success of the Company’s products and
any new products and services that it may launch is dependent upon its ability to attract and retain a critical mass of users in potentially
diverse geographic locations. Competitive pricing and market acceptance also depends on the future pricing and availability of competing
products and the perceived comparative efficacy of its products. If the Company cannot monetize these products, or cannot offer competitive
pricing packages, its operating results and revenues will be adversely affected.
A
decrease in the Company’s gross commission income collection could adversely affect the Company’s business.
The
Company’s business model depends upon its agents’ success in generating gross commission income, which the Company collects
and from which the Company pays net commissions. Real estate commission rates vary somewhat by market, and although historical rates
have been relatively consistent over time across markets, there can be no assurance that prevailing market practice will not change in
a given market or across the industry. Customary commission rates could change due to market forces locally or industry-wide and due
to regulatory or legal changes in such markets, including as a result of litigation or enforcement actions. The Company cannot predict
the outcome of any new investigations or enforcement actions, but any such actions may result in industry-wide regulations, which can
cause commission rates to decrease. Any decrease in commission rates may adversely impact the Company’s business, financial condition,
and results of operations may be adversely impacted.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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If
the Company fails to grow in the various local markets that it serves or is unsuccessful in identifying and pursuing new business opportunities,
the Company’s long-term prospects and profitability will be harmed.
To
capture and retain market share in the various local markets that the Company serves, it must compete successfully against other brokerages
for agents and brokers and for the consumer relationships that it brings. The Company’s competitors could lower the fees that they
charge to agents and brokers or could raise the compensation structure for those agents. The Company’s competitors may have access
to greater financial resources than it, allowing them to undertake expensive local advertising or marketing efforts. In addition, the
Company’s competitors may be able to leverage local relationships, referral sources and strong local brand and name recognition
that it has not established. The Company’s competitors could, as a result, have greater leverage in attracting new and established
agents in the market and in generating business among local consumers. The Company’s ability to grow in the local markets that
it serves will depend on its ability to compete with these local brokerages.
The
Company may implement changes to its business model and operations to improve revenues that cause a disproportionate increase in its
expenses or reduce profit margins. For example, the Company has allocated, and plans to continue to, allocate resources to its Real Wallet
program, a fintech product that centralizes the functionality of a debit card and other financial products, reward points and an array
of additional perks for its agents as a way to unlock financing sources. Expanding its service offerings could involve significant up-front
costs that may only be recovered after lengthy periods of time. In addition, expansion into new markets, including internationally, could
expose the Company to additional compliance obligations and regulatory risks. If the Company fails to continue to grow in the local markets
it serves or if it fails to successfully identify and pursue new business opportunities, its long-term prospects, financial condition,
and results of operations may be harmed, and its stock price may decline.
If
the Company fails to grow its ancillary services, the Company’s long-term prospects and profitability may be harmed.
The
Company’s efforts to expand its operations, including through ancillary services such as its mortgage broker and title operations,
may not be successful. Currently, the Company’s mortgage broker and title services are available only in certain markets. If the
Company is unsuccessful in expanding these services into other markets, or growing the businesses in the markets in which they currently
operate, then it may not realize the expected benefits (including anticipated revenue), which could negatively impact its business, financial
condition and results of operations. Similarly, if homebuyers do not use the Company’s ancillary services, then the Company’s
revenues from ancillary services will not grow as quickly as we expect. Further, the Company’s title joint ventures, in which certain
of the Company’s affiliated real estate agents are members, are subject to a number of regulations and ongoing compliance, and
it is possible that ongoing compliance costs, including any potential audits, inquiries, investigations or reviews, could have a material
adverse impact on the financial condition of the business. While the Company plans to continue to expand the Company’s brokerage
and ancillary services businesses to other offerings, there is no guarantee that the Company will do so or be successful, and even if
the Company does, the expansions might be at a slower pace than anticipated.
If
agents and brokers do not understand the Company’s value proposition the Company may not be able to attract, retain and incentivize
agents.
Participation
in the Company’s Amended and Restated Omnibus Incentive Plan and Securities Based Compensation Arrangements represents a key component
of the Company’s agent and broker value proposition. Agents and brokers may not understand or appreciate the value of these incentive
programs. In addition, agents may not appreciate other components of the Company’s value proposition including the technology platform,
the mobility it affords, the systems and tools that it provides to agents and brokers, among other benefits. If agents and brokers do
not understand the elements of the Company’s service offering, or do not perceive it to be more valuable than the models used by
most competitors, the Company may not be able to attract, retain and incentivize new and existing agents and brokers to grow its revenues.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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The
Company’s operating results are subject to seasonality and vary significantly among quarters during each calendar year, making
meaningful comparisons of successive quarters difficult.
The
real estate market is highly cyclical and subject to fluctuations based on economic conditions, interest rates, and consumer confidence,
among other factors. These contribute to variations in transaction volumes and pricing, affecting our overall performance. Our business
exhibits significant seasonality in revenue, closely tracking with the seasonality in broader home sales trends in North America. Historically,
the first quarter, followed closely by the fourth quarter, are the slowest due to reduced transaction volumes, while the second and third
quarters are the strongest.
A
considerable portion of our expenses, most notably the commissions and revenue share expenses we pay to our agents, are variable; while
others including salaries and benefits and research and development expenses exhibit do not follow the same seasonal pattern. This creates
cyclicality in our financial performance and cash flows, resulting in lower profits and cash flow in the first and fourth quarters, compared
to the second and third quarters.
Home
sales in successive quarters can fluctuate widely due to a wide variety of factors, including holidays, national or international emergencies,
the school year calendar’s impact on timing of family relocations, interest rate changes, speculation of pending interest rate
changes and the overall macroeconomic market. The Company’s revenue and operating margins each quarter will remain subject to seasonal
fluctuations, poor weather and natural disasters and macroeconomic market changes that may make it difficult to compare or analyze the
Company’s financial performance effectively across successive quarters.
The
Company may require additional capital to support its operations or the growth of its business, and it cannot be certain that this capital
will be available on reasonable terms when required, or at all.
From
time to time, the Company may need additional financing to operate or grow its business. The ability to continue as a going concern,
may be dependent upon raising additional capital from time-to-time to fund operations. The Company’s ability to obtain additional
financing, if and when required, will depend on investor and lender willingness, its operating performance, the condition of the capital
markets and other facts, and the Company cannot assure anyone that additional financing will be available to it on favorable terms when
required, or at all. If the Company raises additional funds through the issuance of equity, equity-linked or debt securities, those securities
may have rights, preferences or privileges senior to the rights of its current stock, and its existing stockholders may experience dilution.
If the Company is unable to obtain adequate financing or financing on terms satisfactory to it when it requires it, its ability to continue
to support the operation or growth of its business could be significantly impaired and its operating results may be harmed.
The
Company has experienced losses in recent years and, because it has a limited operating history, its ability to fully and successfully
develop its business is unknown.
The
Company has a history of operating at losses since its inception. The Company’s ability to realize consistent, meaningful revenues
and profit over a sustained period has not been established over the long term and cannot be assured in future periods.
The
Company’s growth strategy may not achieve the anticipated results.
The
Company’s future success will depend on its ability to grow its business, including through commercialization of its products.
Growth and innovation strategies require significant commitments of management resources and investments and the Company may not grow
its revenues at the rate it expects or at all. As a result, the Company may not be able to recover the costs incurred in developing new
projects and initiatives or to realize their intended or projected benefits, which could materially adversely affect its business, financial
condition or results of operations.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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The
Company faces substantial competition in the future and may not be able to keep pace with the rapid technological changes which may result
from others discovering, developing or commercializing products before or more successfully than the Company. The activities of competing
companies, or others, may limit the Company’s revenues.
In
general, the development and commercialization of new Software as a Service (SaaS) products is highly competitive and is characterized
by extensive research and development and rapid technological change. Market share can shift as a result of technological innovation
and other business factors. Commercial opportunities for the Company’s products may be reduced if the Company’s competitors
develop or market products or novel technologies that are more effective, are more convenient, are more accepted by the market, have
better distribution channels, or are less costly than that offered by the Company. If those products gain market acceptance, the Company’s
revenue and financial results could be adversely affected. If the Company fails to develop new products or enhance existing products,
its leadership in the current markets served could erode and its business, financial condition and results of operations may be adversely
affected.
While
the Company’s products and technologies are unique and novel, there are a number of indirect competitors in the market. Such competitors
include large and small companies that may have significant access to capital resources, competitive product pipelines, substantial research
and development resources and substantial experience in the market. The Company recognizes the need to invest in research and development
to continue to add high-value, differentiated capabilities to expand both the depth and breadth of the Company’s product offering.
Management also recognizes the need to ensure customer satisfaction through all phases of the sales cycle and intends to invest in competitive
intelligence and analysis as it relates to the dynamics of the market, as well as in trends in technology and in products as they are
introduced into the market. However, the Company may not be able to compete with competitors that are more established in the market.
The
Company depends on highly skilled personnel to grow and operate its business. If the Company is not able to hire, retain, and motivate
its key personnel, its business may be adversely affected.
The
Company is highly dependent on its senior management team, including its Chief Executive Officer Tamir Poleg. Competition for talented
senior management is intense and the Company’s ability to successfully develop and maintain a competitive market position will
depend in part on its ability to attract and retain highly qualified and experienced management. The loss of the services of key personnel
could have a materially adverse effect on the Company’s business. The Company does not carry “key-man” life insurance
on the lives of our executive officers, employees, or advisors. Many key employees consider the value of the Options and RSUs received
in connection with their employment. If the trading price of the Common Shares declines or experiences volatility, the Company’s
ability to attract and retain key employees may be adversely affected. If the Company fails to attract new personnel or fails to retain
and motivate current personnel, its growth prospects could be severely harmed.
If
we fail to maintain an effective system of internal controls, our ability to produce timely and accurate financial statements or comply
with applicable regulations could be impaired.
As
a public company and foreign private issuer, we are subject to many of the reporting requirements of the Exchange Act, the Sarbanes-Oxley
Act of 2002 (“SOX”), and the rules and regulations of the listing standards of Nasdaq. We expect that the requirements of
these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more
difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources. In particular, in connection
with the Company’s loss of “emerging growth company” status, which is expected to occur by the end of 2024, we have
incurred, and expect to continue, to incur significant expenses and devote substantial management effort toward ensuring compliance with
the requirements of Section 404 of SOX, which involve annual assessments of a company’s internal controls over financial reporting,
as well as annual independent registered public accounting firm attestation report on our internal controls over financial reporting.
SOX requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial
reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information
required to be disclosed by us in the reports that we will file with the U.S. Securities and Exchange Commission is recorded, processed,
summarized, and reported within the time periods specified in U.S. Securities and Exchange Commission rules and forms, and that information
required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers.
Our current controls and any new controls that we develop may become inadequate because of changes in conditions and rapid growth of
our business.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Any
failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our
results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements
for prior periods. Any failure to implement and maintain effective internal controls over financial reporting also could adversely affect
the results of periodic management evaluations and annual independent registered public accounting firm attestation reports. Ineffective
disclosure controls and procedures and internal controls over financial reporting could also cause investors to lose confidence in our
reported financial and other information, which could have a negative effect on the trading price of our Common Shares. In addition,
if we are unable to continue to meet these requirements, we may not be able to remain listed on Nasdaq.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.
We
are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act. In the future, we would lose our foreign private issuer status if, as of the last business day of our
then most recently completed second fiscal quarter, (i) more than 50% of our outstanding voting securities are owned by U.S. residents
and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements
necessary to avoid the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file
with the U.S. Securities and Exchange Commission periodic reports and registration statements on U.S. domestic issuer forms, which are
more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy
requirements, and our executive officers, directors and 10% shareholders will become subject to the short-swing profit disclosure and
recovery provisions of Section 16 of the Exchange Act. As a U.S. listed public company that is not a foreign private issuer, we will
incur significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.
Adverse
litigation judgments or settlements resulting from legal proceedings could reduce the Company’s profits or limit its ability to
operate.
The
Company is subject to allegations, claims and legal actions arising in the ordinary course of its business, which may include claims
by third parties, including employees or regulators. The outcome of many of these proceedings cannot be predicted. If any of these proceedings
were to be determined adversely against the Company, a judgment, a fine or a settlement involving a payment of a material sum of money
were to occur, or injunctive relief were issued against the Company, its business, financial condition and results of operations could
be materially adversely affected.
The
Company may be subject to claims, lawsuits, arbitration proceedings, government investigations, and other legal and regulatory proceedings
in the ordinary course of business, including those involving labor and employment, anti-discrimination, commercial disputes, competition,
professional liability, consumer complaints, personal injury, intellectual property disputes, compliance with regulatory requirements,
antitrust and anti-competition claims (including claims related to NAR or MLS rules regarding buyer-broker commissions), securities laws,
and other matters, and we may become subject to additional types of claims, lawsuits, government investigations and legal or regulatory
proceedings if the regulatory landscape changes or as our business grows and as the Company deploys new offerings, including proceedings
related to its acquisitions, securities issuances or business practices. The Company may also be subject to disputes with its employees
and agents.
The
results of any such claims, lawsuits, arbitration proceedings, government investigations or other legal or regulatory proceedings cannot
be predicted with certainty. Any claims against the Company or investigations involving the Company, whether meritorious or not, could
be time-consuming, result in significant defense and compliance costs, be harmful to the Company’s reputation, require significant
management attention and divert significant resources. Determining reserves for any pending litigation is a complex and fact-intensive
process that requires significant subjective judgment and speculation. It is possible that a resolution of one or more such proceedings
could result in substantial damages, settlement costs, fines and penalties that could adversely affect the Company’s business,
financial condition, and results of operations, or could cause harm to our reputation and brand, sanctions, consent decrees, injunctions
or other Orders requiring a change in our business practices. Any of these consequences could adversely affect our business, financial
condition and results of operations. Furthermore, under certain circumstances, the Company may have contractual and other legal obligations
to indemnify and to incur legal expenses on behalf of its business and commercial partners and current and former directors, officers
and employees.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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In
October 2023, a jury found that the National Association of Realtors (“NAR”) and several brokerage agencies had violated
the antitrust laws by artificially inflating commissions through, among other things, the practice of having sellers pay both the sellers’
agents’ and the buyers’ agents’ commissions. The Company was not a party to that litigation. In March 2024, NAR announced
a settlement agreement that would resolve litigation of claims brought on behalf of home sellers related to broker commissions. Pursuant
to the settlement, which is subject to court approval, NAR agreed to put in place a new MLS rule prohibiting offers of broker compensation
on any MLS. The impact of the new rule is still unfolding, but it could have the effect of depressing real estate agent commissions.
In Nosalek, a similar case pending in Massachusetts (the Company is not a defendant) in which the parties have also proposed a
settlement, the U.S. Department of Justice Antitrust Division (the “DOJ”) submitted a Statement of Interest objecting
that the settlement did not do enough to address alleged anticompetitive practices and that the settlement should prohibit sellers from
making commission offers to buyer’s brokers at all. If the DOJ were to take action in the future to prohibit sellers from making
commission offers to buyer’s brokers, it could reduce commissions to real estate agents in transactions, and could have an adverse
effect on our results of operations. A similar complaint has been filed in Canada. In addition, a few complaints have been filed in U.S.
courts alleging that buyers paid increased home prices as a result of the practice of sellers paying both the sellers’ agents’
and the buyers’ agents’ commissions.
In
December 2023, the Company was named as a defendant in a putative class action lawsuit, captioned Umpa v. The National Association of
Realtors, et al., which was filed in the United States District Court for the Western District of Missouri (the “Class Action”).
The Class Action alleges that certain real estate brokerages, including the Company, participated in practices that resulted in inflated
buyer broker commissions, in violation of federal antitrust laws. On April 7, 2024, the Company entered into a settlement agreement to
resolve the Class Action on a nationwide basis. This settlement conclusively addresses all claims asserted against the Company in the
Class Action, releasing the Company, its subsidiaries, and affiliated agents from these claims. The settlement does not constitute an
admission of liability by the Company, nor does it concede or validate any of the claims asserted in the litigation. Pursuant to the
terms of the settlement agreement, the Company paid $9.25 million into a qualified settlement fund following the court’s preliminary
approval of the settlement agreement. This settlement amount is presented as a current asset in funds held in restricted escrow account,
and as a current liability in other payables, on the Company’s consolidated statements of financial position for the period ended
September 30, 2024.
Additionally,
the Company agreed to implement specific changes to its business practices. These changes include clarifications about the negotiability
of commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers in
communications with clients. The Company also agreed to develop training materials to support these practice changes. The settlement
agreement received final court approval on October 31, 2024, and will take effect following any appeals process, if applicable.
There were no changes to the settlement agreement between preliminary and final approval. The Company does not foresee the settlement
terms having a material impact on its future operations.
On
June 14, 2024, the Company was named as a defendant in a putative class action lawsuit, captioned Kyle Miholich v. The Real Brokerage
Inc., et al., which was filed in the United States District Court for the Southern District of California (“Class Action”).
The Class Action alleges that real estate agents acting as independent contractors to the Company under an Independent
Contractor Agreement sent text messages that violated the federal Telephone Consumer Protection Act. The Company’s policies
require the independent contractor real estate agents to comply with the Telephone Consumer Protection Act. The plaintiffs
are seeking certification of the Class Action, injunctive relief prohibiting future violations of the Telephone Consumer Protection
Act, monetary damages for each alleged statutory violation and reimbursement of their litigation costs and attorneys’ fees.
The Company will vigorously defend against the claims asserted in the Class Action, and the Company is unable to predict the outcome
of the Class Action or whether an outcome unfavorable to the Company would have a material adverse effect on its results of operations
or financial condition.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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Other
than as described in the Annual Information Form, the Company is not involved in any material pending legal proceeding and there are
no proceedings in which any of its directors, officers or Affiliates is an adverse party or has a material interest adverse to its interest.
If
the Company fails to develop widespread brand awareness cost-effectively, its business may suffer.
The
Company believes that developing and maintaining widespread awareness of its brand in a cost-effective manner is critical to achieving
widespread acceptance of its products. The Company’s marketing efforts are directed at growing brand awareness. Brand promotion
activities, although they have been successful in the past, may not generate customer awareness or increase revenues, and even if they
do, any increase in revenues may not offset the expenses incurred in brand building. If the Company fails to successfully promote and
maintain its brand, or incur substantial expenses in doing so, the Company may fail to attract or retain customers necessary to realize
a sufficient return on its brand building efforts, or to achieve the widespread brand awareness that is critical for broad adoption of
its products.
Possible
failure to realize anticipated benefits of future acquisitions could impact the Company’s business.
In
the future, the Company may complete acquisitions to strengthen its position in the real estate industry and to create the opportunity
to realize certain benefits including, among other things, potential cost savings. Achieving the benefits of any future acquisitions
depends, in part, on successfully consolidating functions and integrating operations, procedures and personnel in a timely and efficient
manner, as well as the Company’s ability to realize the anticipated growth opportunities and synergies from combining the acquired
businesses and operations with its own. The integration of acquired businesses requires the dedication of substantial management effort,
time and resources which may divert management’s focus and resources from other strategic opportunities and from operational matters
during this process. The integration process may result in the loss of key employees and the disruption of ongoing business, customer
and employee relationships that may adversely affect the Company’s ability to achieve the anticipated benefits of these and future
acquisitions.
Acquisitions
and joint ventures are inherently risky, and any that the Company completes may not be successful. Any acquisitions and joint ventures
that the Company pursues would involve numerous risks, including the following: (i) difficulties in integrating and managing the operations
and technologies of the companies the Company acquires, including higher than expected integration costs and longer integration periods;
(ii) diversion of the Company’s management’s attention from normal daily operations of its business; (iii) the Company’s
inability to maintain the customers, key employees, key business relationships and reputations of the businesses it acquires; (iv) the
Company’s inability to generate sufficient revenue or business efficiencies from acquisitions or joint ventures to offset its increased
expenses associated with acquisitions or joint ventures; (v) the Company’s responsibility for the liabilities of the businesses
it acquires or gains ownership in through joint ventures, including, without limitation, liabilities arising out of its failure to maintain
effective data security, data integrity, disaster recovery and privacy controls prior to the acquisition, or its infringement or alleged
infringement of third party intellectual property, contract or data access rights prior to the acquisition; (vi) difficulties in complying
with new markets or regulatory standards to which the Company was not previously subject; (vii) delays in the Company’s ability
to implement internal standards, controls, procedures and policies in the businesses it acquires or gains ownership in through joint
ventures and increased risk that its internal controls will be ineffective; (viii) operations in a nascent state depend directly on utilization
by the Company’s agents and brokers; (ix) adverse effects of acquisition and joint venture activity on the key performance indicators
the Company uses to monitor its performance as a business; (x) disagreements with partners in the joint ventures which could lead to
litigation, and (xi) inability to fully realize intangible assets recognized through acquisitions or joint ventures and related non-cash
impairment charges that may result if the Company is required to revalue such intangible assets.
The
Company’s failure to address these risks or any other challenges it encounters with its future acquisitions, joint ventures, and
investments could cause it to not realize all or any of the anticipated benefits of such acquisitions or investments, incur unanticipated
liabilities, and harm the Company’s business, which could negatively impact its operating results, financial condition, and cash
flows.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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In
October 2024, the Company announced that it partnered with a Bank to launch a debit card program for U.S. agents. In addition, the Company
announced that it will offer Canadian agents access to a line of credit based on their earnings history with Real. Further, the Company
expects to offer additional lending products in the future. As a result of these being new businesses, they will have a limited performance
history and any failure to accurately capture credit risk or to execute our funding strategy could have a negative impact on our business,
operating results, and financial condition.
We
do not have prior experience offering a Real branded debit card or lending products. The performance of these products will significantly
depend on the ability of the credit and fraud decisioning and scoring models we and our bank partner use in the bank’s or our origination
of the product, which includes a variety of factors, to effectively prevent fraud and to evaluate an applicant’s credit profile
and likelihood of default. There is no assurance that the credit criteria used can accurately predict repayment and loss profiles. If
the criteria do not accurately prevent fraud or reflect credit risk on any lending products offered by Real, greater than expected losses
may result and our business, operating results, financial condition and prospects could be materially and adversely affected. In addition,
revenue growth for the Real financial products will be dependent on increasing the volume of members who open an account and on growing
loan balances on those accounts. There can be no assurance that any investments we make in financial products to acquire members, including
by providing differentiated features, will be effective. Developing our service offerings and forming any partnerships related to the
financial products could have higher costs than anticipated, and could adversely impact our results or dilute our brand. Our reliance
on financial institutions and other third parties to offer these products could adversely impact the performance of these products, and
our ability to offer them as we intend, particularly if the financial institution does not perform as expected, or if any of these third-party
relationships terminates for any reason. Furthermore, the success of the lending products depends on our ability to execute on our funding
strategy for the resulting receivables. In the event we are unable to finance our receivables, it could have a negative impact on our
business, operating results and financial condition.
The
highly regulated environment in which we and our bank partner in the Real Wallet program operates could have an adverse effect on our
business, results of operations, financial condition, and future prospects.
We
expect to launch the Real Wallet program, which will offer debit card and other financial products, in 2024. We will be the Real Wallet
program manager providing services to our bank partner in support of the debit card and deposit account program, and providing other
financial services to agents. We and our bank partner will be subject to increasingly demanding regulatory requirements. Federal and
state regulation of the financial industry, along with tax and accounting laws, regulations, rules, and standards, may limit operations
significantly and control the methods by which business is conducted. In addition, compliance with laws and regulations can be difficult
and costly, and changes to laws and regulations can impose additional compliance requirements. In particular, regulatory requirements
affect our bank partner’s lending practices, among other aspects of their business. Furthermore, the regulatory agencies have extremely
broad discretion in their interpretation of the regulations and laws and their interpretation of the regulatory requirements applicable
to Real Wallet and other services, as well as the quality of our originating bank partner’s loan portfolios and other assets. If
any regulatory agency’s assessment of the quality and nature of our practices and services, or our originating bank partner’s
assets, operations, lending practices, investment practices, or other aspects of their business changes, it may impact our ability to
provide all features of the Real Wallet as intended, and our bank’s partner’s ability to support the Real Wallet program,
which could have a negative impact on our results of operations.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
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We
are developing new products and services that may be subject to additional state or federal laws or regulations or the authority of the
Consumer Financial Protection Bureau and other state and federal regulators.
We
are constantly developing new products and services to make it easier for real estate agents affiliated with us to operate their businesses.
These new products and services, including those in the Real Wallet program, may include features that are subject to additional state
or federal laws or regulations or the authority of the Consumer Financial Protection Bureau. As a result of our partnership with a U.S.
bank, we may also be indirectly subject to the authority of the bank’s regulators, such as the FDIC. There is also a risk that
a state regulator may disagree with Real’s regulatory interpretations, and determine that we are required to obtain additional
financial licenses and comply with additional state laws in order to offer these services to agents in their state. There is no assurance,
particularly since we may have no experience in the relevant industry, that we will be able to comply with all the rules and regulations
related to the product. In particular, there is no assurance that we will be able to comply with the rules and regulations related to
the Real Wallet program or that we will be successful in launching this program, which includes debit card products, that we plan to
launch in 2024 and in which industry we have no experience. An examination by a regulatory agency could result in regulatory or enforcement
actions that adversely affect the operation of our business by increasing our costs, imposing penalties for non-compliance or otherwise
limiting our ability to provide such products and services.
There
is intense competition in the Software as a Service and real estate brokerage industries.
Both
the SaaS and real estate brokerage industries are highly competitive and rapidly changing, and the Company expects that competition will
intensify in the future. The Company may be significantly affected by new product introductions and geographic expansion by existing
competition. Specific factors upon which the Company competes include, but are not limited to, the functionality of its applications,
ease of use, timing for implementation, quality of support and services, and price. The Company’s potential competitors include
other real estate brokerage firms, as well as technology companies developing SaaS services and novel technologies designed for the real
estate sector. Many of these potential competitors have significantly greater financial, technical, marketing and other resources than
the Company has. Many of them also have longer operating histories, greater name recognition and stronger relationships with agents and/or
consumers who use or might use a software-based real estate platform. The Company may not be able to successfully compete with these
competitors.
The
Company has a limited operating history which makes it difficult to evaluate its future prospects for success.
The
Company has a limited operating history which makes it difficult for Shareholders and potential investors to evaluate our business or
prospective operations. The Company is subject to all the risks inherent in a developing organization, financing, expenditures, complications
and delays inherent in a new business. Shareholders and investors should evaluate an investment in the Company in light of the uncertainties
encountered by developing companies in a competitive and evolving environment. The Company’s business is dependent upon the implementation
of our business plan and execution of our strategies, including the Company’s plan to develop a consumer-facing portal and the
Real Wallet. The Company may not be successful in implementing its business plan or executing its strategies, and cannot guarantee that,
if implemented, the Company will ultimately be able to attain sufficient profitability.
There
is inherent technology and development risk in the Company’s business and industry.
The
Company’s approach utilizes technology principally architected and developed by the Company. There can be no assurances that the
Company will meet its targeted development or integration timelines such that it will be able to offer solutions at competitive pricing,
or that the Company can continue to enhance and improve the responsiveness, functionality and features of its technology and enable the
solutions to scale at a reasonable cost. In addition, there is a risk that third parties may have applied for or been granted patents
for certain processes or technology which the Company has already deployed or intends to deploy, in which case the Company may incur
additional costs or be prohibited from using or implementing certain product features or processes in one or more countries. The Company’s
solutions incorporate complex technology and software. Accordingly, they may contain errors, or “bugs”, that could be detected
at any point. Such errors could materially and adversely affect the Company’s reputation, resulting in claims and/or significant
costs to the Company, and/or cause consumers, merchants, licensees and other parties to abandon the Company’s solutions and impair
the Company’s ability to market and sell solutions and services in the future. The costs incurred in correcting any errors and
satisfying any such claims may be substantial and could adversely affect the Company’s operating margins. While the Company plans
to continually test its solutions for errors and work with customers and merchants through its maintenance support services to identify
and correct bugs, errors may be found in the future.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
The
Company maintains data on cloud storage servers, which could be the target of a security breach.
The
Company’s business faces certain security risks. The Company’s products and services involve storage using cloud-based hosting
services and also physical storage. Although data is stored in specialized security groups and are externally encrypted, storage hardware
and networking infrastructure is provided by a third party, and security breaches and cyberattacks expose this information to a risk
of loss, litigation and potential liability. If an actual or perceived breach of security and/or cyberattack occurs, the market perception
of the effectiveness of the Company’s security measures could be harmed, and the Company could lose users and may incur significant
legal and financial exposure, including legal claims and regulatory fines and penalties. Computer viruses, break-ins, cyberattacks or
other security problems could lead to misappropriation of proprietary information and interruptions, delays, or cessation in service
to clients. Real’s primary risks that could result directly from the occurrence of a cyber incident include operational interruption,
loss of agent and client information, damage to the Company’s public image and reputation, and/or potentially impact the relationships
with its agents and clients, and could cause the Company’s financial results to be negatively impacted.
There
could be interruptions or delays from cloud servers that could affect the Company’s products or services.
The
Company’s products and services involve storage using a third-party cloud-based hosting service. Any damage to, or failure of,
the hosting service’s systems generally could result in interruptions in the use of the Company’s products or services. Such
interruptions may reduce the Company’s revenue, cause customers to terminate their subscriptions and adversely affect the Company’s
ability to attract new customers. The Company’s business will also be harmed if its customers and potential customers believe its
products or services are unreliable.
We
have integrated, and may continue to integrate in the future, AI in certain tools and features available on our platform. AI technology
presents various operational, compliance, and reputational risks and if any such risks were to materialize, our business and results
of operations may be adversely affected.
We
have integrated artificial intelligence (“AI”) technologies into tools and features available to our agents for use in their
daily activities with us. We may continue to integrate AI technologies in new product or service offerings. Given that AI is a rapidly
developing technology that is in its early stages of business use, it presents a number of operational, compliance, and reputational
risks. AI algorithms are currently known to sometimes produce unexpected results and behave in unpredictable ways that can generate irrelevant,
nonsensical, fictitious, deficient, offensive or factually incorrect content and results, which, if incorporated into our platform, may
result in reputational harm to us and our agents and be damaging to our brand. Additionally, content, analyses, or recommendations that
are based on AI might be found to be biased, discriminatory or harmful. Data sets from which Large Language Models learn are at risk
of manipulation by bad actors, and could contain copyrighted material resulting in infringing output. AI output might present ethical
concerns or violate current and future laws and regulations, including federal and state fair lending laws and regulations such as the
Fair Housing Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the prohibition against engaging in Unfair,
Deceptive, or Abusive Acts or Practices pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
We
expect that there will continue to be new laws or regulations concerning the use of AI technology, which may be burdensome for us to
comply with and which may limit our ability to offer or enhance our existing tools and features or new offerings based on AI technology.
Further, the use of AI technology involves complexities and requires specialized expertise. We may not be able to attract and retain
top talent to support our AI technology initiatives. If any of these operational, compliance, or reputational risks were to materialize,
our business and results of operations may be adversely affected.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Risk
Related to World Wide Economic Conditions
Currency
exchange rates fluctuations could adversely affect the Company’s operating results.
The
Company is exposed to the effects of fluctuations in currency exchange rates. Since the Company conducts some of its business in currencies
other than U.S. dollars but reports its operating results in U.S. dollars, it faces exposure to fluctuations in currency exchange rates.
Consequently, exchange rate fluctuations between the U.S. dollar and other currencies could have a material impact on the Company’s
operating results.
Downturns
in general economic and market conditions may reduce demand for the Company’s products and could negatively affect the Company’s
revenue, operating results and cash flow.
Financial
markets have demonstrated that businesses and industries throughout the world are very tightly connected to each other. Thus, financial
developments seemingly unrelated to the Company or to the real estate industry could materially adversely affect the Company over the
course of time. Volatility in the market could hurt the Company’s ability to raise capital. Potential price inflation caused by
an excess of liquidity in countries where the Company conducts business may increase the costs incurred to sell the Company’s products
and may reduce the Company’s profit margins. As a result of downturns in general economic and market conditions, potential customers
may not be interested in purchasing the Company’s products. Any of these events, or other events caused by turmoil in world financial
markets may have a material adverse effect on the Company’s business, operating results and financial conditions.
Information
technology failures and data security breaches could harm our business.
Cybersecurity
threats and incidents directed at us could range from uncoordinated individual attempts to gain unauthorized access to information technology
systems to sophisticated and targeted measures aimed at disrupting business or gathering personal data of customers. In the ordinary
course of our business, we and our agents and brokers collect and store sensitive data, including proprietary business information and
personal information about our clients and customers. Our business and particularly our cloud-based platform, reZEN, is reliant on the
uninterrupted functioning of our information technology systems. The secure processing, maintenance and transmission of information are
critical to our operations, especially the processing and closing of real estate transactions. Cybersecurity incidents, depending on
their nature and scope, could potentially result in the misappropriation, destruction, corruption, or unavailability of critical data
and confidential or proprietary information (our own or that of third parties, including potentially sensitive personal information of
our clients and customers) and the disruption of business operations. Our use of remote work environments and virtual platforms may increase
our risk of cyber-attack or data security breaches. If we were to be subject to a material successful cyber-intrusion, it could result
in remediation or service restoration costs, increased cyber protection costs, lost revenues, our agents and brokers may no longer want
to work with us, litigation or regulatory actions by governmental authorities, increased insurance premiums, reputational damage and
damage to our competitiveness, our stock price and our long-term stockholder value.
Our
results of operations and financial condition may be adversely affected by public health issues.
Infectious
disease outbreaks (including COVID-19, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, BSE,
avian influenza, or other material outbreaks of disease) could result in restrictions adversely affecting the Company’s business
operations. These restrictions could include prohibitions on home showings and open houses, limiting face-to-face meetings, and general
transportation or isolation orders from government authorities. Such outbreaks may negatively impact the general economy and job markets.
The economy and job markets directly affect demand for housing and therefore the Company could suffer harm to its business, including,
but not limited to, significant revenue decreases, should there be a sustained negative impact on economic conditions as a result of
disease outbreak.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
Current
and threatened conflicts could negatively affect the housing market, and could lead to lower revenue for us.
There
currently are ongoing conflicts in Ukraine and Israel. While neither of these conflicts has had a material direct impact on our consolidated
financial performance, the conflicts are still ongoing, and there are many risks and uncertainties in relation to those conflicts that
are outside of our control. For example, these conflicts have already led and could lead to further market disruptions, including significant
volatility in credit and capital markets. In addition, our Chief Executive Officer lives in Israel, and the conflicts in Israel could
disrupt his ability to continue to serve the Company. If either or both conflicts escalate further or if additional countries join either
conflict, it could lead to uncertainty in the markets and low consumer confidence, which may lead potential homebuyers to decide not
to invest in new homes at this time, or sellers to decide to stay in their current homes, and could have a material impact on our business
operations and financial performance.
Risk
Related to Intellectual Property
The
Company’s intellectual property rights are valuable, and any failure or inability to protect them could adversely affect its business.
The
Company’s success depends substantially upon the intellectual property that forms the basis of its products, primarily consisting
of unpatented proprietary technology, processes, trade secrets, and know-how, as well as inherent copyright of authorship in the source
code developed by the Company, and unregistered trademarks. To protect its intellectual property rights, the Company relies upon trade
secret, copyright, trademark, passing-off laws and other statutory and common law protections in the United States, and international
markets. The Company also protects its intellectual property through the use of non-disclosure agreements and other contracts, disclosure
and invention assignment agreements, confidentiality procedures, and technical measures. There can be no assurance that these measures
will be successful in any given case, particularly in those countries where the laws do not afford the Company protection for its intellectual
property rights as robust as those available under Canadian and United States laws. The Company may be unable to prevent the misappropriation,
infringement or violation of its intellectual property rights, breaching any contractual obligations, or independently developing intellectual
property that is similar to its own, any of which could reduce or eliminate Real’s competitive advantages, adversely affect the
Company’s revenues, or otherwise harm its business.
Assertions
by third parties of infringement or other violations of the Company’s intellectual property rights could result in significant
costs and substantially harm the Company’s business and operating results.
Third
parties may in the future assert claims of infringement, misappropriation or other violations of intellectual property rights against
the Company. Any such claim against the Company, even those without merit could cause the Company to incur substantial costs defending
against the claim and could distract its management. An adverse outcome of a dispute may require the Company to pay substantial damages,
cease making, licensing or using solutions that are alleged to infringe or misappropriate the intellectual property of others, expend
additional development resources to attempt to redesign its services or otherwise develop non-infringing technology, which may not be
successful, or enter into potentially unfavorable royalty or license agreements in order to obtain the right to use technologies or intellectual
property rights.
Intellectual
property claims are expensive and time consuming to defend and if resolved adversely, could have a significant impact on the Company’s
business, financial condition, and operating results.
The
Company is actively engaged in enforcement and other activities to protect its intellectual property rights. If it became necessary to
resort to litigation to protect these rights, any proceedings could be burdensome, costly and divert the attention of management and
the Company may not prevail. Any repeal or weakening of intellectual property laws or diminishment of procedures available for the enforcement
of intellectual property rights in Canada, the United States, or internationally could make it more difficult for the Company to adequately
protect its intellectual property rights, negatively impacting their value and increasing the cost of enforcing its rights.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
If
the Company is unable to protect the confidentiality of its proprietary information and know-how, the value of its technology and products
could be adversely affected.
The
Company relies upon unpatented proprietary technology, processes, trade secrets and know-how. Any disclosure to or misappropriation by
third-parties of its confidential or proprietary information could enable the Company’s competitors to duplicate or surpass the
Company’s technological achievements, potentially eroding its competitive position in the market and negatively impacting the Company’s
business and operating results.
The
Company protects its confidential and proprietary information in part through non-disclosure agreements and other contracts, disclosure
and invention assignment agreements, with all employees, consultants, advisors and any third-parties, who have access to its confidential
and proprietary information, and employs confidentiality procedures and technical measures, there can be no certainty that these measures
or procedures will be sufficient to prevent improper disclosure of such confidential and proprietary information, or to prevent it from
falling into the hands of the Company’s competitors and other third parties. There can be no certainty that parties to contracts
used by the Company to protect its confidential and proprietary information will not be terminated or breached, and the Company may not
have adequate remedies for any such termination or breach. Legal remedies may be insufficient or ineffective to meaningfully protect
the Company’s confidential and proprietary information or compensate the Company for losses that may occur in the event of unauthorized
use or disclosure.
If
the Company fails to protect the privacy and personal information of its customers, agents or employees, the Company may be subject to
legal claims, government action and damage to its reputation.
Consumers,
independent contractors and employees have shared personal information with the Company during the normal course of its business processing
real estate transactions. This includes, but is not limited to, social security numbers, annual income amounts and sources, consumer
names, addresses, telephone and cell phone numbers and email addresses. For the Company to run its business, it is essential to store
and transmit this sensitive information in its systems and networks. At the same time, the Company is subject to numerous laws, regulations,
and other requirements that require businesses like theirs to protect the security of personal information, notify customers and other
individuals about our privacy practices, and limit the use, disclosure, or transfer of personal data across country borders. Regulators
in the U.S. and abroad continue to enact comprehensive new laws or legislative reforms imposing significant privacy and cybersecurity
restrictions. The result is that the Company is subject to increased regulatory scrutiny, additional contractual requirements from corporate
customers, and heightened compliance costs. These ongoing changes to privacy and cybersecurity laws also may make it more difficult for
the Company to operate our business and may have a material adverse effect on our operations. For example, in the U.S., California enacted
the California Consumer Privacy Act, which went into full effect in 2020, imposing new and comprehensive requirements on organizations
that collect and disclose personal information about California residents.
Any
significant violations of privacy and cybersecurity could result in the loss of new or existing business, litigation, regulatory investigations,
the payment of fines, damages, and penalties and damage to the Company’s reputation, which could have a material adverse effect
on its business, financial condition, and results of operations. The Company could also be adversely affected if legislation or regulations
are expanded to require changes in its business practices or if governing jurisdictions interpret or implement their legislation or regulations
in ways that negatively affect its business, results of operations or financial condition. In addition, while the Company discloses its
information collection and dissemination practices in a published privacy statement on its websites, which the Company may modify from
time to time, the Company may be subject to legal claims, government action and damage to its reputation if it acts or is perceived to
be acting inconsistently with the terms of its privacy statement, customer expectations or state, national and international regulations.
The Company’s policy and safeguards could be deemed insufficient if third parties with whom we have shared personal information
fail to protect the privacy of that information.
The Real Brokerage Inc.
Management’s Discussion and Analysis
Period Ended September 30, 2024 and 2023 |
|
| |
|
The
occurrence of a significant claim in excess of the Company’s insurance coverage or which is not covered by its insurance in any
given period could have a material adverse effect on its financial condition and results of operations during the period. In the event
the Company or the vendors with which it contracts to provide services on behalf of the Company’s customers were to suffer a breach
of personal information, the Company’s real estate agents and clients could terminate their business with the Company. Further,
the Company may be subject to claims to the extent individual employees or independent contractors breach or fail to adhere to Company
policies and practices and such actions jeopardize any personal information. The Company’s legal liability could include significant
defense costs, settlement costs, damages and penalties, plus, damage its reputation with consumers, which could significantly damage
its ability to attract customers. Any or all of these consequences would result in meaningful unfavorable impact on the Company’s
brand, business model, revenue, expenses, income and margins.
Risk
Related to Common Shares
The
Company may issue additional Common Shares and Shareholders may experience dilution.
The
Company is authorized to issue an unlimited number of Common Shares. Additionally, the Company maintains the Amended and Restated Omnibus
Incentive Plan which employees, agents, brokers and certain service providers of the Company and its Affiliates can receive equity awards.
The Company issues Restricted Shares Units to agents each month pursuant to its incentive programs, and issues Common Shares periodically
to other eligible participants, including employees. As of September 30, 2024, the Company had 197,737,511 Common Shares issued and outstanding,
and there were 27,097,528 Common Shares reserved for issuance subject to RSUs and 15,662,218 Common Shares reserved for issuance pursuant
to the exercise of Options. Consequently, Shareholders may experience more dilution in their ownership of their Common Shares in the
future.
It
may be difficult to enforce civil liabilities under Canadian securities laws.
Most
of the directors and officers of the Company are based in Israel and the United States and most of the Company’s assets, and assets
of the directors and officers are located outside of Canada. Therefore, a judgment obtained against the Company, or any of these persons,
including a judgment based on the civil liability provisions of the Canadian securities laws, may not be collectible in Canada and may
not be enforced by an Israeli or U.S. court. It also may be difficult to effect service of process on these persons in Canada or to assert
Canadian securities law claims in original actions instituted in Israel or the United States. Israeli or U.S. courts may refuse to hear
a claim based on an alleged violation of Canadian securities laws reasoning that Israel is not the most appropriate forum in which to
bring such a claim. In addition, even if an Israeli or U.S. court agrees to hear a claim, it may determine that Israeli law or United
States law and not Canadian law is applicable to the claim. If the Canadian law is found to be applicable, the content of applicable
Canadian law must be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain matters of procedure
will also be governed by Israeli law or United States law. There is little binding case law in Israel and the United States that addresses
the matters described above. As a result of the difficulty associated with enforcing a judgment against the Company or its directors
and officers in Israel or the United States, it may be difficult to collect any damages awarded by either a Canadian or a foreign court.
The
Company does not have any control over the research and reports that securities or industry analysts publish about the Company or its
business.
The
trading market for the Common Shares will, to some extent, depend on the research and reports that securities or industry analysts publish
about the Company or its business. The Company does not have any control over these analysts. If one or more of the analysts who covers
the Company should downgrade the Common Shares or change their opinion of the Company’s business prospects, the Common Shares trading
price would likely decline. If one or more of these analysts ceases coverage of the Company or fails to regularly publish reports on
the Company, it could lose visibility in the financial markets, which could cause the Company’s share price or trading volume to
decline.
OUTSTANDING
SHARE DATA
As
of November 7, 2024, the Company had 199.5 million Common Shares issued and outstanding.
In
addition, as of November 7, 2024, there are 15.6 million Options issued and outstanding with exercise prices ranging from $0.03 to $5.72
per share and expiration dates ranging from January 2025 to April 2034. Each Option is exercisable for one Common Share. As of November
7, 2024, a total of 26.2 million RSUs are issued and outstanding. Once vested, each RSU will settle for a Common Share or cash equal
to the value of a Common Share at company’s discretion.
ADDITIONAL
INFORMATION
These
documents, the Company’s Annual Information Form for the year ended December 31, 2023, as well as additional information regarding
Real, have been filed electronically on Real’s website at www.onereal.com and is available on SEDAR+ under the Company’s
profile at www.sedarplus.com.
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2024-09-30
Q3
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Exhibit 99.2
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS
(Expressed
in thousands of U.S. dollars)
UNAUDITED
| | |
| | | |
| | |
| | |
As of | |
| | |
September 30, 2024 | | |
December 31, 2023 | |
| ASSETS | |
| | | |
| | |
| CURRENT ASSETS | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 21,580 | | |
$ | 14,707 | |
| Restricted cash | |
| 27,516 | | |
| 12,948 | |
| Funds held in restricted escrow account | |
| 9,250 | | |
| - | |
| Investments in financial assets | |
| 10,398 | | |
| 14,222 | |
| Trade receivables | |
| 17,305 | | |
| 6,441 | |
| Other receivables | |
| 43 | | |
| 63 | |
| Prepaid expenses and deposits | |
| 2,391 | | |
| 2,132 | |
| TOTAL CURRENT ASSETS | |
| 88,483 | | |
| 50,513 | |
| NON-CURRENT ASSETS | |
| | | |
| | |
| Intangible assets | |
| 2,788 | | |
| 3,442 | |
| Goodwill | |
| 8,993 | | |
| 8,993 | |
| Property and equipment | |
| 2,209 | | |
| 1,600 | |
| TOTAL NON-CURRENT ASSETS | |
| 13,990 | | |
| 14,035 | |
| TOTAL ASSETS | |
| 102,473 | | |
| 64,548 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | |
| Accounts payable | |
| 1,133 | | |
| 571 | |
| Accrued liabilities | |
| 30,991 | | |
| 13,374 | |
| Customer deposits | |
| 27,516 | | |
| 12,948 | |
| Other payables | |
| 12,843 | | |
| 302 | |
| TOTAL CURRENT LIABILITIES | |
| 72,483 | | |
| 27,195 | |
| NON-CURRENT LIABILITIES | |
| | | |
| | |
| Warrants outstanding | |
| - | | |
| 269 | |
| TOTAL NON-CURRENT LIABILITIES | |
| - | | |
| 269 | |
| TOTAL LIABILITIES | |
| 72,483 | | |
| 27,464 | |
| | |
| | | |
| | |
| EQUITY | |
| | | |
| | |
| EQUITY ATTRIBUTABLE TO OWNERS | |
| | | |
| | |
| Share premium | |
| 67,683 | | |
| 62,567 | |
| Stock-based compensation reserves | |
| 61,255 | | |
| 52,937 | |
| Deficit | |
| (98,103 | ) | |
| (78,205 | ) |
| Other reserves | |
| 195 | | |
| (167 | ) |
| Treasury stock, at cost | |
| (1,228 | ) | |
| (257 | ) |
| EQUITY ATTRIBUTABLE TO OWNERS | |
| 29,802 | | |
| 36,875 | |
| Non-controlling interests | |
| 188 | | |
| 209 | |
| TOTAL EQUITY | |
| 29,990 | | |
| 37,084 | |
| TOTAL LIABILITIES AND EQUITY | |
| 102,473 | | |
| 64,548 | |
The
accompanying notes form an integral part of the condensed consolidated financial statements.
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed
in thousands of U.S. dollars, except for per share amounts)
UNAUDITED
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenues | |
$ | 372,488 | | |
$ | 214,640 | | |
$ | 914,009 | | |
$ | 507,817 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| Gross Profit | |
| 32,129 | | |
| 18,775 | | |
| 84,756 | | |
| 47,342 | |
| | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Marketing expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Research and development expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Settlement of litigation | |
| — | | |
| — | | |
| 9,250 | | |
| — | |
| Operating Loss | |
| (2,478 | ) | |
| (3,967 | ) | |
| (18,840 | ) | |
| (14,745 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| 151 | | |
| 38 | | |
| 381 | | |
| 106 | |
| Finance expenses, net | |
| (214 | ) | |
| (10 | ) | |
| (1,289 | ) | |
| (587 | ) |
| Net Loss | |
| (2,541 | ) | |
| (3,939 | ) | |
| (19,748 | ) | |
| (15,226 | ) |
| Net income attributable to noncontrolling interests | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Net Loss Attributable to the Owners of the Company | |
| (2,586 | ) | |
| (4,024 | ) | |
| (19,898 | ) | |
| (15,537 | ) |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | | |
| | |
| Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit
or loss | |
| 3 | | |
| 79 | | |
| 97 | | |
| 214 | |
| Foreign currency translation adjustment | |
| (230 | ) | |
| (52 | ) | |
| 265 | | |
| 10 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| Total Comprehensive Income Attributable to NCI | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Total Comprehensive Loss | |
| (2,768 | ) | |
| (3,912 | ) | |
| (19,386 | ) | |
| (15,002 | ) |
| Loss per share | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
| Weighted-average shares, basic and diluted | |
| 196,668 | | |
| 180,611 | | |
| 188,864 | | |
| 180,158 | |
The
accompanying notes form an integral part of the condensed consolidated financial statements.
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(U.S.
dollar in thousands)
UNAUDITED
| | |
Share Premium | | |
Stock-Based Compensation Reserve | | |
Foreign Exchange Reserve Reserve | | |
Investments Revaluations Reserve | | |
Deficit | | |
Treasury Stock | | |
Equity Attributable to
Owners | | |
Non- Controlling Interests | | |
Total Equity | |
| Balance at, January 1, 2024 | |
| 62,567 | | |
| 52,937 | | |
| 262 | | |
| (429 | ) | |
| (78,205 | ) | |
| (257 | ) | |
| 36,875 | | |
| 209 | | |
| 37,084 | |
| Total loss and income | |
| - | | |
| - | | |
| - | | |
| - | | |
| (19,898 | ) | |
| - | | |
| (19,898 | ) | |
| 150 | | |
| (19,748 | ) |
| Total other comprehensive income | |
| - | | |
| - | | |
| 265 | | |
| 97 | | |
| - | | |
| - | | |
| 362 | | |
| - | | |
| 362 | |
| Member Draws | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (171 | ) | |
| (171 | ) |
| Acquisition of commons shares for Restricted Share Unit (RSU) Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (30,336 | ) | |
| (30,336 | ) | |
| - | | |
| (30,336 | ) |
| Release of treasury shares | |
| (29,365 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,365 | | |
| - | | |
| - | | |
| - | |
| Issuance of Restricted Share Units | |
| 24,273 | | |
| (24,273 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Exercise of stock options | |
| 10,572 | | |
| (4,955 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 5,617 | | |
| - | | |
| 5,617 | |
| Exercise of warrants | |
| 1,113 | | |
| (251 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 862 | | |
| - | | |
| 862 | |
| Shares withheld for taxes | |
| (1,477 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,477 | ) | |
| - | | |
| (1,477 | ) |
| Equity-settled share-based payment | |
| - | | |
| 37,797 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 37,797 | | |
| - | | |
| 37,797 | |
| Balance at, September 30, 2024 | |
| 67,683 | | |
| 61,255 | | |
| 527 | | |
| (332 | ) | |
| (98,103 | ) | |
| (1,228 | ) | |
| 29,802 | | |
| 188 | | |
| 29,990 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance at, January 1, 2023 | |
| 63,204 | | |
| 25,083 | | |
| 290 | | |
| (759 | ) | |
| (50,704 | ) | |
| (14,962 | ) | |
| 22,152 | | |
| 263 | | |
| 22,415 | |
| Balance | |
| 63,204 | | |
| 25,083 | | |
| 290 | | |
| (759 | ) | |
| (50,704 | ) | |
| (14,962 | ) | |
| 22,152 | | |
| 263 | | |
| 22,415 | |
| Total loss and income | |
| - | | |
| - | | |
| - | | |
| - | | |
| (15,537 | ) | |
| - | | |
| (15,537 | ) | |
| 311 | | |
| (15,226 | ) |
| Total other comprehensive income | |
| - | | |
| - | | |
| 10 | | |
| 214 | | |
| - | | |
| - | | |
| 224 | | |
| - | | |
| 224 | |
| Member Draws | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (303 | ) | |
| (303 | ) |
| Acquisition of commons shares for Restricted Share Unit (RSU) Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,761 | ) | |
| (1,761 | ) | |
| - | | |
| (1,761 | ) |
| Release of treasury shares | |
| (15,798 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 15,798 | | |
| - | | |
| - | | |
| - | |
| Issuance of Restricted Share Units | |
| 11,121 | | |
| (11,121 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Exercise of stock options | |
| 873 | | |
| (281 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 592 | | |
| - | | |
| 592 | |
| Equity-settled share-based payment | |
| - | | |
| 18,980 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 18,980 | | |
| - | | |
| 18,980 | |
| Balance at, September 30, 2023 | |
| 59,400 | | |
| 32,661 | | |
| 300 | | |
| (545 | ) | |
| (66,241 | ) | |
| (925 | ) | |
| 24,650 | | |
| 271 | | |
| 24,921 | |
| Balance | |
| 59,400 | | |
| 32,661 | | |
| 300 | | |
| (545 | ) | |
| (66,241 | ) | |
| (925 | ) | |
| 24,650 | | |
| 271 | | |
| 24,921 | |
The
accompanying notes form an integral part of the condensed consolidated financial statements.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| OPERATING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Net Loss | |
$ | (2,541 | ) | |
$ | (3,939 | ) | |
$ | (19,748 | ) | |
$ | (15,226 | ) |
| Adjustments for: | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Equity-settled share-based payment | |
| 15,417 | | |
| 7,144 | | |
| 37,797 | | |
| 18,980 | |
| Finance costs | |
| (33 | ) | |
| (143 | ) | |
| 638 | | |
| 156 | |
| Changes in operating asset and liabilities: | |
| | | |
| | | |
| | | |
| | |
| Funds Held in Restricted Escrow Account | |
| - | | |
| - | | |
| (9,250 | ) | |
| - | |
| Trade receivables | |
| 1,326 | | |
| (614 | ) | |
| (10,864 | ) | |
| (992 | ) |
| Other receivables | |
| 13 | | |
| (23 | ) | |
| 20 | | |
| (1 | ) |
| Prepaid expenses and deposits | |
| (850 | ) | |
| (266 | ) | |
| (259 | ) | |
| (796 | ) |
| Accounts payable | |
| (63 | ) | |
| (493 | ) | |
| 562 | | |
| 179 | |
| Accrued liabilities | |
| (2,638 | ) | |
| 2,654 | | |
| 17,617 | | |
| 12,068 | |
| Customer deposits | |
| (5,608 | ) | |
| (13,247 | ) | |
| 14,568 | | |
| 8,852 | |
| Other payables | |
| 1,815 | | |
| 718 | | |
| 12,541 | | |
| 1,684 | |
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | |
| 7,196 | | |
| (7,932 | ) | |
| 44,646 | | |
| 25,734 | |
| | |
| | | |
| | | |
| | | |
| | |
| INVESTING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Purchase of property and equipment | |
| (367 | ) | |
| (197 | ) | |
| (964 | ) | |
| (448 | ) |
| Investment Deposits in Debt Instruments held at FVTOCI | |
| (1,134 | ) | |
| (3,037 | ) | |
| (2,847 | ) | |
| (6,766 | ) |
| Investment Withdrawals in Debt Instruments held at FVTOCI | |
| 1,014 | | |
| - | | |
| 6,766 | | |
| 845 | |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| (487 | ) | |
| (3,234 | ) | |
| 2,955 | | |
| (6,369 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| FINANCING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Purchase of common shares for Restricted Share Unit (RSU) Plan | |
| (15,110 | ) | |
| (350 | ) | |
| (30,336 | ) | |
| (1,761 | ) |
| Shares withheld for taxes | |
| (736 | ) | |
| - | | |
| (1,477 | ) | |
| - | |
| Proceeds from exercise of stock options | |
| 1,994 | | |
| 380 | | |
| 5,617 | | |
| 592 | |
| Payment of lease liabilities | |
| - | | |
| - | | |
| - | | |
| (96 | ) |
| Payment of contingent consideration | |
| - | | |
| - | | |
| - | | |
| (800 | ) |
| Cash disbursements for non-controlling interest | |
| (119 | ) | |
| (303 | ) | |
| (171 | ) | |
| (303 | ) |
| NET CASH USED IN FINANCING ACTIVITIES | |
| (13,971 | ) | |
| (273 | ) | |
| (26,367 | ) | |
| (2,368 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net change in cash, cash equivalents and restricted cash | |
| (7,262 | ) | |
| (11,439 | ) | |
| 21,234 | | |
| 16,997 | |
| Cash, cash equivalents and restricted cash, beginning of period | |
| 56,440 | | |
| 46,745 | | |
| 27,655 | | |
| 18,327 | |
| Fluctuations in foreign currency | |
| (82 | ) | |
| 33 | | |
| 207 | | |
| 15 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | |
$ | 49,096 | | |
$ | 35,339 | | |
$ | 49,096 | | |
$ | 35,339 | |
| | |
| | | |
| | | |
| | | |
| | |
| SUPPLEMENTAL DISCLOSURE OF NON CASH ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Cashless exercise of warrants | |
| 485 | | |
| - | | |
| 862 | | |
| - | |
The
accompanying notes form an integral part of the condensed consolidated financial statements.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
1. GENERAL INFORMATION
The
Real Brokerage Inc. (“Real” or the “Company”) is a growing real estate technology company located
in the United States and Canada. As a licensed real estate brokerage, the Company’s revenue is generated primarily by processing
real estate transactions which entitle us to commissions. The Company pays a portion of its commission revenue to real estate agents
who are affiliated with the Company. The Company is taking a first principles approach to redefining the role of a real estate brokerage
in the lives of agents and within the broader housing ecosystem. The Company focuses on developing technology to enhance real estate
agent performance, while aiming to build a scalable, efficient brokerage operation that allows for technologically supported brokerage
oversight that is not dependent on a cost-heavy brick and mortar presence in the markets in which the Company operates. The Company’s
goal is to establish itself as the destination brokerage for agents, by offering a combination of technology, support, and financial
incentives. The Company’s vision is to transform home buying under the guidance of an agent through an integrated consumer technology
product, while growing its ancillary services, including mortgage broker and title services. In addition, the Company plans to expand
its suite of tools and products tailored for agents, including Company-branded financial products.
The
consolidated operations of Real include the subsidiaries of Real, including those involved in the brokerage, title and mortgage broker
operations.
On
May 19, 2022, the Company announced that it renewed its normal course issuer bid (“NCIB”) to be transacted through
the facilities of the NASDAQ Capital Market (“NASDAQ”) and other stock exchanges and/or alternative trading systems
in the United States and/or Canada. Pursuant to the NCIB, Real was able to purchase up to 8.9 million common shares of the Company (“Common
Shares”), representing approximately 5% of the total 178.3 million Common Shares issued and outstanding as of May 19, 2022.
On May 24, 2023, the Company announced that it renewed its NCIB pursuant to which Real may purchase up to approximately 9.0 million Common
Shares, representing approximately 5% of the total 180 million Common Shares issued and outstanding as of May 18, 2023. On May 14, 2024,
the Company announced that it renewed its NCIB again pursuant to which Real may purchase up to approximately 9.47 million Common Shares,
representing approximately 5% of the total 189 million Common Shares issued and outstanding as of May 1, 2024. Purchases are made at
prevailing market prices and may be conducted during the twelve-month period ended May 28, 2025.
The
NCIB is being conducted to acquire Common Shares for the purposes of satisfying restricted share unit (each, an “RSU”)
obligations. The Company appointed CWB Trust Services (the “Trustee”) as the trustee for the purposes of arranging
the acquisition of Common Shares and to hold the Common Shares in trust for the purposes of satisfying RSU payments as well as to manage
other administrative matters. RBC Capital Markets was engaged to undertake purchases under the NCIB.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The
material accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with
those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2023.
The
unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB). The interim condensed consolidated financial statements do not include
all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the
Company’s annual audited consolidated financial statements for the period ended December 31, 2023. These unaudited interim condensed
consolidated financial statements were authorized for issuance by the Company’s Board of Directors on November 4, 2024.
All
dollar amounts are in U.S. dollars unless otherwise stated.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| B. | Recent
Accounting Pronouncements |
In
April 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”). IFRS 18
mainly introduces three sets of requirements to give investors more transparent and comparable information about companies’ financial
performance: additional subtotals with newly defined categories for classifying income and expenses in the statement of profit or loss,
disclosures about management-defined performance measures, and enhanced requirements for more useful grouping of information in the financial
statements.
IFRS
18 will replace IAS 1 and will be effective for annual periods beginning on or after January 1, 2027. The impact of IFRS 18 on Real’s
consolidated financial statements is being evaluated.
3. REVENUE
In
the following table, revenue (in thousands) from contracts with customers is disaggregated by major service lines.
SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Main revenue streams | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 213,319 | | |
| 907,716 | | |
| 504,456 | |
| Title | |
| 1,400 | | |
| 964 | | |
| 3,450 | | |
| 2,510 | |
| Mortgage Income | |
| 1,198 | | |
| 357 | | |
| 2,843 | | |
| 851 | |
| Total Revenue | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| | |
| | | |
| | | |
| | | |
| | |
| Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | |
| Products and Services Transferred at a Point in Time | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| Revenue from Contracts with Customers | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
4. EXPENSES BY NATURE
In
the following table, cost of sales represents real estate commissions paid to the Company’s agents, as well as to outside brokerages
in Canada, and Title Fee Expenses (in thousands).
SCHEDULE
OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and Administrative Expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Salaries and Benefits | |
| 7,314 | | |
| 4,740 | | |
| 19,748 | | |
| 13,907 | |
| Stock Based Compensation | |
| 2,825 | | |
| 203 | | |
| 6,245 | | |
| 2,290 | |
| Administrative Expenses | |
| 1,066 | | |
| 1,227 | | |
| 2,835 | | |
| 2,817 | |
| Professional Fees | |
| 3,917 | | |
| 2,179 | | |
| 10,339 | | |
| 5,794 | |
| Depreciation and Amortization Expense | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Other General and Administrative Expenses | |
| 821 | | |
| 608 | | |
| 2,261 | | |
| 1,888 | |
| Marketing Expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Salaries and Benefits | |
| 279 | | |
| 230 | | |
| 721 | | |
| 540 | |
| Stock Based Compensation for Employees | |
| 6 | | |
| 13 | | |
| 11 | | |
| 35 | |
| Stock Based Compensation for Agents | |
| 2,665 | | |
| 2,769 | | |
| 7,137 | | |
| 5,950 | |
| Revenue Share | |
| 11,651 | | |
| 7,946 | | |
| 33,190 | | |
| 21,064 | |
| Other Marketing and Advertising Cost | |
| 660 | | |
| 619 | | |
| 2,720 | | |
| 1,938 | |
| Research and Development Expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Salaries and Benefits | |
| 1,681 | | |
| 1,131 | | |
| 4,394 | | |
| 2,537 | |
| Stock Based Compensation | |
| 308 | | |
| 69 | | |
| 641 | | |
| 193 | |
| Other Research and Development | |
| 1,056 | | |
| 731 | | |
| 3,080 | | |
| 2,304 | |
| Settlement of Litigation | |
| — | | |
| — | | |
| 9,250 | | |
| — | |
| Total Cost of Sales and Operating Expenses | |
| 374,966 | | |
| 218,607 | | |
| 932,849 | | |
| 522,562 | |
Finance
Expenses
The
following table provides a detailed breakdown of finance costs (in thousands) as reported in the Condensed Consolidated Statement of
Income (Loss):
SCHEDULE
OF FINANCE COST
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| Description | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Change in Fair Value of Warrants Outstanding | |
| 129 | | |
| (78 | ) | |
| 600 | | |
| 4 | |
| Realized Losses (Gains) | |
| 4 | | |
| 14 | | |
| 2 | | |
| 99 | |
| Bank Fees | |
| 245 | | |
| 153 | | |
| 556 | | |
| 431 | |
| Finance Costs | |
| (164 | ) | |
| (80 | ) | |
| 131 | | |
| 53 | |
| Total Finance Expenses | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
5. OPERATING SEGMENTS DISCLOSURES
The
businesses of the Company are divided operationally into three identified operating segments: North American Brokerage, One Real Title
and One Real Mortgage. North American Brokerage generates revenue by processing real estate transactions which entitles the Company to
commissions. One Real Title generates revenue by offering title insurance and closing services for residential and/or commercial transactions.
One Real Mortgage derives revenue from premiums associated with facilitating mortgage transactions between borrowers and lenders.
The
Company has identified one reportable segment, North American Brokerage which comprises more than 90% of total revenue and net loss.
The other two segments, One Real Title and One Real Mortgage are not considered reporting segments as their revenue and net loss do not
meet the quantitative threshold set for reporting segments. These two segments are disclosed in an ‘other segments’ category
below.
The
Company uses judgement in determining its operating segments by taking into consideration the Chief Operating Decision Maker’s
(“CODM”) assessment of overall performance and decisions such as resource allocations and delegation of authority. The CODM
is the Company’s Chief Executive Officer.
The
presentation in this note for prior periods has been restated based on the current segment reporting.
Segment
performance is evaluated based on income (loss) from operations and is measured consistently with income or loss in the consolidated
financial statements.
The
following tables present significant information about the Company’s reportable operating segments as reported to the Company’s
CODM:
SCHEDULE
OF OPERATING SEGMENTS
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 369,890 | | |
| 2,598 | | |
| 372,488 | |
| Commissions and other agent-related costs | |
| 339,507 | | |
| 852 | | |
| 340,359 | |
| Gross Profit | |
| 30,383 | | |
| 1,746 | | |
| 32,129 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 13,592 | | |
| 2,709 | | |
| 16,301 | |
| Marketing expenses | |
| 15,240 | | |
| 21 | | |
| 15,261 | |
| Research and development expenses | |
| 3,010 | | |
| 35 | | |
| 3,045 | |
| Litigation expenses | |
| | | |
| | | |
| | |
| Operating Loss | |
| (1,459 | ) | |
| (1,019 | ) | |
| (2,478 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 151 | | |
| - | | |
| 151 | |
| Finance expenses, net | |
| (189 | ) | |
| (25 | ) | |
| (214 | ) |
| Net Loss | |
| (1,497 | ) | |
| (1,044 | ) | |
| (2,541 | ) |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 907,716 | | |
| 6,293 | | |
| 914,009 | |
| Commissions and other agent-related costs | |
| 827,243 | | |
| 2,010 | | |
| 829,253 | |
| Gross Profit | |
| 80,473 | | |
| 4,283 | | |
| 84,756 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 35,283 | | |
| 7,169 | | |
| 42,452 | |
| Marketing expenses | |
| 43,697 | | |
| 82 | | |
| 43,779 | |
| Research and development expenses | |
| 8,016 | | |
| 99 | | |
| 8,115 | |
| Litigation expenses | |
| 9,250 | | |
| - | | |
| 9,250 | |
| Operating Loss | |
| (15,773 | ) | |
| (3,067 | ) | |
| (18,840 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 381 | | |
| - | | |
| 381 | |
| Finance expenses, net | |
| (1,230 | ) | |
| (59 | ) | |
| (1,289 | ) |
| Net Loss | |
| (16,622 | ) | |
| (3,126 | ) | |
| (19,748 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 213,319 | | |
| 1,321 | | |
| 214,640 | |
| Commissions and other agent-related costs | |
| 195,492 | | |
| 373 | | |
| 195,865 | |
| Gross Profit | |
| 17,827 | | |
| 948 | | |
| 18,775 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 7,513 | | |
| 1,721 | | |
| 9,234 | |
| Marketing expenses | |
| 11,537 | | |
| 40 | | |
| 11,577 | |
| Research and development expenses | |
| 1,910 | | |
| 21 | | |
| 1,931 | |
| Operating Loss | |
| (3,133 | ) | |
| (834 | ) | |
| (3,967 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 38 | | |
| — | | |
| 38 | |
| Finance expenses, net | |
| (15 | ) | |
| 5 | | |
| (10 | ) |
| Net Loss | |
| (3,110 | ) | |
| (829 | ) | |
| (3,939 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 504,456 | | |
| 3,361 | | |
| 507,817 | |
| Commissions and other agent-related costs | |
| 459,559 | | |
| 916 | | |
| 460,475 | |
| Gross Profit | |
| 44,897 | | |
| 2,445 | | |
| 47,342 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 22,597 | | |
| 4,929 | | |
| 27,526 | |
| Marketing expenses | |
| 29,432 | | |
| 95 | | |
| 29,527 | |
| Research and development expenses | |
| 4,980 | | |
| 54 | | |
| 5,034 | |
| Operating Loss | |
| (12,112 | ) | |
| (2,633 | ) | |
| (14,745 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 106 | | |
| - | | |
| 106 | |
| Finance expenses, net | |
| (589 | ) | |
| 2 | | |
| (587 | ) |
| Net Loss | |
| (12,595 | ) | |
| (2,631 | ) | |
| (15,226 | ) |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Segment
revenue reported above represents revenue generated from external customers. There were no intersegment sales in the current and in the
prior year.
The
assets and liabilities of each segment are not reported to the CODM on a regular basis therefore they are not disclosed in these condensed
consolidated financial statements.
The
amount of revenue from external customers, by geography, is shown in the table below:
SCHEDULE
OF REVENUE GEOGRAPHY
| | |
| | | |
| | |
| | |
For the Three Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 319,411 | | |
| 171,042 | |
| Canada | |
| 53,077 | | |
| 43,598 | |
| Total revenue by region | |
| 372,488 | | |
| 214,640 | |
| | |
| | | |
| | |
| | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 792,161 | | |
| 424,396 | |
| Canada | |
| 121,848 | | |
| 83,421 | |
| Total revenue by region | |
| 914,009 | | |
| 507,817 | |
6. BASIC AND DILUTED LOSS PER SHARE
Basic
loss per share is computed by dividing the loss for the period by the weighted average number of Common Shares outstanding during the
period. Diluted earnings (loss) per share is computed by dividing net income (loss) less any preferred dividends for the period by the
weighted average number of Common Shares outstanding plus any potentially dilutive Common Shares outstanding during the period. The Company
does not pay dividends or have participating shares outstanding.
The
following table outlines the number of Common Shares (in thousands) and basic and diluted loss per share.
SCHEDULE
OF DETAILED INFORMATION ABOUT LOSS PER SHARE
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Issued Common Shares at the beginning of the period | |
| 194,497 | | |
| 180,350 | | |
| 183,606 | | |
| 179,922 | |
| Effect of Treasury Purchases | |
| (1,955 | ) | |
| - | | |
| (3,557 | ) | |
| - | |
| Release of Shares | |
| 2,183 | | |
| - | | |
| 1,816 | | |
| - | |
| Effect of Warrant Exercise | |
| 50 | | |
| - | | |
| 51 | | |
| - | |
| Effect of Treasury Issuance | |
| 679 | | |
| - | | |
| 4,728 | | |
| 12 | |
| Effect of Share Options Exercise | |
| 1,214 | | |
| 261 | | |
| 2,220 | | |
| 224 | |
| Weighted-average numbers of Common Shares | |
| 196,668 | | |
| 180,611 | | |
| 188,864 | | |
| 180,158 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss per share | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
The
following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares
for the purpose of diluted earnings per share.
SCHEDULE
OF ANTI -DILUTIVE WEIGHTED AVERAGE LOSS PER SHARE
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Options | |
| 15,662 | | |
| 22,319 | |
| RSU | |
| 27,097 | | |
| 22,254 | |
| Total | |
| 42,759 | | |
| 44,573 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
7. SHARE-BASED PAYMENT ARRANGEMENTS
| A. | Description
of share-based payment arrangements |
Stock
option plan (equity-settled)
On
January 20, 2016, the Company established a stock option plan (the “Stock Option Plan”) that entitles key management
personnel and employees to acquire Common Shares upon the exercise of Company options (“Options”). Under the Stock
Option Plan, holders of vested Options are entitled to purchase Common Shares for the exercise price as determined at the grant date.
On
February 26, 2022, the Company established an omnibus incentive plan providing for up to 20% of the issued and outstanding Common Shares
as of the date thereof (being 35.6 million Common Shares, less RSUs and Options outstanding under other equity inventive plans) to be
issued as RSUs or Options to directors, officers, employees, and consultants of the Company (the “Omnibus Incentive Plan”).
The Omnibus Incentive Plan was approved by shareholders of the Company on June 13, 2022.
The
Company amended its Omnibus Incentive Plan (the “A&R Plan”) on July 13, 2022, and the Company’s shareholders
approved the A&R Plan on June 9, 2023. Pursuant to the A&R Plan, the maximum number of Common Shares issuable pursuant to outstanding
Options at any time shall be limited to 15% of the aggregate number of issued and outstanding Common Shares as of the applicable award
date less the number of Common Shares issuable pursuant to Options under the A&R Plan or any other security-based compensation arrangement
of the Company. In addition, the Company is authorized to grant up to 70,000,000 RSUs pursuant to the A&R Plan. The RSU limit is
separate and distinct from the maximum number of Common Shares reserved for issuance pursuant to Options under the A&R Plan.
The
following table depicts the number of Options granted apart from the Company’s various acquisitions (in thousands):
SCHEDULE
OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT
| Grant Date | |
Number
of Options | | |
Vesting Conditions | |
Contractual
Life of
Options |
| Balance January 1, 2023 | |
| 27,057 | | |
| |
|
| On March, 2023 | |
| 1,500 | | |
16.7% on first anniversary, then quarterly vesting | |
10 years |
| On March, 2023 | |
| 15 | | |
3 years quarterly vest | |
10 years |
| On June, 2023 | |
| 65 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| On August, 2023 | |
| 85 | | |
3 years quarterly vest | |
10 years |
| On November, 2023 | |
| 10 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| Balance December 31, 2023 | |
| 28,732 | | |
| |
|
| Balance January 1, 2024 | |
| 28,732 | | |
| |
|
| On April, 2024 | |
| 45 | | |
3 years vest | |
10 years |
| On August, 2024 | |
| 30 | | |
3 years vest | |
10 years |
| Balance September 30, 2024 | |
| 28,807 | | |
| |
|
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| B. | Measurement
of fair value |
The
fair value of the Options has been measured using the Black-Scholes formula which was also used to determine the Company’s share
value. Service and non-market performance conditions attached to the arrangements were not considered in measuring fair value. The inputs
used in the measurement of the fair value at the grant and measurement date of options granted in the period were as follows:
SCHEDULE
OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Share price | |
$ | 4.31
to $5.72 | | |
$ | 1.25
to $1.67 | |
| Expected volatility (weighted-average) | |
| 73%
to 95 | % | |
| 108 | % |
| Expected life (weighted-average) | |
| 4.13
to 10 years | | |
| 10
years | |
| Expected dividends | |
| - | % | |
| - | % |
| Risk-free interest rate (based on US government bonds) | |
| 4.24
- 4.26 | % | |
| 3.62
- 3.73 | % |
Expected
volatility has been based on an evaluation of historical volatility of the company’s share price.
| C. | Reconciliation
of outstanding stock-options |
The
following table outlines the number of Options (in thousands) and weighted-average exercise price:
SCHEDULE
OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
Number
of Options | | |
Weighted- Average Exercise
Price | | |
Number
of Options | | |
Weighted- Average Exercise
Price | |
| Outstanding at beginning of year | |
| 21,943 | | |
$ | 0.92 | | |
| 21,746 | | |
$ | 0.87 | |
| Granted | |
| 75 | | |
| 4.87 | | |
| 1,675 | | |
| 1.28 | |
| Forfeited/ Expired | |
| (74 | ) | |
| 1.43 | | |
| (312 | ) | |
| 1.41 | |
| Exercised | |
| (6,282 | ) | |
| 0.59 | | |
| (1,166 | ) | |
| 0.36 | |
| Outstanding at end of period | |
| 15,662 | | |
$ | 1.06 | | |
| 21,943 | | |
$ | 0.92 | |
| Exercisable at end of period | |
| 11,820 | | |
| 0.91 | | |
| 15,566 | | |
| 0.72 | |
The
Options outstanding as of September 30, 2024 had a weighted average exercise price of $1.06 (December 31, 2023: $0.92) and a weighted-average
remaining contractual life of 6.8 years (December 31, 2023: 8.8 years).
| D. | Restricted
share unit plan |
Restricted
share unit plan
Under
the Company’s agent performance grant program, the Company issues RSUs to agents based on an agent meeting certain performance
metrics, and successfully attracting other performing agents to the Company. Each RSU, which has a vesting term of up to 3 years and
is subject to forfeiture in certain circumstances, entitles the holder to one Common Share or the equivalent cash value, as determined
in the Company’s discretion. The Company recognizes expense from the issuance of these RSUs during the applicable vesting period
based upon the best available estimate of the number RSUs expected to vest with a corresponding increase in stock-based compensation
reserve. The expense recognized from the issuance of RSU awards for the period ended September 30, 2024 was $3.9 million, and was classified
as marketing expense.
Under
the Company’s agent stock purchase program, agents purchase RSUs, which vest immediately but have a one year restriction period,
using a percentage of the agent’s commission that is withheld by the Company. Each RSU entitles the holder to one Common Share
or the equivalent cash value, as determined in the Company’s sole discretion. The RSUs are expensed in the period in which they
are issued with a corresponding increase in equity. Each agent pays the Company 15% of commissions until the commission paid to the Company
totals that agent’s “cap” amount (the “Cap”). As an incentive to participate in the program, the
Company issues additional RSUs (“Bonus RSUs”) with a value of (i) 10% of the commission withheld (the percentage was
15% previously) if an agent has not met the Cap and (ii) 20% of the commission withheld (the percentage was 30% previously) if an agent
has met the Cap. The Bonus RSUs have a one-year vesting term and are subject to forfeiture in certain circumstances. The RSUs purchased
under the program are expensed to cost of goods sold and the Bonus RSUs are expensed to stock-based compensation expense within marketing
expenses. Bonus RSUs are amortized over the vesting period with a corresponding increase in stock-based compensation reserve.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Stock
compensation awards granted to full time employees (“FTEs”) are classified as a general and administrative, research
and development, or marketing expense based on the appropriate department within the Consolidated Statements of Loss and Other Comprehensive
Loss.
The
following table illustrates the Company’s stock activity (in thousands of units) for the restricted share units under its equity
plan.
SCHEDULE
OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN
| | |
Restricted
Share Units | |
| Balance at, December 31, 2022 | |
| 16,908 | |
| Granted | |
| 23,400 | |
| Vested and Issued | |
| (10,631 | ) |
| Forfeited | |
| (2,068 | ) |
| Balance at, December 31, 2023 | |
| 27,609 | |
| Granted | |
| 14,583 | |
| Vested and Issued | |
| (13,896 | ) |
| Forfeited | |
| (1,199 | ) |
| Balance at, September 30, 2024 | |
| 27,097 | |
Stock
Based Compensation Expense
The
following table provides a detailed breakdown of the stock-based compensation expense (in thousands) as reported in the Condensed Consolidated
Statement of Loss and Comprehensive Loss.
SCHEDULE
OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| COGS – Agent Stock Based Compensation | |
| - | | |
| 23,763 | | |
| 23,763 | | |
| - | | |
| 10,512 | | |
| 10,512 | |
| Marketing Expenses – Agent Stock Based Compensation | |
| 301 | | |
| 6,836 | | |
| 7,137 | | |
| 2,033 | | |
| 3,917 | | |
| 5,950 | |
| Marketing Expenses – FTE Stock Based Compensation | |
| 2 | | |
| 9 | | |
| 11 | | |
| 5 | | |
| 30 | | |
| 35 | |
| Research and Development – FTE Stock Based Compensation | |
| 20 | | |
| 621 | | |
| 641 | | |
| 68 | | |
| 125 | | |
| 193 | |
| General and Administrative – FTE Stock Based Compensation | |
| 1,448 | | |
| 4,797 | | |
| 6,245 | | |
| 1,166 | | |
| 1,124 | | |
| 2,290 | |
| Total Stock Based Compensation | |
| 1,771 | | |
| 36,026 | | |
| 37,797 | | |
| 3,272 | | |
| 15,708 | | |
| 18,980 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
8. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
The
following table provides a detailed breakdown of short-term investments (in thousands) as reported in the Condensed Consolidated Statements
of Financial Positions:
SCHEDULE
OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
Gross
Unrealized Gains/(Losses)
| Description | |
Estimated
Fair Value December
31, 2023 | | |
Deposit
/ (Withdraw) | | |
Dividends, Interest
& Income | | |
Gross Unrealized Gains
/ (Losses) | | |
Estimated
Fair Value September
30, 2024 | |
| Cash Investments | |
| 6,531 | | |
| (6,728 | ) | |
| 225 | | |
| - | | |
| 28 | |
| Fixed Income | |
| 7,597 | | |
| 2,478 | | |
| 144 | | |
| 95 | | |
| 10,314 | |
| Investment Certificate | |
| 94 | | |
| - | | |
| - | | |
| (38 | ) | |
| 56 | |
| Total | |
| 14,222 | | |
| (4,250 | ) | |
| 369 | | |
| 57 | | |
| 10,398 | |
Investment
securities are recorded at fair value. The Company’s investment securities portfolio consists primarily of cash investments, debt
securities issued by U.S. government agencies, local municipalities and certain corporate entities. The products in the Company’s
investment portfolio have maturity dates ranging from less than one year to over 20 years.
The
fair value of investment securities is impacted by interest rates, credit spreads, market volatility, and liquidity conditions. Net unrealized
gains and losses in the portfolio are included in Other Comprehensive Income (Loss).
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
9. PROPERTY AND EQUIPMENT
Reconciliation
of Carrying Amounts (in thousands)
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT
| | |
Computer Equipment | | |
Software | | |
Furniture
and Equipment | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Beginning Balance | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Disposals | |
| - | | |
| - | | |
| (86 | ) | |
| (86 | ) |
| Additions | |
| 138 | | |
| 449 | | |
| - | | |
| 587 | |
| Balance at December 31, 2023 | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Beginning Balance | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Additions | |
| 148 | | |
| 816 | | |
| - | | |
| 964 | |
| Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at September 30, 2024 | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Ending Balance | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Beginning Balance | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Disposals | |
| - | | |
| - | | |
| (65 | ) | |
| (65 | ) |
| Depreciation | |
| 125 | | |
| 191 | | |
| - | | |
| 316 | |
| Balance at December 31, 2023 | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Beginning Balance | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Depreciation | |
| 100 | | |
| 255 | | |
| - | | |
| 355 | |
| Balance at September 30, 2024 | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| Ending Balance | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| | |
| | | |
| | | |
| | | |
| | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Beginning Balance | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Balance at September 30, 2024 | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
| Ending Balance | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
10. INTANGIBLE ASSETS
The
Company’s intangible assets are finite lived and consist primarily of customer relationships which is amortized on a straight-line
basis over its useful life of 5 years.
Reconciliation
of Carrying Amounts (in thousands)
SCHEDULE
OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS
| | |
Intangible Assets | |
| Cost | |
| | |
| Balance at December 31, 2022 | |
| 3,933 | |
| Purchase Price Allocation Adjustment | |
| 530 | |
| Depreciation | |
| | |
| Balance at December 31, 2023 | |
| 4,463 | |
| Additions | |
| 15 | |
| Balance at September 30, 2024 | |
| 4,478 | |
| Accumulated Depreciation | |
| | |
| Balance at December 31, 2022 | |
| 225 | |
| Depreciation | |
| 796 | |
| Balance at December 31, 2023 | |
| 1,021 | |
| Beginning Balance | |
| 1,021 | |
| Depreciation | |
| 669 | |
| Balance at September 30, 2024 | |
| 1,690 | |
| Ending Balance | |
| 1,690 | |
| | |
| | |
| Carrying Amounts | |
| | |
| Balance at December 31, 2023 | |
| 3,442 | |
| Ending Balance | |
| 3,442 | |
| Balance at September 30, 2024 | |
| 2,788 | |
| Ending Balance | |
| 2,788 | |
11. GOODWILL
We
record goodwill associated with acquisitions of businesses when the purchase price of the business exceeds the fair value of the net
tangible and intangible assets acquired. We review goodwill for impairment on an annual basis in the fiscal fourth quarter or on an interim
basis if an event occurs or circumstances change that indicate goodwill may be impaired.
SCHEDULE
OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS
| | |
Realty Crunch | | |
Expetitle | | |
LemonBrew | | |
Total | |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Beginning Balance | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Impairment | |
| - | | |
| (723 | ) | |
| - | | |
| (723 | ) |
| Adjustments | |
| - | | |
| - | | |
| (546 | ) | |
| (546 | ) |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Beginning Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Additions | |
| - | | |
| - | | |
| - | | |
| - | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
12. CAPITAL AND RESERVES
Share
capital and share premium
All
Common Shares rank equally with regards to the Company’s residual assets. The following table is presented in thousands:
SCHEDULE
OF DETAILED INFORMATION ABOUT RESERVES WITHIN EQUITY
| | | |
Authorized | | |
Issued and Paid | |
| | | |
September 30, 2024 | | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2023 | |
| | Ordinary
shares no-par value | | |
| unlimited | | |
| unlimited | | |
| 197,738 | | |
| 183,605 | |
During
the nine-month period ended September 30, 2024, the Company issued 14.1 million shares due to exercise of stock options, exercise of
warrants, and release of restricted stock units granted to agents and employees.
During
the quarter ended September 30, 2024, the Company repurchased 2.7 million Common Shares for a total of $15.1 million. During the quarter
ended September 30, 2023, the Company repurchased $0.1 million Common Shares for a total of $0.4 million.
Total
number of shares held by our trustee in the NCIB is 194 thousand and 175 thousand as of September 30, 2024 and December 31, 2023, respectively.
13. LIQUIDITY AND CAPITAL RESOURCES
Real
defines capital as its equity. It is comprised of share premium, stock-based compensation reserves, deficit, other reserves, treasury
stock, and non-controlling interests. The Company’s capital management framework is designed to maintain a level of capital that
funds the operations and business strategies and builds long-term shareholder value.
The
Company’s objective is to manage its capital structure in such a way as to diversify its funding sources, while minimizing its
funding costs and risks. The Company sets the amount of capital in proportion to the risk and adjusts by considering changes in economic
conditions and the characteristic risk of underlying assets. To maintain or adjust the capital structure, the Company may repurchase
shares, return capital to shareholders, issue new shares or sell assets to reduce debt.
Real’s
objective is met by retaining adequate liquidity to provide the possibility that cash flows from its assets will not be sufficient to
meet operational, investing and financing requirements. There have been no changes to the Company’s capital management policies
during the periods ended September 30, 2024, and December 31, 2023.
The
following table presents the Company’s liquidity (in thousands):
SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
December 31, 2023 | |
| Cash | |
| 21,580 | | |
| 14,707 | |
| Other Receivables | |
| 43 | | |
| 63 | |
| Investments in Financial Assets | |
| 10,398 | | |
| 14,222 | |
| Total | |
| 32,021 | | |
| 28,992 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
14. FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT
Accounting
classifications and fair value (in thousands)
SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS
| | |
For the Period Ended September 30,
2024 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 21,580 | | |
| - | | |
| 21,580 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 27,516 | | |
| - | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Funds Held in Restricted Escrow Account | |
| 9,250 | | |
| - | | |
| 9,250 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 17,305 | | |
| - | | |
| 17,305 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 75,694 | | |
| - | | |
| 75,694 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 1,133 | | |
| 1,133 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 30,991 | | |
| 30,991 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 27,516 | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 12,843 | | |
| 12,843 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 72,483 | | |
| 72,483 | | |
| - | | |
| - | | |
| - | |
| | |
For the Year Ended December 31, 2023 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Financial Liabilities Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Total Financial Liabilities Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 14,707 | | |
| - | | |
| 14,707 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 12,948 | | |
| - | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 6,441 | | |
| - | | |
| 6,441 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 63 | | |
| - | | |
| 63 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 34,159 | | |
| - | | |
| 34,159 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 571 | | |
| 571 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 13,374 | | |
| 13,374 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 12,948 | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 302 | | |
| 302 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 27,195 | | |
| 27,195 | | |
| - | | |
| - | | |
| - | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| A. | Transfers
between levels |
During
the periods ended September 30, 2024, and December 31, 2023, there have been no transfers between Level 1, Level 2 and Level 3.
| B. | Valuation
techniques and inputs for level 2 instruments |
The
warrants were initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and are subsequently
re-measured to fair value at each subsequent balance sheet date.
| C. | Financial
risk management |
The
Company has exposure to the following risks arising from financial instruments:
| – | liquidity
risk (see (iii)); |
| – | market
risk (see (iv)); and |
| – | investment
risk (see (v)). |
| i. | Risk
management framework |
The
Company’s activity exposes it to a variety of financial risks, including credit risk, liquidity risk, market risk and investment
risk. These financial risks are managed by the Company under policies approved by the Board of Directors. The principal financial risks
are actively managed by the Company’s finance department, within the policies and guidelines.
On
an ongoing basis, the finance department actively monitors the market conditions, with a view of minimizing exposure of the Company to
changing market factors, while at the same time limiting the funding costs of the Company.
The
Company’s Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
Credit
risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Company’s receivables from customers. The receivables are processed through an intermediary
trustee, as part of the structure of every deal, which ensures collection on the close of a successful transaction. In order to mitigate
the residual risk, the Company contracts exclusively with reputable and credit-worthy partners.
The
carrying amount of financial assets represents the maximum credit exposure.
Trade
receivables
The
Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers other factors may influence the credit risk of the customer base, including the default risk associated with the industry
and the country in which the customers operate.
The
Company does not require collateral in respect to trade and other receivables. The Company does not have trade receivables for which
no loss allowance is recognized because of collateral.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Loss
rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing through successive stages
of delinquency to write-off. Roll rates are calculated separately for exposures in different Cash Generating Units based on the following
common credit risk characteristics – geographic region, credit information about the customer and the type of home purchased.
Loss
rates are based on actual credit loss experience. These rates are multiplied by scalar factors to reflect differences between economic
conditions during the period over which the historical data has been collected, compared to current conditions of the Company’s
view of economic conditions over the expected lives of the receivables.
As
of September 30, 2024, the exposure to credit risk for trade receivables (in thousands) by geographic region was as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION
| | |
September 30, 2024 | | |
December 31, 2023 | |
| US | |
| 11,376 | | |
| 4,607 | |
| Other Regions | |
| 5,929 | | |
| 1,834 | |
| Trade Receivables | |
| 17,305 | | |
| 6,441 | |
Liquidity
risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company’s approach to maintaining liquidity is to ensure, as far
as possible, that it will have sufficient cash and cash equivalents and other liquid assets to meet its liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
Market
risk is the risk that changes in market prices – e.g. foreign exchange rates, interest rates and equity prices – will affect
the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimizing the return.
Currency
risk
The
Company is exposed to transactional foreign currency risk to the extent there is a mismatch between currencies in which purchases and
receivables are denominated and the respective functional currencies of the Company. The currencies in which transactions are primarily
denominated are US dollars, Israeli shekel and Canadian dollars.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Sensitivity
analysis
A
reasonably possible strengthening (weakening) of the U.S. dollar (USD), Israeli shekel (ILS), or Canadian Dollar (CAD) against all other
currencies in which the Company operates as of September 30, 2024 and December 31, 2023 would have affected the measurement of financial
instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes
that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The following
table is presented in thousands:
SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
| | |
Average Rate | | |
Period-end Spot Rate | |
| | |
Strengthening | | |
Weakening | | |
Strengthening | | |
Weakening | |
| Balance at, September 30, 2024 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 324 | | |
| (324 | ) | |
| 441 | | |
| (441 | ) |
| ILS (-5% movement) | |
| (26 | ) | |
| 26 | | |
| (97 | ) | |
| 97 | |
| Balance at, December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 485 | | |
| (485 | ) | |
| 655 | | |
| (655 | ) |
| ILS (-5% movement) | |
| 33 | | |
| (33 | ) | |
| 121 | | |
| (121 | ) |
Foreign
Currency Risk Management
The
Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange
rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts.
The
carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities (in thousands) at the reporting
date are as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT
| | |
Liabilities | | |
Assets | |
| | |
September 30, 2024 | | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2023 | |
| CAD | |
| (28,842 | ) | |
| (13,463 | ) | |
| 17,386 | | |
| 4,949 | |
| ILS | |
| (67 | ) | |
| (178 | ) | |
| 7,642 | | |
| 7,494 | |
| Total Exposure | |
| (28,909 | ) | |
| (13,641 | ) | |
| 25,028 | | |
| 12,443 | |
The
Company invested into a managed investment portfolio, exposing it to risk of losses based on market fluctuations. Securities are purchased
on behalf of the Company and are actively managed through multiple investment accounts. Funds apportioned for investment are allocated
accordingly to the investment guidelines set forth by Management. Investments are made in U.S. currency.
The
Company follows a conservative investment approach with limited risk for investment activities and has allocated the funds in Level 1
assets to reduce market risk exposure.
Information
about the Company’s investment activity is included in Note 8.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
15. COMMITMENTS AND CONTINGENCIES
In
December 2023, the Company was named as a defendant in a putative class action lawsuit, captioned Umpa v. The National Association
of Realtors, et al., which was filed in the United States District Court for the Western District of Missouri (the “Umpa
Matter”). The Umpa Matter alleges that certain real estate brokerages, including the Company, participated in practices that
resulted in inflated buyer broker commissions, in violation of federal antitrust laws. On April 7, 2024, the Company entered into a settlement
agreement to resolve the Umpa Matter on a nationwide basis. This settlement conclusively addresses all claims asserted against the Company
in the Umpa Matter, releasing the Company, its subsidiaries, and affiliated agents from these claims. The settlement does not constitute
an admission of liability by the Company, nor does it concede or validate any of the claims asserted in the litigation. Pursuant to the
terms of the settlement agreement, the Company paid $9.25 million into a qualified settlement fund following the court’s preliminary
approval of the settlement agreement. This settlement amount is presented as a current asset in funds held in restricted escrow account,
and as a current liability in other payables, on the Company’s Consolidated Statements of Financial Position for the period ended
September 30, 2024.
Additionally,
the Company agreed to implement specific changes to its business practices. These changes include clarifications about the negotiability
of commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers in
communications with clients. The Company also agreed to develop training materials to support these practice changes. The settlement
agreement received final court approval on October 31, 2024, and will take effect following any appeals process, if applicable.
There were no changes to the settlement agreement between preliminary and final approval. The Company does not foresee the settlement
terms having a material impact on its future operations.
On
June 14, 2024, the Company was named as a defendant in a putative class action lawsuit, captioned Kyle Miholich v. The Real Brokerage
Inc., et al., which was filed in the United States District Court for the Southern District of California (“Class Action”).
The Class Action alleges that real estate agents acting as independent contractors to the Company under an Independent Contractor
Agreement sent text messages that violated the federal Telephone Consumer Protection Act. The Company’s policies require the
independent contractor real estate agents to comply with the Telephone Consumer Protection Act. The plaintiffs are seeking certification
of the Class Action, injunctive relief prohibiting future violations of the Telephone Consumer Protection Act, monetary damages for each
alleged statutory violation and reimbursement of their litigation costs and attorneys’ fees. The Company will vigorously defend
against the claims asserted in the Class Action, and the Company is unable to predict the outcome of the Class Action or whether an outcome
unfavorable to the Company would have a material adverse effect on its results of operations or financial condition.
16. RELATED PARTY TRANSACTIONS
Balances
and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. The Company’s key management personnel are comprised of its Chief Executive Officer, Chief Financial Officer,
President, Chief Technology Officer, and Chief Marketing Officer, and other members of the executive team. Executive officers participate
in the A&R Plan (see Note 7.A). Directors and officers of the Company control approximately 33.9% of the voting shares of
the Company. The remuneration of key management personnel and directors of the Company who are part of related parties is set out below
(in thousands):
SCHEDULE
OF DETAILED INFORMATION ABOUT RELATED PARTY
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Salaries and Benefits | |
| 2,834 | | |
| 1,944 | |
| Stock-Based Compensation | |
| 5,559 | | |
| 2,814 | |
| Compensation Expenses for Related Parties | |
| 8,393 | | |
| 4,758 | |
Exhibit
99.3
FORM
52-109F2
CERTIFICATION
OF Interim Filings
Full Certificate
I,
Tamir Poleg, the Chief Executive Officer of The Real Brokerage Inc. certify the following:
| 1. | Review:
I have reviewed the interim financial report and interim MD&A (together, the
“interim filings”) of THE REAL BROKERAGE INC. (the “issuer”)
for the interim period ended September 30, 2024. |
| 2. | No
misrepresentations: Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state
a material fact required to be stated or that is necessary to make a statement not misleading
in light of the circumstances under which it was made, with respect to the period covered
by the interim filings. |
| 3. | Fair
presentation: Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and
cash flows of the issuer, as of the date of and for the periods presented in the interim
filings. |
| 4. | Responsibility:
The issuer’s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (DC&P) and internal control over financial
reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification
of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| 5. | Design:
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s
other certifying officer(s) and I have, as at the end of the period covered by the interim
filings |
| (a) | designed
DC&P, or caused it to be designed under our supervision, to provide reasonable assurance
that |
| (i) | material
information relating to the issuer is made known to us by others, particularly during the
period in which the interim filings are being prepared; and |
| (ii) | information
required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized
and reported within the time periods specified in securities legislation; and |
| (b) | designed
ICFR, or caused it 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 the issuer’s GAAP. |
| 5.1 | Control
framework: The control framework the issuer’s other certifying officer(s) and
I used to design the issuer’s ICFR is Internal Control – Integrated Framework
published by The Committee of Sponsoring Organizations of the Treadway Commission. |
| 6. | Reporting
changes in ICFR: The issuer has disclosed in its interim MD&A any change in the
issuer’s ICFR that occurred during the period beginning on July 1, 2024 and ended on
September 30, 2024 that has materially affected, or is reasonably likely to materially affect,
the issuer’s ICFR. |
| Date: November 7, 2024 |
|
| |
|
| /s/ Tamir Poleg |
|
| Tamir Poleg |
|
| Chief
Executive Officer |
|
Exhibit
99.4
FORM
52-109F2
CERTIFICATION
OF Interim Filings
Full Certificate
I,
Michelle Ressler, the Chief Financial Officer of The Real Brokerage Inc. certify the following:
| 1. | Review:
I have reviewed the interim financial report and interim MD&A (together, the
“interim filings”) of THE REAL BROKERAGE INC. (the “issuer”)
for the interim period ended September 30, 2024. |
| 2. | No
misrepresentations: Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state
a material fact required to be stated or that is necessary to make a statement not misleading
in light of the circumstances under which it was made, with respect to the period covered
by the interim filings. |
| 3. | Fair
presentation: Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and
cash flows of the issuer, as of the date of and for the periods presented in the interim
filings. |
| 4. | Responsibility:
The issuer’s other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (DC&P) and internal control over financial
reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification
of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. |
| 5. | Design:
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s
other certifying officer(s) and I have, as at the end of the period covered by the interim
filings |
| (a) | designed
DC&P, or caused it to be designed under our supervision, to provide reasonable assurance
that |
| (i) | material
information relating to the issuer is made known to us by others, particularly during the
period in which the interim filings are being prepared; and |
| (ii) | information
required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized
and reported within the time periods specified in securities legislation; and |
| (b) | designed
ICFR, or caused it 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 the issuer’s GAAP. |
| 5.1 | Control
framework: The control framework the issuer’s other certifying officer(s) and
I used to design the issuer’s ICFR is Internal Control – Integrated Framework
published by The Committee of Sponsoring Organizations of the Treadway Commission. |
| 6. | Reporting
changes in ICFR: The issuer has disclosed in its interim MD&A any change in the
issuer’s ICFR that occurred during the period beginning on July 1, 2024 and ended on
September 30, 2024 that has materially affected, or is reasonably likely to materially affect,
the issuer’s ICFR. |
| Date: November 7, 2024 |
|
| |
|
| /s/ Michelle Ressler |
|
| Michelle Ressler |
|
| Chief Financial Officer |
|
Exhibit
99.5
The
Real Brokerage Inc. Announces Third Quarter 2024 Financial Results
TORONTO
and NEW YORK, November 7, 2024 – (BUSINESS WIRE) – The Real Brokerage Inc. (NASDAQ: REAX) (“Real” or the “Company”),
a technology platform reshaping real estate for agents, home buyers and sellers, announced today financial results for the third quarter
ended September 30, 2024.
“Real
delivered another exceptional quarter underpinned by industry-leading growth and innovation,” said Tamir Poleg, Real’s Chairman
and Chief Executive Officer. “Our technology leadership was on full display at our recent RISE 2024 conference, with the official
launch of Real Wallet, our first fintech product, and the announcement of Leo AI for clients. These innovations reflect our ongoing commitment
to creating a seamless, technology-first real estate experience that empowers both agents and their clients.”
“Even
with current market challenges, Real’s ability to attract high-performing agents highlights the strength of our value proposition,”
said Sharran Srivatsaa, President of Real. “Our focus on providing agents with world-class tools, support, and training —
evidenced by our preparation for the recent NAR practice changes — ensures they can navigate shifts in the industry and grow their
businesses with confidence.”
“Our
strong top- and bottom-line performance this quarter reflects a balanced approach of disciplined cost control and strategic investments
in high-impact areas,” said Michelle Ressler, Real’s Chief Financial Officer. “We remain focused on executing our value-creation
strategy and building on our recent momentum as we prepare for an even stronger 2025.”
Q3
2024 Operational Highlights1
| |
● |
The
total value of completed real estate transactions reached $14.4 billion in the third quarter of 2024, an increase of 78% from $8.1
billion in the third quarter of 2023. |
| |
|
|
| |
● |
The
total number of transactions closed was 35,832 in the third quarter of 2024, an increase of 76% from 20,397 in the third quarter
of 2023. |
| |
|
|
| |
● |
The
total number of agents on the platform increased to 21,770 at the end of the third quarter of 2024, an increase of 79% from the third
quarter of 2023. As of November 7, 2024, approximately 22,500 agents are now on the Real platform. |
Q3
2024 Financial Highlights
| |
● |
Revenue
rose to $372.5 million in the third quarter of 2024, an increase of 74% from $214.6 million in the third quarter of 2023. |
| |
|
|
| |
● |
Gross
profit reached $32.1 million in the third quarter of 2024, an increase of 71% from $18.8 million in the third quarter of 2023. |
| |
|
|
| |
● |
Net
loss attributable to owners of the Company was $(2.6) million in the third quarter of 2024, compared to $(4.0) million in the third
quarter of 2023. |
| |
|
|
| |
● |
Adjusted
EBITDA2 was $13.3 million in the third quarter of 2024, compared to $3.5 million in the third quarter of 2023. |
| 1All
dollar references are in U.S. dollars. |
| 2There
are references to “Adjusted EBITDA” and “Adjusted Operating Expense” in this press release, which are non-IFRS
measures. See accompanying note under the heading “Non-IFRS Measures” for an explanation of the composition of these
non-IFRS measures. |
| |
● |
Operating
expenses, which include General & Administrative, Marketing, and Research and Development expenses, totaled $34.6 million in
the third quarter of 2024, a 52% increase from $22.7 million in the third quarter of 2023. |
| |
|
|
| |
● |
Revenue
share expense, which is included in Marketing expenses, was $11.7 million in the third quarter of 2024, a 47% increase compared to
$7.9 million in the third quarter of 2023. |
| |
|
|
| |
● |
Adjusted
operating expenses, which reflect operating expenses less revenue share expense, stock-based compensation, depreciation, expenses
related to the settlement of antitrust litigation, and other unique or non-cash expenses, were $16.8 million in the third quarter
of 2024, an increase of 47% from $11.4 million in the third quarter of 2023. Adjusted operating expense per transaction was $468
in the third quarter of 2023, a decline of 16% from $558 in the third quarter of 2023. |
| |
|
|
| |
● |
Loss
per share was $(0.01) in the third quarter of 2024, compared to a loss per share of $(0.02) in the third quarter of 2023. |
| |
|
|
| |
● |
The
Company repurchased 2.7 million common shares for $15.1 million in the third quarter of 2024, pursuant to its normal course issuer
bid. |
| |
|
|
| |
● |
As
of September 30, 2024, Real held cash and cash equivalents of $32.0 million, consisting of $21.6 million of unrestricted cash and
$10.4 million held in investments in financial assets. |
| |
|
|
| |
● |
Real
continues to have no debt. |
Business
Highlights and Recent Updates
Subsequent
to the end of the quarter, in October, Real unveiled an array of innovative products and features at its annual RISE agent conference
in Las Vegas. Highlights included:
| |
● |
Real
Wallet – Real announced the official launch of its cutting-edge fintech product. Real Wallet was built specifically for
Real agents. Real Wallet allows U.S. agents to access their earnings instantly, eliminating delays caused by legacy banking systems,
and provides financial insights that enable agents to manage their business finances more effectively, while also reinvesting in
growth opportunities. Real Wallet is available to select agents in the U.S. and Canada. U.S. agents can open a business checking
account with Thread Bank, Member FDIC, featuring a Real-branded debit card, while Canadian agents will be offered a credit line based
on their earnings history with Real. Future phases of Real Wallet aim to unify these offerings into a comprehensive financial solution
for all business banking needs. Banking services in the U.S. are provided by Thread Bank, Member FDIC, and the Canadian credit line
will be offered directly by Real. |
| |
|
|
| |
● |
Leo
CoPilot – The next evolution of Real’s AI-powered assistant, Leo CoPilot acts as an agent’s personal command center.
It anticipates individual agent needs, streamlines daily tasks, and serves as the primary interface for reZEN, Real’s proprietary
agent software platform, enhancing productivity and simplifying business operations. |
| |
|
|
| |
● |
Leo
for Clients – Designed to transform client-agent interactions, Leo for Clients will enable direct communication between
agents and clients through SMS and iMessage. Building on the same concept as Leo CoPilot, Leo for Clients will offer 24/7 access
to property information and services through a dedicated phone line for each agent. At launch, clients will be able to interact with
Leo for Clients enabling them to receive recommendations for available properties based on their search criteria, access open house
information, schedule tours and initiate mortgage applications. This tool streamlines communication, enhances the client experience,
and allows agents to focus their time on strategic efforts and relationship building, while maintaining seamless client engagement. |
The
Company will discuss the third quarter results on a conference call and live webcast today at 8:30 a.m. ET.
| Conference
Call Details: |
| |
|
|
| Date: |
|
Thursday,
November 7, 2024 |
| |
|
|
| Time: |
|
8:30
am ET |
| |
|
|
| Dial-in
Number: |
|
North
American Toll Free: 888-506-0062
International:
973-528-0011 |
| |
|
|
| Access
Code: |
|
345905 |
| |
|
|
| Webcast: |
|
https://www.webcaster4.com/Webcast/Page/2699/51300 |
| |
|
|
| Replay
Information: |
| |
|
|
| Replay
Number: |
|
North
American Toll Free: 877-481-4010
International:
919-882-2331 |
| |
|
|
| Access
Code: |
|
51300 |
| |
|
|
| Replay
Link: |
|
https://www.webcaster4.com/Webcast/Page/2699/51300 |
Non-IFRS
Measures
This
news release includes references to “Adjusted EBITDA”, and “Adjusted Operating Expense”, which are non-International
Financial Reporting Standards (“IFRS”) financial measures. Non-IFRS measures are not recognized measures under IFRS, do not
have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies.
Adjusted
EBITDA is used as an alternative to net income by removing major non-cash items, such as depreciation, amortization, interest, stock-based
compensation, current and deferred income tax expenses and other items management considers unique and/or non-operating in nature.
Adjusted
Operating Expense is used as an alternative to operating expenses by removing major non-cash items such as stock-based compensation,
depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses
associated with revenue share.
Adjusted
EBITDA and Adjusted Operating Expense have no direct comparable IFRS financial measures. The Company has used or included these non-IFRS
measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-IFRS
measures may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. Our Adjusted EBITDA is reconciled to the most comparable IFRS measure for the
three months and nine months ended September 30, 2024 and 2023 and is presented in the table below labeled Reconciliation of Total Comprehensive
Loss Attributable to Owners of the Company to Adjusted EBITDA. Our Adjusted Operating Expense reconciled to the most comparable IFRS
measure is presented for the three months ended September 30, 2024 and on a quarterly basis for the prior two fiscal years in the table
below labeled Reconciliation of Operating Expense to Adjusted Operating Expense.
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS
(Expressed
in thousands of U.S. dollars)
Unaudited
| | |
As of | |
| | |
September 30, 2024 | | |
December 31, 2023 | |
| ASSETS | |
| | |
| |
| CURRENT ASSETS | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 21,580 | | |
$ | 14,707 | |
| Restricted cash | |
| 27,516 | | |
| 12,948 | |
| Funds held in restricted escrow account | |
| 9,250 | | |
| - | |
| Investments in financial assets | |
| 10,398 | | |
| 14,222 | |
| Trade receivables | |
| 17,305 | | |
| 6,441 | |
| Other receivables | |
| 43 | | |
| 63 | |
| Prepaid expenses and deposits | |
| 2,391 | | |
| 2,132 | |
| TOTAL CURRENT ASSETS | |
| 88,483 | | |
| 50,513 | |
| NON-CURRENT ASSETS | |
| | | |
| | |
| Intangible assets | |
| 2,788 | | |
| 3,442 | |
| Goodwill | |
| 8,993 | | |
| 8,993 | |
| Property and equipment | |
| 2,209 | | |
| 1,600 | |
| TOTAL NON-CURRENT ASSETS | |
| 13,990 | | |
| 14,035 | |
| TOTAL ASSETS | |
| 102,473 | | |
| 64,548 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| CURRENT LIABILITIES | |
| | | |
| | |
| Accounts payable | |
| 1,133 | | |
| 571 | |
| Accrued liabilities | |
| 30,991 | | |
| 13,374 | |
| Customer deposits | |
| 27,516 | | |
| 12,948 | |
| Other payables | |
| 12,843 | | |
| 302 | |
| Warrants outstanding | |
| - | | |
| - | |
| TOTAL CURRENT LIABILITIES | |
| 72,483 | | |
| 27,195 | |
| NON-CURRENT LIABILITIES | |
| | | |
| | |
| Warrants outstanding | |
| - | | |
| 269 | |
| TOTAL NON-CURRENT LIABILITIES | |
| - | | |
| 269 | |
| TOTAL LIABILITIES | |
| 72,483 | | |
| 27,464 | |
| | |
| | | |
| | |
| EQUITY | |
| | | |
| | |
| EQUITY ATTRIBUTABLE TO OWNERS | |
| | | |
| | |
| Share premium | |
| 67,683 | | |
| 62,567 | |
| Stock-based compensation reserves | |
| 61,255 | | |
| 52,937 | |
| Deficit | |
| (98,103 | ) | |
| (78,205 | ) |
| Other reserves | |
| 195 | | |
| (167 | ) |
| Treasury stock, at cost | |
| (1,228 | ) | |
| (257 | ) |
| EQUITY ATTRIBUTABLE TO OWNERS | |
| 29,802 | | |
| 36,875 | |
| Non-controlling interests | |
| 188 | | |
| 209 | |
| TOTAL EQUITY | |
| 29,990 | | |
| 37,084 | |
| TOTAL LIABILITIES AND EQUITY | |
| 102,473 | | |
| 64,548 | |
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed
in thousands of U.S. dollars, except for per share amounts)
Unaudited
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenues | |
$ | 372,488 | | |
$ | 214,640 | | |
$ | 914,009 | | |
$ | 507,817 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| Gross Profit | |
| 32,129 | | |
| 18,775 | | |
| 84,756 | | |
| 47,342 | |
| | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Marketing expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Research and development expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Settlement of litigation | |
| — | | |
| — | | |
| 9,250 | | |
| — | |
| Operating Loss | |
| (2,478 | ) | |
| (3,967 | ) | |
| (18,840 | ) | |
| (14,745 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| 151 | | |
| 38 | | |
| 381 | | |
| 106 | |
| Finance expenses, net | |
| (214 | ) | |
| (10 | ) | |
| (1,289 | ) | |
| (587 | ) |
| Net Loss | |
| (2,541 | ) | |
| (3,939 | ) | |
| (19,748 | ) | |
| (15,226 | ) |
| Net income attributable to noncontrolling interests | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Net Loss Attributable to the Owners of the Company | |
| (2,586 | ) | |
| (4,024 | ) | |
| (19,898 | ) | |
| (15,537 | ) |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | | |
| | |
| Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit or loss | |
| 3 | | |
| 79 | | |
| 97 | | |
| 214 | |
| Foreign currency translation adjustment | |
| (230 | ) | |
| (52 | ) | |
| 265 | | |
| 10 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| Total Comprehensive Income Attributable to NCI | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Total Comprehensive Loss | |
| (2,768 | ) | |
| (3,912 | ) | |
| (19,386 | ) | |
| (15,002 | ) |
| Loss per share | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
| Weighted-average shares, basic and diluted | |
| 196,668 | | |
| 180,611 | | |
| 188,864 | | |
| 180,158 | |
THE
REAL BROKERAGE INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
Unaudited
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| OPERATING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Net Loss | |
$ | (2,541 | ) | |
$ | (3,939 | ) | |
$ | (19,748 | ) | |
$ | (15,226 | ) |
| Adjustments for: | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Equity-settled share-based payment | |
| 15,417 | | |
| 7,144 | | |
| 37,797 | | |
| 18,980 | |
| Finance costs | |
| (33 | ) | |
| (143 | ) | |
| 638 | | |
| 156 | |
| Changes in operating asset and liabilities: | |
| | | |
| | | |
| | | |
| | |
| Funds Held in Restricted Escrow Account | |
| - | | |
| - | | |
| (9,250 | ) | |
| - | |
| Trade receivables | |
| 1,326 | | |
| (614 | ) | |
| (10,864 | ) | |
| (992 | ) |
| Other receivables | |
| 13 | | |
| (23 | ) | |
| 20 | | |
| (1 | ) |
| Prepaid expenses and deposits | |
| (850 | ) | |
| (266 | ) | |
| (259 | ) | |
| (796 | ) |
| Accounts payable | |
| (63 | ) | |
| (493 | ) | |
| 562 | | |
| 179 | |
| Accrued liabilities | |
| (2,638 | ) | |
| 2,654 | | |
| 17,617 | | |
| 12,068 | |
| Customer deposits | |
| (5,608 | ) | |
| (13,247 | ) | |
| 14,568 | | |
| 8,852 | |
| Other payables | |
| 1,815 | | |
| 718 | | |
| 12,541 | | |
| 1,684 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | |
| 7,196 | | |
| (7,932 | ) | |
| 44,646 | | |
| 25,734 | |
| | |
| | | |
| | | |
| | | |
| | |
| INVESTING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Purchase of property and equipment | |
| (367 | ) | |
| (197 | ) | |
| (964 | ) | |
| (448 | ) |
| Investment Deposits in Debt Instruments held at FVTOCI | |
| (1,134 | ) | |
| (3,037 | ) | |
| (2,847 | ) | |
| (6,766 | ) |
| Investment Withdrawals in Debt Instruments held at FVTOCI | |
| 1,014 | | |
| - | | |
| 6,766 | | |
| 845 | |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | |
| (487 | ) | |
| (3,234 | ) | |
| 2,955 | | |
| (6,369 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| FINANCING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Purchase of common shares for Restricted Share Unit (RSU) Plan | |
| (15,110 | ) | |
| (350 | ) | |
| (30,336 | ) | |
| (1,761 | ) |
| Shares withheld for taxes | |
| (736 | ) | |
| - | | |
| (1,477 | ) | |
| - | |
| Proceeds from exercise of stock options | |
| 1,994 | | |
| 380 | | |
| 5,617 | | |
| 592 | |
| Payment of lease liabilities | |
| - | | |
| - | | |
| - | | |
| (96 | ) |
| Payment of contingent consideration | |
| - | | |
| - | | |
| - | | |
| (800 | ) |
| Cash disbursements for non-controlling interest | |
| (119 | ) | |
| (303 | ) | |
| (171 | ) | |
| (303 | ) |
| NET CASH USED IN FINANCING ACTIVITIES | |
| (13,971 | ) | |
| (273 | ) | |
| (26,367 | ) | |
| (2,368 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net change in cash, cash equivalents and restricted cash | |
| (7,262 | ) | |
| (11,439 | ) | |
| 21,234 | | |
| 16,997 | |
| Cash, cash equivalents and restricted cash, beginning of period | |
| 56,440 | | |
| 46,745 | | |
| 27,655 | | |
| 18,327 | |
| Fluctuations in foreign currency | |
| (82 | ) | |
| 33 | | |
| 207 | | |
| 15 | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | |
$ | 49,096 | | |
$ | 35,339 | | |
$ | 49,096 | | |
$ | 35,339 | |
THE
REAL BROKERAGE INC.
RECONCILIATION
OF TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY TO ADJUSTED EBITDA
(Expressed
in thousands of U.S. dollars)
Unaudited
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Total Comprehensive Loss Attributable to Owners of the Company | |
| (2,813 | ) | |
| (3,997 | ) | |
| (19,536 | ) | |
| (15,313 | ) |
| Add/(Deduct): | |
| | | |
| | | |
| | | |
| | |
| Finance Expenses, net | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
| Net Income Attributable to Noncontrolling Interest | |
| 45 | | |
| 85 | | |
| 150 | | |
| 311 | |
| Cumulative (Gain)/Loss on Investments in Debt Instruments Classified as at FVTOCI Reclassified to Profit or Loss | |
| (3 | ) | |
| (79 | ) | |
| (97 | ) | |
| (214 | ) |
| Depreciation and Amortization | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Stock-Based Compensation | |
| 15,417 | | |
| 7,144 | | |
| 37,797 | | |
| 18,980 | |
| Restructuring Expenses | |
| - | | |
| 80 | | |
| - | | |
| 165 | |
| Expenses related to Anti-Trust Litigation Settlement | |
| 33 | | |
| - | | |
| 10,259 | | |
| - | |
| Adjusted EBITDA | |
| 13,251 | | |
| 3,520 | | |
| 30,886 | | |
| 5,346 | |
THE
REAL BROKERAGE INC.
BREAKOUT
OF REVENUE BY SEGMENT
(Expressed
in thousands of U.S. dollars)
Unaudited
| | |
For the Three Months Ended | | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
| Main revenue streams | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 213,319 | | |
| 907,716 | | |
| 504,456 | |
| Title | |
| 1,400 | | |
| 964 | | |
| 3,450 | | |
| 2,510 | |
| Mortgage Income | |
| 1,198 | | |
| 357 | | |
| 2,843 | | |
| 851 | |
| Total Revenue | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
THE
REAL BROKERAGE INC.
RECONCILIATION
OF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE BY QUARTER
(Expressed
in thousands of U.S. dollars)
Unaudited
| | |
2022 | | |
2023 | | |
2024 | |
| | |
| Q2 | | |
| Q3 | | |
| Q4 | | |
| Q1 | | |
| Q2 | | |
| Q3 | | |
| Q4 | | |
| Q1 | | |
| Q2 | | |
| Q3 | |
| Operating Expense | |
| 13,496 | | |
| 12,886 | | |
| 15,184 | | |
| 17,846 | | |
| 21,499 | | |
| 22,742 | | |
| 26,796 | | |
| 36,477 | | |
| 32,512 | | |
| 34,607 | |
| Less: Revenue Share Expense | |
| 4,376 | | |
| 3,876 | | |
| 4,020 | | |
| 5,434 | | |
| 7,684 | | |
| 7,946 | | |
| 6,840 | | |
| 9,064 | | |
| 12,475 | | |
| 11,651 | |
| Revenue Share Expense (% of revenue) | |
| 3.9 | % | |
| 3.5 | % | |
| 4.2 | % | |
| 5.0 | % | |
| 4.1 | % | |
| 3.7 | % | |
| 3.8 | % | |
| 4.5 | % | |
| 3.7 | % | |
| 3.1 | % |
| Less: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock-Based Compensation - Employees | |
| 897 | | |
| 281 | | |
| 608 | | |
| 1,019 | | |
| 1,214 | | |
| 285 | | |
| 6,543 | | |
| 1,493 | | |
| 2,265 | | |
| 3,139 | |
| Stock-Based Compensation - Agent | |
| 547 | | |
| 1,776 | | |
| 2,614 | | |
| 1,541 | | |
| 1,640 | | |
| 2,769 | | |
| 1,830 | | |
| 2,137 | | |
| 2,335 | | |
| 2,665 | |
| Depreciation Expense | |
| 135 | | |
| 87 | | |
| 108 | | |
| 269 | | |
| 284 | | |
| 277 | | |
| 298 | | |
| 326 | | |
| 340 | | |
| 358 | |
| Restructuring Expense | |
| — | | |
| 62 | | |
| 160 | | |
| 41 | | |
| 44 | | |
| 80 | | |
| 58 | | |
| — | | |
| — | | |
| — | |
| Expenses Related to Anti-Trust Litigation Settlement | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 9,857 | | |
| 369 | | |
| 33 | |
| Subtotal | |
| 1,579 | | |
| 2,206 | | |
| 3,490 | | |
| 2,870 | | |
| 3,182 | | |
| 3,411 | | |
| 8,729 | | |
| 13,813 | | |
| 5,309 | | |
| 6,195 | |
| Adjusted Operating Expense1 | |
| 7,541 | | |
| 6,804 | | |
| 7,674 | | |
| 9,542 | | |
| 10,633 | | |
| 11,385 | | |
| 11,227 | | |
| 13,600 | | |
| 14,728 | | |
| 16,761 | |
| Adjusted Operating Expense (% of revenue) | |
| 6.7 | % | |
| 6.1 | % | |
| 8.0 | % | |
| 8.8 | % | |
| 5.7 | % | |
| 5.3 | % | |
| 6.2 | % | |
| 6.8 | % | |
| 4.3 | % | |
| 4.5 | % |
1Adjusted
operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.
THE
REAL BROKERAGE INC.
KEY
PERFORMANCE METRICS BY QUARTER
(Dollar
amounts expressed in U.S. dollars)
Unaudited
| | |
2022 | | |
2023 | | |
2024 | |
| | |
| Q2 | | |
| Q3 | | |
| Q4 | | |
| Q1 | | |
| Q2 | | |
| Q3 | | |
| Q4 | | |
| Q1 | | |
| Q2 | | |
| Q3 | |
| Transaction Data | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Closed Transaction Sides | |
| 10,224 | | |
| 11,233 | | |
| 9,745 | | |
| 10,963 | | |
| 17,537 | | |
| 20,397 | | |
| 17,749 | | |
| 19,032 | | |
| 30,367 | | |
| 35,832 | |
| Total Value of Home Side Transactions ($, billions) | |
| 4.2 | | |
| 4.2 | | |
| 3.5 | | |
| 4 | | |
| 7 | | |
| 8.1 | | |
| 6.8 | | |
| 7.5 | | |
| 12.6 | | |
| 14.4 | |
| Median Home Sales Price ($, thousands) | |
$ | 375 | | |
$ | 360 | | |
$ | 348 | | |
$ | 350 | | |
$ | 369 | | |
$ | 370 | | |
$ | 355 | | |
$ | 372 | | |
$ | 384 | | |
$ | 383 | |
| Agent Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Agents | |
| 5,600 | | |
| 6,700 | | |
| 8,200 | | |
| 10,000 | | |
| 11,500 | | |
| 12,175 | | |
| 13,650 | | |
| 16,680 | | |
| 19,540 | | |
| 21,770 | |
| Agent Churn Rate (%) | |
| 7.2 | | |
| 7.3 | | |
| 4.4 | | |
| 8.3 | | |
| 6.5 | | |
| 10.8 | | |
| 6.2 | | |
| 7.9 | | |
| 7.5 | | |
| 7.3 | |
| Revenue Churn Rate (%) | |
| 2.1 | | |
| 2.5 | | |
| 2.4 | | |
| 4.3 | | |
| 3.8 | | |
| 4.5 | | |
| 4.9 | | |
| 1.9 | | |
| 1.6 | | |
| 2.0 | |
| Headcount and Efficiency Metrics | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Full-Time Employees | |
| 121 | | |
| 122 | | |
| 118 | | |
| 127 | | |
| 145 | | |
| 162 | | |
| 159 | | |
| 151 | | |
| 231 | | |
| 240 | |
| Full-Time Employees, Excluding One Real Title and One Real Mortgage | |
| 91 | | |
| 87 | | |
| 84 | | |
| 88 | | |
| 102 | | |
| 120 | | |
| 118 | | |
| 117 | | |
| 142 | | |
| 155 | |
| Headcount Efficiency Ratio | |
| 1:62 | | |
| 1:77 | | |
| 1:98 | | |
| 1:114 | | |
| 1:113 | | |
| 1:101 | | |
| 1:116 | | |
| 1:143 | | |
| 1:138 | | |
| 1:140 | |
| Revenue Per Full Time Employee ($, thousands) | |
$ | 1,235 | | |
$ | 1,283 | | |
$ | 1,144 | | |
$ | 1,226 | | |
$ | 1,817 | | |
$ | 1,789 | | |
$ | 1,537 | | |
$ | 1,716 | | |
$ | 2,400 | | |
$ | 2,403 | |
| Operating Expense Excluding Revenue Share ($, thousands) | |
$ | 9,120 | | |
$ | 9,010 | | |
$ | 11,164 | | |
$ | 12,412 | | |
$ | 13,815 | | |
$ | 14,796 | | |
$ | 19,956 | | |
$ | 27,413 | | |
$ | 20,037 | | |
$ | 22,956 | |
| Operating Expense Per Transaction Excluding Revenue Share ($) | |
$ | 892 | | |
$ | 802 | | |
$ | 1,146 | | |
$ | 1,132 | | |
$ | 788 | | |
$ | 725 | | |
$ | 1,124 | | |
$ | 1,440 | | |
$ | 660 | | |
$ | 641 | |
| Adjusted Operating Expense ($, thousands) | |
$ | 7,541 | | |
$ | 6,804 | | |
$ | 7,674 | | |
$ | 9,542 | | |
$ | 10,633 | | |
$ | 11,385 | | |
$ | 11,226 | | |
$ | 13,600 | | |
$ | 14,728 | | |
$ | 16,761 | |
| Adjusted Operating Expense Per Transaction ($) | |
$ | 738 | | |
$ | 606 | | |
$ | 787 | | |
$ | 870 | | |
$ | 606 | | |
$ | 558 | | |
$ | 632 | | |
$ | 715 | | |
$ | 485 | | |
$ | 468 | |
1Defined
as the ratio of full-time brokerage employees (excludes One Real Title and One Real Mortgage employees) to the number of agents on our
platform.
2Reflects
total company revenue divided by full-time brokerage employees (excludes One Real Title and One Real Mortgage employees).
3Adjusted
operating expense excludes revenue share, stock-based compensation, depreciation and other non-recurring or non-cash expenses.
Forward-Looking
Information
This
press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information
is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”,
“plan”, “estimate”, “expect”, “likely” and “intend” and statements that an
event or result “may”, “will”, “should”, “could” or “might” occur or be achieved
and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available
to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, information
relating to Real’s expectation regarding increasing the number of agents, revenue growth and profitability and the business, strategic
plans of Real and expectations regarding Real Wallet, Leo CoPilot and Leo for Clients, including their anticipated features.
Forward-looking
information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected
growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions
to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and
other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the
forward-looking information. Important factors that could cause such differences include, but are not limited to, slowdowns in real estate
markets, economic and industry downturns, Real’s ability to attract new agents and retain current agents, Real’s inability
to successfully launch new products and features, including Real Wallet, Leo CoPilot and Leo for Clients and those risk factors discussed
under the heading “Risk Factors” in the Company’s Annual Information Form dated March 14, 2024, and “Risks and
Uncertainties” in the Company’s Quarterly Management’s Discussion and Analysis for the period ended September 30, 2024,
copies of which are available under the Company’s SEDAR+ profile at www.sedarplus.ca.
These
factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking
statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers
that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date
of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required
by law.
About
Real
Real
(NASDAQ: REAX) is a real estate experience company working to make life’s most complex transaction simple. The fast-growing company
combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer
experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 22,000 agents
who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional
information can be found on its website at www.onereal.com.
The
Real Brokerage is a real estate technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The Real
Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa
cards are accepted.
Contact
Information
For
additional information, please contact:
Ravi
Jani
Vice
President, Investor Relations and Financial Planning & Analysis
investors@therealbrokerage.com
908.280.2515
For
media inquiries, please contact:
Elisabeth
Warrick
Senior
Director, Marketing, Communications & Brand
elisabeth@therealbrokerage.com
201.564.4221
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v3.24.3
Interim Condensed Consolidated Statements of Financial Positions (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| CURRENT ASSETS |
|
|
| Cash and cash equivalents |
$ 21,580
|
$ 14,707
|
| Restricted cash |
27,516
|
12,948
|
| Funds held in restricted escrow account |
9,250
|
|
| Investments in financial assets |
10,398
|
14,222
|
| Trade receivables |
17,305
|
6,441
|
| Other receivables |
43
|
63
|
| Prepaid expenses and deposits |
2,391
|
2,132
|
| TOTAL CURRENT ASSETS |
88,483
|
50,513
|
| NON-CURRENT ASSETS |
|
|
| Intangible assets |
2,788
|
3,442
|
| Goodwill |
8,993
|
8,993
|
| Property and equipment |
2,209
|
1,600
|
| TOTAL NON-CURRENT ASSETS |
13,990
|
14,035
|
| TOTAL ASSETS |
102,473
|
64,548
|
| CURRENT LIABILITIES |
|
|
| Accounts payable |
1,133
|
571
|
| Accrued liabilities |
30,991
|
13,374
|
| Customer deposits |
27,516
|
12,948
|
| Other payables |
12,843
|
302
|
| TOTAL CURRENT LIABILITIES |
72,483
|
27,195
|
| NON-CURRENT LIABILITIES |
|
|
| Warrants outstanding |
|
269
|
| TOTAL NON-CURRENT LIABILITIES |
|
269
|
| TOTAL LIABILITIES |
72,483
|
27,464
|
| EQUITY ATTRIBUTABLE TO OWNERS |
|
|
| Share premium |
67,683
|
62,567
|
| Stock-based compensation reserves |
61,255
|
52,937
|
| Deficit |
(98,103)
|
(78,205)
|
| Other reserves |
195
|
(167)
|
| Treasury stock, at cost |
(1,228)
|
(257)
|
| EQUITY ATTRIBUTABLE TO OWNERS |
29,802
|
36,875
|
| Non-controlling interests |
188
|
209
|
| TOTAL EQUITY |
29,990
|
37,084
|
| TOTAL LIABILITIES AND EQUITY |
$ 102,473
|
$ 64,548
|
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- DefinitionThe amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_c&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_e&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_b&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
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| Period Type: |
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|
| X |
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-Name IAS
-Number 7
-IssueDate 2024-01-01
-Paragraph 45
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-Subparagraph b
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name IFRS
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-Subparagraph b
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-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
-Paragraph 69
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_69&doctype=Standard
-URIDate 2024-03-27
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| X |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 112
-Subparagraph c
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-URIDate 2024-03-27
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 68
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_68&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_b&doctype=Standard
-URIDate 2024-03-27
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| Period Type: |
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| X |
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-Name IAS
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-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
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| X |
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-Name IFRS
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-IssueDate 2024-01-01
-Paragraph 24
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_24_a&doctype=Standard
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_32_a_i&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_e&doctype=Standard
-URIDate 2024-03-27
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| Balance Type: |
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| Period Type: |
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-Paragraph 55
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-URIDate 2024-03-27
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-URIDate 2024-03-27
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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| Period Type: |
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-IssueDate 2024-01-01
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
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-Name IFRS
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-IssueDate 2024-01-01
-Paragraph 93
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-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
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-IssueDate 2024-01-01
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=10&code=ifrs-tx-2024-en-r&anchor=para_22&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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-URIDate 2024-03-27
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-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B12
-Subparagraph b
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B12_b_ii&doctype=Appendix&subtype=B
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-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URIDate 2024-03-27
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v3.24.3
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Profit or loss [abstract] |
|
|
|
|
| Revenues |
$ 372,488
|
$ 214,640
|
$ 914,009
|
$ 507,817
|
| Commissions and other agent-related costs |
340,359
|
195,865
|
829,253
|
460,475
|
| Gross Profit |
32,129
|
18,775
|
84,756
|
47,342
|
| General and administrative expenses |
16,301
|
9,234
|
42,452
|
27,526
|
| Marketing expenses |
15,261
|
11,577
|
43,779
|
29,527
|
| Research and development expenses |
3,045
|
1,931
|
8,115
|
5,034
|
| Settlement of litigation |
|
|
9,250
|
|
| Operating Loss |
(2,478)
|
(3,967)
|
(18,840)
|
(14,745)
|
| Other income |
151
|
38
|
381
|
106
|
| Finance expenses, net |
(214)
|
(10)
|
(1,289)
|
(587)
|
| Net Loss |
(2,541)
|
(3,939)
|
(19,748)
|
(15,226)
|
| Net income attributable to noncontrolling interests |
45
|
85
|
150
|
311
|
| Net Loss Attributable to the Owners of the Company |
(2,586)
|
(4,024)
|
(19,898)
|
(15,537)
|
| Other comprehensive income/(loss): |
|
|
|
|
| Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit or loss |
3
|
79
|
97
|
214
|
| Foreign currency translation adjustment |
(230)
|
(52)
|
265
|
10
|
| Total Comprehensive Loss Attributable to Owners of the Company |
(2,813)
|
(3,997)
|
(19,536)
|
(15,313)
|
| Total Comprehensive Income Attributable to NCI |
45
|
85
|
150
|
311
|
| Total Comprehensive Loss |
$ (2,768)
|
$ (3,912)
|
$ (19,386)
|
$ (15,002)
|
| Loss per share |
|
|
|
|
| Basic loss per share |
$ (0.01)
|
$ (0.02)
|
$ (0.11)
|
$ (0.09)
|
| Diluted loss per share |
$ (0.01)
|
$ (0.02)
|
$ (0.11)
|
$ (0.09)
|
| Weighted-average shares, basic |
196,668
|
180,611
|
188,864
|
180,158
|
| Weighted-average shares, diluted |
196,668
|
180,611
|
188,864
|
180,158
|
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-URIDate 2024-03-27
| Name: |
ifrs-full_GeneralAndAdministrativeExpense |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of revenue less cost of sales. [Refer: Cost of sales; Revenue] Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_GrossProfit |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ifrs-full_IncomeStatementAbstract |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ifrs-full_OtherComprehensiveIncomeAbstract |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe gains (losses) that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_OtherGainsLosses |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2024-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2024-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2024-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2024-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2024-03-27
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2024-03-27
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ProfitLoss |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph 12
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_12_e&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 81B
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_81B_a_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ProfitLossAttributableToNoncontrollingInterests |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 81B
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_81B_a_ii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ProfitLossAttributableToOwnersOfParent |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 85
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_85&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 32
-IssueDate 2024-01-01
-Paragraph IE33
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=32&code=ifrs-tx-2024-en-r&anchor=para_IE33&doctype=Illustrative%20Examples
-URIDate 2024-03-27
| Name: |
ifrs-full_ProfitLossFromOperatingActivities |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 126
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_126&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ResearchAndDevelopmentExpense |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_32&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_34&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2024-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2024-03-27
Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_Revenue |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of expense relating to the marketing and selling of goods or services. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 85
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_85&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_SalesAndMarketingExpense |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 70
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_70_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageShares |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.3
Interim Condensed Consolidated Statement of Changes in Equity (Unaudited) - USD ($)
$ in Thousands |
Share premium [member] |
Reserve of share-based payments [member] |
Reserve of exchange differences on translation [member] |
Revaluation surplus [member] |
Retained earnings [member] |
Treasury shares [member] |
Equity attributable to owners of parent [member] |
Non-controlling interests [member] |
Total |
| Balance at Dec. 31, 2022 |
$ 63,204
|
$ 25,083
|
$ 290
|
$ (759)
|
$ (50,704)
|
$ (14,962)
|
$ 22,152
|
$ 263
|
$ 22,415
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
|
| Total loss and income |
|
|
|
|
(15,537)
|
|
(15,537)
|
311
|
(15,226)
|
| Total other comprehensive income |
|
|
10
|
214
|
|
|
224
|
|
224
|
| Member Draws |
|
|
|
|
|
|
|
(303)
|
(303)
|
| Acquisition of commons shares for Restricted Share Unit (RSU) Plan |
|
|
|
|
|
(1,761)
|
(1,761)
|
|
(1,761)
|
| Release of treasury shares |
(15,798)
|
|
|
|
|
15,798
|
|
|
|
| Issuance of Restricted Share Units |
11,121
|
(11,121)
|
|
|
|
|
|
|
|
| Exercise of stock options |
873
|
(281)
|
|
|
|
|
592
|
|
592
|
| Equity-settled share-based payment |
|
18,980
|
|
|
|
|
18,980
|
|
18,980
|
| Balance at Sep. 30, 2023 |
59,400
|
32,661
|
300
|
(545)
|
(66,241)
|
(925)
|
24,650
|
271
|
24,921
|
| Balance at Dec. 31, 2023 |
62,567
|
52,937
|
262
|
(429)
|
(78,205)
|
(257)
|
36,875
|
209
|
37,084
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
|
| Total loss and income |
|
|
|
|
(19,898)
|
|
(19,898)
|
150
|
(19,748)
|
| Total other comprehensive income |
|
|
265
|
97
|
|
|
362
|
|
362
|
| Member Draws |
|
|
|
|
|
|
|
(171)
|
(171)
|
| Acquisition of commons shares for Restricted Share Unit (RSU) Plan |
|
|
|
|
|
(30,336)
|
(30,336)
|
|
(30,336)
|
| Release of treasury shares |
(29,365)
|
|
|
|
|
29,365
|
|
|
|
| Issuance of Restricted Share Units |
24,273
|
(24,273)
|
|
|
|
|
|
|
|
| Exercise of stock options |
10,572
|
(4,955)
|
|
|
|
|
5,617
|
|
5,617
|
| Exercise of warrants |
1,113
|
(251)
|
|
|
|
|
862
|
|
862
|
| Shares withheld for taxes |
(1,477)
|
|
|
|
|
|
(1,477)
|
|
(1,477)
|
| Equity-settled share-based payment |
|
37,797
|
|
|
|
|
37,797
|
|
37,797
|
| Balance at Sep. 30, 2024 |
$ 67,683
|
$ 61,255
|
$ 527
|
$ (332)
|
$ (98,103)
|
$ (1,228)
|
$ 29,802
|
$ 188
|
$ 29,990
|
| X |
- DefinitionAcquisitions of commons shares for restricted share unit rsu plan
| Name: |
REAX_AcquisitionsOfCommonsSharesForRestrictedShareUnitRSUPlan |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionIssuance of restricted share units.
| Name: |
REAX_IssuanceOfRestrictedShareUnits |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionNetincome loss and comprehensive income
| Name: |
REAX_NetIncomeLossAndComprehensiveIncome |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionShares with held for taxes
| Name: |
REAX_SharesWithheldForTaxes |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 24
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_24_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 32
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_32_a_i&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_a&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_e&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 13
-IssueDate 2024-01-01
-Paragraph 93
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2024-en-r&anchor=para_93_b&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_e&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_Equity |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe increase (decrease) in equity resulting from the exercise of options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
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v3.24.3
Interim Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| OPERATING ACTIVITIES |
|
|
|
|
| Net Loss |
$ (2,541)
|
$ (3,939)
|
$ (19,748)
|
$ (15,226)
|
| Adjustments for: |
|
|
|
|
| Depreciation and amortization |
358
|
277
|
1,024
|
830
|
| Equity-settled share-based payment |
15,417
|
7,144
|
37,797
|
18,980
|
| Finance costs |
(33)
|
(143)
|
638
|
156
|
| Changes in operating asset and liabilities: |
|
|
|
|
| Funds Held in Restricted Escrow Account |
|
|
(9,250)
|
|
| Trade receivables |
1,326
|
(614)
|
(10,864)
|
(992)
|
| Other receivables |
13
|
(23)
|
20
|
(1)
|
| Prepaid expenses and deposits |
(850)
|
(266)
|
(259)
|
(796)
|
| Accounts payable |
(63)
|
(493)
|
562
|
179
|
| Accrued liabilities |
(2,638)
|
2,654
|
17,617
|
12,068
|
| Customer deposits |
(5,608)
|
(13,247)
|
14,568
|
8,852
|
| Other payables |
1,815
|
718
|
12,541
|
1,684
|
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
7,196
|
(7,932)
|
44,646
|
25,734
|
| INVESTING ACTIVITIES |
|
|
|
|
| Purchase of property and equipment |
(367)
|
(197)
|
(964)
|
(448)
|
| Investment Deposits in Debt Instruments held at FVTOCI |
(1,134)
|
(3,037)
|
(2,847)
|
(6,766)
|
| Investment Withdrawals in Debt Instruments held at FVTOCI |
1,014
|
|
6,766
|
845
|
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
(487)
|
(3,234)
|
2,955
|
(6,369)
|
| FINANCING ACTIVITIES |
|
|
|
|
| Purchase of common shares for Restricted Share Unit (RSU) Plan |
(15,110)
|
(350)
|
(30,336)
|
(1,761)
|
| Shares withheld for taxes |
(736)
|
|
(1,477)
|
|
| Proceeds from exercise of stock options |
1,994
|
380
|
5,617
|
592
|
| Payment of lease liabilities |
|
|
|
(96)
|
| Payment of contingent consideration |
|
|
|
(800)
|
| Cash disbursements for non-controlling interest |
(119)
|
(303)
|
(171)
|
(303)
|
| NET CASH USED IN FINANCING ACTIVITIES |
(13,971)
|
(273)
|
(26,367)
|
(2,368)
|
| Net change in cash, cash equivalents and restricted cash |
(7,262)
|
(11,439)
|
21,234
|
16,997
|
| Cash, cash equivalents and restricted cash, beginning of period |
56,440
|
46,745
|
27,655
|
18,327
|
| Fluctuations in foreign currency |
(82)
|
33
|
207
|
15
|
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE |
49,096
|
35,339
|
49,096
|
35,339
|
| SUPPLEMENTAL DISCLOSURE OF NON CASH ACTIVITIES |
|
|
|
|
| Cashless exercise of warrants |
$ 485
|
|
$ 862
|
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v3.24.3
GENERAL INFORMATION
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| General Information |
|
| GENERAL INFORMATION |
1. GENERAL INFORMATION
The
Real Brokerage Inc. (“Real” or the “Company”) is a growing real estate technology company located
in the United States and Canada. As a licensed real estate brokerage, the Company’s revenue is generated primarily by processing
real estate transactions which entitle us to commissions. The Company pays a portion of its commission revenue to real estate agents
who are affiliated with the Company. The Company is taking a first principles approach to redefining the role of a real estate brokerage
in the lives of agents and within the broader housing ecosystem. The Company focuses on developing technology to enhance real estate
agent performance, while aiming to build a scalable, efficient brokerage operation that allows for technologically supported brokerage
oversight that is not dependent on a cost-heavy brick and mortar presence in the markets in which the Company operates. The Company’s
goal is to establish itself as the destination brokerage for agents, by offering a combination of technology, support, and financial
incentives. The Company’s vision is to transform home buying under the guidance of an agent through an integrated consumer technology
product, while growing its ancillary services, including mortgage broker and title services. In addition, the Company plans to expand
its suite of tools and products tailored for agents, including Company-branded financial products.
The
consolidated operations of Real include the subsidiaries of Real, including those involved in the brokerage, title and mortgage broker
operations.
On
May 19, 2022, the Company announced that it renewed its normal course issuer bid (“NCIB”) to be transacted through
the facilities of the NASDAQ Capital Market (“NASDAQ”) and other stock exchanges and/or alternative trading systems
in the United States and/or Canada. Pursuant to the NCIB, Real was able to purchase up to 8.9 million common shares of the Company (“Common
Shares”), representing approximately 5% of the total 178.3 million Common Shares issued and outstanding as of May 19, 2022.
On May 24, 2023, the Company announced that it renewed its NCIB pursuant to which Real may purchase up to approximately 9.0 million Common
Shares, representing approximately 5% of the total 180 million Common Shares issued and outstanding as of May 18, 2023. On May 14, 2024,
the Company announced that it renewed its NCIB again pursuant to which Real may purchase up to approximately 9.47 million Common Shares,
representing approximately 5% of the total 189 million Common Shares issued and outstanding as of May 1, 2024. Purchases are made at
prevailing market prices and may be conducted during the twelve-month period ended May 28, 2025.
The
NCIB is being conducted to acquire Common Shares for the purposes of satisfying restricted share unit (each, an “RSU”)
obligations. The Company appointed CWB Trust Services (the “Trustee”) as the trustee for the purposes of arranging
the acquisition of Common Shares and to hold the Common Shares in trust for the purposes of satisfying RSU payments as well as to manage
other administrative matters. RBC Capital Markets was engaged to undertake purchases under the NCIB.
|
v3.24.3
SUMMARY OF MATERIAL ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary Of Material Accounting Policies |
|
| SUMMARY OF MATERIAL ACCOUNTING POLICIES |
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The
material accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with
those followed in the preparation of the Company’s annual consolidated financial statements for the year ended December 31, 2023.
The
unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB). The interim condensed consolidated financial statements do not include
all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the
Company’s annual audited consolidated financial statements for the period ended December 31, 2023. These unaudited interim condensed
consolidated financial statements were authorized for issuance by the Company’s Board of Directors on November 4, 2024.
All
dollar amounts are in U.S. dollars unless otherwise stated.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| B. | Recent
Accounting Pronouncements |
In
April 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”). IFRS 18
mainly introduces three sets of requirements to give investors more transparent and comparable information about companies’ financial
performance: additional subtotals with newly defined categories for classifying income and expenses in the statement of profit or loss,
disclosures about management-defined performance measures, and enhanced requirements for more useful grouping of information in the financial
statements.
IFRS
18 will replace IAS 1 and will be effective for annual periods beginning on or after January 1, 2027. The impact of IFRS 18 on Real’s
consolidated financial statements is being evaluated.
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|
v3.24.3
REVENUE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue |
|
| REVENUE |
3. REVENUE
In
the following table, revenue (in thousands) from contracts with customers is disaggregated by major service lines.
SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Main revenue streams | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 213,319 | | |
| 907,716 | | |
| 504,456 | |
| Title | |
| 1,400 | | |
| 964 | | |
| 3,450 | | |
| 2,510 | |
| Mortgage Income | |
| 1,198 | | |
| 357 | | |
| 2,843 | | |
| 851 | |
| Total Revenue | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| | |
| | | |
| | | |
| | | |
| | |
| Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | |
| Products and Services Transferred at a Point in Time | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| Revenue from Contracts with Customers | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
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|
v3.24.3
EXPENSES BY NATURE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Expenses By Nature |
|
| EXPENSES BY NATURE |
4. EXPENSES BY NATURE
In
the following table, cost of sales represents real estate commissions paid to the Company’s agents, as well as to outside brokerages
in Canada, and Title Fee Expenses (in thousands).
SCHEDULE
OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and Administrative Expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Salaries and Benefits | |
| 7,314 | | |
| 4,740 | | |
| 19,748 | | |
| 13,907 | |
| Stock Based Compensation | |
| 2,825 | | |
| 203 | | |
| 6,245 | | |
| 2,290 | |
| Administrative Expenses | |
| 1,066 | | |
| 1,227 | | |
| 2,835 | | |
| 2,817 | |
| Professional Fees | |
| 3,917 | | |
| 2,179 | | |
| 10,339 | | |
| 5,794 | |
| Depreciation and Amortization Expense | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Other General and Administrative Expenses | |
| 821 | | |
| 608 | | |
| 2,261 | | |
| 1,888 | |
| Marketing Expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Salaries and Benefits | |
| 279 | | |
| 230 | | |
| 721 | | |
| 540 | |
| Stock Based Compensation for Employees | |
| 6 | | |
| 13 | | |
| 11 | | |
| 35 | |
| Stock Based Compensation for Agents | |
| 2,665 | | |
| 2,769 | | |
| 7,137 | | |
| 5,950 | |
| Revenue Share | |
| 11,651 | | |
| 7,946 | | |
| 33,190 | | |
| 21,064 | |
| Other Marketing and Advertising Cost | |
| 660 | | |
| 619 | | |
| 2,720 | | |
| 1,938 | |
| Research and Development Expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Salaries and Benefits | |
| 1,681 | | |
| 1,131 | | |
| 4,394 | | |
| 2,537 | |
| Stock Based Compensation | |
| 308 | | |
| 69 | | |
| 641 | | |
| 193 | |
| Other Research and Development | |
| 1,056 | | |
| 731 | | |
| 3,080 | | |
| 2,304 | |
| Settlement of Litigation | |
| — | | |
| — | | |
| 9,250 | | |
| — | |
| Total Cost of Sales and Operating Expenses | |
| 374,966 | | |
| 218,607 | | |
| 932,849 | | |
| 522,562 | |
Finance
Expenses
The
following table provides a detailed breakdown of finance costs (in thousands) as reported in the Condensed Consolidated Statement of
Income (Loss):
SCHEDULE
OF FINANCE COST
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| Description | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Change in Fair Value of Warrants Outstanding | |
| 129 | | |
| (78 | ) | |
| 600 | | |
| 4 | |
| Realized Losses (Gains) | |
| 4 | | |
| 14 | | |
| 2 | | |
| 99 | |
| Bank Fees | |
| 245 | | |
| 153 | | |
| 556 | | |
| 431 | |
| Finance Costs | |
| (164 | ) | |
| (80 | ) | |
| 131 | | |
| 53 | |
| Total Finance Expenses | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
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v3.24.3
OPERATING SEGMENTS DISCLOSURES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Operating Segments Disclosures |
|
| OPERATING SEGMENTS DISCLOSURES |
5. OPERATING SEGMENTS DISCLOSURES
The
businesses of the Company are divided operationally into three identified operating segments: North American Brokerage, One Real Title
and One Real Mortgage. North American Brokerage generates revenue by processing real estate transactions which entitles the Company to
commissions. One Real Title generates revenue by offering title insurance and closing services for residential and/or commercial transactions.
One Real Mortgage derives revenue from premiums associated with facilitating mortgage transactions between borrowers and lenders.
The
Company has identified one reportable segment, North American Brokerage which comprises more than 90% of total revenue and net loss.
The other two segments, One Real Title and One Real Mortgage are not considered reporting segments as their revenue and net loss do not
meet the quantitative threshold set for reporting segments. These two segments are disclosed in an ‘other segments’ category
below.
The
Company uses judgement in determining its operating segments by taking into consideration the Chief Operating Decision Maker’s
(“CODM”) assessment of overall performance and decisions such as resource allocations and delegation of authority. The CODM
is the Company’s Chief Executive Officer.
The
presentation in this note for prior periods has been restated based on the current segment reporting.
Segment
performance is evaluated based on income (loss) from operations and is measured consistently with income or loss in the consolidated
financial statements.
The
following tables present significant information about the Company’s reportable operating segments as reported to the Company’s
CODM:
SCHEDULE
OF OPERATING SEGMENTS
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 369,890 | | |
| 2,598 | | |
| 372,488 | |
| Commissions and other agent-related costs | |
| 339,507 | | |
| 852 | | |
| 340,359 | |
| Gross Profit | |
| 30,383 | | |
| 1,746 | | |
| 32,129 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 13,592 | | |
| 2,709 | | |
| 16,301 | |
| Marketing expenses | |
| 15,240 | | |
| 21 | | |
| 15,261 | |
| Research and development expenses | |
| 3,010 | | |
| 35 | | |
| 3,045 | |
| Litigation expenses | |
| | | |
| | | |
| | |
| Operating Loss | |
| (1,459 | ) | |
| (1,019 | ) | |
| (2,478 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 151 | | |
| - | | |
| 151 | |
| Finance expenses, net | |
| (189 | ) | |
| (25 | ) | |
| (214 | ) |
| Net Loss | |
| (1,497 | ) | |
| (1,044 | ) | |
| (2,541 | ) |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 907,716 | | |
| 6,293 | | |
| 914,009 | |
| Commissions and other agent-related costs | |
| 827,243 | | |
| 2,010 | | |
| 829,253 | |
| Gross Profit | |
| 80,473 | | |
| 4,283 | | |
| 84,756 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 35,283 | | |
| 7,169 | | |
| 42,452 | |
| Marketing expenses | |
| 43,697 | | |
| 82 | | |
| 43,779 | |
| Research and development expenses | |
| 8,016 | | |
| 99 | | |
| 8,115 | |
| Litigation expenses | |
| 9,250 | | |
| - | | |
| 9,250 | |
| Operating Loss | |
| (15,773 | ) | |
| (3,067 | ) | |
| (18,840 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 381 | | |
| - | | |
| 381 | |
| Finance expenses, net | |
| (1,230 | ) | |
| (59 | ) | |
| (1,289 | ) |
| Net Loss | |
| (16,622 | ) | |
| (3,126 | ) | |
| (19,748 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 213,319 | | |
| 1,321 | | |
| 214,640 | |
| Commissions and other agent-related costs | |
| 195,492 | | |
| 373 | | |
| 195,865 | |
| Gross Profit | |
| 17,827 | | |
| 948 | | |
| 18,775 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 7,513 | | |
| 1,721 | | |
| 9,234 | |
| Marketing expenses | |
| 11,537 | | |
| 40 | | |
| 11,577 | |
| Research and development expenses | |
| 1,910 | | |
| 21 | | |
| 1,931 | |
| Operating Loss | |
| (3,133 | ) | |
| (834 | ) | |
| (3,967 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 38 | | |
| — | | |
| 38 | |
| Finance expenses, net | |
| (15 | ) | |
| 5 | | |
| (10 | ) |
| Net Loss | |
| (3,110 | ) | |
| (829 | ) | |
| (3,939 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 504,456 | | |
| 3,361 | | |
| 507,817 | |
| Commissions and other agent-related costs | |
| 459,559 | | |
| 916 | | |
| 460,475 | |
| Gross Profit | |
| 44,897 | | |
| 2,445 | | |
| 47,342 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 22,597 | | |
| 4,929 | | |
| 27,526 | |
| Marketing expenses | |
| 29,432 | | |
| 95 | | |
| 29,527 | |
| Research and development expenses | |
| 4,980 | | |
| 54 | | |
| 5,034 | |
| Operating Loss | |
| (12,112 | ) | |
| (2,633 | ) | |
| (14,745 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 106 | | |
| - | | |
| 106 | |
| Finance expenses, net | |
| (589 | ) | |
| 2 | | |
| (587 | ) |
| Net Loss | |
| (12,595 | ) | |
| (2,631 | ) | |
| (15,226 | ) |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Segment
revenue reported above represents revenue generated from external customers. There were no intersegment sales in the current and in the
prior year.
The
assets and liabilities of each segment are not reported to the CODM on a regular basis therefore they are not disclosed in these condensed
consolidated financial statements.
The
amount of revenue from external customers, by geography, is shown in the table below:
SCHEDULE
OF REVENUE GEOGRAPHY
| | |
| | | |
| | |
| | |
For the Three Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 319,411 | | |
| 171,042 | |
| Canada | |
| 53,077 | | |
| 43,598 | |
| Total revenue by region | |
| 372,488 | | |
| 214,640 | |
| | |
| | | |
| | |
| | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 792,161 | | |
| 424,396 | |
| Canada | |
| 121,848 | | |
| 83,421 | |
| Total revenue by region | |
| 914,009 | | |
| 507,817 | |
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v3.24.3
BASIC AND DILUTED LOSS PER SHARE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Basic And Diluted Loss Per Share |
|
| BASIC AND DILUTED LOSS PER SHARE |
6. BASIC AND DILUTED LOSS PER SHARE
Basic
loss per share is computed by dividing the loss for the period by the weighted average number of Common Shares outstanding during the
period. Diluted earnings (loss) per share is computed by dividing net income (loss) less any preferred dividends for the period by the
weighted average number of Common Shares outstanding plus any potentially dilutive Common Shares outstanding during the period. The Company
does not pay dividends or have participating shares outstanding.
The
following table outlines the number of Common Shares (in thousands) and basic and diluted loss per share.
SCHEDULE
OF DETAILED INFORMATION ABOUT LOSS PER SHARE
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Issued Common Shares at the beginning of the period | |
| 194,497 | | |
| 180,350 | | |
| 183,606 | | |
| 179,922 | |
| Effect of Treasury Purchases | |
| (1,955 | ) | |
| - | | |
| (3,557 | ) | |
| - | |
| Release of Shares | |
| 2,183 | | |
| - | | |
| 1,816 | | |
| - | |
| Effect of Warrant Exercise | |
| 50 | | |
| - | | |
| 51 | | |
| - | |
| Effect of Treasury Issuance | |
| 679 | | |
| - | | |
| 4,728 | | |
| 12 | |
| Effect of Share Options Exercise | |
| 1,214 | | |
| 261 | | |
| 2,220 | | |
| 224 | |
| Weighted-average numbers of Common Shares | |
| 196,668 | | |
| 180,611 | | |
| 188,864 | | |
| 180,158 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss per share | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
The
following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares
for the purpose of diluted earnings per share.
SCHEDULE
OF ANTI -DILUTIVE WEIGHTED AVERAGE LOSS PER SHARE
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Options | |
| 15,662 | | |
| 22,319 | |
| RSU | |
| 27,097 | | |
| 22,254 | |
| Total | |
| 42,759 | | |
| 44,573 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
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v3.24.3
SHARE-BASED PAYMENT ARRANGEMENTS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-based Payment Arrangements |
|
| SHARE-BASED PAYMENT ARRANGEMENTS |
7. SHARE-BASED PAYMENT ARRANGEMENTS
| A. | Description
of share-based payment arrangements |
Stock
option plan (equity-settled)
On
January 20, 2016, the Company established a stock option plan (the “Stock Option Plan”) that entitles key management
personnel and employees to acquire Common Shares upon the exercise of Company options (“Options”). Under the Stock
Option Plan, holders of vested Options are entitled to purchase Common Shares for the exercise price as determined at the grant date.
On
February 26, 2022, the Company established an omnibus incentive plan providing for up to 20% of the issued and outstanding Common Shares
as of the date thereof (being 35.6 million Common Shares, less RSUs and Options outstanding under other equity inventive plans) to be
issued as RSUs or Options to directors, officers, employees, and consultants of the Company (the “Omnibus Incentive Plan”).
The Omnibus Incentive Plan was approved by shareholders of the Company on June 13, 2022.
The
Company amended its Omnibus Incentive Plan (the “A&R Plan”) on July 13, 2022, and the Company’s shareholders
approved the A&R Plan on June 9, 2023. Pursuant to the A&R Plan, the maximum number of Common Shares issuable pursuant to outstanding
Options at any time shall be limited to 15% of the aggregate number of issued and outstanding Common Shares as of the applicable award
date less the number of Common Shares issuable pursuant to Options under the A&R Plan or any other security-based compensation arrangement
of the Company. In addition, the Company is authorized to grant up to 70,000,000 RSUs pursuant to the A&R Plan. The RSU limit is
separate and distinct from the maximum number of Common Shares reserved for issuance pursuant to Options under the A&R Plan.
The
following table depicts the number of Options granted apart from the Company’s various acquisitions (in thousands):
SCHEDULE
OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT
| Grant Date | |
Number
of Options | | |
Vesting Conditions | |
Contractual
Life of
Options |
| Balance January 1, 2023 | |
| 27,057 | | |
| |
|
| On March, 2023 | |
| 1,500 | | |
16.7% on first anniversary, then quarterly vesting | |
10 years |
| On March, 2023 | |
| 15 | | |
3 years quarterly vest | |
10 years |
| On June, 2023 | |
| 65 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| On August, 2023 | |
| 85 | | |
3 years quarterly vest | |
10 years |
| On November, 2023 | |
| 10 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| Balance December 31, 2023 | |
| 28,732 | | |
| |
|
| Balance January 1, 2024 | |
| 28,732 | | |
| |
|
| On April, 2024 | |
| 45 | | |
3 years vest | |
10 years |
| On August, 2024 | |
| 30 | | |
3 years vest | |
10 years |
| Balance September 30, 2024 | |
| 28,807 | | |
| |
|
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| B. | Measurement
of fair value |
The
fair value of the Options has been measured using the Black-Scholes formula which was also used to determine the Company’s share
value. Service and non-market performance conditions attached to the arrangements were not considered in measuring fair value. The inputs
used in the measurement of the fair value at the grant and measurement date of options granted in the period were as follows:
SCHEDULE
OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Share price | |
$ | 4.31
to $5.72 | | |
$ | 1.25
to $1.67 | |
| Expected volatility (weighted-average) | |
| 73%
to 95 | % | |
| 108 | % |
| Expected life (weighted-average) | |
| 4.13
to 10 years | | |
| 10
years | |
| Expected dividends | |
| - | % | |
| - | % |
| Risk-free interest rate (based on US government bonds) | |
| 4.24
- 4.26 | % | |
| 3.62
- 3.73 | % |
Expected
volatility has been based on an evaluation of historical volatility of the company’s share price.
| C. | Reconciliation
of outstanding stock-options |
The
following table outlines the number of Options (in thousands) and weighted-average exercise price:
SCHEDULE
OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
Number
of Options | | |
Weighted- Average Exercise
Price | | |
Number
of Options | | |
Weighted- Average Exercise
Price | |
| Outstanding at beginning of year | |
| 21,943 | | |
$ | 0.92 | | |
| 21,746 | | |
$ | 0.87 | |
| Granted | |
| 75 | | |
| 4.87 | | |
| 1,675 | | |
| 1.28 | |
| Forfeited/ Expired | |
| (74 | ) | |
| 1.43 | | |
| (312 | ) | |
| 1.41 | |
| Exercised | |
| (6,282 | ) | |
| 0.59 | | |
| (1,166 | ) | |
| 0.36 | |
| Outstanding at end of period | |
| 15,662 | | |
$ | 1.06 | | |
| 21,943 | | |
$ | 0.92 | |
| Exercisable at end of period | |
| 11,820 | | |
| 0.91 | | |
| 15,566 | | |
| 0.72 | |
The
Options outstanding as of September 30, 2024 had a weighted average exercise price of $1.06 (December 31, 2023: $0.92) and a weighted-average
remaining contractual life of 6.8 years (December 31, 2023: 8.8 years).
| D. | Restricted
share unit plan |
Restricted
share unit plan
Under
the Company’s agent performance grant program, the Company issues RSUs to agents based on an agent meeting certain performance
metrics, and successfully attracting other performing agents to the Company. Each RSU, which has a vesting term of up to 3 years and
is subject to forfeiture in certain circumstances, entitles the holder to one Common Share or the equivalent cash value, as determined
in the Company’s discretion. The Company recognizes expense from the issuance of these RSUs during the applicable vesting period
based upon the best available estimate of the number RSUs expected to vest with a corresponding increase in stock-based compensation
reserve. The expense recognized from the issuance of RSU awards for the period ended September 30, 2024 was $3.9 million, and was classified
as marketing expense.
Under
the Company’s agent stock purchase program, agents purchase RSUs, which vest immediately but have a one year restriction period,
using a percentage of the agent’s commission that is withheld by the Company. Each RSU entitles the holder to one Common Share
or the equivalent cash value, as determined in the Company’s sole discretion. The RSUs are expensed in the period in which they
are issued with a corresponding increase in equity. Each agent pays the Company 15% of commissions until the commission paid to the Company
totals that agent’s “cap” amount (the “Cap”). As an incentive to participate in the program, the
Company issues additional RSUs (“Bonus RSUs”) with a value of (i) 10% of the commission withheld (the percentage was
15% previously) if an agent has not met the Cap and (ii) 20% of the commission withheld (the percentage was 30% previously) if an agent
has met the Cap. The Bonus RSUs have a one-year vesting term and are subject to forfeiture in certain circumstances. The RSUs purchased
under the program are expensed to cost of goods sold and the Bonus RSUs are expensed to stock-based compensation expense within marketing
expenses. Bonus RSUs are amortized over the vesting period with a corresponding increase in stock-based compensation reserve.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Stock
compensation awards granted to full time employees (“FTEs”) are classified as a general and administrative, research
and development, or marketing expense based on the appropriate department within the Consolidated Statements of Loss and Other Comprehensive
Loss.
The
following table illustrates the Company’s stock activity (in thousands of units) for the restricted share units under its equity
plan.
SCHEDULE
OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN
| | |
Restricted
Share Units | |
| Balance at, December 31, 2022 | |
| 16,908 | |
| Granted | |
| 23,400 | |
| Vested and Issued | |
| (10,631 | ) |
| Forfeited | |
| (2,068 | ) |
| Balance at, December 31, 2023 | |
| 27,609 | |
| Granted | |
| 14,583 | |
| Vested and Issued | |
| (13,896 | ) |
| Forfeited | |
| (1,199 | ) |
| Balance at, September 30, 2024 | |
| 27,097 | |
Stock
Based Compensation Expense
The
following table provides a detailed breakdown of the stock-based compensation expense (in thousands) as reported in the Condensed Consolidated
Statement of Loss and Comprehensive Loss.
SCHEDULE
OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| COGS – Agent Stock Based Compensation | |
| - | | |
| 23,763 | | |
| 23,763 | | |
| - | | |
| 10,512 | | |
| 10,512 | |
| Marketing Expenses – Agent Stock Based Compensation | |
| 301 | | |
| 6,836 | | |
| 7,137 | | |
| 2,033 | | |
| 3,917 | | |
| 5,950 | |
| Marketing Expenses – FTE Stock Based Compensation | |
| 2 | | |
| 9 | | |
| 11 | | |
| 5 | | |
| 30 | | |
| 35 | |
| Research and Development – FTE Stock Based Compensation | |
| 20 | | |
| 621 | | |
| 641 | | |
| 68 | | |
| 125 | | |
| 193 | |
| General and Administrative – FTE Stock Based Compensation | |
| 1,448 | | |
| 4,797 | | |
| 6,245 | | |
| 1,166 | | |
| 1,124 | | |
| 2,290 | |
| Total Stock Based Compensation | |
| 1,771 | | |
| 36,026 | | |
| 37,797 | | |
| 3,272 | | |
| 15,708 | | |
| 18,980 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
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| Period Type: |
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|
v3.24.3
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments In Available For Sale Securities At Fair Value |
|
| INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE |
8. INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
The
following table provides a detailed breakdown of short-term investments (in thousands) as reported in the Condensed Consolidated Statements
of Financial Positions:
SCHEDULE
OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
Gross
Unrealized Gains/(Losses)
| Description | |
Estimated
Fair Value December
31, 2023 | | |
Deposit
/ (Withdraw) | | |
Dividends, Interest
& Income | | |
Gross Unrealized Gains
/ (Losses) | | |
Estimated
Fair Value September
30, 2024 | |
| Cash Investments | |
| 6,531 | | |
| (6,728 | ) | |
| 225 | | |
| - | | |
| 28 | |
| Fixed Income | |
| 7,597 | | |
| 2,478 | | |
| 144 | | |
| 95 | | |
| 10,314 | |
| Investment Certificate | |
| 94 | | |
| - | | |
| - | | |
| (38 | ) | |
| 56 | |
| Total | |
| 14,222 | | |
| (4,250 | ) | |
| 369 | | |
| 57 | | |
| 10,398 | |
Investment
securities are recorded at fair value. The Company’s investment securities portfolio consists primarily of cash investments, debt
securities issued by U.S. government agencies, local municipalities and certain corporate entities. The products in the Company’s
investment portfolio have maturity dates ranging from less than one year to over 20 years.
The
fair value of investment securities is impacted by interest rates, credit spreads, market volatility, and liquidity conditions. Net unrealized
gains and losses in the portfolio are included in Other Comprehensive Income (Loss).
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
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v3.24.3
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property And Equipment |
|
| PROPERTY AND EQUIPMENT |
9. PROPERTY AND EQUIPMENT
Reconciliation
of Carrying Amounts (in thousands)
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT
| | |
Computer Equipment | | |
Software | | |
Furniture
and Equipment | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Beginning Balance | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Disposals | |
| - | | |
| - | | |
| (86 | ) | |
| (86 | ) |
| Additions | |
| 138 | | |
| 449 | | |
| - | | |
| 587 | |
| Balance at December 31, 2023 | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Beginning Balance | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Additions | |
| 148 | | |
| 816 | | |
| - | | |
| 964 | |
| Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at September 30, 2024 | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Ending Balance | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Beginning Balance | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Disposals | |
| - | | |
| - | | |
| (65 | ) | |
| (65 | ) |
| Depreciation | |
| 125 | | |
| 191 | | |
| - | | |
| 316 | |
| Balance at December 31, 2023 | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Beginning Balance | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Depreciation | |
| 100 | | |
| 255 | | |
| - | | |
| 355 | |
| Balance at September 30, 2024 | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| Ending Balance | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| | |
| | | |
| | | |
| | | |
| | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Beginning Balance | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Balance at September 30, 2024 | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
| Ending Balance | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
| X |
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| Data Type: |
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-Name IAS
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-IssueDate 2024-01-01
-Section Disclosure
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IAS16_g73-79_TI
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v3.24.3
INTANGIBLE ASSETS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure of detailed information about intangible assets [abstract] |
|
| INTANGIBLE ASSETS |
10. INTANGIBLE ASSETS
The
Company’s intangible assets are finite lived and consist primarily of customer relationships which is amortized on a straight-line
basis over its useful life of 5 years.
Reconciliation
of Carrying Amounts (in thousands)
SCHEDULE
OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS
| | |
Intangible Assets | |
| Cost | |
| | |
| Balance at December 31, 2022 | |
| 3,933 | |
| Purchase Price Allocation Adjustment | |
| 530 | |
| Depreciation | |
| | |
| Balance at December 31, 2023 | |
| 4,463 | |
| Additions | |
| 15 | |
| Balance at September 30, 2024 | |
| 4,478 | |
| Accumulated Depreciation | |
| | |
| Balance at December 31, 2022 | |
| 225 | |
| Depreciation | |
| 796 | |
| Balance at December 31, 2023 | |
| 1,021 | |
| Beginning Balance | |
| 1,021 | |
| Depreciation | |
| 669 | |
| Balance at September 30, 2024 | |
| 1,690 | |
| Ending Balance | |
| 1,690 | |
| | |
| | |
| Carrying Amounts | |
| | |
| Balance at December 31, 2023 | |
| 3,442 | |
| Ending Balance | |
| 3,442 | |
| Balance at September 30, 2024 | |
| 2,788 | |
| Ending Balance | |
| 2,788 | |
|
| X |
- References
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| Namespace Prefix: |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 10
-Subparagraph e
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v3.24.3
GOODWILL
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure Of Goodwill Abstract |
|
| GOODWILL |
11. GOODWILL
We
record goodwill associated with acquisitions of businesses when the purchase price of the business exceeds the fair value of the net
tangible and intangible assets acquired. We review goodwill for impairment on an annual basis in the fiscal fourth quarter or on an interim
basis if an event occurs or circumstances change that indicate goodwill may be impaired.
SCHEDULE
OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS
| | |
Realty Crunch | | |
Expetitle | | |
LemonBrew | | |
Total | |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Beginning Balance | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Impairment | |
| - | | |
| (723 | ) | |
| - | | |
| (723 | ) |
| Adjustments | |
| - | | |
| - | | |
| (546 | ) | |
| (546 | ) |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Beginning Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Additions | |
| - | | |
| - | | |
| - | | |
| - | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
| X |
- References
+ Details
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REAX_DisclosureOfGoodwillAbstract |
| Namespace Prefix: |
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| Data Type: |
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-Number 1
-IssueDate 2024-01-01
-Paragraph 10
-Subparagraph e
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v3.24.3
CAPITAL AND RESERVES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Capital And Reserves |
|
| CAPITAL AND RESERVES |
12. CAPITAL AND RESERVES
Share
capital and share premium
All
Common Shares rank equally with regards to the Company’s residual assets. The following table is presented in thousands:
SCHEDULE
OF DETAILED INFORMATION ABOUT RESERVES WITHIN EQUITY
| | | |
Authorized | | |
Issued and Paid | |
| | | |
September 30, 2024 | | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2023 | |
| | Ordinary
shares no-par value | | |
| unlimited | | |
| unlimited | | |
| 197,738 | | |
| 183,605 | |
During
the nine-month period ended September 30, 2024, the Company issued 14.1 million shares due to exercise of stock options, exercise of
warrants, and release of restricted stock units granted to agents and employees.
During
the quarter ended September 30, 2024, the Company repurchased 2.7 million Common Shares for a total of $15.1 million. During the quarter
ended September 30, 2023, the Company repurchased $0.1 million Common Shares for a total of $0.4 million.
Total
number of shares held by our trustee in the NCIB is 194 thousand and 175 thousand as of September 30, 2024 and December 31, 2023, respectively.
|
| X |
- References
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-Number 1
-IssueDate 2024-01-01
-Paragraph 79
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v3.24.3
LIQUIDITY AND CAPITAL RESOURCES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Liquidity And Capital Resources |
|
| LIQUIDITY AND CAPITAL RESOURCES |
13. LIQUIDITY AND CAPITAL RESOURCES
Real
defines capital as its equity. It is comprised of share premium, stock-based compensation reserves, deficit, other reserves, treasury
stock, and non-controlling interests. The Company’s capital management framework is designed to maintain a level of capital that
funds the operations and business strategies and builds long-term shareholder value.
The
Company’s objective is to manage its capital structure in such a way as to diversify its funding sources, while minimizing its
funding costs and risks. The Company sets the amount of capital in proportion to the risk and adjusts by considering changes in economic
conditions and the characteristic risk of underlying assets. To maintain or adjust the capital structure, the Company may repurchase
shares, return capital to shareholders, issue new shares or sell assets to reduce debt.
Real’s
objective is met by retaining adequate liquidity to provide the possibility that cash flows from its assets will not be sufficient to
meet operational, investing and financing requirements. There have been no changes to the Company’s capital management policies
during the periods ended September 30, 2024, and December 31, 2023.
The
following table presents the Company’s liquidity (in thousands):
SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
December 31, 2023 | |
| Cash | |
| 21,580 | | |
| 14,707 | |
| Other Receivables | |
| 43 | | |
| 63 | |
| Investments in Financial Assets | |
| 10,398 | | |
| 14,222 | |
| Total | |
| 32,021 | | |
| 28,992 | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
| X |
- References
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v3.24.3
FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes and other explanatory information [abstract] |
|
| FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT |
14. FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT
Accounting
classifications and fair value (in thousands)
SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS
| | |
For the Period Ended September 30,
2024 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 21,580 | | |
| - | | |
| 21,580 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 27,516 | | |
| - | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Funds Held in Restricted Escrow Account | |
| 9,250 | | |
| - | | |
| 9,250 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 17,305 | | |
| - | | |
| 17,305 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 75,694 | | |
| - | | |
| 75,694 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 1,133 | | |
| 1,133 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 30,991 | | |
| 30,991 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 27,516 | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 12,843 | | |
| 12,843 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 72,483 | | |
| 72,483 | | |
| - | | |
| - | | |
| - | |
| | |
For the Year Ended December 31, 2023 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Financial Liabilities Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Total Financial Liabilities Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 14,707 | | |
| - | | |
| 14,707 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 12,948 | | |
| - | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 6,441 | | |
| - | | |
| 6,441 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 63 | | |
| - | | |
| 63 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 34,159 | | |
| - | | |
| 34,159 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 571 | | |
| 571 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 13,374 | | |
| 13,374 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 12,948 | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 302 | | |
| 302 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 27,195 | | |
| 27,195 | | |
| - | | |
| - | | |
| - | |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| A. | Transfers
between levels |
During
the periods ended September 30, 2024, and December 31, 2023, there have been no transfers between Level 1, Level 2 and Level 3.
| B. | Valuation
techniques and inputs for level 2 instruments |
The
warrants were initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and are subsequently
re-measured to fair value at each subsequent balance sheet date.
| C. | Financial
risk management |
The
Company has exposure to the following risks arising from financial instruments:
| – | liquidity
risk (see (iii)); |
| – | market
risk (see (iv)); and |
| – | investment
risk (see (v)). |
| i. | Risk
management framework |
The
Company’s activity exposes it to a variety of financial risks, including credit risk, liquidity risk, market risk and investment
risk. These financial risks are managed by the Company under policies approved by the Board of Directors. The principal financial risks
are actively managed by the Company’s finance department, within the policies and guidelines.
On
an ongoing basis, the finance department actively monitors the market conditions, with a view of minimizing exposure of the Company to
changing market factors, while at the same time limiting the funding costs of the Company.
The
Company’s Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
Credit
risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Company’s receivables from customers. The receivables are processed through an intermediary
trustee, as part of the structure of every deal, which ensures collection on the close of a successful transaction. In order to mitigate
the residual risk, the Company contracts exclusively with reputable and credit-worthy partners.
The
carrying amount of financial assets represents the maximum credit exposure.
Trade
receivables
The
Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management
also considers other factors may influence the credit risk of the customer base, including the default risk associated with the industry
and the country in which the customers operate.
The
Company does not require collateral in respect to trade and other receivables. The Company does not have trade receivables for which
no loss allowance is recognized because of collateral.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Loss
rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing through successive stages
of delinquency to write-off. Roll rates are calculated separately for exposures in different Cash Generating Units based on the following
common credit risk characteristics – geographic region, credit information about the customer and the type of home purchased.
Loss
rates are based on actual credit loss experience. These rates are multiplied by scalar factors to reflect differences between economic
conditions during the period over which the historical data has been collected, compared to current conditions of the Company’s
view of economic conditions over the expected lives of the receivables.
As
of September 30, 2024, the exposure to credit risk for trade receivables (in thousands) by geographic region was as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION
| | |
September 30, 2024 | | |
December 31, 2023 | |
| US | |
| 11,376 | | |
| 4,607 | |
| Other Regions | |
| 5,929 | | |
| 1,834 | |
| Trade Receivables | |
| 17,305 | | |
| 6,441 | |
Liquidity
risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company’s approach to maintaining liquidity is to ensure, as far
as possible, that it will have sufficient cash and cash equivalents and other liquid assets to meet its liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
Market
risk is the risk that changes in market prices – e.g. foreign exchange rates, interest rates and equity prices – will affect
the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage
and control market risk exposures within acceptable parameters, while optimizing the return.
Currency
risk
The
Company is exposed to transactional foreign currency risk to the extent there is a mismatch between currencies in which purchases and
receivables are denominated and the respective functional currencies of the Company. The currencies in which transactions are primarily
denominated are US dollars, Israeli shekel and Canadian dollars.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
Sensitivity
analysis
A
reasonably possible strengthening (weakening) of the U.S. dollar (USD), Israeli shekel (ILS), or Canadian Dollar (CAD) against all other
currencies in which the Company operates as of September 30, 2024 and December 31, 2023 would have affected the measurement of financial
instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes
that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The following
table is presented in thousands:
SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
| | |
Average Rate | | |
Period-end Spot Rate | |
| | |
Strengthening | | |
Weakening | | |
Strengthening | | |
Weakening | |
| Balance at, September 30, 2024 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 324 | | |
| (324 | ) | |
| 441 | | |
| (441 | ) |
| ILS (-5% movement) | |
| (26 | ) | |
| 26 | | |
| (97 | ) | |
| 97 | |
| Balance at, December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 485 | | |
| (485 | ) | |
| 655 | | |
| (655 | ) |
| ILS (-5% movement) | |
| 33 | | |
| (33 | ) | |
| 121 | | |
| (121 | ) |
Foreign
Currency Risk Management
The
Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange
rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts.
The
carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities (in thousands) at the reporting
date are as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT
| | |
Liabilities | | |
Assets | |
| | |
September 30, 2024 | | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2023 | |
| CAD | |
| (28,842 | ) | |
| (13,463 | ) | |
| 17,386 | | |
| 4,949 | |
| ILS | |
| (67 | ) | |
| (178 | ) | |
| 7,642 | | |
| 7,494 | |
| Total Exposure | |
| (28,909 | ) | |
| (13,641 | ) | |
| 25,028 | | |
| 12,443 | |
The
Company invested into a managed investment portfolio, exposing it to risk of losses based on market fluctuations. Securities are purchased
on behalf of the Company and are actively managed through multiple investment accounts. Funds apportioned for investment are allocated
accordingly to the investment guidelines set forth by Management. Investments are made in U.S. currency.
The
Company follows a conservative investment approach with limited risk for investment activities and has allocated the funds in Level 1
assets to reduce market risk exposure.
Information
about the Company’s investment activity is included in Note 8.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
| X |
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v3.24.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments And Contingencies |
|
| COMMITMENTS AND CONTINGENCIES |
15. COMMITMENTS AND CONTINGENCIES
In
December 2023, the Company was named as a defendant in a putative class action lawsuit, captioned Umpa v. The National Association
of Realtors, et al., which was filed in the United States District Court for the Western District of Missouri (the “Umpa
Matter”). The Umpa Matter alleges that certain real estate brokerages, including the Company, participated in practices that
resulted in inflated buyer broker commissions, in violation of federal antitrust laws. On April 7, 2024, the Company entered into a settlement
agreement to resolve the Umpa Matter on a nationwide basis. This settlement conclusively addresses all claims asserted against the Company
in the Umpa Matter, releasing the Company, its subsidiaries, and affiliated agents from these claims. The settlement does not constitute
an admission of liability by the Company, nor does it concede or validate any of the claims asserted in the litigation. Pursuant to the
terms of the settlement agreement, the Company paid $9.25 million into a qualified settlement fund following the court’s preliminary
approval of the settlement agreement. This settlement amount is presented as a current asset in funds held in restricted escrow account,
and as a current liability in other payables, on the Company’s Consolidated Statements of Financial Position for the period ended
September 30, 2024.
Additionally,
the Company agreed to implement specific changes to its business practices. These changes include clarifications about the negotiability
of commissions, prohibitions on claims that buyer agent services are free, and the inclusion of listing broker compensation offers in
communications with clients. The Company also agreed to develop training materials to support these practice changes. The settlement
agreement received final court approval on October 31, 2024, and will take effect following any appeals process, if applicable.
There were no changes to the settlement agreement between preliminary and final approval. The Company does not foresee the settlement
terms having a material impact on its future operations.
On
June 14, 2024, the Company was named as a defendant in a putative class action lawsuit, captioned Kyle Miholich v. The Real Brokerage
Inc., et al., which was filed in the United States District Court for the Southern District of California (“Class Action”).
The Class Action alleges that real estate agents acting as independent contractors to the Company under an Independent Contractor
Agreement sent text messages that violated the federal Telephone Consumer Protection Act. The Company’s policies require the
independent contractor real estate agents to comply with the Telephone Consumer Protection Act. The plaintiffs are seeking certification
of the Class Action, injunctive relief prohibiting future violations of the Telephone Consumer Protection Act, monetary damages for each
alleged statutory violation and reimbursement of their litigation costs and attorneys’ fees. The Company will vigorously defend
against the claims asserted in the Class Action, and the Company is unable to predict the outcome of the Class Action or whether an outcome
unfavorable to the Company would have a material adverse effect on its results of operations or financial condition.
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v3.24.3
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions |
|
| RELATED PARTY TRANSACTIONS |
16. RELATED PARTY TRANSACTIONS
Balances
and transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. The Company’s key management personnel are comprised of its Chief Executive Officer, Chief Financial Officer,
President, Chief Technology Officer, and Chief Marketing Officer, and other members of the executive team. Executive officers participate
in the A&R Plan (see Note 7.A). Directors and officers of the Company control approximately 33.9% of the voting shares of
the Company. The remuneration of key management personnel and directors of the Company who are part of related parties is set out below
(in thousands):
SCHEDULE
OF DETAILED INFORMATION ABOUT RELATED PARTY
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Salaries and Benefits | |
| 2,834 | | |
| 1,944 | |
| Stock-Based Compensation | |
| 5,559 | | |
| 2,814 | |
| Compensation Expenses for Related Parties | |
| 8,393 | | |
| 4,758 | |
|
v3.24.3
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary Of Material Accounting Policies |
|
| Basis of preparation |
The
unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting
as issued by the International Accounting Standards Board (IASB). The interim condensed consolidated financial statements do not include
all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the
Company’s annual audited consolidated financial statements for the period ended December 31, 2023. These unaudited interim condensed
consolidated financial statements were authorized for issuance by the Company’s Board of Directors on November 4, 2024.
All
dollar amounts are in U.S. dollars unless otherwise stated.
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
|
| Recent Accounting Pronouncements |
| B. | Recent
Accounting Pronouncements |
In
April 2024, the IASB issued IFRS 18 “Presentation and Disclosure in Financial Statements” (“IFRS 18”). IFRS 18
mainly introduces three sets of requirements to give investors more transparent and comparable information about companies’ financial
performance: additional subtotals with newly defined categories for classifying income and expenses in the statement of profit or loss,
disclosures about management-defined performance measures, and enhanced requirements for more useful grouping of information in the financial
statements.
IFRS
18 will replace IAS 1 and will be effective for annual periods beginning on or after January 1, 2027. The impact of IFRS 18 on Real’s
consolidated financial statements is being evaluated.
|
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v3.24.3
REVENUE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue |
|
| SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS |
In
the following table, revenue (in thousands) from contracts with customers is disaggregated by major service lines.
SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
| | |
| | | |
| | | |
| | | |
| | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Main revenue streams | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| 369,890 | | |
| 213,319 | | |
| 907,716 | | |
| 504,456 | |
| Title | |
| 1,400 | | |
| 964 | | |
| 3,450 | | |
| 2,510 | |
| Mortgage Income | |
| 1,198 | | |
| 357 | | |
| 2,843 | | |
| 851 | |
| Total Revenue | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| | |
| | | |
| | | |
| | | |
| | |
| Timing of Revenue Recognition | |
| | | |
| | | |
| | | |
| | |
| Products and Services Transferred at a Point in Time | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
| Revenue from Contracts with Customers | |
| 372,488 | | |
| 214,640 | | |
| 914,009 | | |
| 507,817 | |
|
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v3.24.3
EXPENSES BY NATURE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Expenses By Nature |
|
| SCHEDULE OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION |
In
the following table, cost of sales represents real estate commissions paid to the Company’s agents, as well as to outside brokerages
in Canada, and Title Fee Expenses (in thousands).
SCHEDULE
OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Commissions and other agent-related costs | |
| 340,359 | | |
| 195,865 | | |
| 829,253 | | |
| 460,475 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| General and Administrative Expenses | |
| 16,301 | | |
| 9,234 | | |
| 42,452 | | |
| 27,526 | |
| Salaries and Benefits | |
| 7,314 | | |
| 4,740 | | |
| 19,748 | | |
| 13,907 | |
| Stock Based Compensation | |
| 2,825 | | |
| 203 | | |
| 6,245 | | |
| 2,290 | |
| Administrative Expenses | |
| 1,066 | | |
| 1,227 | | |
| 2,835 | | |
| 2,817 | |
| Professional Fees | |
| 3,917 | | |
| 2,179 | | |
| 10,339 | | |
| 5,794 | |
| Depreciation and Amortization Expense | |
| 358 | | |
| 277 | | |
| 1,024 | | |
| 830 | |
| Other General and Administrative Expenses | |
| 821 | | |
| 608 | | |
| 2,261 | | |
| 1,888 | |
| Marketing Expenses | |
| 15,261 | | |
| 11,577 | | |
| 43,779 | | |
| 29,527 | |
| Salaries and Benefits | |
| 279 | | |
| 230 | | |
| 721 | | |
| 540 | |
| Stock Based Compensation for Employees | |
| 6 | | |
| 13 | | |
| 11 | | |
| 35 | |
| Stock Based Compensation for Agents | |
| 2,665 | | |
| 2,769 | | |
| 7,137 | | |
| 5,950 | |
| Revenue Share | |
| 11,651 | | |
| 7,946 | | |
| 33,190 | | |
| 21,064 | |
| Other Marketing and Advertising Cost | |
| 660 | | |
| 619 | | |
| 2,720 | | |
| 1,938 | |
| Research and Development Expenses | |
| 3,045 | | |
| 1,931 | | |
| 8,115 | | |
| 5,034 | |
| Salaries and Benefits | |
| 1,681 | | |
| 1,131 | | |
| 4,394 | | |
| 2,537 | |
| Stock Based Compensation | |
| 308 | | |
| 69 | | |
| 641 | | |
| 193 | |
| Other Research and Development | |
| 1,056 | | |
| 731 | | |
| 3,080 | | |
| 2,304 | |
| Settlement of Litigation | |
| — | | |
| — | | |
| 9,250 | | |
| — | |
| Total Cost of Sales and Operating Expenses | |
| 374,966 | | |
| 218,607 | | |
| 932,849 | | |
| 522,562 | |
|
| SCHEDULE OF FINANCE COST |
The
following table provides a detailed breakdown of finance costs (in thousands) as reported in the Condensed Consolidated Statement of
Income (Loss):
SCHEDULE
OF FINANCE COST
| | |
| | |
| | |
| | |
| |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| Description | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Change in Fair Value of Warrants Outstanding | |
| 129 | | |
| (78 | ) | |
| 600 | | |
| 4 | |
| Realized Losses (Gains) | |
| 4 | | |
| 14 | | |
| 2 | | |
| 99 | |
| Bank Fees | |
| 245 | | |
| 153 | | |
| 556 | | |
| 431 | |
| Finance Costs | |
| (164 | ) | |
| (80 | ) | |
| 131 | | |
| 53 | |
| Total Finance Expenses | |
| 214 | | |
| 10 | | |
| 1,289 | | |
| 587 | |
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v3.24.3
OPERATING SEGMENTS DISCLOSURES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Operating Segments Disclosures |
|
| SCHEDULE OF OPERATING SEGMENTS |
The
following tables present significant information about the Company’s reportable operating segments as reported to the Company’s
CODM:
SCHEDULE
OF OPERATING SEGMENTS
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 369,890 | | |
| 2,598 | | |
| 372,488 | |
| Commissions and other agent-related costs | |
| 339,507 | | |
| 852 | | |
| 340,359 | |
| Gross Profit | |
| 30,383 | | |
| 1,746 | | |
| 32,129 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 13,592 | | |
| 2,709 | | |
| 16,301 | |
| Marketing expenses | |
| 15,240 | | |
| 21 | | |
| 15,261 | |
| Research and development expenses | |
| 3,010 | | |
| 35 | | |
| 3,045 | |
| Litigation expenses | |
| | | |
| | | |
| | |
| Operating Loss | |
| (1,459 | ) | |
| (1,019 | ) | |
| (2,478 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 151 | | |
| - | | |
| 151 | |
| Finance expenses, net | |
| (189 | ) | |
| (25 | ) | |
| (214 | ) |
| Net Loss | |
| (1,497 | ) | |
| (1,044 | ) | |
| (2,541 | ) |
THE
REAL BROKERAGE INC.
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE PERIOD ENDED SEPTEMBER 30, 2024 AND 2023
UNAUDITED
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2024 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 907,716 | | |
| 6,293 | | |
| 914,009 | |
| Commissions and other agent-related costs | |
| 827,243 | | |
| 2,010 | | |
| 829,253 | |
| Gross Profit | |
| 80,473 | | |
| 4,283 | | |
| 84,756 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 35,283 | | |
| 7,169 | | |
| 42,452 | |
| Marketing expenses | |
| 43,697 | | |
| 82 | | |
| 43,779 | |
| Research and development expenses | |
| 8,016 | | |
| 99 | | |
| 8,115 | |
| Litigation expenses | |
| 9,250 | | |
| - | | |
| 9,250 | |
| Operating Loss | |
| (15,773 | ) | |
| (3,067 | ) | |
| (18,840 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 381 | | |
| - | | |
| 381 | |
| Finance expenses, net | |
| (1,230 | ) | |
| (59 | ) | |
| (1,289 | ) |
| Net Loss | |
| (16,622 | ) | |
| (3,126 | ) | |
| (19,748 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Three Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 213,319 | | |
| 1,321 | | |
| 214,640 | |
| Commissions and other agent-related costs | |
| 195,492 | | |
| 373 | | |
| 195,865 | |
| Gross Profit | |
| 17,827 | | |
| 948 | | |
| 18,775 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 7,513 | | |
| 1,721 | | |
| 9,234 | |
| Marketing expenses | |
| 11,537 | | |
| 40 | | |
| 11,577 | |
| Research and development expenses | |
| 1,910 | | |
| 21 | | |
| 1,931 | |
| Operating Loss | |
| (3,133 | ) | |
| (834 | ) | |
| (3,967 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 38 | | |
| — | | |
| 38 | |
| Finance expenses, net | |
| (15 | ) | |
| 5 | | |
| (10 | ) |
| Net Loss | |
| (3,110 | ) | |
| (829 | ) | |
| (3,939 | ) |
| | |
| | | |
| | | |
| | |
| | |
For the Nine Months Ended September
30, 2023 | |
| | |
North
American Brokerage | | |
Other Segments | | |
Total | |
| Revenues | |
| 504,456 | | |
| 3,361 | | |
| 507,817 | |
| Commissions and other agent-related costs | |
| 459,559 | | |
| 916 | | |
| 460,475 | |
| Gross Profit | |
| 44,897 | | |
| 2,445 | | |
| 47,342 | |
| | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| 22,597 | | |
| 4,929 | | |
| 27,526 | |
| Marketing expenses | |
| 29,432 | | |
| 95 | | |
| 29,527 | |
| Research and development expenses | |
| 4,980 | | |
| 54 | | |
| 5,034 | |
| Operating Loss | |
| (12,112 | ) | |
| (2,633 | ) | |
| (14,745 | ) |
| | |
| | | |
| | | |
| | |
| Other income (expenses), net | |
| 106 | | |
| - | | |
| 106 | |
| Finance expenses, net | |
| (589 | ) | |
| 2 | | |
| (587 | ) |
| Net Loss | |
| (12,595 | ) | |
| (2,631 | ) | |
| (15,226 | ) |
|
| SCHEDULE OF REVENUE GEOGRAPHY |
The
amount of revenue from external customers, by geography, is shown in the table below:
SCHEDULE
OF REVENUE GEOGRAPHY
| | |
| | | |
| | |
| | |
For the Three Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 319,411 | | |
| 171,042 | |
| Canada | |
| 53,077 | | |
| 43,598 | |
| Total revenue by region | |
| 372,488 | | |
| 214,640 | |
| | |
| | | |
| | |
| | |
For the Nine Months Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| United States | |
| 792,161 | | |
| 424,396 | |
| Canada | |
| 121,848 | | |
| 83,421 | |
| Total revenue by region | |
| 914,009 | | |
| 507,817 | |
|
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v3.24.3
BASIC AND DILUTED LOSS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Basic And Diluted Loss Per Share |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT LOSS PER SHARE |
The
following table outlines the number of Common Shares (in thousands) and basic and diluted loss per share.
SCHEDULE
OF DETAILED INFORMATION ABOUT LOSS PER SHARE
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Issued Common Shares at the beginning of the period | |
| 194,497 | | |
| 180,350 | | |
| 183,606 | | |
| 179,922 | |
| Effect of Treasury Purchases | |
| (1,955 | ) | |
| - | | |
| (3,557 | ) | |
| - | |
| Release of Shares | |
| 2,183 | | |
| - | | |
| 1,816 | | |
| - | |
| Effect of Warrant Exercise | |
| 50 | | |
| - | | |
| 51 | | |
| - | |
| Effect of Treasury Issuance | |
| 679 | | |
| - | | |
| 4,728 | | |
| 12 | |
| Effect of Share Options Exercise | |
| 1,214 | | |
| 261 | | |
| 2,220 | | |
| 224 | |
| Weighted-average numbers of Common Shares | |
| 196,668 | | |
| 180,611 | | |
| 188,864 | | |
| 180,158 | |
| | |
| | | |
| | | |
| | | |
| | |
| Loss per share | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted loss per share | |
| (0.01 | ) | |
| (0.02 | ) | |
| (0.11 | ) | |
| (0.09 | ) |
|
| SCHEDULE OF ANTI -DILUTIVE WEIGHTED AVERAGE LOSS PER SHARE |
The
following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares
for the purpose of diluted earnings per share.
SCHEDULE
OF ANTI -DILUTIVE WEIGHTED AVERAGE LOSS PER SHARE
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Options | |
| 15,662 | | |
| 22,319 | |
| RSU | |
| 27,097 | | |
| 22,254 | |
| Total | |
| 42,759 | | |
| 44,573 | |
|
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v3.24.3
SHARE-BASED PAYMENT ARRANGEMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-based Payment Arrangements |
|
| SCHEDULE OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT |
The
following table depicts the number of Options granted apart from the Company’s various acquisitions (in thousands):
SCHEDULE
OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT
| Grant Date | |
Number
of Options | | |
Vesting Conditions | |
Contractual
Life of
Options |
| Balance January 1, 2023 | |
| 27,057 | | |
| |
|
| On March, 2023 | |
| 1,500 | | |
16.7% on first anniversary, then quarterly vesting | |
10 years |
| On March, 2023 | |
| 15 | | |
3 years quarterly vest | |
10 years |
| On June, 2023 | |
| 65 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| On August, 2023 | |
| 85 | | |
3 years quarterly vest | |
10 years |
| On November, 2023 | |
| 10 | | |
33.3% on first anniversary, then quarterly vesting | |
10 years |
| Balance December 31, 2023 | |
| 28,732 | | |
| |
|
| Balance January 1, 2024 | |
| 28,732 | | |
| |
|
| On April, 2024 | |
| 45 | | |
3 years vest | |
10 years |
| On August, 2024 | |
| 30 | | |
3 years vest | |
10 years |
| Balance September 30, 2024 | |
| 28,807 | | |
| |
|
|
| SCHEDULE OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD |
The
fair value of the Options has been measured using the Black-Scholes formula which was also used to determine the Company’s share
value. Service and non-market performance conditions attached to the arrangements were not considered in measuring fair value. The inputs
used in the measurement of the fair value at the grant and measurement date of options granted in the period were as follows:
SCHEDULE
OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Share price | |
$ | 4.31
to $5.72 | | |
$ | 1.25
to $1.67 | |
| Expected volatility (weighted-average) | |
| 73%
to 95 | % | |
| 108 | % |
| Expected life (weighted-average) | |
| 4.13
to 10 years | | |
| 10
years | |
| Expected dividends | |
| - | % | |
| - | % |
| Risk-free interest rate (based on US government bonds) | |
| 4.24
- 4.26 | % | |
| 3.62
- 3.73 | % |
|
| SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS |
The
following table outlines the number of Options (in thousands) and weighted-average exercise price:
SCHEDULE
OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
Number
of Options | | |
Weighted- Average Exercise
Price | | |
Number
of Options | | |
Weighted- Average Exercise
Price | |
| Outstanding at beginning of year | |
| 21,943 | | |
$ | 0.92 | | |
| 21,746 | | |
$ | 0.87 | |
| Granted | |
| 75 | | |
| 4.87 | | |
| 1,675 | | |
| 1.28 | |
| Forfeited/ Expired | |
| (74 | ) | |
| 1.43 | | |
| (312 | ) | |
| 1.41 | |
| Exercised | |
| (6,282 | ) | |
| 0.59 | | |
| (1,166 | ) | |
| 0.36 | |
| Outstanding at end of period | |
| 15,662 | | |
$ | 1.06 | | |
| 21,943 | | |
$ | 0.92 | |
| Exercisable at end of period | |
| 11,820 | | |
| 0.91 | | |
| 15,566 | | |
| 0.72 | |
|
| SCHEDULE OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN |
The
following table illustrates the Company’s stock activity (in thousands of units) for the restricted share units under its equity
plan.
SCHEDULE
OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN
| | |
Restricted
Share Units | |
| Balance at, December 31, 2022 | |
| 16,908 | |
| Granted | |
| 23,400 | |
| Vested and Issued | |
| (10,631 | ) |
| Forfeited | |
| (2,068 | ) |
| Balance at, December 31, 2023 | |
| 27,609 | |
| Granted | |
| 14,583 | |
| Vested and Issued | |
| (13,896 | ) |
| Forfeited | |
| (1,199 | ) |
| Balance at, September 30, 2024 | |
| 27,097 | |
|
| SCHEDULE OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS |
The
following table provides a detailed breakdown of the stock-based compensation expense (in thousands) as reported in the Condensed Consolidated
Statement of Loss and Comprehensive Loss.
SCHEDULE
OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
Options Expense | | |
RSU Expense | | |
Total | | |
Options Expense | | |
RSU
Expense | | |
Total | |
| COGS – Agent Stock Based Compensation | |
| - | | |
| 23,763 | | |
| 23,763 | | |
| - | | |
| 10,512 | | |
| 10,512 | |
| Marketing Expenses – Agent Stock Based Compensation | |
| 301 | | |
| 6,836 | | |
| 7,137 | | |
| 2,033 | | |
| 3,917 | | |
| 5,950 | |
| Marketing Expenses – FTE Stock Based Compensation | |
| 2 | | |
| 9 | | |
| 11 | | |
| 5 | | |
| 30 | | |
| 35 | |
| Research and Development – FTE Stock Based Compensation | |
| 20 | | |
| 621 | | |
| 641 | | |
| 68 | | |
| 125 | | |
| 193 | |
| General and Administrative – FTE Stock Based Compensation | |
| 1,448 | | |
| 4,797 | | |
| 6,245 | | |
| 1,166 | | |
| 1,124 | | |
| 2,290 | |
| Total Stock Based Compensation | |
| 1,771 | | |
| 36,026 | | |
| 37,797 | | |
| 3,272 | | |
| 15,708 | | |
| 18,980 | |
|
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v3.24.3
INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments In Available For Sale Securities At Fair Value |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE |
The
following table provides a detailed breakdown of short-term investments (in thousands) as reported in the Condensed Consolidated Statements
of Financial Positions:
SCHEDULE
OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE
Gross
Unrealized Gains/(Losses)
| Description | |
Estimated
Fair Value December
31, 2023 | | |
Deposit
/ (Withdraw) | | |
Dividends, Interest
& Income | | |
Gross Unrealized Gains
/ (Losses) | | |
Estimated
Fair Value September
30, 2024 | |
| Cash Investments | |
| 6,531 | | |
| (6,728 | ) | |
| 225 | | |
| - | | |
| 28 | |
| Fixed Income | |
| 7,597 | | |
| 2,478 | | |
| 144 | | |
| 95 | | |
| 10,314 | |
| Investment Certificate | |
| 94 | | |
| - | | |
| - | | |
| (38 | ) | |
| 56 | |
| Total | |
| 14,222 | | |
| (4,250 | ) | |
| 369 | | |
| 57 | | |
| 10,398 | |
|
| X |
- References
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| Namespace Prefix: |
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|
v3.24.3
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property And Equipment |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT |
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT
| | |
Computer Equipment | | |
Software | | |
Furniture
and Equipment | | |
Total | |
| | |
| | |
| | |
| | |
| |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Beginning Balance | |
| 526 | | |
| 969 | | |
| 96 | | |
| 1,591 | |
| Disposals | |
| - | | |
| - | | |
| (86 | ) | |
| (86 | ) |
| Additions | |
| 138 | | |
| 449 | | |
| - | | |
| 587 | |
| Balance at December 31, 2023 | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Beginning Balance | |
| 664 | | |
| 1,418 | | |
| 10 | | |
| 2,092 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Additions | |
| 148 | | |
| 816 | | |
| - | | |
| 964 | |
| Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at September 30, 2024 | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Ending Balance | |
| 795 | | |
| 2,234 | | |
| 10 | | |
| 3,039 | |
| Accumulated Depreciation | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Beginning Balance | |
| 118 | | |
| 57 | | |
| 66 | | |
| 241 | |
| Disposals | |
| - | | |
| - | | |
| (65 | ) | |
| (65 | ) |
| Depreciation | |
| 125 | | |
| 191 | | |
| - | | |
| 316 | |
| Balance at December 31, 2023 | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Beginning Balance | |
| 243 | | |
| 248 | | |
| 1 | | |
| 492 | |
| Disposals | |
| (17 | ) | |
| - | | |
| - | | |
| (17 | ) |
| Depreciation | |
| 100 | | |
| 255 | | |
| - | | |
| 355 | |
| Balance at September 30, 2024 | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| Ending Balance | |
| 326 | | |
| 503 | | |
| 1 | | |
| 830 | |
| | |
| | | |
| | | |
| | | |
| | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Beginning Balance | |
| 421 | | |
| 1,170 | | |
| 9 | | |
| 1,600 | |
| Balance at September 30, 2024 | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
| Ending Balance | |
| 469 | | |
| 1,731 | | |
| 9 | | |
| 2,209 | |
|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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|
v3.24.3
INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure of detailed information about intangible assets [abstract] |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS |
SCHEDULE
OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS
| | |
Intangible Assets | |
| Cost | |
| | |
| Balance at December 31, 2022 | |
| 3,933 | |
| Purchase Price Allocation Adjustment | |
| 530 | |
| Depreciation | |
| | |
| Balance at December 31, 2023 | |
| 4,463 | |
| Additions | |
| 15 | |
| Balance at September 30, 2024 | |
| 4,478 | |
| Accumulated Depreciation | |
| | |
| Balance at December 31, 2022 | |
| 225 | |
| Depreciation | |
| 796 | |
| Balance at December 31, 2023 | |
| 1,021 | |
| Beginning Balance | |
| 1,021 | |
| Depreciation | |
| 669 | |
| Balance at September 30, 2024 | |
| 1,690 | |
| Ending Balance | |
| 1,690 | |
| | |
| | |
| Carrying Amounts | |
| | |
| Balance at December 31, 2023 | |
| 3,442 | |
| Ending Balance | |
| 3,442 | |
| Balance at September 30, 2024 | |
| 2,788 | |
| Ending Balance | |
| 2,788 | |
|
| X |
- References
+ Details
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
GOODWILL (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Disclosure Of Goodwill Abstract |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS |
SCHEDULE
OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS
| | |
Realty Crunch | | |
Expetitle | | |
LemonBrew | | |
Total | |
| Cost | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2022 | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Beginning Balance | |
| 602 | | |
| 8,393 | | |
| 1,267 | | |
| 10,262 | |
| Impairment | |
| - | | |
| (723 | ) | |
| - | | |
| (723 | ) |
| Adjustments | |
| - | | |
| - | | |
| (546 | ) | |
| (546 | ) |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Beginning Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Additions | |
| - | | |
| - | | |
| - | | |
| - | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Carrying Amounts | |
| | | |
| | | |
| | | |
| | |
| Balance at December 31, 2023 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Balance at September 30, 2024 | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
| Ending Balance | |
| 602 | | |
| 7,670 | | |
| 721 | | |
| 8,993 | |
|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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|
v3.24.3
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 79
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_79_b&doctype=Standard
-URIDate 2024-03-27
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|
v3.24.3
LIQUIDITY AND CAPITAL RESOURCES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Liquidity And Capital Resources |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY |
The
following table presents the Company’s liquidity (in thousands):
SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY
| | |
September 30, 2024 | | |
December 31, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
December 31, 2023 | |
| Cash | |
| 21,580 | | |
| 14,707 | |
| Other Receivables | |
| 43 | | |
| 63 | |
| Investments in Financial Assets | |
| 10,398 | | |
| 14,222 | |
| Total | |
| 32,021 | | |
| 28,992 | |
|
| X |
- References
+ Details
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| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
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| Period Type: |
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|
v3.24.3
FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Notes and other explanatory information [abstract] |
|
| SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS |
SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS
| | |
For the Period Ended September 30,
2024 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 10,398 | | |
| - | | |
| 10,398 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 21,580 | | |
| - | | |
| 21,580 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 27,516 | | |
| - | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Funds Held in Restricted Escrow Account | |
| 9,250 | | |
| - | | |
| 9,250 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 17,305 | | |
| - | | |
| 17,305 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 43 | | |
| - | | |
| 43 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 75,694 | | |
| - | | |
| 75,694 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 1,133 | | |
| 1,133 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 30,991 | | |
| 30,991 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 27,516 | | |
| 27,516 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 12,843 | | |
| 12,843 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 72,483 | | |
| 72,483 | | |
| - | | |
| - | | |
| - | |
| | |
For the Year Ended December 31, 2023 | |
| | |
Carrying Amount | | |
Fair Value | |
| | |
Financial Assets at
Amortized Cost | | |
Other
Financial
Liabilities | | |
Total | | |
Level 1 | | |
Level 2 | | |
Total | |
| Financial Assets Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments in Financial Assets | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Total Financial Assets Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| 14,222 | | |
| - | | |
| 14,222 | |
| Financial Liabilities Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Total Financial Liabilities Measured at Fair Value (FV) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 269 | | |
| 269 | |
| Financial Assets Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cash and Cash Equivalents | |
| 14,707 | | |
| - | | |
| 14,707 | | |
| - | | |
| - | | |
| - | |
| Restricted Cash | |
| 12,948 | | |
| - | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Trade Receivables | |
| 6,441 | | |
| - | | |
| 6,441 | | |
| - | | |
| - | | |
| - | |
| Other Receivables | |
| 63 | | |
| - | | |
| 63 | | |
| - | | |
| - | | |
| - | |
| Total Financial Assets Not Measured at Fair Value (FV) | |
| 34,159 | | |
| - | | |
| 34,159 | | |
| - | | |
| - | | |
| - | |
| Financial Liabilities Not Measured at Fair Value (FV) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accounts Payable | |
| - | | |
| 571 | | |
| 571 | | |
| - | | |
| - | | |
| - | |
| Accrued Liabilities | |
| - | | |
| 13,374 | | |
| 13,374 | | |
| - | | |
| - | | |
| - | |
| Customer Deposits | |
| - | | |
| 12,948 | | |
| 12,948 | | |
| - | | |
| - | | |
| - | |
| Other Payables | |
| - | | |
| 302 | | |
| 302 | | |
| - | | |
| - | | |
| - | |
| Total Financial Liabilities Not Measured at Fair Value (FV) | |
| - | | |
| 27,195 | | |
| 27,195 | | |
| - | | |
| - | | |
| - | |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION |
As
of September 30, 2024, the exposure to credit risk for trade receivables (in thousands) by geographic region was as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION
| | |
September 30, 2024 | | |
December 31, 2023 | |
| US | |
| 11,376 | | |
| 4,607 | |
| Other Regions | |
| 5,929 | | |
| 1,834 | |
| Trade Receivables | |
| 17,305 | | |
| 6,441 | |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS |
SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS
| | |
Average Rate | | |
Period-end Spot Rate | |
| | |
Strengthening | | |
Weakening | | |
Strengthening | | |
Weakening | |
| Balance at, September 30, 2024 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 324 | | |
| (324 | ) | |
| 441 | | |
| (441 | ) |
| ILS (-5% movement) | |
| (26 | ) | |
| 26 | | |
| (97 | ) | |
| 97 | |
| Balance at, December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
| CAD (-5% movement) | |
| 485 | | |
| (485 | ) | |
| 655 | | |
| (655 | ) |
| ILS (-5% movement) | |
| 33 | | |
| (33 | ) | |
| 121 | | |
| (121 | ) |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT |
The
carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities (in thousands) at the reporting
date are as follows:
SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT
| | |
Liabilities | | |
Assets | |
| | |
September 30, 2024 | | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2023 | |
| CAD | |
| (28,842 | ) | |
| (13,463 | ) | |
| 17,386 | | |
| 4,949 | |
| ILS | |
| (67 | ) | |
| (178 | ) | |
| 7,642 | | |
| 7,494 | |
| Total Exposure | |
| (28,909 | ) | |
| (13,641 | ) | |
| 25,028 | | |
| 12,443 | |
|
| X |
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| Namespace Prefix: |
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| X |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 10
-Subparagraph e
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-URIDate 2024-03-27
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| Period Type: |
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| X |
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-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 31
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_31&doctype=Standard
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v3.24.3
RELATED PARTY TRANSACTIONS (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Related Party Transactions |
|
| SCHEDULE OF DETAILED INFORMATION ABOUT RELATED PARTY |
SCHEDULE
OF DETAILED INFORMATION ABOUT RELATED PARTY
| | |
September 30, 2024 | | |
September 30, 2023 | |
| | |
For the Period Ended | |
| | |
September 30, 2024 | | |
September 30, 2023 | |
| Salaries and Benefits | |
| 2,834 | | |
| 1,944 | |
| Stock-Based Compensation | |
| 5,559 | | |
| 2,814 | |
| Compensation Expenses for Related Parties | |
| 8,393 | | |
| 4,758 | |
|
v3.24.3
GENERAL INFORMATION (Details Narrative) - shares
shares in Thousands |
May 14, 2024 |
May 24, 2023 |
May 19, 2022 |
Sep. 30, 2024 |
May 01, 2024 |
May 18, 2023 |
| General Information |
|
|
|
|
|
|
| Maximum number of shares purchased under NCIB |
9,470
|
9,000
|
8,900
|
|
|
|
| Percentage of common shares issued and outstanding as shares purchased in NCIB |
5.00%
|
5.00%
|
5.00%
|
|
|
|
| Common shares issued |
|
|
178,300
|
14,100
|
189,000
|
180,000
|
| Common shares outstanding |
|
|
178,300
|
|
189,000
|
180,000
|
| X |
- DefinitionMaximum number of shares purchased under NCIB.
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REAX_MaximumNumberOfSharesPurchasedUnderNcib |
| Namespace Prefix: |
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| Period Type: |
duration |
|
| X |
- DefinitionPercentage of common shares issued and outstanding as shares purchased in NCIB.
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| Namespace Prefix: |
REAX_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of shares issued by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 106
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_106_d&doctype=Standard
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-Name IAS
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-Subparagraph a
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v3.24.3
SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Main revenue streams |
|
|
|
|
| Commissions |
$ 369,890
|
$ 213,319
|
$ 907,716
|
$ 504,456
|
| Title |
1,400
|
964
|
3,450
|
2,510
|
| Mortgage Income |
1,198
|
357
|
2,843
|
851
|
| Total Revenue |
372,488
|
214,640
|
914,009
|
507,817
|
| Timing of Revenue Recognition |
|
|
|
|
| Revenue from Contracts with Customers |
372,488
|
214,640
|
914,009
|
507,817
|
| Products and services [Member] |
|
|
|
|
| Timing of Revenue Recognition |
|
|
|
|
| Revenue from Contracts with Customers |
$ 372,488
|
$ 214,640
|
$ 914,009
|
$ 507,817
|
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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| Period Type: |
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|
v3.24.3
SCHEDULE OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Commissions and other agent-related costs |
$ 340,359
|
$ 195,865
|
$ 829,253
|
$ 460,475
|
| Operating Expenses |
|
|
|
|
| General and Administrative Expenses |
16,301
|
9,234
|
42,452
|
27,526
|
| Salaries and Benefits |
|
|
2,834
|
1,944
|
| Stock Based Compensation |
|
|
5,559
|
2,814
|
| Marketing Expenses |
15,261
|
11,577
|
43,779
|
29,527
|
| Research and Development Expenses |
3,045
|
1,931
|
8,115
|
5,034
|
| Settlement of Litigation |
|
|
9,250
|
|
| Total Cost of Sales and Operating Expenses |
374,966
|
218,607
|
932,849
|
522,562
|
| Selling, general and administrative expense [member] |
|
|
|
|
| Operating Expenses |
|
|
|
|
| Salaries and Benefits |
7,314
|
4,740
|
19,748
|
13,907
|
| Stock Based Compensation |
2,825
|
203
|
6,245
|
2,290
|
| Administrative Expenses |
1,066
|
1,227
|
2,835
|
2,817
|
| Professional Fees |
3,917
|
2,179
|
10,339
|
5,794
|
| Depreciation and Amortization Expense |
358
|
277
|
1,024
|
830
|
| Other General and Administrative Expenses |
821
|
608
|
2,261
|
1,888
|
| Marketing Expenses [Member] |
|
|
|
|
| Operating Expenses |
|
|
|
|
| Salaries and Benefits |
279
|
230
|
721
|
540
|
| Stock Based Compensation |
6
|
13
|
11
|
35
|
| Stock Based Compensation for Agents |
2,665
|
2,769
|
7,137
|
5,950
|
| Revenue Share |
11,651
|
7,946
|
33,190
|
21,064
|
| Other Marketing and Advertising Cost |
660
|
619
|
2,720
|
1,938
|
| Research and Development Expenses [Member] |
|
|
|
|
| Operating Expenses |
|
|
|
|
| Salaries and Benefits |
1,681
|
1,131
|
4,394
|
2,537
|
| Stock Based Compensation |
308
|
69
|
641
|
193
|
| Other Research and Development |
$ 1,056
|
$ 731
|
$ 3,080
|
$ 2,304
|
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-Number 26
-IssueDate 2024-01-01
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
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-IssueDate 2024-01-01
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-IssueDate 2024-01-01
-Paragraph 85
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-IssueDate 2024-01-01
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- Details
| Name: |
ifrs-full_AttributionOfExpensesByNatureToTheirFunctionAxis=ifrs-full_SellingGeneralAndAdministrativeExpenseMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_AttributionOfExpensesByNatureToTheirFunctionAxis=REAX_MarketingExpensesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_AttributionOfExpensesByNatureToTheirFunctionAxis=REAX_ResearchAndDevelopmentExpensesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionChange in fair value of warrants outstanding.
| Name: |
REAX_ChangeInFairValueOfWarrantsOutstanding |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
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| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of bank and similar charges recognised by the entity as an expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 112
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_112_c&doctype=Standard
-URIDate 2024-03-27
| Name: |
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 82
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_82_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
v3.24.3
SCHEDULE OF OPERATING SEGMENTS (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Revenues |
$ 372,488
|
$ 214,640
|
$ 914,009
|
$ 507,817
|
| Commissions and other agent-related costs |
340,359
|
195,865
|
829,253
|
460,475
|
| Gross Profit |
32,129
|
18,775
|
84,756
|
47,342
|
| General and administrative expenses |
16,301
|
9,234
|
42,452
|
27,526
|
| Marketing expenses |
15,261
|
11,577
|
43,779
|
29,527
|
| Research and development expenses |
3,045
|
1,931
|
8,115
|
5,034
|
| Litigation expenses |
|
|
9,250
|
|
| Operating Loss |
(2,478)
|
(3,967)
|
(18,840)
|
(14,745)
|
| Other income (expenses), net |
151
|
38
|
381
|
106
|
| Finance expenses, net |
(214)
|
(10)
|
(1,289)
|
(587)
|
| Net Loss |
(2,541)
|
(3,939)
|
(19,748)
|
(15,226)
|
| North american brokerage [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Revenues |
369,890
|
213,319
|
907,716
|
504,456
|
| Commissions and other agent-related costs |
339,507
|
195,492
|
827,243
|
459,559
|
| Gross Profit |
30,383
|
17,827
|
80,473
|
44,897
|
| General and administrative expenses |
13,592
|
7,513
|
35,283
|
22,597
|
| Marketing expenses |
15,240
|
11,537
|
43,697
|
29,432
|
| Research and development expenses |
3,010
|
1,910
|
8,016
|
4,980
|
| Litigation expenses |
|
|
9,250
|
|
| Operating Loss |
(1,459)
|
(3,133)
|
(15,773)
|
(12,112)
|
| Other income (expenses), net |
151
|
38
|
381
|
106
|
| Finance expenses, net |
(189)
|
(15)
|
(1,230)
|
(589)
|
| Net Loss |
(1,497)
|
(3,110)
|
(16,622)
|
(12,595)
|
| Other segments [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Revenues |
2,598
|
1,321
|
6,293
|
3,361
|
| Commissions and other agent-related costs |
852
|
373
|
2,010
|
916
|
| Gross Profit |
1,746
|
948
|
4,283
|
2,445
|
| General and administrative expenses |
2,709
|
1,721
|
7,169
|
4,929
|
| Marketing expenses |
21
|
40
|
82
|
95
|
| Research and development expenses |
35
|
21
|
99
|
54
|
| Litigation expenses |
|
|
|
|
| Operating Loss |
(1,019)
|
(834)
|
(3,067)
|
(2,633)
|
| Other income (expenses), net |
|
|
|
|
| Finance expenses, net |
(25)
|
5
|
(59)
|
2
|
| Net Loss |
$ (1,044)
|
$ (829)
|
$ (3,126)
|
$ (2,631)
|
| X |
- DefinitionThe gains (losses) on settlements of litigation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 98
-Subparagraph f
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_98_f&doctype=Standard
-URIDate 2024-03-27
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 112
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_112_c&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_GeneralAndAdministrativeExpense |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe amount of revenue less cost of sales. [Refer: Cost of sales; Revenue] Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
| Name: |
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2024-01-01
-Paragraph 35
-Subparagraph b
-Clause iv
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=26&code=ifrs-tx-2024-en-r&anchor=para_35_b_iv&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_OtherIncome |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2024-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2024-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2024-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2024-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2024-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2024-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2024-03-27
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2024-03-27
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe profit (loss) from operating activities of the entity. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 85
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_85&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 32
-IssueDate 2024-01-01
-Paragraph IE33
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=32&code=ifrs-tx-2024-en-r&anchor=para_IE33&doctype=Illustrative%20Examples
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe amount of expenditure directly attributable to research or development activities, recognised in profit or loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 126
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_126&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionThe income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2024-01-01
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2024-01-01
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_32&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_34&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2024-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-IssueDate 2024-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Number 12
-IssueDate 2024-01-01
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-IssueDate 2024-01-01
-Paragraph 82
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2024-03-27
Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
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| X |
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-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 85
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_85&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF REVENUE GEOGRAPHY (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Total revenue by region |
$ 372,488
|
$ 214,640
|
$ 914,009
|
$ 507,817
|
| UNITED STATES |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Total revenue by region |
319,411
|
171,042
|
792,161
|
424,396
|
| CHINA |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Total revenue by region |
$ 53,077
|
$ 43,598
|
$ 121,848
|
$ 83,421
|
| X |
- DefinitionThe income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_32&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2024-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&anchor=para_34&doctype=Standard
-URIDate 2024-03-27
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2024-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2024-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2024-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2024-03-27
Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_103&doctype=Standard
-URIDate 2024-03-27
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=country_US |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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srt_StatementGeographicalAxis=country_CN |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT LOSS PER SHARE (Details) - $ / shares
shares in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Basic And Diluted Loss Per Share |
|
|
|
|
| Issued Common Shares at the beginning of the period |
194,497
|
180,350
|
183,606
|
179,922
|
| Effect of Treasury Purchases |
(1,955)
|
|
(3,557)
|
|
| Release of Shares |
2,183
|
|
1,816
|
|
| Effect of Warrant Exercise |
50
|
|
51
|
|
| Effect of Treasury Issuance |
679
|
|
4,728
|
12
|
| Effect of Share Options Exercise |
1,214
|
261
|
2,220
|
224
|
| Weighted-average numbers of Common Shares |
196,668
|
180,611
|
188,864
|
180,158
|
| Loss per share |
|
|
|
|
| Basic earnings (loss) per share |
$ (0.01)
|
$ (0.02)
|
$ (0.11)
|
$ (0.09)
|
| Diluted earnings (loss) per share |
$ (0.01)
|
$ (0.02)
|
$ (0.11)
|
$ (0.09)
|
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- DefinitionAdjusted weighted average common shares
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REAX_AdjustedWeightedAverageCommonShares |
| Namespace Prefix: |
REAX_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionDilutive of exercise of options
| Name: |
REAX_DilutiveOfExerciseOfOptions |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDilutive of release of shares
| Name: |
REAX_DilutiveOfReleaseOfShares |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDilutive of treasury issuance.
| Name: |
REAX_DilutiveOfTreasuryIssuance |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionDilutive of treasury purchase.
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REAX_DilutiveOfTreasuryPruchase |
| Namespace Prefix: |
REAX_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionDilutive of warrant exercise.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| X |
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| Name: |
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| Namespace Prefix: |
REAX_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 66
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_66&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 67
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_67&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 66
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_66&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 67
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_67&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
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| Period Type: |
duration |
|
v3.24.3
| X |
- DefinitionNumber of potential ordinary shares that are antidilutive in the period presented. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 33
-IssueDate 2024-01-01
-Paragraph 70
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=33&code=ifrs-tx-2024-en-r&anchor=para_70_c&doctype=Standard
-URIDate 2024-03-27
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ifrs-full_NumberOfPotentialOrdinarySharesThatAreAntidilutiveInPeriodPresented |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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ifrs-full_TypesOfAntidilutiveInstrumentsAxis=ifrs-full_RestrictedShareUnitsMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT (Details) - shares
shares in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning balance |
28,732
|
27,057
|
| Contractual Life of Options |
6 years 9 months 18 days
|
8 years 9 months 18 days
|
| Ending balance |
28,807
|
28,732
|
| On March, 2023 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
|
1,500
|
| Instrument vesting conditions |
|
16.7% on first anniversary, then quarterly vesting
|
| Contractual Life of Options |
|
10 years
|
| On March, 2023 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
|
15
|
| Instrument vesting conditions |
|
3 years quarterly vest
|
| Contractual Life of Options |
|
10 years
|
| On June, 2023 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
|
65
|
| Instrument vesting conditions |
|
33.3% on first anniversary, then quarterly vesting
|
| Contractual Life of Options |
|
10 years
|
| On August, 2023 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
|
85
|
| Instrument vesting conditions |
|
3 years quarterly vest
|
| Contractual Life of Options |
|
10 years
|
| On November, 2023 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
|
10
|
| Instrument vesting conditions |
|
33.3% on first anniversary, then quarterly vesting
|
| Contractual Life of Options |
|
10 years
|
| On April 2024 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
45
|
|
| Instrument vesting conditions |
3 years vest
|
|
| Contractual Life of Options |
10 years
|
|
| On August 2024 [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Number of Instruments granted |
30
|
|
| Instrument vesting conditions |
3 years vest
|
|
| Contractual Life of Options |
10 years
|
|
| X |
- DefinitionInstrument vesting conditions description.
| Name: |
REAX_InstrumentVestingConditionsDescription |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionNumber of instruments outstanding in share based payment arrangement.
| Name: |
REAX_NumberOfInstrumentsOutstandingInShareBasedPaymentArrangement |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of instruments granted in share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph IG23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_IG23&doctype=Implementation%20Guidance
-URIDate 2024-03-27
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ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_d&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_OnMarchTwoThousandTwentyThreeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_TwoMarchTwoThousandTwentyThreeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_JuneTwoThousandTwentyThreeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_OnAugustTwoThousandTwentyTwoThreeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_OnNovemberTwoThousandTwentyTwoThreeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_OnAprilTwoThousandTwentyFourMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CreationDateAxis=REAX_OnAugustTwoThousandTwentyFourMember |
| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
| X |
- DefinitionExpected life (weighted-average).
| Name: |
REAX_DescriptionOfOptionExpectedLifeShareOptionsGranted |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 47
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_a_i&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionThe implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 47
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_a_i&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionThe percentage of an expected dividend used to calculate the fair value of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 47
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_a_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average share price used as input to the option pricing model to calculate the fair value of share options granted. [Refer: Option pricing model [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 47
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_a_i&doctype=Standard
-URIDate 2024-03-27
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| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- Details
| Name: |
ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS (Details)
shares in Thousands |
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2024
shares
$ / shares
|
Dec. 31, 2023
shares
$ / shares
|
| Share-based Payment Arrangements |
|
|
| Outstanding at beginning of year | shares |
21,943
|
21,746
|
| Outstanding at beginning of year | $ / shares |
$ 0.92
|
$ 0.87
|
| Granted | shares |
75
|
1,675
|
| Granted | $ / shares |
$ 4.87
|
$ 1.28
|
| Forfeited/ Expired | shares |
(74)
|
(312)
|
| Forfeited/ Expired | $ / shares |
$ 1.43
|
$ 1.41
|
| Exercised | shares |
(6,282)
|
(1,166)
|
| Exercised | $ / shares |
$ 0.59
|
$ 0.36
|
| Outstanding at end of year | shares |
15,662
|
21,943
|
| Outstanding at end of year | $ / shares |
$ 1.06
|
$ 0.92
|
| Exercisable as at end of year | shares |
11,820
|
15,566
|
| Outstanding at end of year | $ / shares |
$ 0.91
|
$ 0.72
|
| X |
- References
+ Details
| Name: |
REAX_DisclosureOfShareBasedPaymentArrangementsAbstract |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_d&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_vi&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfOutstandingShareOptions |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause vii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_vii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfShareOptionsExercisableInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause iv
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_iv&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of share options forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause iii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_iii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_ii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average exercise price of share options exercisable in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause vii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_vii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe weighted average exercise price of share options exercised in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause iv
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_iv&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average exercise price of share options forfeited in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause iii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_iii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_ii&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_vi&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
v3.24.3
SCHEDULE OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN (Details) - Restricted Stock Units [Member] - shares
shares in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning balance |
27,609
|
16,908
|
| Granted |
14,583
|
23,400
|
| Vested and Issued |
(13,896)
|
(10,631)
|
| Forfeited |
(1,199)
|
(2,068)
|
| Beginning balance |
27,097
|
27,609
|
| X |
- DefinitionNumber of other equity instruments vested and issued in sharebased payment arrangement
| Name: |
REAX_NumberOfOtherEquityInstrumentsVestedAndIssuedInShareBasedPaymentArrangement |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of other equity instruments (ie other than share options) granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 47
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of other equity instruments (ie other than share options) forfeited in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:decimalItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=REAX_RestrictedStockUnitsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| COGS – Agent Stock Based Compensation |
$ 23,763
|
$ 10,512
|
| Marketing Expenses – Agent Stock Based Compensation |
7,137
|
5,950
|
| Marketing Expenses – FTE Stock Based Compensation |
11
|
35
|
| Research and Development – FTE Stock Based Compensation |
641
|
193
|
| General and Administrative – FTE Stock Based Compensation |
6,245
|
2,290
|
| Total Stock Based Compensation |
37,797
|
18,980
|
| Options [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| COGS – Agent Stock Based Compensation |
|
|
| Marketing Expenses – Agent Stock Based Compensation |
301
|
2,033
|
| Marketing Expenses – FTE Stock Based Compensation |
2
|
5
|
| Research and Development – FTE Stock Based Compensation |
20
|
68
|
| General and Administrative – FTE Stock Based Compensation |
1,448
|
1,166
|
| Total Stock Based Compensation |
1,771
|
3,272
|
| Restricted Stock Units [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| COGS – Agent Stock Based Compensation |
23,763
|
10,512
|
| Marketing Expenses – Agent Stock Based Compensation |
6,836
|
3,917
|
| Marketing Expenses – FTE Stock Based Compensation |
9
|
30
|
| Research and Development – FTE Stock Based Compensation |
621
|
125
|
| General and Administrative – FTE Stock Based Compensation |
4,797
|
1,124
|
| Total Stock Based Compensation |
$ 36,026
|
$ 15,708
|
| X |
- DefinitionCogs Agent Stock Based Compensation.
| Name: |
REAX_CogsAgentStockBasedCompensation |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of general and administrative FTE stock based compensation.
| Name: |
REAX_GeneralAndAdministrativeFTEStockBasedCompensation |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of marketing expenses agent stock based compensation.
| Name: |
REAX_MarketingExpensesAgentStockBasedCompensation |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of marketing expenses FTE stock based compensation.
| Name: |
REAX_MarketingExpensesFTEStockBasedCompensation |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of research and development FTE stock based compensation.
| Name: |
REAX_ResearchAndDevelopmentFTEStockBasedCompensation |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 51
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_51_a&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=REAX_OptionsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=REAX_RestrictedStockUnitsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SHARE-BASED PAYMENT ARRANGEMENTS (Details Narrative) - USD ($)
$ / shares in Units, $ in Millions |
|
|
9 Months Ended |
12 Months Ended |
|
|
|
|
Jul. 14, 2022 |
Feb. 26, 2022 |
Sep. 30, 2024 |
Dec. 31, 2023 |
May 01, 2024 |
May 18, 2023 |
Dec. 31, 2022 |
May 19, 2022 |
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
| Number of shares issued |
|
|
14,100,000
|
|
189,000,000
|
180,000,000
|
|
178,300,000
|
| Weighted average exercise price |
|
|
$ 1.06
|
$ 0.92
|
|
|
$ 0.87
|
|
| Weighted average remaining contractual life |
|
|
6 years 9 months 18 days
|
8 years 9 months 18 days
|
|
|
|
|
| Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
| Vesting term description |
|
|
Each RSU, which has a vesting term of up to 3 years and
is subject to forfeiture in certain circumstances, entitles the holder to one Common Share
|
|
|
|
|
|
| Expense from share-based payment transactions |
|
|
$ 3.9
|
|
|
|
|
|
| Bonus Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
| Vesting term description |
|
|
the
Company issues additional RSUs (“Bonus RSUs”) with a value of (i) 10% of the commission withheld (the percentage was
15% previously) if an agent has not met the Cap and (ii) 20% of the commission withheld (the percentage was 30% previously) if an agent
has met the Cap. The Bonus RSUs have a one-year vesting term and are subject to forfeiture in certain circumstances. The RSUs purchased
under the program are expensed to cost of goods sold and the Bonus RSUs are expensed to stock-based compensation expense within marketing
expenses. Bonus RSUs are amortized over the vesting period with a corresponding increase in stock-based compensation reserve.
|
|
|
|
|
|
| Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
|
|
| Percentage of common stock issued and outstanding |
15.00%
|
20.00%
|
|
|
|
|
|
|
| Number of shares issued |
|
35,600,000
|
|
|
|
|
|
|
| Number of shares authorized |
70,000,000
|
|
|
|
|
|
|
|
| X |
- DefinitionExpense from sharebased payment transactions in which goods or services received did not qualify for recognition as asset
| Name: |
REAX_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAsset |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionPercentage Of Common Stock Issued And Outstanding.
| Name: |
REAX_PercentageOfCommonStockIssuedAndOutstanding |
| Namespace Prefix: |
REAX_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Types of share-based payment arrangements [domain]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_a&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of shares authorised. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 79
-Subparagraph a
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_79_a_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfSharesAuthorised |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of shares issued by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 106
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_106_d&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfSharesIssued |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_i&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph b
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b_vi&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
dtr-2022:perShareItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 2
-IssueDate 2024-01-01
-Paragraph 45
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_d&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019 |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=REAX_RestrictedStockUnitsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=REAX_BonusRestrictedStockUnitsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_DefinedBenefitPlansAxis=REAX_OmnibusIncentivePlanMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE (Details) - Financial assets available-for-sale, category [member]
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024
USD ($)
|
|---|
| IfrsStatementLineItems [Line Items] |
|
| Financial assets, at fair value |
$ 14,222
|
| Deposit withdraw |
(4,250)
|
| Investment income |
369
|
| Gross Unrealized Gains/(Losses) |
57
|
| Financial assets, at fair value |
10,398
|
| Cash Investments [Member] |
|
| IfrsStatementLineItems [Line Items] |
|
| Financial assets, at fair value |
6,531
|
| Deposit withdraw |
(6,728)
|
| Investment income |
225
|
| Gross Unrealized Gains/(Losses) |
|
| Financial assets, at fair value |
28
|
| Fixed Incomes [Member] |
|
| IfrsStatementLineItems [Line Items] |
|
| Financial assets, at fair value |
7,597
|
| Deposit withdraw |
2,478
|
| Investment income |
144
|
| Gross Unrealized Gains/(Losses) |
95
|
| Financial assets, at fair value |
10,314
|
| Investment certificate [Member] |
|
| IfrsStatementLineItems [Line Items] |
|
| Financial assets, at fair value |
94
|
| Deposit withdraw |
|
| Investment income |
|
| Gross Unrealized Gains/(Losses) |
(38)
|
| Financial assets, at fair value |
$ 56
|
| X |
- DefinitionGains losses on available for sale financial asset.
| Name: |
REAX_GainsLossesOnAvailableforsaleFinancialAsset |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe fair value of financial assets. [Refer: At fair value [member]; Financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 25
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_25&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_FinancialAssetsAtFairValue |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of investment income, such as interest and dividends. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2024-01-01
-Paragraph 35
-Subparagraph b
-Clause iii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=26&code=ifrs-tx-2024-en-r&anchor=para_35_b_iii&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 85
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_85&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_InvestmentIncome |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAvailableforsaleCategoryMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfFinancialAssetsAxis=REAX_CashInvestmentsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfFinancialAssetsAxis=REAX_FixedIncomeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfFinancialAssetsAxis=REAX_InvestmentCertificateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- References
+ Details
| Name: |
REAX_DisclosureOfInvestmentsInAvailableForSaleSecuritiesAtFairValueAbstract |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionInvestment portfolio maturity period.
| Name: |
REAX_InvestmentPortfolioMaturityPeriod |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
$ 1,600
|
$ 1,600
|
| Ending Balance |
2,209
|
1,600
|
| Accumulated depreciation, amortisation and impairment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
492
|
241
|
| Disposals |
(17)
|
(65)
|
| Depreciation |
355
|
316
|
| Ending Balance |
830
|
492
|
| Computer equipment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
421
|
421
|
| Ending Balance |
469
|
421
|
| Computer equipment [member] | Accumulated depreciation, amortisation and impairment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
243
|
118
|
| Disposals |
(17)
|
|
| Depreciation |
100
|
125
|
| Ending Balance |
326
|
243
|
| Software [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
1,170
|
1,170
|
| Ending Balance |
1,731
|
1,170
|
| Software [Member] | Accumulated depreciation, amortisation and impairment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
248
|
57
|
| Disposals |
|
|
| Depreciation |
255
|
191
|
| Ending Balance |
503
|
248
|
| Fixtures and fittings [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
9
|
9
|
| Ending Balance |
9
|
9
|
| Fixtures and fittings [member] | Accumulated depreciation, amortisation and impairment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
1
|
66
|
| Disposals |
|
(65)
|
| Depreciation |
|
|
| Ending Balance |
1
|
1
|
| Gross carrying amount [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
2,092
|
1,591
|
| Disposals |
(17)
|
(86)
|
| Additions |
964
|
587
|
| Ending Balance |
3,039
|
2,092
|
| Gross carrying amount [member] | Computer equipment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
664
|
526
|
| Disposals |
(17)
|
|
| Additions |
148
|
138
|
| Ending Balance |
795
|
664
|
| Gross carrying amount [member] | Software [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
1,418
|
969
|
| Disposals |
|
|
| Additions |
816
|
449
|
| Ending Balance |
2,234
|
1,418
|
| Gross carrying amount [member] | Fixtures and fittings [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Balance at December 31, 2023 |
10
|
96
|
| Disposals |
|
(86)
|
| Additions |
|
|
| Ending Balance |
$ 10
|
$ 10
|
| X |
- DefinitionThe amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Total for all business combinations [member]; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 16
-IssueDate 2024-01-01
-Paragraph 73
-Subparagraph e
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2024-en-r&anchor=para_73_e_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 16
-IssueDate 2024-01-01
-Paragraph 73
-Subparagraph e
-Clause vii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2024-en-r&anchor=para_73_e_vii&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 16
-IssueDate 2024-01-01
-Paragraph 75
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2024-en-r&anchor=para_75_a&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_DepreciationPropertyPlantAndEquipment |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 16
-IssueDate 2024-01-01
-Paragraph 73
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=16&code=ifrs-tx-2024-en-r&anchor=para_73_e&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 54
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_54_a&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_PropertyPlantAndEquipment |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
REAX_AccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=REAX_SoftwareMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
|
$ 3,442
|
| Ending Balance |
$ 2,788
|
|
| Accumulated depreciation, amortisation and impairment [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
1,021
|
225
|
| Depreciation |
669
|
796
|
| Ending Balance |
1,690
|
1,021
|
| Gross carrying amount [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
4,463
|
3,933
|
| Purchase Price Allocation Adjustment |
|
530
|
| Additions |
15
|
|
| Ending Balance |
$ 4,478
|
$ 4,463
|
| X |
- DefinitionThe increase in intangible assets other than goodwill resulting from acquisitions through business combinations. [Refer: Total for all business combinations [member]; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 118
-Subparagraph e
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_118_e_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Total for all business combinations [member]; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 118
-Subparagraph e
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_118_e_i&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 118
-Subparagraph e
-Clause vi
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_118_e_vi&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_IntangibleAssetsAndGoodwill |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
REAX_AccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionThe description of intangible assets with indefinite useful life, supporting the assessment of indefinite useful life. [Refer: Intangible assets other than goodwill] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 38
-IssueDate 2024-01-01
-Paragraph 122
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_122_a&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_DescriptionAndCarryingAmountOfIntangibleAssetsWithIndefiniteUsefulLife |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
ifrs-full_DisclosureOfIntangibleAssetsAbstract |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
$ 8,993
|
|
| Ending Balance |
8,993
|
$ 8,993
|
| Realty Crunch In [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Ending Balance |
602
|
|
| Expetitle [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Ending Balance |
7,670
|
|
| Lemon Brew [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Ending Balance |
721
|
|
| Gross carrying amount [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
8,993
|
10,262
|
| Impairment |
|
(723)
|
| Adjustments |
|
(546)
|
| Additions |
|
|
| Ending Balance |
8,993
|
8,993
|
| Gross carrying amount [member] | Realty Crunch In [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
602
|
602
|
| Impairment |
|
|
| Adjustments |
|
|
| Additions |
|
|
| Ending Balance |
602
|
602
|
| Gross carrying amount [member] | Expetitle [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
7,670
|
8,393
|
| Impairment |
|
(723)
|
| Adjustments |
|
|
| Additions |
|
|
| Ending Balance |
7,670
|
7,670
|
| Gross carrying amount [member] | Lemon Brew [Member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Beginning Balance |
721
|
1,267
|
| Impairment |
|
|
| Adjustments |
|
(546)
|
| Additions |
|
|
| Ending Balance |
$ 721
|
$ 721
|
| X |
- DefinitionAdditions other than through business combinations goodwill
| Name: |
REAX_AdditionsOtherThanThroughBusinessCombinationsGoodwill |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAdjustments other than through business combinations goodwill
| Name: |
REAX_AdjustmentsOtherThanThroughBusinessCombinationsGoodwill |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionImpairment other than through business combinations goodwill
| Name: |
REAX_ImpairmentOtherThanThroughBusinessCombinationsGoodwill |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Total for all business combinations [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2024-01-01
-Paragraph 134
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=36&code=ifrs-tx-2024-en-r&anchor=para_134_a&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 36
-IssueDate 2024-01-01
-Paragraph 135
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=36&code=ifrs-tx-2024-en-r&anchor=para_135_a&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 3
-IssueDate 2024-01-01
-Paragraph B67
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2024-en-r&anchor=para_B67_d&doctype=Appendix&subtype=B
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 54
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_54_c&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_Goodwill |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
ifrs-full_BusinessCombinationsAxis=REAX_RealtyCrunchIncMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_BusinessCombinationsAxis=REAX_ExpetitleMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_BusinessCombinationsAxis=REAX_LemonBrewMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionAuthorized shares description
| Name: |
REAX_AuthorizedSharesDescription |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
ifrs-full_ComponentsOfEquityAxis=REAX_AuthorizedMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ComponentsOfEquityAxis=REAX_IssuedAndPaidMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionIssuance of common shares.
| Name: |
REAX_IssuanceOfCommonShares |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIssuance of common shares value.
| Name: |
REAX_IssuanceOfCommonSharesValue |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe number of shares issued by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 106
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_106_d&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_NumberOfSharesIssued |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAn entity’s own equity instruments, held by the entity or other members of the consolidated group. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_e&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 32
-IssueDate 2024-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=32&code=ifrs-tx-2024-en-r&anchor=para_34&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_TreasuryShares |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
ifrs-full_ComponentsOfEquityAxis=ifrs-full_CapitalReserveMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionCurrent financial assets availableforsales.
| Name: |
REAX_CurrentFinancialAssetsAvailableforsales |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
REAX_DisclosureOfLiquidityAndCapitalResourcesAbstract |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 7
-IssueDate 2024-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_CashEquivalents |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount receivable by the entity that it does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_OtherReceivables |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
v3.24.3
SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| IfrsStatementLineItems [Line Items] |
|
|
| Investments in Financial Assets |
$ 10,398
|
$ 14,222
|
| Cash |
21,580
|
14,707
|
| Restricted Cash |
27,516
|
12,948
|
| Funds Held in Restricted Escrow Account |
9,250
|
|
| Trade Receivables |
17,305
|
6,441
|
| Other Receivables |
43
|
63
|
| Accrued Liabilities |
30,991
|
13,374
|
| Customer Deposits |
27,516
|
12,948
|
| Gross carrying amount [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Cash |
21,580
|
14,707
|
| Restricted Cash |
27,516
|
12,948
|
| Funds Held in Restricted Escrow Account |
9,250
|
|
| Trade Receivables |
17,305
|
6,441
|
| Other Receivables |
43
|
63
|
| Total Financial Assets Not Measured at Fair Value (FV) |
75,694
|
34,159
|
| Accounts Payable |
1,133
|
571
|
| Accrued Liabilities |
30,991
|
13,374
|
| Customer Deposits |
27,516
|
12,948
|
| Other Payables |
12,843
|
302
|
| Total Financial Liabilities Not Measured at Fair Value (FV) |
72,483
|
27,195
|
| Gross carrying amount [member] | Financial assets at amortised cost, category [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Cash |
21,580
|
14,707
|
| Restricted Cash |
27,516
|
12,948
|
| Funds Held in Restricted Escrow Account |
9,250
|
|
| Trade Receivables |
17,305
|
6,441
|
| Other Receivables |
43
|
63
|
| Total Financial Assets Not Measured at Fair Value (FV) |
75,694
|
34,159
|
| At fair value [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Investments in Financial Assets |
10,398
|
14,222
|
| Total Financial Assets Measured at Fair Value (FV) |
10,398
|
14,222
|
| Cash |
|
|
| Restricted Cash |
|
|
| Funds Held in Restricted Escrow Account |
|
|
| Trade Receivables |
|
|
| Other Receivables |
|
|
| Total Financial Assets Not Measured at Fair Value (FV) |
|
|
| Accounts Payable |
1,133
|
571
|
| Accrued Liabilities |
30,991
|
13,374
|
| Customer Deposits |
27,516
|
12,948
|
| Other Payables |
12,843
|
302
|
| Total Financial Liabilities Not Measured at Fair Value (FV) |
72,483
|
27,195
|
| At fair value [member] | Warrants [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Total Financial Assets Measured at Fair Value (FV) |
|
269
|
| Level 1 of fair value hierarchy [member] | At fair value [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Investments in Financial Assets |
10,398
|
14,222
|
| Total Financial Assets Measured at Fair Value (FV) |
10,398
|
14,222
|
| Cash |
|
|
| Restricted Cash |
|
|
| Funds Held in Restricted Escrow Account |
|
|
| Trade Receivables |
|
|
| Other Receivables |
|
|
| Total Financial Assets Not Measured at Fair Value (FV) |
|
|
| Level 2 of fair value hierarchy [member] | At fair value [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Investments in Financial Assets |
|
|
| Cash |
|
|
| Restricted Cash |
|
|
| Funds Held in Restricted Escrow Account |
|
|
| Trade Receivables |
|
|
| Other Receivables |
|
|
| Total Financial Assets Not Measured at Fair Value (FV) |
|
|
| Level 2 of fair value hierarchy [member] | At fair value [member] | Warrants [member] |
|
|
| IfrsStatementLineItems [Line Items] |
|
|
| Total Financial Assets Measured at Fair Value (FV) |
|
$ 269
|
| X |
- DefinitionCurrent financial assets availableforsales.
| Name: |
REAX_CurrentFinancialAssetsAvailableforsales |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionFunds held in restricted escrow account.
| Name: |
REAX_FundsHeldInRestrictedEscrowAccount |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 7
-IssueDate 2024-01-01
-Paragraph 45
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_CashEquivalents |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of deposit liabilities from customers held by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_DepositsFromCustomers |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Classes of financial instruments [domain]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 25
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_25&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 35H
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_35H&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 35M
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_35M&doctype=Standard
-URIDate 2024-03-27
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 35N
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_35N&doctype=Standard
-URIDate 2024-03-27
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 35I
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_35I&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_FinancialAssets |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe fair value of financial assets. [Refer: At fair value [member]; Financial assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 25
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_25&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_FinancialAssetsAtFairValue |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Classes of financial instruments [domain]; Financial assets; Derivatives [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 25
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_25&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_FinancialLiabilities |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 25
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_25&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_FinancialLiabilitiesAtFairValue |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmounts payable that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_OtherPayables |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount receivable by the entity that it does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_OtherReceivables |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of cash and cash equivalents whose use or withdrawal is restricted. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 55
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_55&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_RestrictedCashAndCashEquivalents |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of payment due to suppliers for goods and services used in the entity's business. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_TradeAndOtherPayablesToTradeSuppliers |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount due from customers for goods and services sold. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_TradeReceivables |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_ComponentsOfEquityAxis=ifrs-full_WarrantsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionThe amount due from customers for goods and services sold. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 78
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_78_b&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_TradeReceivables |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=country_US |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=REAX_OtherRegionsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Details)
₪ in Thousands, $ in Thousands |
Sep. 30, 2024
CAD ($)
|
Sep. 30, 2024
ILS (₪)
|
Dec. 31, 2023
CAD ($)
|
Dec. 31, 2023
ILS (₪)
|
| Foreign Exchange Rate, Strengthening [Member] | Currency Risk Five Percent Movement [Member] | Average Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | $ |
$ 324
|
|
$ 485
|
|
| Foreign Exchange Rate, Strengthening [Member] | Currency Risk Five Percent Movement [Member] | Period End Spot Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | $ |
441
|
|
655
|
|
| Foreign Exchange Rate, Strengthening [Member] | Currency Risk Five Percent Movement In Ils [Member] | Period End Spot Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | ₪ |
|
₪ (97)
|
|
₪ 121
|
| Average Foreign Exchange Rate, Weakening Member [Member] | Currency Risk Five Percent Movement [Member] | Average Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | $ |
(324)
|
|
(485)
|
|
| Average Foreign Exchange Rate, Weakening Member [Member] | Currency Risk Five Percent Movement In Ils [Member] | Average Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | ₪ |
|
26
|
|
(33)
|
| Closing Foreign Exchange Rate Weakening [Member] | Currency Risk Five Percent Movement [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | $ |
$ (441)
|
|
$ (655)
|
|
| Closing Foreign Exchange Rate Weakening [Member] | Currency Risk Five Percent Movement In Ils [Member] | Period End Spot Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | ₪ |
|
97
|
|
(121)
|
| Average Foreign Exchange Rate, Strengthening Member [Member] | Currency Risk Five Percent Movement In Ils [Member] | Average Rate [Member] |
|
|
|
|
| IfrsStatementLineItems [Line Items] |
|
|
|
|
| Interest rates | ₪ |
|
₪ (26)
|
|
₪ 33
|
| X |
- DefinitionThe measure of a potential loss exposure as a result of future market movements, based on a specified confidence interval and measurement horizon. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 7
-IssueDate 2024-01-01
-Paragraph 41
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_41&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ValueAtRisk |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
REAX_ForeignExchangeRatesAxis=REAX_ClosingForeignExchangeRateStrengtheningMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfRisksAxis=REAX_CurrencyRiskFivePercentMovementMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfInterestRatesAxis=REAX_AverageRateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfInterestRatesAxis=REAX_PeriodEndSpotRateMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
ifrs-full_TypesOfRisksAxis=REAX_CurrencyRiskFivePercentMovementInIlsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
REAX_ForeignExchangeRatesAxis=REAX_AverageForeignExchangeRateWeakeningMemberMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
REAX_ForeignExchangeRatesAxis=REAX_ClosingForeignExchangeRateWeakeningMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
REAX_ForeignExchangeRatesAxis=REAX_AverageForeignExchangeRateStrengtheningMemberMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT (Details)
₪ in Thousands, $ in Thousands, $ in Thousands |
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
CAD ($)
|
Sep. 30, 2024
ILS (₪)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
CAD ($)
|
Dec. 31, 2023
ILS (₪)
|
| Notes and other explanatory information [abstract] |
|
|
|
|
|
|
| Foreign currency denominated monetary liabilities |
$ (28,909)
|
$ (28,842)
|
₪ (67)
|
$ (13,641)
|
$ (13,463)
|
₪ (178)
|
| Foreign currency denominated monetary assets |
$ 25,028
|
$ 17,386
|
₪ 7,642
|
$ 12,443
|
$ 4,949
|
₪ 7,494
|
| X |
- DefinitionForeign currency denominated monetary assets
| Name: |
REAX_ForeignCurrencyDenominatedMonetaryAssets |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionForeign currency denominated monetary liabilities
| Name: |
REAX_ForeignCurrencyDenominatedMonetaryLiabilities |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.24.3
| X |
- DefinitionLitigation settlement fund.
| Name: |
REAX_LitigationSettlementFund |
| Namespace Prefix: |
REAX_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
ifrs-full_TypesOfContractsAxis=REAX_SettlementAgreementMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionThe expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_102&doctype=Standard
-URIDate 2024-03-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 99
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_99&doctype=Standard
-URIDate 2024-03-27
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 104
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_104&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_EmployeeBenefitsExpense |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2024-01-01
-Paragraph 112
-Subparagraph c
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_112_c&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionA class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 19
-IssueDate 2024-01-01
-Paragraph 9
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_9&doctype=Standard
-URIDate 2024-03-27
| Name: |
ifrs-full_WagesAndSalaries |
| Namespace Prefix: |
ifrs-full_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
v3.24.3
| X |
- DefinitionOwnership percentage of voting shares.
| Name: |
REAX_OwnershipPercentageOfVotingShares |
| Namespace Prefix: |
REAX_ |
| Data Type: |
dtr-types:percentItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
srt_TitleOfIndividualAxis=REAX_DirectorsAndOfficersMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
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