0001493152-24-009989 | 40-F | XBRL Viewer

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS

	Realty Crunch		Expetitle			LemonBrew			Total
Cost
Balance at December 31, 2021		602		-			-			602
Additions		-		8,393			1,267			9,660
Balance at December 31, 2022		602		8,393			1,267			10,262
Impairment		-		(723	)		-			(723	)
Adjustments		-		-			(546	)		(546	)
Balance at December 31, 2023		602		7,670			721			8,993
Ending balance		602		7,670			721			8,993
Carrying Amounts
Balance at December 31, 2022		602		8,393			1,267			10,262
Balance at December 31, 2022		602		8,393			1,267			10,262
Balance at December 31, 2023		602		7,670			721			8,993
Balance at December 31, 2023		602		7,670			721			8,993

SCHEDULE OF DETAILED INFORMATION ABOUT RESERVES WITHIN EQUITY (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Authorized [Member]
IfrsStatementLineItems [Line Items]
Authorized shares, description	unlimited	unlimited
Issued And Paid [Member]
IfrsStatementLineItems [Line Items]
Authorized shares, description	183,605	179,922

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net Loss	$ (27,216)	$ (20,335)
Adjustments for:
Depreciation and amortization	1,128	333
Impairment of goodwill	723
Equity-settled share-based payments	38,403	16,201
Finance costs	91	167
Changes in operating asset and liabilities:
Trade receivables	(4,894)	(1,293)
Other receivables	11	(51)
Prepaid expenses and deposits	(1,603)	(81)
Accounts payable	97	420
Accrued liabilities	7,752	5,316
Customer deposits	5,467	4,170
Other payables	(86)	1,148
NET CASH PROVIDED BY OPERATING ACTIVITIES	19,873	5,995
INVESTING ACTIVITIES
Purchase of property and equipment	(629)	(1,408)
Acquisition of subsidiaries (Note 4 and 5)		(8,152)
Investment deposits in debt instruments held at FVTOCI	(6,847)	(125)
Investment withdrawals in debt instruments held at FVTOCI	847	637
NET CASH USED IN INVESTING ACTIVITIES	(6,629)	(9,048)
FINANCING ACTIVITIES
Purchase of common shares for Restricted Share Unit (RSU) Plan	(2,865)	(8,060)
Shares withheld for taxes	(362)
Proceeds from exercise of stock options	502	265
Payment of lease liabilities	(96)	(35)
Cash payment for contingent consideration	(800)
Dividends paid to non-controlling interest	(339)	(19)
NET CASH USED IN FINANCING ACTIVITIES	(3,960)	(7,849)
Net change in cash, cash equivalents and restricted cash	9,284	(10,902)
Cash, cash equivalents and restricted cash, beginning of year	18,327	29,129
Fluctuations in foreign currency	44	100
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BALANCE, ENDING BALANCE	27,655	18,327
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Share-based compensation as part of Expetitle consideration		4,325
Share-based compensation as part of LemonBrew consideration		$ 450

BASIC AND DILUTED LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

BASIC AND DILUTED LOSS PER SHARE

9. 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.

	December 31, 2023			December 31, 2022
	For the Year Ended
	December 31, 2023			December 31, 2022
Issued Common Shares, Balance at the beginning of the year		173,993			170,483
Warrant Exercises		-			8,526
Treasury Return		-			(1,049	)
Purchase of Shares		(974	)		-
Release of Shares		4,267			-
Issuance of Shares		379			21
Exercise of Options		462			220
Weighted-average numbers of Common Shares		178,127			178,201

Loss per share
Basic and diluted loss per share		(0.15	)		(0.12	)

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.

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Options		21,943		21,746
RSU		25,588		16,908
Total		47,531		38,654

SUBSEQUENT EVENTS (Details Narrative)	Jan. 01, 2024
Notes and other explanatory information [abstract]
Bonus RSUs structure description	(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

EXPENSES BY NATURE (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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).

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Commissions and other agent-related costs		626,285		349,806

Operating Expenses
General and Administrative Expenses		42,913		24,155
Salaries and Benefits		18,940		11,733
Stock Based Compensation		8,607		2,778
Administrative Expenses		3,244		1,803
Professional Fees		8,425		5,893
Depreciation Expense		1,128		333
Other General and Administrative Expenses		2,569		1,615
Marketing Expenses		38,611		22,674
Salaries and Benefits		767		478
Stock Based Compensation for Employees		14		1
Stock Based Compensation for Agents		7,780		5,519
Revenue Share		27,905		14,975
Other Marketing and Advertising Cost		2,145		1,701
Research and Development Expenses		7,359		4,867
Salaries and Benefits		3,749		2,012
Stock Based Compensation		440		212
Other Research and Development		3,170		2,643
Total Cost of Sales and Operating Expenses		715,168		401,502

SCHEDULE OF FINANCE COST

The following table provides a detailed breakdown of Finance costs (in thousands) as reported in the consolidated Statement of Income (Loss):

SCHEDULE OF FINANCE COST

Description	December 31, 2023			December 31, 2022
	For the Year Ended
Description	December 31, 2023			December 31, 2022
Unrealized Losses (Gains)		27			(397	)
Realized Losses (Gains)		(3	)		24
Bank Fees		528			400
Finance Costs		68			540
Remeasurement of contingent consideration		-			600
Total Finance Expenses		619			1,167

SCHEDULE OF TERMS AND CONDITIONS OF SHARE-BASED PAYMENT ARRANGEMENT (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Beginning balance	27,057,000	22,287,000
Contractual Life of Options	8 years 9 months 18 days	8 years 9 months 18 days
Ending balance	28,732,000	27,057,000
On March, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		240
Instrument vesting conditions		3 years quarterly vest
Contractual Life of Options		10 years
On May, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		320
Instrument vesting conditions		3 years quarterly vest
Contractual Life of Options		10 years
On August, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		4,000
Instrument vesting conditions		25% on first anniversary, then quarterly vesting
Contractual Life of Options		10 years
On August, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		145
Instrument vesting conditions		3 years quarterly vest
Contractual Life of Options		10 years
On November, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		55
Instrument vesting conditions		3 years quarterly vest
Contractual Life of Options		10 years
August, 2022 [Member]
IfrsStatementLineItems [Line Items]
Number of Instruments granted		10
Instrument vesting conditions		3 years quarterly vest
Contractual Life of Options		10 years
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

GENERAL INFORMATION (Details Narrative) - USD ($) shares in Millions, $ in Millions				12 Months Ended
	May 24, 2023	May 19, 2022	May 20, 2021	Dec. 31, 2023	Apr. 20, 2021
General Information
Maximum number of shares purchased under NCIB	9.0	8.9	7.2
Percentage of common shares issued and outstanding as shares purchased in NCIB	5.00%	5.00%			5.00%
Common shares outstanding	180.0	178.3			143.0
Number of shares repurchased				2.0
Repurchased common stock value				$ 2.9

SCHEDULE OF REVENUE STREAMS AND DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Main revenue streams
Commissions	$ 684,873	$ 379,868
Title	2,990	1,869
Mortgage Income	1,295	19
Total Revenue	$ 689,158	$ 381,756

- Definition

The 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.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE OF DETAILED INFORMATION ABOUT LOSS PER SHARE (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Issued Common Shares, Balance at the beginning of the year	173,993	170,483
Warrant Exercises		8,526
Treasury Return		(1,049)
Purchase of Shares	(974)
Release of Shares	4,267
Issuance of Shares	379	21
Exercise of Options	462	220
Weighted-average numbers of Common Shares	178,127	178,201
Loss per share
Basic earnings (loss) per share	$ (0.15)	$ (0.12)
Diluted earnings (loss) per share	$ (0.15)	$ (0.12)

GOODWILL (Details Narrative)	12 Months Ended
GOODWILL (Details Narrative)	Dec. 31, 2023
Notes and other explanatory information [abstract]
Tax rate effect of impairment of goodwill	24.50%

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT

	Computer Equipment		Software		Furniture and Equipment			Total
Cost
Balance at December 31, 2021		205		-		69			274
Additions		321		969		27			1,317
Balance at December 31, 2022		526		969		96			1,591
Disposals		-		-		(86	)		(86	)
Additions		138		449		-			587
Balance at December 31, 2023		664		1,418		10			2,092
Accumulated Depreciation
Balance at December 31, 2021		39		-		65			104
Disposals
Depreciation		79		57		1			137
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
Ending balance		243		248		1			492

Carrying Amounts
Balance at December 31, 2022		408		912		30			1,350
Ending balance		408		912		30			1,350
Balance at December 31, 2023		421		1,170		9			1,600
Ending balance		421		1,170		9			1,600

SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Notes and other explanatory information [abstract]
Outstanding at beginning of year \| shares	21,746	20,815
Outstanding at beginning of year \| $ / shares	$ 0.87	$ 0.71
Granted \| shares	1,675	4,770
Granted \| $ / shares	$ 1.28	$ 1.61
Forfeited/ Expired \| shares	(312)	(2,450)
Forfeited/ Expired \| $ / shares	$ 1.41	$ 2.35
Exercised \| shares	(1,166)	(1,389)
Exercised \| $ / shares	$ 0.36	$ 0.23
Outstanding at end of year \| shares	21,943	21,746
Outstanding at end of year \| $ / shares	$ 0.92	$ 0.87
Exercisable as at end of year \| shares	15,566	11,046
Outstanding at end of year \| $ / shares	$ 0.72	$ 0.55

LEMONBREW LENDING ACQUISITION (Details Narrative) - USD ($)	Dec. 09, 2022	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Cash		$ 14,707,000	$ 10,846,000
Number of shares issued		1,200,000
Lemon Brew Lending Corp [Member]
IfrsStatementLineItems [Line Items]
Percentage of equity interests acquired	100.00%
Aggregate purchase price	$ 1,250,000
Cash	$ 800,000
Number of shares issued	351,837
Deemed per share price	$ 1.279
Equity-settled shared-based consideration	$ 450,000
Performance based milestone payments	2,500,000
Payable in cash	2,000,000
Payable in restricted share units	$ 500,000
Performance based milestones description	LemonBrew achieving at least $500 thousand in EBITDA for the first 12-month period following closing, $1 million in EBITDA for the second 12-month period following closing, and $2 million in EBITDA for the third 12-month period following closing; and
Intangible Assets	$ 529,000
Goodwill	$ 721,000

SCHEDULE OF OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Revenues	$ 689,158	$ 381,756
Commissions and other agent-related costs	626,285	349,806
Gross Profit	62,873	31,950
General and administrative expenses	42,913	24,155
Marketing expenses	38,611	22,674
Research and development expenses	7,359	4,867
Operating Loss	(26,010)	(19,746)
Other income (expenses), net	(587)	729
Listing expenses		(151)
Finance expenses, net	(619)	(1,167)
Net Loss	(27,216)	(20,335)
North American Brokerage [Member]
IfrsStatementLineItems [Line Items]
Revenues	684,873	379,868
Commissions and other agent-related costs	625,016	349,464
Gross Profit	59,857	30,404
General and administrative expenses	35,653	21,564
Marketing expenses	38,458	22,590
Research and development expenses	7,284	4,621
Operating Loss	(21,538)	(18,370)
Other income (expenses), net	136	729
Listing expenses		(151)
Finance expenses, net	(614)	(1,167)
Net Loss	(22,016)	(18,959)
OtherSegments [Member]
IfrsStatementLineItems [Line Items]
Revenues	4,285	1,888
Commissions and other agent-related costs	1,269	342
Gross Profit	3,016	1,546
General and administrative expenses	7,260	2,591
Marketing expenses	153	84
Research and development expenses	75	246
Operating Loss	(4,472)	(1,376)
Other income (expenses), net	(723)
Listing expenses
Finance expenses, net	(5)
Net Loss	$ (5,200)	$ (1,376)

SHARE-BASED PAYMENT ARRANGEMENTS

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SHARE-BASED PAYMENT ARRANGEMENTS

10. 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 purchase shares in the Company. 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 REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

In connection with the graduation to the TSX, 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):

Grant Date	Number of Options		Vesting Conditions	Contractual Life of Options
Balance January 1, 2022		22,287
On March, 2022		240	3 years quarterly vest	10 years
On May, 2022		320	3 years quarterly vest	10 years
On August, 2022		4,000	25% on first anniversary, then quarterly vesting	10 years
On August, 2022		145	3 years quarterly vest	10 years
On November, 2022		55	3 years quarterly vest	10 years
On December, 2022		10	3 years quarterly vest	10 years
Balance December 31, 2022		27,057
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

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 were as follows:

	December 31, 2023			December 31, 2022
Share price	$	1.25 to $1.67		$	1.35 to $2.45
Expected volatility (weighted-average)		95.0% - 108.0%			108.0	%
Expected life (weighted-average)		10 years			10 years
Expected dividends		-	%		-	%
Risk-free interest rate (based on US government bonds)		3.62 – 3.95%			1.95 – 2.89%

Expected volatility has been based on an evaluation of historical volatility of the company’s share price.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

C. Reconciliation of outstanding stock-options

The following table outlines the number of Options (in thousands) and weighted-average exercise price:

	December 31, 2023					December 31, 2022
	Number of Options			Weighted-Average Exercise Price		Number of Options			Weighted-Average Exercise Price
Outstanding at beginning of year		21,746		$	0.87		20,815		$	0.71
Granted		1,675			1.28		4,770			1.61
Forfeited/ Expired		(312	)		1.41		(2,450	)		2.35
Exercised		(1,166	)		0.36		(1,389	)		0.23
Outstanding at end of year		21,943		$	0.92		21,746		$	0.87
Exercisable at end of year		15,566			0.72		11,046			0.55

The Options outstanding as of December 31, 2023 had a weighted average exercise price of $0.92 (December 31, 2022: $0.87) and a weighted-average remaining contractual life of 8.8 years (December 31, 2022: 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 have a vesting term of up to 3 years and subject to forfeiture in certain circumstances, entitles the holder to one Common Share. 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 year ended December 31, 2023 was $5.5 million, and was classified as marketing expense.

Under the Company’s agent stock purchase program, agents purchase RSUs, which vest after a year, using a percentage of the agent’s commission that is withheld by the Company. Each RSU entitles the holder to one Common Share. 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) 15% of the commission withheld (the percentage was 25% prior to June 16, 2022) if an agent has not met the Cap and (ii) 30% of the commission withheld (the percentage was 50% prior to June 16, 2022) 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. Both are amortized over the vesting period with a corresponding increase in stock-based compensation reserve.

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 REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

The following table illustrates the Company’s stock activity (in thousands of units) for the restricted share units under its equity plan. Once fully vested, all awards are settled in stock

	Restricted Share Units
Balance at, December 31, 2021		3,965
Granted		16,053
Vested and Issued		(2,504	)
Forfeited		(606	)
Balance at, December 31, 2022		16,908
Granted		23,400
Vested and Issued		(10,631	)
Forfeited		(4,089	)
Balance at, December 31, 2023		25,588

Stock Based Compensation Expense

The following table provides a detailed breakdown of the stock-based compensation expense (in thousands) as reported in the Consolidated Statement of Loss and Comprehensive Loss.

	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
	For the Year Ended
	December 31, 2023						December 31, 2022
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
COGS – Agent Stock Based Compensation		-		21,562		21,562		-		8,008		8,008
Marketing Expenses – Agent Stock Based Compensation		2,209		5,571		7,780		1,215		4,304		5,519
Marketing Expenses – FTE Stock Based Compensation		7		7		14		-		1		1
Research and Development – FTE Stock Based Compensation		142		298		440		111		101		212
General and Administrative – FTE Stock Based Compensation		5,914		2,693		8,607		1,702		1,076		2,778
Total Stock Based Compensation		8,272		30,131		38,403		3,028		13,490		16,518

On May 20, 2021, the Company began transacting under the NCIB to purchase up to 7.2 million of its Common Shares representing approximately 5% of the total 143 million Common Shares issued and outstanding as of April 30, 2021. On May 19, 2022, the Company announced that it renewed the NCIB. Pursuant to the renewed NCIB, Real may 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. The purpose of the purchase of Common Shares under the NCIB is to enable the Company to acquire shares to satisfy its RSU grants for shares. On May 24, 2023, the Company announced that it renewed its NCIB pursuant to which, Real may purchase up to 9 million common shares of the Company, representing approximately 5% of the total 180 million Common Shares issued and outstanding as of May 18, 2023. The NCIB shall terminate on the earlier of May 28, 2024 or the date on which the maximum number of Common Shares purchasable under the NCIB is acquired by the Company.

The Company appointed the Trustee for the purposes of arranging for the acquisition of the Common Shares and to hold the Common Shares in trust for the purposes of satisfying RSU payments as well as deal with other administration matters. Through the Trustee, RBC Capital Markets was engaged to undertake purchases under the NCIB for the purposes of the RSU Plan, the Option Plan, the Omnibus Incentive Plan, and the A&R Plan.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT RELATED PARTY

	December 31, 2023		December 31, 2022
	Year Ended
	December 31, 2023		December 31, 2022
Salaries and Benefits		3,465		2,435
Stock-Based Compensation		7,470		2,164
Compensation Expenses for Related Parties		10,934		4,599

LEASE LIABILITY AND RIGHT OF USE ASSET

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

LEASE LIABILITY AND RIGHT OF USE ASSET

17. LEASE LIABILITY AND RIGHT OF USE ASSET

The Company leased a corporate office in New York, NY under a lease agreement dated December 1, 2017, which expired on June 30, 2023. A summary of the changes in the right-of-use asset (in thousands) for the years ended December 31, 2023, and December 31, 2022 is as follows:

	Right-of-Use Asset
Cost
Balance at December 31, 2021		502
Additions		107
Acquired Depreciation
Depreciation
Depreciation (Adjustment)
Balance at December 31, 2022		609
Additions (Adjustment)		(69	)
Balance at December 31, 2023		540
Accumulated Depreciation		-
Balance at December 31, 2021		393
Acquired Depreciation		59
Depreciation		84
Balance at December 31, 2022		536
Depreciation (Adjustment)		(12	)
Depreciation		16
Balance at December 31, 2023		540

Carrying Amounts
Balance at December 31, 2022		73
Balance at December 31, 2023		-

As of December 31, 2023, there is no lease liability remaining in respect to the corporate office in New York, NY. A summary of the changes in the lease liability (in thousands) during the years ended December 31, 2023 and December 31, 2022 is as follows:

	December 31, 2023		December 31, 2022
Maturity analysis – contractual undiscounted cash flows
Less than one year		-		96
One year to five years		-		-
More than five years		-		-
Total undiscounted lease liabilities		-		96
Lease liabilities included in the balance sheet		-		96
Current		-		96
Non-current		-		-

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these consolidated financial statements, management has made judgments estimates and assumptions that affect the application of the Company’s accounting policies which are described in Note 2 and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.

Information about assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes:

–	Deferred taxes

Deferred tax assets are recognized only if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made by management on an ongoing basis and is based on budgets and business plans for the coming years. These budgets and business plans are reviewed and approved by the Board of Directors. Since inception, the Company has reported losses, and consequently, the Company has unused tax losses. The deferred tax assets are currently not deemed to meet the criteria for recognition as management is not able to provide any convincing positive evidence that deferred tax assets should be recognized. Therefore, management has concluded that deferred tax assets should not be recognized on December 31, 2023.

–

Goodwill

Goodwill is assessed annually for impairment, or more frequently if there are indicators of impairment, by comparing the carrying value of the CGU to which these assets are allocated to their recoverable amounts. The company principally uses discounted cash flows to estimate the recoverable amount of a CGU to which goodwill has been allocated, and market approaches inclusive of a control premium are used when applicable. Significant judgments and assumptions are required to determine the recoverable amount of a CGU, including forecasted cash flows, discount rates, long term growth rates. The recoverable amount is subject to sensitivity analysis given the uncertainty in preparing forecasts. Details of goodwill including the results of annual impairment tests, are presented in Note 14.

–	Stock options

In estimating the fair value of stock options granted to employees we use the Black-Scholes model which requires management to make significant assumptions including the expected life of the stock options, volatility and risk-free interest rate. The assumptions used to estimate the fair value of the stock options are disclosed in Note 10.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

SCHEDULE OF ATTRIBUTION OF EXPENSES BY NATURE TO THEIR FUNCTION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Commissions and other agent-related costs	$ 626,285	$ 349,806
Operating Expenses
General and Administrative Expenses	42,913	24,155
Salaries and Benefits	3,465	2,435
Stock Based Compensation	7,470	2,164
Marketing Expenses	38,611	22,674
Research and Development Expenses	7,359	4,867
Total Cost of Sales and Operating Expenses	715,168	401,502
Selling, general and administrative expense [member]
Operating Expenses
General and Administrative Expenses	42,913	24,155
Salaries and Benefits	18,940	11,733
Stock Based Compensation	8,607	2,778
Administrative Expenses	3,244	1,803
Professional Fees	8,425	5,893
Depreciation Expense	1,128	333
Other General and Administrative Expenses	2,569	1,615
Marketing Expenses [Member]
Operating Expenses
Salaries and Benefits	767	478
Stock Based Compensation	14	1
Marketing Expenses	38,611	22,674
Stock Based Compensation for Agents	7,780	5,519
Revenue Share	27,905	14,975
Other Marketing and Advertising Cost	2,145	1,701
Research And Development Expenses [Member]
Operating Expenses
Salaries and Benefits	3,749	2,012
Stock Based Compensation	440	212
Research and Development Expenses	7,359	4,867
Other Research and Development	$ 3,170	$ 2,643

BASIC AND DILUTED LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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.

	December 31, 2023			December 31, 2022
	For the Year Ended
	December 31, 2023			December 31, 2022
Issued Common Shares, Balance at the beginning of the year		173,993			170,483
Warrant Exercises		-			8,526
Treasury Return		-			(1,049	)
Purchase of Shares		(974	)		-
Release of Shares		4,267			-
Issuance of Shares		379			21
Exercise of Options		462			220
Weighted-average numbers of Common Shares		178,127			178,201

Loss per share
Basic and diluted loss per share		(0.15	)		(0.12	)

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.

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Options		21,943		21,746
RSU		25,588		16,908
Total		47,531		38,654

SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Cash	$ 14,707	$ 10,846
Other Receivables	63	74
Investments in Financial Assets	14,222	7,892
Total	$ 28,992	$ 18,812

EXPETITLE ACQUISITION

12 Months Ended

Dec. 31, 2023

Expetitle Inc [Member]

IfrsStatementLineItems [Line Items]

EXPETITLE ACQUISITION

4. EXPETITLE ACQUISITION

On January 20, 2022, the Company completed the acquisition of 100% of the issued and outstanding equity interests of Expetitle, Inc. (“Expetitle”) pursuant to a stock purchase agreement (the “Expetitle Transaction”). Expetitle had developed technology that simplifies the paper-intensive and time-intensive title and escrow processes, reducing errors and saving time. As part of the Expetitle Transaction, the Company also acquired 51% ownership of five subsidiaries of Expetitle. The noncontrolling ownership interest in these five subsidiaries of Expetitle recognized at the acquisition date was measured by reference to the fair value of the non-controlling interest and amounted to $21 thousand. The aggregate purchase price for 100% of the issued and outstanding equity interests of Expetitle was comprised of cash consideration of $7.4 million payable at the closing of the Expetitle Transaction and contingent consideration of $600 thousand in cash subject to escrow, that would be released after twelve (12) months upon the satisfaction or waiver of the following terms and conditions: (i) the key employees remain in their current position with the Company for at least twelve (12) months after the closing of the Expetitle Transaction and (ii) Expetitle will become licenced to operate in at least fifteen states, including the then current states of operation, Florida, Georgia, and Texas. In addition, certain Expetitle employees were entitled to a cash payment of $200 thousand subject to the same terms as set out for the contingent consideration. The contingent terms were met and the $800 thousand that was in escrow was released on January 23, 2023.

As part of the Expetitle Transaction, Real granted an aggregate of 700 thousand incentive stock options (“Options”) and an aggregate of 1.1 million RSUs to shareholders of Expetitle and employees of the Expetitle team. The fair value of those Options was $4.8 million from which $4.3 million was determined to be part of the consideration and $451 thousand that was recorded immediately to the statement of loss and comprehensive loss as post transaction employee compensation which vests immediately. The Options are exercisable for a period of 3 years at $3.60 per Common Share. In addition, and as part of the transaction, the Company provided cash payments to the Expetitle employees in the aggregate amount of $168 thousand.

We have completed the valuation of the acquired assets and assumed liabilities and have assigned $3.4 million as the fair value of the Company’s developed technology and $8.4 million as the residual goodwill. Goodwill represents expected synergies, future income and growth potential, and other intangibles that do not qualify for separate recognition. None of the goodwill arising from this acquisition is deductible for tax purposes.

The following table summarizes the recognized amounts of assets acquired and liabilities assumed, total consideration, and cash flow related to the Expetitle Transaction (in thousands):

	Balance at January 21, 2022
Recognized amounts of assets acquired and liabilities assumed
Cash		80
Other Current Assets		42
In Trust Cash		960
Goodwill		8,393
Intangible Assets		3,364
Accounts Payables and Accrued Liabilities		(103	)
Held in Trust Funds		(960	)
Other Payables		(19	)
Net Assets Acquired		11,757

Cash Flow
Common shares issued
Total Consideration		(11,757	)
Acquired Cash		80
Equity-settled share-based payment		4,325
Cash from Investing Activities		(7,352	)

The Company conducted an impairment test on its acquired goodwill during the fiscal year ended December 31, 2023. The test was performed in accordance with the requirements of IAS 36, Impairment of Assets. As a result of the impairment test, it was determined that the carrying amount of goodwill related to the Expetitle acquisition exceeded its recoverable amount. Consequently, the Company recognized a goodwill impairment loss of $723 thousand during the fiscal year ended December 31, 2023.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

REVENUE

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

REVENUE

6. REVENUE

In the following table, revenue (in thousands) from contracts with customers is disaggregated by major service lines.

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Main revenue streams
Commissions		684,873		379,868
Title		2,990		1,869
Mortgage Income		1,295		19
Total Revenue		689,158		381,756

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SUBSEQUENT EVENTS

21. SUBSEQUENT EVENTS

On January 1, 2024, the Company updated the Bonus RSUs structure to matching (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.

OPERATING SEGMENTS DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF OPERATING SEGMENTS

The following table present significant information about the Company’s reportable operating segments as reported to the Company’s CODM:

SCHEDULE OF OPERATING SEGMENTS

	North American Brokerage			Other Segments			Total
	For the Year Ended December 31, 2023
	North American Brokerage			Other Segments			Total
Revenues		684,873			4,285			689,158
Commissions and other agent-related costs		625,016			1,269			626,285
Gross Profit		59,857			3,016			62,873

General and administrative expenses		35,653			7,260			42,913
Marketing expenses		38,458			153			38,611
Research and development expenses		7,284			75			7,359
Operating Loss		(21,538	)		(4,472	)		(26,010	)

Other income (expenses), net		136			(723	)		(587	)
Listing expenses		-			-			-
Finance expenses, net		(614	)		(5	)		(619	)
Net Loss		(22,016	)		(5,200	)		(27,216	)

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

	North American Brokerage			Other Segments			Total
	For the Year Ended December 31, 2022
	North American Brokerage			Other Segments			Total
Revenues		379,868			1,888			381,756
Commissions and other agent-related costs		349,464			342			349,806
Gross Profit		30,404			1,546			31,950

General and administrative expenses		21,564			2,591			24,155
Marketing expenses		22,590			84			22,674
Research and development expenses		4,621			246			4,867
Operating Loss		(18,370	)		(1,376	)		(19,746	)

Other income (expenses), net		729			-			729
Listing expenses		(151	)		-			(151	)
Finance expenses, net		(1,167	)		-			(1,167	)
Net Loss		(18,959	)		(1,376	)		(20,335	)

SCHEDULE OF REVENUE GEOGRAPHY

The amount of revenue from external customers, by geography, is shown in the table below:

SCHEDULE OF REVENUE GEOGRAPHY

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
United States		573,658		320,181
Canada		115,500		61,575
Total revenue by region		689,158		381,756

SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Trade Receivables	$ 6,441	$ 1,547
United States [Member]
IfrsStatementLineItems [Line Items]
Trade Receivables	4,607	1,105
Other Regions [Member]
IfrsStatementLineItems [Line Items]
Trade Receivables	$ 1,834	$ 442

FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS

	Financial Assets at Amortized Cost		Other Financial Liabilities		Total		Level 1		Level 2		Total
	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		-		-		-

	Financial Assets at Amortized Cost		Other Financial Liabilities		Total		Level 1		Level 2		Total
	For the Year Ended December 31, 2022
	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		-		-		-		7,892		-		7,892
Total Financial Assets Measured at Fair Value (FV)		-		-		-		7,892		-		7,892
Financial Liabilities Measured at Fair Value (FV)
Warrants		-		-		-		-		242		242
Total Financial Liabilities Measured at Fair Value (FV)		-		-		-		-		242		242
Financial Assets Not Measured at Fair Value (FV)
Cash and Cash Equivalents		10,846		-		10,846		-		-		-
Restricted Cash		7,481		-		7,481		-		-		-
Trade Receivables		1,547		-		1,547		-		-		-
Other Receivables		74		-		74		-		-		-
Total Financial Assets Not Measured at Fair Value (FV)		19,948		-		19,948		-		-		-
Financial Liabilities Not Measured at Fair Value (FV)
Accounts Payable		-		474		474		-		-		-
Accrued Liabilities		-		11,866		11,866		-		-		-
Customer Deposits		-		7,481		7,481		-		-		-
Other Payables		-		1,188		1,188		-		-		-
Total Financial Liabilities Not Measured at Fair Value (FV)		-		21,009		21,009		-		-		-

SCHEDULE OF DETAILED INFORMATION ABOUT CREDIT RISK TRADE RECEIVABLES AND CONTRACT ASSET BY GEOGRAPHIC REGION

As of December 31, 2023, the exposure to credit risk for trade receivables and contract asset (in thousands) by geographic region was as follows:

	December 31, 2023		December 31, 2022
US		4,607		1,105
Other Regions		1,834		442
Trade Receivables		6,441		1,547

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, December 31, 2023
CAD (-5% movement)		485		(485	)		655		(655	)
ILS (-5% movement)		33		(33	)		121		(121	)
Balance at, December 31, 2022
CAD (-5% movement)		355		(355	)		456		(456	)
ILS (-5% movement)		2		(2	)		6		(6	)

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:

	Liabilities						Assets
	December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2022
CAD		(13,463	)		(7,058	)		4,949		3,474
ILS		(178	)		(82	)		7,494		7,724
Total Exposure		(13,641	)		(7,140	)		12,443		11,198

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

PROPERTY AND EQUIPMENT

12. PROPERTY AND EQUIPMENT

Reconciliation of Carrying Amounts (in thousands)

	Computer Equipment		Software		Furniture and Equipment			Total
Cost
Balance at December 31, 2021		205		-		69			274
Additions		321		969		27			1,317
Balance at December 31, 2022		526		969		96			1,591
Disposals		-		-		(86	)		(86	)
Additions		138		449		-			587
Balance at December 31, 2023		664		1,418		10			2,092
Accumulated Depreciation
Balance at December 31, 2021		39		-		65			104
Disposals
Depreciation		79		57		1			137
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
Ending balance		243		248		1			492

Carrying Amounts
Balance at December 31, 2022		408		912		30			1,350
Ending balance		408		912		30			1,350
Balance at December 31, 2023		421		1,170		9			1,600
Ending balance		421		1,170		9			1,600

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

LEASE LIABILITY AND RIGHT OF USE ASSET (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT RIGHT-OF-USE ASSETS

	Right-of-Use Asset
Cost
Balance at December 31, 2021		502
Additions		107
Acquired Depreciation
Depreciation
Depreciation (Adjustment)
Balance at December 31, 2022		609
Additions (Adjustment)		(69	)
Balance at December 31, 2023		540
Accumulated Depreciation		-
Balance at December 31, 2021		393
Acquired Depreciation		59
Depreciation		84
Balance at December 31, 2022		536
Depreciation (Adjustment)		(12	)
Depreciation		16
Balance at December 31, 2023		540

Carrying Amounts
Balance at December 31, 2022		73
Balance at December 31, 2023		-

SCHEDULE OF DETAILED INFORMATION ABOUT CHANGES IN THE LEASE LIABILITY DURING THE YEARS

	December 31, 2023		December 31, 2022
Maturity analysis – contractual undiscounted cash flows
Less than one year		-		96
One year to five years		-		-
More than five years		-		-
Total undiscounted lease liabilities		-		96
Lease liabilities included in the balance sheet		-		96
Current		-		96
Non-current		-		-

SCHEDULE OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD (Details) Year in Thousands	12 Months Ended
	Dec. 31, 2023 Year $ / shares	Dec. 31, 2022 Year $ / shares
IfrsStatementLineItems [Line Items]
Expected volatility (weighted-average)		108.00%
Expected life (weighted-average) \| Year	10	10
Expected dividends
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Share price	$ 1.25	$ 1.35
Expected volatility (weighted-average)	95.00%
Risk-free interest rate (based on US government bonds)	3.62%	1.95%
Top of range [member]
IfrsStatementLineItems [Line Items]
Share price	$ 1.67	$ 2.45
Expected volatility (weighted-average)	108.00%
Risk-free interest rate (based on US government bonds)	3.95%	2.89%

SCHEDULE OF DETAILED INFORMATION ABOUT RIGHT-OF-USE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Beginning balance	$ 73
Ending balance		$ 73
Accumulated depreciation and amortisation [member]
IfrsStatementLineItems [Line Items]
Beginning balance	536	393
Acquired Depreciation		59
Depreciation	16	84
Depreciation Adjustment	(12)
Ending balance	540	536
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Beginning balance	609	502
Additions		107
Additions Adjustment	(69)
Ending balance	$ 540	$ 609

Consolidated Statements of Financial Positions - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 14,707	$ 10,846
Restricted cash	12,948	7,481
Investments in financial assets	14,222	7,892
Trade receivables	6,441	1,547
Other receivables	63	74
Prepaid expenses and deposits	2,132	529
TOTAL CURRENT ASSETS	50,513	28,369
NON-CURRENT ASSETS
Intangible assets	3,442	3,708
Goodwill	8,993	10,262
Property and equipment	1,600	1,350
Right-of-use assets		73
TOTAL NON-CURRENT ASSETS	14,035	15,393
TOTAL ASSETS	64,548	43,762
CURRENT LIABILITIES
Accounts payable	571	474
Accrued liabilities	13,374	11,866
Customer deposits	12,948	7,481
Other payables	302	1,188
Lease liabilities		96
TOTAL CURRENT LIABILITIES	27,195	21,105
NON-CURRENT LIABILITIES
Warrants outstanding	269	242
TOTAL NON-CURRENT LIABILITIES	269	242
TOTAL LIABILITIES	27,464	21,347
EQUITY ATTRIBUTABLE TO OWNERS
Share premium	62,567	63,204
Stock-based compensation reserves	52,937	25,083
Deficit	(78,205)	(50,704)
Other reserves	(167)	(469)
Treasury stock, at cost	(257)	(14,962)
EQUITY ATTRIBUTABLE TO OWNERS	36,875	22,152
Non-controlling interests	209	263
TOTAL EQUITY	37,084	22,415
TOTAL LIABILITIES AND EQUITY	$ 64,548	$ 43,762

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

INTANGIBLE ASSETS

13. INTANGIBLE ASSETS

The Company’s intangible assets are finite lived and consist primarily of relationships which is amortized on a straight-line basis over its useful life of 5 years.

Reconciliation of Carrying Amounts (in thousands)

	Intangible Assets
Cost
Balance at December 31, 2021		563
Additions		3,370
Purchase Price Allocation Adjustment		-
Depreciation		-
Balance at December 31, 2022		3,933
Purchase Price Allocation Adjustment		530
Balance at December 31, 2023		4,463
Accumulated Depreciation
Balance at December 31, 2021		113
Depreciation		112
Balance at December 31, 2022		225
Beginning balance		225
Depreciation		796
Balance at December 31, 2023		1,021
Ending balance		1,021

Carrying Amounts
Balance at December 31, 2022		3,708
Ending balance		3,708
Balance at December 31, 2023		3,442
Ending balance		3,442

SCHEDULE OF DETAILED INFORMATION ABOUT FOREIGN CURRENCY RISK MANAGEMENT (Details) ₪ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 ILS (₪)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 ILS (₪)
Notes and other explanatory information [abstract]
Foreign currency denominated monetary liabilities	$ (13,641)	$ (13,463)	₪ (178)	$ (7,140)	$ (7,058)	₪ (82)
Foreign currency denominated monetary assets	$ 12,443	$ 4,949	₪ 7,494	$ 11,198	$ 3,474	₪ 7,724

SCHEDULE OF DETAILED INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Beginning balance	$ 1,350
Ending balance	1,600	$ 1,350
Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	241	104
Disposals	(65)
Ending balance	492	241
Depreciation	316	137
Computer equipment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	408
Ending balance	421	408
Computer equipment [member] \| Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	118	39
Disposals
Ending balance	243	118
Depreciation	125	79
Computer software [member]
IfrsStatementLineItems [Line Items]
Beginning balance	912
Ending balance	1,170	912
Computer software [member] \| Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	57
Disposals
Ending balance	248	57
Depreciation	191	57
Fixtures and fittings [member]
IfrsStatementLineItems [Line Items]
Beginning balance	30
Ending balance	9	30
Fixtures and fittings [member] \| Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	66	65
Disposals	(65)
Ending balance	1	66
Depreciation		1
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Beginning balance	1,591	274
Additions	587	1,317
Disposals	(86)
Ending balance	2,092	1,591
Gross carrying amount [member] \| Computer equipment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	526	205
Additions	138	321
Disposals
Ending balance	664	526
Gross carrying amount [member] \| Computer software [member]
IfrsStatementLineItems [Line Items]
Beginning balance	969
Additions	449	969
Disposals
Ending balance	1,418	969
Gross carrying amount [member] \| Fixtures and fittings [member]
IfrsStatementLineItems [Line Items]
Beginning balance	96	69
Additions		27
Disposals	(86)
Ending balance	$ 10	$ 96

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

RELATED PARTY TRANSACTIONS

20. 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 10.A). Directors and officers of the Company control approximately 37.08% 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):

	December 31, 2023		December 31, 2022
	Year Ended
	December 31, 2023		December 31, 2022
Salaries and Benefits		3,465		2,435
Stock-Based Compensation		7,470		2,164
Compensation Expenses for Related Parties		10,934		4,599

GENERAL INFORMATION

12 Months Ended

Dec. 31, 2023

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. Real 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 building a scalable, efficient brokerage operation that is not dependent on a cost-heavy brick and mortar presence in the markets in which Real operates. Real’s goal is to establish the Company as the destination brokerage for agents, by offering an unmatched combination of technology, support, and financial incentives. Real’s vision is to transform home buying under the guidance of an agent via an integrated consumer portal and app, while growing attachment of ancillary services including mortgage brokerage and title insurance. Concurrently, Real plans to expand its suite of tools and products tailored for agents, including mobile banking, payment solutions, and wealth management tools, to facilitate their journey towards generational wealth.

The consolidated operations of Real include the subsidiaries of Real, including those involved in the brokerage, title and mortgage broker operations.

On May 17, 2021, the TSX Venture Exchange (the “TSXV”) accepted the Company’s Notice of Intention to implement a normal course issuer bid (“NCIB”). On May 19, 2022, the Company announced that it renewed its 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. Purchases are made at prevailing market prices and may be conducted during the twelve-month period ended May 28, 2024.

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 deal with other administrative matters. Through the Trustee, RBC Capital Markets was engaged to undertake purchases under the NCIB.

During the year ended December 31, 2023, the Company repurchased 2 million Common Shares in the amount of $2.9 million.

On June 15, 2021, the Company’s Common Shares commenced trading on the NASDAQ under the symbol “REAX”. On July 26, 2022, the Company’s Common Shares commenced trading on the Toronto Stock Exchange (the “TSX”) under the symbol “REAX”.

On July 28, 2023, the Company announced that its application for a voluntary delisting of its Common Shares from the TSX had been approved by the Company’s Board of Directors and the TSX. The Common Shares were delisted from the TSX effective as of close of markets on August 11, 2023. The Common Shares continue to be listed and traded on the “NASDAQ under the symbol “REAX”.

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE (Details Narrative)	12 Months Ended
	Dec. 31, 2023
Notes and other explanatory information [abstract]
Investment portfolio maturity period	20 years

Consolidated Statements of Changes in Equity - 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, 2021	$ 63,397	$ 6,725	$ 5	$ (352)	$ (30,127)	$ (12,644)	$ 27,004		$ 27,004
IfrsStatementLineItems [Line Items]
Total loss and income					(20,577)		(20,577)	242	(20,335)
Total other comprehensive loss			285	(407)			(122)		(122)
Acquisitions of commons shares for Restricted Share Unit (RSU) plan						(8,060)	(8,060)		(8,060)
Release of treasury shares	(5,742)					5,742
Issuance of Restricted Share Units	4,886	(4,886)
Exercise of stock options	663	(398)					4,775		4,775
Equity-settled share-based payment		18,867					18,867		18,867
Adjustment arising from change in non-controlling interest							244	21	265
Shares issue as part of Expetitle and LemonBrew Acquisitions		4,775					21		21
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					(27,501)		(27,501)	285	(27,216)
Total other comprehensive loss			(28)	330			302		302
Member draws								(339)	(339)
Acquisitions of commons shares for Restricted Share Unit (RSU) plan						(2,865)	(2,865)		(2,865)
Release of treasury shares	(17,570)					17,570
Issuance of Restricted Share Units	16,407	(16,407)
Exercise of stock options	888	(386)					502		502
Shares withheld for taxes	(362)						(362)		(362)
Equity-settled share-based payment		44,647					44,647		44,647
Balance at Dec. 31, 2023	$ 62,567	$ 52,937	$ 262	$ (429)	$ (78,205)	$ (257)	$ 36,875	$ 209	$ 37,084

SHARE-BASED PAYMENT ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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):

Grant Date	Number of Options		Vesting Conditions	Contractual Life of Options
Balance January 1, 2022		22,287
On March, 2022		240	3 years quarterly vest	10 years
On May, 2022		320	3 years quarterly vest	10 years
On August, 2022		4,000	25% on first anniversary, then quarterly vesting	10 years
On August, 2022		145	3 years quarterly vest	10 years
On November, 2022		55	3 years quarterly vest	10 years
On December, 2022		10	3 years quarterly vest	10 years
Balance December 31, 2022		27,057
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

SCHEDULE OF INDIRECT MEASUREMENT OF FAIR VALUE OF SHARES GRANTED DURING PERIOD

	December 31, 2023			December 31, 2022
Share price	$	1.25 to $1.67		$	1.35 to $2.45
Expected volatility (weighted-average)		95.0% - 108.0%			108.0	%
Expected life (weighted-average)		10 years			10 years
Expected dividends		-	%		-	%
Risk-free interest rate (based on US government bonds)		3.62 – 3.95%			1.95 – 2.89%

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:

	December 31, 2023					December 31, 2022
	Number of Options			Weighted-Average Exercise Price		Number of Options			Weighted-Average Exercise Price
Outstanding at beginning of year		21,746		$	0.87		20,815		$	0.71
Granted		1,675			1.28		4,770			1.61
Forfeited/ Expired		(312	)		1.41		(2,450	)		2.35
Exercised		(1,166	)		0.36		(1,389	)		0.23
Outstanding at end of year		21,943		$	0.92		21,746		$	0.87
Exercisable at end of year		15,566			0.72		11,046			0.55

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. Once fully vested, all awards are settled in stock

	Restricted Share Units
Balance at, December 31, 2021		3,965
Granted		16,053
Vested and Issued		(2,504	)
Forfeited		(606	)
Balance at, December 31, 2022		16,908
Granted		23,400
Vested and Issued		(10,631	)
Forfeited		(4,089	)
Balance at, December 31, 2023		25,588

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 Consolidated Statement of Loss and Comprehensive Loss.

	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
	For the Year Ended
	December 31, 2023						December 31, 2022
	Options Expense		RSU Expense		Total		Options Expense		RSU Expense		Total
COGS – Agent Stock Based Compensation		-		21,562		21,562		-		8,008		8,008
Marketing Expenses – Agent Stock Based Compensation		2,209		5,571		7,780		1,215		4,304		5,519
Marketing Expenses – FTE Stock Based Compensation		7		7		14		-		1		1
Research and Development – FTE Stock Based Compensation		142		298		440		111		101		212
General and Administrative – FTE Stock Based Compensation		5,914		2,693		8,607		1,702		1,076		2,778
Total Stock Based Compensation		8,272		30,131		38,403		3,028		13,490		16,518

LIQUIDITY AND CAPITAL RESOURCES

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

LIQUIDITY AND CAPITAL RESOURCES

16. 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 no-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 years ended December 31, 2023, and December 31, 2022.

The following table presents the Company’s liquidity (in thousands):

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Cash		14,707		10,846
Other Receivables		63		74
Investments in Financial Assets		14,222		7,892
Total		28,992		18,812

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

SCHEDULE OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS (Details) - Other intangible assets [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Beginning balance	$ 3,708
Ending balance	3,442	$ 3,708
Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Beginning balance	225	113
Depreciation	796	112
Ending balance	1,021	225
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Beginning balance	3,933	563
Additions		3,370
Purchase Price Allocation Adjustment	530
Ending balance	$ 4,463	3,933
Gross carrying amount [member] \| Accumulated depreciation, amortisation and impairment [member]
IfrsStatementLineItems [Line Items]
Depreciation

LEMONBREW LENDING ACQUISITION

12 Months Ended

Dec. 31, 2023

Lemon Brew Lending Corp [Member]

IfrsStatementLineItems [Line Items]

LEMONBREW LENDING ACQUISITION

5. LEMONBREW LENDING ACQUISITION

On December 9, 2022, pursuant to the terms of a share purchase agreement dated September 23, 2022 between the Company, LemonBrew Lending Corp. (“LemonBrew Lending”) and LemonBrew Technologies Corp. (“LemonBrew Technologies”), the Company acquired 100% of the issued and outstanding equity interests of LemonBrew Lending from the seller for an aggregate purchase price of $1.25 million (the “LemonBrew Transaction”). The purchase price was satisfied by (i) cash in the amount of $800 thousand and (ii) the issuance of 351,837 Common Shares (the “Consideration Shares”) at a deemed issued price of $1.279 per share. The issued price of the Consideration Shares is equal to the product of $450,000 divided by the 5-day volume weighted average trading price of the Common Shares on the NASDAQ immediately prior to the closing of the LemonBrew Transaction.

In connection with the closing of the LemonBrew Transaction, the Company entered into agreements with management and key employees of LemonBrew Lending (the “LemonBrew Key Employee Agreements”). The LemonBrew Key Employment Agreements provide for performance-based milestone payments of $2.5 million payable over 36 months following the closing of the LemonBrew Transaction, of which $2 million will be payable in cash and $500 thousand will be payable in RSUs of the Company. The performance-based milestones are:

	●	LemonBrew achieving at least $500 thousand in EBITDA for the first 12-month period following closing, $1 million in EBITDA for the second 12-month period following closing, and $2 million in EBITDA for the third 12-month period following closing; and
	●	Certain employees remaining in their roles to be established with Real during the transaction

These performance-based payments are considered separate from the aggregate purchase price. Management believes it is a highly unlikely that the performance-based milestones will be achieved and has not recognized any expenses related to the performance-based milestone payment.

The Company has determined that the LemonBrew Transaction meets the definition of business combinations within the scope of IFRS 3, Business Combination. The Company has completed the valuation of the acquired assets and assumed liabilities and have assigned $529 thousands as the fair value of the Company’s intangible assets and $721 thousands as the residual goodwill. Goodwill represents expected synergies, future income and growth potential, and other intangibles that do not qualify for separate recognition. None of the goodwill arising from this acquisition is deductible for tax purposes.

The following table summarizes the recognized amounts of assets acquired and liabilities assumed, total consideration, and cash flow related to the LemonBrew Transaction (in thousands) following the completion of the purchase price allocation:

	Balance at December 9, 2022
Recognized amounts of assets acquired
Intangible Assets		529
Goodwill		721
Net Assets Acquired		1,250

Consideration
Cash		800
Common shares issued		450
Total Consideration		1,250

Cash Flow
Total Consideration		(1,250	)
Equity-settled share-based payment		450
Cash From Investing Activities		(800	)

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

SCHEDULE OF DETAILED INFORMATION ABOUT RELATED PARTY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Salaries and Benefits	$ 3,465	$ 2,435
Stock-Based Compensation	7,470	2,164
Compensation Expenses for Related Parties	$ 10,934	$ 4,599

SCHEDULE OF DETAILED INFORMATION ABOUT INVESTMENT IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE (Details) - Financial assets available-for-sale, category [member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
IfrsStatementLineItems [Line Items]
Financial assets, at fair value	$ 7,892
Deposit withdraw	5,837
Investment income	163
Gains (losses) on available-for-sale financial assets	330
Financial assets, at fair value	14,222
Cash Investments [Member]
IfrsStatementLineItems [Line Items]
Financial assets, at fair value
Deposit withdraw	6,368
Investment income	163
Gains (losses) on available-for-sale financial assets
Financial assets, at fair value	6,531
Fixed Incomes [Member]
IfrsStatementLineItems [Line Items]
Financial assets, at fair value	6,997
Deposit withdraw	277
Investment income
Gains (losses) on available-for-sale financial assets	323
Financial assets, at fair value	7,597
Fixed Income Mutual Funds [Member]
IfrsStatementLineItems [Line Items]
Financial assets, at fair value	840
Deposit withdraw	(847)
Investment income
Gains (losses) on available-for-sale financial assets	7
Financial assets, at fair value
Investment Certificate [Member]
IfrsStatementLineItems [Line Items]
Financial assets, at fair value	55
Deposit withdraw	39
Investment income
Gains (losses) on available-for-sale financial assets
Financial assets, at fair value	$ 94

GOODWILL

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

GOODWILL

14. 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. For the year ended December 31, 2023, as part of the annual review, we performed an assessment of goodwill which resulted in an impairment charge for the goodwill allocated to Expetitle CGU, which is presented as part of Other Segment (see Note 8). The recoverable amount of the CGU has been determined based on the value in use. Value in use has been determined based on the estimated future cash flows, discounted at a discount rate of 24.5%.

	Realty Crunch		Expetitle			LemonBrew			Total
Cost
Balance at December 31, 2021		602		-			-			602
Additions		-		8,393			1,267			9,660
Balance at December 31, 2022		602		8,393			1,267			10,262
Impairment		-		(723	)		-			(723	)
Adjustments		-		-			(546	)		(546	)
Balance at December 31, 2023		602		7,670			721			8,993
Ending balance		602		7,670			721			8,993
Carrying Amounts
Balance at December 31, 2022		602		8,393			1,267			10,262
Balance at December 31, 2022		602		8,393			1,267			10,262
Balance at December 31, 2023		602		7,670			721			8,993
Balance at December 31, 2023		602		7,670			721			8,993

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

COMMITMENTS AND CONTINGENCIES

19. COMMITMENTS AND CONTINGENCIES

The Company may have various other contractual obligations in the normal course of operations. The Company is not materially contingently liable with respect to litigation, claims and environmental matters. Any settlement of claims in excess of amounts recorded will be charged to profit or loss as and when such determination is made.

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 (“Class Action”). The Class Action alleges that certain real estate brokerages, including the Company, participated in practices resulting in inflated buyer broker commissions, in violation of federal antitrust laws. The Company will vigorously defend against the claims asserted in the Class Action, but is unable to predict the outcome of this action.

SCHEDULE OF PERFORMANCE OBLIGATIONS AND REVENUE RECOGNITION POLICIES (Details)	12 Months Ended
	Dec. 31, 2023
Commissions From Real Estate Contracts [Member]
IfrsStatementLineItems [Line Items]
Nature of timing of satisfaction of performance obligations including significant payment terms	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received
Revenue recognition policies	Revenue is recognized at a point in time as the purchase agreement is closed and the sale is executed
Title Fees (Escrow and Title Insurance) [Member]
IfrsStatementLineItems [Line Items]
Nature of timing of satisfaction of performance obligations including significant payment terms	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received
Revenue recognition policies	Revenue is recognized at a point in time when the transaction is closed and paid
Mortgage Broker [Member]
IfrsStatementLineItems [Line Items]
Nature of timing of satisfaction of performance obligations including significant payment terms	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received
Revenue recognition policies	Revenue is recognized at a point in time when the loan has been funded

SCHEDULE OF STOCK ACTIVITY FOR RESTRICTED SHARE UNIT PLAN (Details) - Restricted Stock Units [Member] - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Beginning balance	16,908	3,965
Granted	23,400	16,053
Vested and Issued	(10,631)	(2,504)
Forfeited	(4,089)	(606)
Ending balance	25,588	16,908

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE

11. 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 Consolidated Statements of Financial Positions:

Description	Estimated Fair Value December 31, 2022		Deposit / (Withdraw)			Dividends, Interest & Income		Gross Unrealized Gains / (Losses)		Estimated Fair Value December 31, 2023
Cash Investments		-		6,368			163		-		6,531
Fixed Income		6,997		277			-		323		7,597
Fixed Income – Mutual Funds		840		(847	)		-		7		-
Investment Certificate		55		39			-		-		94
Total		7,892		5,837			163		330		14,222

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).

SCHEDULE OF CARRYING VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Investments in Financial Assets	$ 14,222	$ 7,892
Cash	14,707	10,846
Restricted Cash	12,948	7,481
Trade Receivables	6,441	1,547
Other Receivables	63	74
Accrued Liabilities	13,374	11,866
Customer Deposits	12,948	7,481
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Cash	14,707	10,846
Restricted Cash	12,948	7,481
Trade Receivables	6,441	1,547
Other Receivables	63	74
Total Financial Assets Not Measured at Fair Value (FV)	34,159	19,948
Accounts Payable	571	474
Accrued Liabilities	13,374	11,866
Customer Deposits	12,948	7,481
Other Payables	302	1,188
Total Financial Liabilities Not Measured at Fair Value (FV)	27,195	21,009
Gross carrying amount [member] \| Financial assets at amortised cost, category [member]
IfrsStatementLineItems [Line Items]
Cash	14,707	10,846
Restricted Cash	12,948	7,481
Trade Receivables	6,441	1,547
Other Receivables	63	74
Total Financial Assets Not Measured at Fair Value (FV)	34,159	19,948
At fair value [member]
IfrsStatementLineItems [Line Items]
Investments in Financial Assets	14,222	7,892
Total Financial Assets Measured at Fair Value (FV)	14,222	7,892
Total Financial Liabilities Measured at Fair Value (FV)		242
Cash
Restricted Cash
Trade Receivables
Other Receivables
Total Financial Assets Not Measured at Fair Value (FV)
Accounts Payable	571	474
Accrued Liabilities	13,374	11,866
Customer Deposits	12,948	7,481
Other Payables	302	1,188
Total Financial Liabilities Not Measured at Fair Value (FV)	27,195	21,009
At fair value [member] \| Warrants [member]
IfrsStatementLineItems [Line Items]
Total Financial Liabilities Measured at Fair Value (FV)	269	242
Level 1 of fair value hierarchy [member] \| At fair value [member]
IfrsStatementLineItems [Line Items]
Investments in Financial Assets	14,222	7,892
Total Financial Assets Measured at Fair Value (FV)	14,222	7,892
Cash
Restricted Cash
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
Total Financial Liabilities Measured at Fair Value (FV)		242
Cash
Restricted Cash
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 Liabilities Measured at Fair Value (FV)	$ 269	$ 242

SCHEDULE OF Anti -Dilutive Weighted AVERAGE LOSS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Total	47,531	38,654
Share options [member]
IfrsStatementLineItems [Line Items]
Total	21,943	21,746
Restricted share units [member]
IfrsStatementLineItems [Line Items]
Total	25,588	16,908

INTANGIBLE ASSETS (Details Narrative)	12 Months Ended
INTANGIBLE ASSETS (Details Narrative)	Dec. 31, 2023
Notes and other explanatory information [abstract]
Intangible asset useful lives	5 years

SCHEDULE OF DETAILED INFORMATION ABOUT NATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS (Details) ₪ in Thousands, $ in Thousands	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 ILS (₪)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 ILS (₪)
Foreign Exchange Rate, Strengthening [Member] \| Currency Risk Five Percent Movement [Member] \| Average Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| $	$ 485		$ 355
Foreign Exchange Rate, Strengthening [Member] \| Currency Risk Five Percent Movement [Member] \| Period End Spot Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| $	655		456
Foreign Exchange Rate, Strengthening [Member] \| Currency Risk Five Percent Movement In Ils [Member] \| Period End Spot Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| ₪		₪ 121		₪ 6
Average Foreign Exchange Rate, Weakening Member [Member] \| Currency Risk Five Percent Movement [Member] \| Average Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| $	(485)		(355)
Average Foreign Exchange Rate, Weakening Member [Member] \| Currency Risk Five Percent Movement In Ils [Member] \| Average Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| ₪		(33)		(2)
Closing Foreign Exchange Rate Weakening [Member] \| Currency Risk Five Percent Movement [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| $	$ (655)		$ (456)
Closing Foreign Exchange Rate Weakening [Member] \| Currency Risk Five Percent Movement In Ils [Member] \| Period End Spot Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| ₪		(121)		(6)
Average Foreign Exchange Rate, Strengthening Member [Member] \| Currency Risk Five Percent Movement In Ils [Member] \| Average Rate [Member]
IfrsStatementLineItems [Line Items]
Interest rates \| ₪		₪ 33		₪ 2

INVESTMENTS IN AVAILABLE FOR SALE SECURITIES AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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 Consolidated Statements of Financial Positions:

Description	Estimated Fair Value December 31, 2022		Deposit / (Withdraw)			Dividends, Interest & Income		Gross Unrealized Gains / (Losses)		Estimated Fair Value December 31, 2023
Cash Investments		-		6,368			163		-		6,531
Fixed Income		6,997		277			-		323		7,597
Fixed Income – Mutual Funds		840		(847	)		-		7		-
Investment Certificate		55		39			-		-		94
Total		7,892		5,837			163		330		14,222

SCHEDULE OF REVENUE GEOGRAPHY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Total revenue by region	$ 689,158	$ 381,756
United States [Member]
IfrsStatementLineItems [Line Items]
Total revenue by region	573,658	320,181
Canada [Member]
IfrsStatementLineItems [Line Items]
Total revenue by region	$ 115,500	$ 61,575

- Definition

+ References

+ Details

FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT

18. FINANCIAL INSTRUMENTS – FAIR VALUE AND RISK MANAGEMENT

Accounting classifications and fair value (in thousands)

	Financial Assets at Amortized Cost		Other Financial Liabilities		Total		Level 1		Level 2		Total
	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		-		-		-

	Financial Assets at Amortized Cost		Other Financial Liabilities		Total		Level 1		Level 2		Total
	For the Year Ended December 31, 2022
	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		-		-		-		7,892		-		7,892
Total Financial Assets Measured at Fair Value (FV)		-		-		-		7,892		-		7,892
Financial Liabilities Measured at Fair Value (FV)
Warrants		-		-		-		-		242		242
Total Financial Liabilities Measured at Fair Value (FV)		-		-		-		-		242		242
Financial Assets Not Measured at Fair Value (FV)
Cash and Cash Equivalents		10,846		-		10,846		-		-		-
Restricted Cash		7,481		-		7,481		-		-		-
Trade Receivables		1,547		-		1,547		-		-		-
Other Receivables		74		-		74		-		-		-
Total Financial Assets Not Measured at Fair Value (FV)		19,948		-		19,948		-		-		-
Financial Liabilities Not Measured at Fair Value (FV)
Accounts Payable		-		474		474		-		-		-
Accrued Liabilities		-		11,866		11,866		-		-		-
Customer Deposits		-		7,481		7,481		-		-		-
Other Payables		-		1,188		1,188		-		-		-
Total Financial Liabilities Not Measured at Fair Value (FV)		-		21,009		21,009		-		-		-

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

A. Transfers between levels

During the years ended December 31, 2023, and December 31, 2022, there have been no transfers between Level 1, Level 2 and Level 3.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

‒	credit risk (see (ii));

‒	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.

ii. Credit risk

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 receivable and contract assets for which no loss allowance is recognized because of collateral.

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.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

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 December 31, 2023, the exposure to credit risk for trade receivables and contract asset (in thousands) by geographic region was as follows:

	December 31, 2023		December 31, 2022
US		4,607		1,105
Other Regions		1,834		442
Trade Receivables		6,441		1,547

iii. Liquidity risk

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.

iv. Market risk

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.

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 December 31, 2023 and December 31, 2022 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:

	Average Rate					Period-end Spot Rate
	Strengthening		Weakening			Strengthening		Weakening
Balance at, December 31, 2023
CAD (-5% movement)		485		(485	)		655		(655	)
ILS (-5% movement)		33		(33	)		121		(121	)
Balance at, December 31, 2022
CAD (-5% movement)		355		(355	)		456		(456	)
ILS (-5% movement)		2		(2	)		6		(6	)

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 REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities (in thousands) at the reporting date are as follows:

	Liabilities						Assets
	December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2022
CAD		(13,463	)		(7,058	)		4,949		3,474
ILS		(178	)		(82	)		7,494		7,724
Total Exposure		(13,641	)		(7,140	)		12,443		11,198

v. Investment risk

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 11.

Consolidated Statements of Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
Revenues	$ 689,158	$ 381,756
Commissions and other agent-related costs	626,285	349,806
Gross Profit	62,873	31,950
General and administrative expenses	42,913	24,155
Marketing expenses	38,611	22,674
Research and development expenses	7,359	4,867
Operating Loss	(26,010)	(19,746)
Other income (expenses), net	(587)	729
Listing expenses		(151)
Finance expenses, net	(619)	(1,167)
Net Loss	(27,216)	(20,335)
Net income attributable to noncontrolling interests	285	242
Net Loss Attributable to the Owners of the Company	(27,501)	(20,577)
Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss:
Cumulative (gain)/loss on investments in debt instruments classified as FVTOCI reclassified to profit or loss	330	(407)
Foreign currency translation adjustment	(28)	285
Total Comprehensive Loss Attributable to Owners of the Company	(27,199)	(20,699)
Total Comprehensive Income Attributable to NCI	285	242
Total Comprehensive Loss	$ (26,914)	$ (20,457)
Loss per share
Basic loss per share	$ (0.15)	$ (0.12)
Diluted loss per share	$ (0.15)	$ (0.12)
Weighted-average shares, basic	178,127	178,201
Weighted-average shares, diluted	178,127	178,201

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Entity Addresses [Line Items]
Document Type	40-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40442
Entity Registrant Name	The Real Brokerage Inc.
Entity Central Index Key	0001862461
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	701 Brickell Avenue
Entity Address, Address Line Two	17th Floor
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Country	US
Entity Address, Postal Zip Code	33131
City Area Code	(646)
Local Phone Number	859-2368
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	REAX
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Common Stock, Shares Outstanding	183,605,781
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	1197
Auditor Name	Brightman Almagor Zohar & Co
Auditor Location	Tel Aviv, Israel
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	122 East 42nd Street, 18th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10168
City Area Code	1-800
Local Phone Number	221-0102
Contact Personnel Name	Cogency Global Inc.

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT INTANGIBLE ASSETS

	Intangible Assets
Cost
Balance at December 31, 2021		563
Additions		3,370
Purchase Price Allocation Adjustment		-
Depreciation		-
Balance at December 31, 2022		3,933
Purchase Price Allocation Adjustment		530
Balance at December 31, 2023		4,463
Accumulated Depreciation
Balance at December 31, 2021		113
Depreciation		112
Balance at December 31, 2022		225
Beginning balance		225
Depreciation		796
Balance at December 31, 2023		1,021
Ending balance		1,021

Carrying Amounts
Balance at December 31, 2022		3,708
Ending balance		3,708
Balance at December 31, 2023		3,442
Ending balance		3,442

OPERATING SEGMENTS DISCLOSURES

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

OPERATING SEGMENTS DISCLOSURES

8. OPERATING SEGMENTS DISCLOSURES

The businesses of the Company is divided operationally into three identified operating segments: North American Brokerage, Real Title and One Real Mortgage. North American Brokerage generates revenue by processing real estate transactions which entitles the Company to commissions. 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 determined that it operates as a single reporting segment - North American Brokerage which comprises of more than 90% of Group’s total revenue and net loss. The other two segments Real Title and One Real Mortgage are not considered as reporting segments as their revenue and net loss do not meet quantitative threshold set for reporting segments. These two segments are disclosed in an ‘other segments’ category below.

The presentation in this note for prior periods have 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 table present significant information about the Company’s reportable operating segments as reported to the Company’s CODM:

SCHEDULE OF OPERATING SEGMENTS

	North American Brokerage			Other Segments			Total
	For the Year Ended December 31, 2023
	North American Brokerage			Other Segments			Total
Revenues		684,873			4,285			689,158
Commissions and other agent-related costs		625,016			1,269			626,285
Gross Profit		59,857			3,016			62,873

General and administrative expenses		35,653			7,260			42,913
Marketing expenses		38,458			153			38,611
Research and development expenses		7,284			75			7,359
Operating Loss		(21,538	)		(4,472	)		(26,010	)

Other income (expenses), net		136			(723	)		(587	)
Listing expenses		-			-			-
Finance expenses, net		(614	)		(5	)		(619	)
Net Loss		(22,016	)		(5,200	)		(27,216	)

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

	North American Brokerage			Other Segments			Total
	For the Year Ended December 31, 2022
	North American Brokerage			Other Segments			Total
Revenues		379,868			1,888			381,756
Commissions and other agent-related costs		349,464			342			349,806
Gross Profit		30,404			1,546			31,950

General and administrative expenses		21,564			2,591			24,155
Marketing expenses		22,590			84			22,674
Research and development expenses		4,621			246			4,867
Operating Loss		(18,370	)		(1,376	)		(19,746	)

Other income (expenses), net		729			-			729
Listing expenses		(151	)		-			(151	)
Finance expenses, net		(1,167	)		-			(1,167	)
Net Loss		(18,959	)		(1,376	)		(20,335	)

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 consolidated financial statements.

The amount of revenue from external customers, by geography, is shown in the table below:

SCHEDULE OF REVENUE GEOGRAPHY

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
United States		573,658		320,181
Canada		115,500		61,575
Total revenue by region		689,158		381,756

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

SCHEDULE OF FINANCE COST (Details) - USD ($) $ in Thousands	12 Months Ended
SCHEDULE OF FINANCE COST (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Unrealized Losses (Gains)	$ 27	$ (397)
Realized Losses (Gains)	(3)	24
Bank Fees	528	400
Finance Costs	68	540
Remeasurement of contingent consideration		600
Total Finance Expenses	$ 619	$ 1,167

SUMMARY OF MATERIAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF PERFORMANCE OBLIGATIONS AND REVENUE RECOGNITION POLICIES

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and related revenue recognition policies.

Type of product or service	Nature of timing of satisfaction of performance obligations including significant payment terms	Revenue recognition policies
Commissions from real estate contracts	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time as the purchase agreement is closed and the sale is executed
Title Fees (Escrow and Title Insurance)	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the transaction is closed and paid
Mortgage Broker	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the loan has been funded

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT

Computer equipment:	3 years
Furniture and fixtures:	5-10 years.

CAPITAL AND RESERVES (Details Narrative) - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Number of shares issued	1.2
Capital reserve	$ 2,500
Treasury shares	257	$ 14,962
Capital reserve [member]
IfrsStatementLineItems [Line Items]
Treasury shares	$ 175	$ 5,900

SUMMARY OF MATERIAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SUMMARY OF MATERIAL ACCOUNTING POLICIES

2. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of the annual 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, 2022.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

A. Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were authorized for issuance by the Board of Directors on March 6, 2024.

B. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31 of each year. Control is achieved when the Company:

	●	Has the power over the investee
	●	Is exposed, or has rights, to variable returns from its involvement with the investee
	●	Has the ability to use its power to affect its returns

The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary.

Where necessary, adjustments are made to the financial statements of subsidiaries to ensure subsidiaries’ accounting policies are in line with Company’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Company and its subsidiaries are eliminated on consolidation.

C. Functional and presentation currency

These consolidated financial statements are presented in U.S. dollars, which is the Company’s functional currency. All amounts have been rounded to the nearest thousands of dollars, unless otherwise noted.

D. Foreign currency

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognized in the financial statements using exchange rates prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the relevant functional currency at the exchange rates prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Foreign currency differences arising on translation are recognized in the income statement for determination of net profit or loss during the period.

Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to the functional currency at exchange rates at the reporting date. The income and expenses of foreign operations and cash flows are translated using average exchange rates during the period. Any differences arising on such translation are recognized in other comprehensive income. Such differences are included in the foreign currency translation reserve “FCTR” within other components of equity. When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

E. Operating segments

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 segment information disclosed in these consolidated Financial Statements reflects historical results consistent with the identifiable reportable segments of Real Brokerage Inc. and financial information that the Chief Operating Decision Maker (“CODM”) reviews to evaluate segmental performance and allocate resources among the segments. The CODM is the Company’s Chief Executive Officer.

Detailed segment information is disclosed in Note 8.

F. Revenue from contracts with customers

The Company generates substantially all its revenue from commissions from the sale of real estate properties. Other sources of revenue relate to ancillary services.

The Company is contractually obligated to provide services for the fulfillment of transfer of real estate between agents, buyers, and sellers. The Company satisfies its performance obligations through closing of a transaction and provides services between the agents and buyers and sellers as a principal. Accordingly, the Company recognizes revenues in the gross amount of consideration, to which it expects to be entitled to.

Please see Note 6 for more information about the Company’s revenues from contracts with customers.

Performance obligations and revenue recognition policies

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue upon the satisfaction of its performance obligation when it transfers control over a good or service to a customer.

Type of product or service	Nature of timing of satisfaction of performance obligations including significant payment terms	Revenue recognition policies
Commissions from real estate contracts	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time as the purchase agreement is closed and the sale is executed
Title Fees (Escrow and Title Insurance)	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the transaction is closed and paid
Mortgage Broker	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the loan has been funded

G. Share-based compensation

The Company’s real estate agents receive remuneration in the form of share-based compensation, whereby those agents are entitled to restricted share units. In addition, the Company grants its employees and members of the board of directors remuneration in the form of share-based compensation, whereby employees and the board of directors render services in consideration for equity instruments.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Share-based payment arrangements

The grant-date fair value excluding the effect of non-market equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

Restricted share unit plan

Under the restricted share unit plans, eligible participants receive restricted share units (RSUs), which generally vest over a period of up to four years. The expense in relation to RSUs earned in recognition of service performance conditions is recognized at grant-date fair value during the applicable vesting period based on the best available estimate of the number of equity instruments expected to vest with a corresponding increase in equity. RSUs granted under the agent stock purchase plan are fully vested at grant date. The expense in relation to such RSUs is recognized at grant-date fair value with a corresponding increase in equity. Please see Note 10.D for more information about the Company’s restricted share unit.

H. Income tax

Income tax expenses comprise of current and deferred tax. It is recognized in profit or loss, or items recognized directly in equity or in other comprehensive income.

Current tax

Current tax is comprised of expected payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using the tax rates enacted or substantively enacted at the reporting date.

Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax

Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for:

‒	Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and

‒	Temporary differences related to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if certain criteria are met.

I. Property and equipment

Recognition and measurement

Items of property and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property and equipment have different useful lives, then they are accounted for as separate items (significant components) of property and equipment.

Any gain or loss on disposal of an item of property and equipment is recognized in profit or loss.

Depreciation

Depreciation is calculated to write off the cost of items of property and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is recognized in profit or loss.

The estimated useful lives of property and equipment for current and comparative periods are as follows:

Computer equipment:	3 years
Furniture and fixtures:	5-10 years.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate.

J. Financial instruments

Recognition and initial measurement

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 – Policy

Financial Assets:

Financial assets are comprised of investments in equity and debt securities, trade and other receivables, cash and cash equivalents, restricted cash, and other financial assets.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Initial recognition:

All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement:

Financial assets measured at amortized cost:

Financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortized cost using effective interest rate (EIR) method. The EIR amortization is recognized as finance income in the Statement of Income.

The Company while applying above criteria has classified the following financial assets at amortized cost

-	Trade receivables

-	Other financial assets.

Financial assets at fair value through other comprehensive income (FVTOCI):

Financial assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding are subsequently measured at FVTOCI. Fair value movements in financial assets at FVTOCI are recognized in other comprehensive income.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as Financial assets at fair value through profit or loss (FVTPL):

‒	it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

‒	its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

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 REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

‒	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 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.

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.

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.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

K. Share capital

i. Share Premium

Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity. Income tax relating to transactions costs of an equity transaction are accounted for in accordance with IAS 12.

ii. Non – controlling interests

Non-controlling interests represents the portion of net income and net assets which the Company does not own, either directly or indirectly. It is presented as “Attributable to non-controlling interests” separately in the Consolidated Statements of Loss, and separately from shareholders’ equity in the Consolidated Statements of Financial Position.

L. Cash and Cash Equivalents

In the statement of financial position, cash and bank balances comprise cash (i.e. cash on hand and demand deposits) and cash equivalents. Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

Bank balances for which use by the Company is subject to third party contractual restrictions are included in Restricted cash in the statement of financial position. Restricted cash consists of cash held in escrow by the Company’s brokers and agents on behalf of real estate buyers. The Company recognizes a corresponding customer deposit liability until the funds are released. Once the cash is transferred from escrow, the Company reduces the respective customers’ deposit liability.

M. Goodwill

Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed in a business combination. Goodwill is tested annually for impairment, or more regularly if certain indicators are present. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (CGU) that are expected to benefit from the synergies of the combination and represent the lowest level at which the goodwill is monitored for internal management purposes. The recoverable amount is the higher of the fair value less cost to sell and the value in use; where the value in use is the present value of the future cash flows. Goodwill is evaluated for impairment by comparing the recoverable amount of the Company’s operating segments to the carrying amount of the operating segments to which the goodwill relates. If the recoverable amount is less than the carrying amount an impairment charge is determined. 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. For the year ended December 31, 2023 and 2022, we performed an assessment of goodwill related to our previous business acquisition which resulted in an impairment charge for the year ended December 31, 2023. (See Note 4. “Expetitle Acquisition”).

N. Intangible Assets

The Company’s intangible assets are finite lived and consist primarily of customer relationships. The Company evaluates its intangible assets for recoverability and potential impairment, or as events or changes in circumstances indicate the carrying value may be impaired.

O. Impairment

Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized in the consolidated statement of loss and other comprehensive loss consistent with the function of the assets, for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows. Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal each reporting period.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

P. Provisions

Provisions are recognized when present (legal or constructive) obligations as a result of a past event will lead to a probable outflow of economic resources and amounts can be estimated reliably. Provisions are measured at management’s best estimate of the expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation.

The Company performs evaluations to identify onerous contracts and, where applicable, records provisions for such contracts. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. In those cases where the possible outflow of economic resources as a result of present obligations is considered remote, no liability is recognized.

Q. Leases

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements (i.e. changes in lease term) of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

As of December 31, 2023, the Company is not engaged in long term operational or capital lease arrangements for which right of use asset and lease liability were recognized.

R. Business combinations

Business combinations are accounted for under the purchase method. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 ‘Business Combinations’, are recognized at their fair value at the acquisition date, except certain assets and liabilities required to be measured as per the applicable standards.

Goodwill is recognized when the fair value of purchase consideration and non-controlling interests exceeds the fair value of identifiable net assets acquired on the acquisition date. Goodwill arising on acquisitions is reviewed for impairment annually. Where the fair values of the identifiable assets and liabilities exceed the cost of acquisition, the Company assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the surplus is credited to the consolidated statements of profit or loss in the period of acquisition.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Where it is not possible to complete the determination of fair values by the date on which the first post-acquisition financial statements are approved, a provisional assessment of fair value is made and any adjustments required to those provisional fair values are finalized within twelve months of the acquisition date.

Those provisional amounts are adjusted through goodwill during the measurement period, or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. These adjustments are called measurement period adjustments. The measurement period does not exceed twelve months from the acquisition date.

Any non-controlling interest in an acquiree is measured at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. This accounting choice is made on a transaction-by-transaction basis.

Acquisition expenses are charged to consolidated statements of profit or loss.

If the Company acquires a group of assets in a company that does not constitute a business in accordance with IFRS 3, the cost of the acquired group of assets is allocated to the individual identifiable assets acquired based on their relative fair value.

S. Revenue Share

The Company has a revenue sharing plan where its agents and brokers can receive additional commission income from real estate transactions consummated by agents and brokers they have attracted to the Company. Agents and brokers are eligible for revenue share based on the number of qualifying active agents they have attracted to the Company. Revenue sharing payments are included as part of Marketing Expenses in the consolidated statements of loss and other comprehensive loss.

T. Warrants Accounting

Warrants are a financial instrument that allow the holder to purchase stock of the issuer at a specified price during the warrant term. The Company classifies a warrant to purchase shares of its common stock as a liability on its consolidated statements of financial position as this warrant is a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on date of grant using the Black-Scholes model and net of issuance costs, and it is subsequently re-measured to fair value at each subsequent balance sheet date. Changes in fair value of the warrant are recognized as a component of other income (expense), net in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrant. The warrant holder have the ability to exercise 184,227 warrants at an exercise price of $1.36 CAD.

U. Treasury Share

Company shares held by the Company are recognized at cost of purchase and presented as a deduction from equity. Any gain or loss arising from a purchase, sale, issue or cancellation of treasury shares is recognized directly in equity.

During the year ended December 31, 2023, the Company purchased 2 million Common Shares which were classified as Treasury shares and held in the CWB Trust.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

V. Accounting policy development

New and amended IFRS Accounting Standards that are effective for the current year

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements – Disclosure of Accounting Policies

In February 2021, the International Accounting Standards Board issued narrow-scope amendments to IAS 1, Presentation of Financial Statements, IFRS Practice Statement 2, Making Materiality Judgements and IAS 8, Accounting Polices, Changes in Accounting Estimates and Errors. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. The amendments will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. We have assessed the impacts of the amended standards, which have had no material effect on our financial disclosures by the application of the amendments.

EXPENSES BY NATURE

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

EXPENSES BY NATURE

7. 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).

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Commissions and other agent-related costs		626,285		349,806

Operating Expenses
General and Administrative Expenses		42,913		24,155
Salaries and Benefits		18,940		11,733
Stock Based Compensation		8,607		2,778
Administrative Expenses		3,244		1,803
Professional Fees		8,425		5,893
Depreciation Expense		1,128		333
Other General and Administrative Expenses		2,569		1,615
Marketing Expenses		38,611		22,674
Salaries and Benefits		767		478
Stock Based Compensation for Employees		14		1
Stock Based Compensation for Agents		7,780		5,519
Revenue Share		27,905		14,975
Other Marketing and Advertising Cost		2,145		1,701
Research and Development Expenses		7,359		4,867
Salaries and Benefits		3,749		2,012
Stock Based Compensation		440		212
Other Research and Development		3,170		2,643
Total Cost of Sales and Operating Expenses		715,168		401,502

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Finance Expenses

The following table provides a detailed breakdown of Finance costs (in thousands) as reported in the consolidated Statement of Income (Loss):

SCHEDULE OF FINANCE COST

Description	December 31, 2023			December 31, 2022
	For the Year Ended
Description	December 31, 2023			December 31, 2022
Unrealized Losses (Gains)		27			(397	)
Realized Losses (Gains)		(3	)		24
Bank Fees		528			400
Finance Costs		68			540
Remeasurement of contingent consideration		-			600
Total Finance Expenses		619			1,167

SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

Basis of preparation

A. Basis of preparation

Basis of consolidation

B. Basis of consolidation

	●	Has the power over the investee
	●	Is exposed, or has rights, to variable returns from its involvement with the investee
	●	Has the ability to use its power to affect its returns

The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Where necessary, adjustments are made to the financial statements of subsidiaries to ensure subsidiaries’ accounting policies are in line with Company’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between the members of the Company and its subsidiaries are eliminated on consolidation.

Functional and presentation currency

C. Functional and presentation currency

Foreign currency

D. Foreign currency

Foreign currency transactions and balances

Foreign operations

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Operating segments

E. Operating segments

Detailed segment information is disclosed in Note 8.

Revenue from contracts with customers

F. Revenue from contracts with customers

The Company generates substantially all its revenue from commissions from the sale of real estate properties. Other sources of revenue relate to ancillary services.

Please see Note 6 for more information about the Company’s revenues from contracts with customers.

Performance obligations and revenue recognition policies

Type of product or service	Nature of timing of satisfaction of performance obligations including significant payment terms	Revenue recognition policies
Commissions from real estate contracts	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time as the purchase agreement is closed and the sale is executed
Title Fees (Escrow and Title Insurance)	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the transaction is closed and paid
Mortgage Broker	Customers obtain control of real estate property on the closing date, which is ordinarily when consideration is received	Revenue is recognized at a point in time when the loan has been funded

Share-based compensation

G. Share-based compensation

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Share-based payment arrangements

Restricted share unit plan

Income tax

H. Income tax

Income tax expenses comprise of current and deferred tax. It is recognized in profit or loss, or items recognized directly in equity or in other comprehensive income.

Current tax

Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax

‒	Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and

‒	Temporary differences related to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Deferred tax assets and liabilities are offset only if certain criteria are met.

Property and equipment

I. Property and equipment

Recognition and measurement

Any gain or loss on disposal of an item of property and equipment is recognized in profit or loss.

Depreciation

The estimated useful lives of property and equipment for current and comparative periods are as follows:

Computer equipment:	3 years
Furniture and fixtures:	5-10 years.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate.

Financial instruments

J. Financial instruments

Recognition and initial measurement

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.

Classification and subsequent measurement

Financial assets – Policy

Financial Assets:

Financial assets are comprised of investments in equity and debt securities, trade and other receivables, cash and cash equivalents, restricted cash, and other financial assets.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Initial recognition:

Subsequent measurement:

Financial assets measured at amortized cost:

The Company while applying above criteria has classified the following financial assets at amortized cost

-	Trade receivables

-	Other financial assets.

Financial assets at fair value through other comprehensive income (FVTOCI):

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as Financial assets at fair value through profit or loss (FVTPL):

‒	it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

‒	its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets – Business model assessment

‒	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 REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

‒	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 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.

Derecognition

Financial assets

Financial liabilities

Offsetting

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Share capital

K. Share capital

i. Share Premium

ii. Non – controlling interests

Cash and Cash Equivalents

L. Cash and Cash Equivalents

Goodwill

M. Goodwill

Intangible Assets

N. Intangible Assets

Impairment

O. Impairment

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Provisions

P. Provisions

Leases

Q. Leases

As of December 31, 2023, the Company is not engaged in long term operational or capital lease arrangements for which right of use asset and lease liability were recognized.

Business combinations

R. Business combinations

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Acquisition expenses are charged to consolidated statements of profit or loss.

Revenue Share

S. Revenue Share

Warrants Accounting

T. Warrants Accounting

Treasury Share

U. Treasury Share

During the year ended December 31, 2023, the Company purchased 2 million Common Shares which were classified as Treasury shares and held in the CWB Trust.

THE REAL BROKERAGE INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2023 and 2022

Accounting policy development

V. Accounting policy development

New and amended IFRS Accounting Standards that are effective for the current year

Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements – Disclosure of Accounting Policies

SCHEDULE OF DETAILED INFORMATION ABOUT ACQUISITIONS OF BUSINESS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	$ 10,262
Balance at December 31, 2023	8,993	$ 10,262
Realty Crunch In [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	602
Balance at December 31, 2023	602	602
Expetitle [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	8,393
Balance at December 31, 2023	7,670	8,393
Lemon Brew [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	1,267
Balance at December 31, 2023	721	1,267
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	10,262	602
Additions		9,660
Impairment	(723)
Adjustments	(546)
Balance at December 31, 2023	8,993	10,262
Gross carrying amount [member] \| Realty Crunch In [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	602	602
Additions
Impairment
Adjustments
Balance at December 31, 2023	602	602
Gross carrying amount [member] \| Expetitle [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	8,393
Additions		8,393
Impairment	(723)
Adjustments
Balance at December 31, 2023	7,670	8,393
Gross carrying amount [member] \| Lemon Brew [Member]
IfrsStatementLineItems [Line Items]
Balance at December 31, 2022	1,267
Additions		1,267
Impairment
Adjustments	(546)
Balance at December 31, 2023	$ 721	$ 1,267

SCHEDULE OF OF EFFECT OF SHARE-BASED PAYMENTS ON ENTITY'S PROFIT OR LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
COGS – Agent Stock Based Compensation	$ 21,562	$ 8,008
Marketing Expenses – Agent Stock Based Compensation	7,780	5,519
Marketing Expenses – FTE Stock Based Compensation	14	1
Research and Development – FTE Stock Based Compensation	440	212
General and Administrative – FTE Stock Based Compensation	8,607	2,778
Total Stock Based Compensation	38,403	16,518
Options [Member]
IfrsStatementLineItems [Line Items]
COGS – Agent Stock Based Compensation
Marketing Expenses – Agent Stock Based Compensation	2,209	1,215
Marketing Expenses – FTE Stock Based Compensation	7
Research and Development – FTE Stock Based Compensation	142	111
General and Administrative – FTE Stock Based Compensation	5,914	1,702
Total Stock Based Compensation	8,272	3,028
Restricted Stock Units [Member]
IfrsStatementLineItems [Line Items]
COGS – Agent Stock Based Compensation	21,562	8,008
Marketing Expenses – Agent Stock Based Compensation	5,571	4,304
Marketing Expenses – FTE Stock Based Compensation	7	1
Research and Development – FTE Stock Based Compensation	298	101
General and Administrative – FTE Stock Based Compensation	2,693	1,076
Total Stock Based Compensation	$ 30,131	$ 13,490

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT (Details)	12 Months Ended
	Dec. 31, 2023
Computer equipment [member]
IfrsStatementLineItems [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Fixtures and fittings [member] \| Bottom of range [member]
IfrsStatementLineItems [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Fixtures and fittings [member] \| Top of range [member]
IfrsStatementLineItems [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years

EXPETITLE ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2023

Expetitle Inc [Member]

IfrsStatementLineItems [Line Items]

SCHEDULE OF FAIR VALUES OF THE ACQUIRED ASSETS AND ASSUMED LIABILITIES

The following table summarizes the recognized amounts of assets acquired and liabilities assumed, total consideration, and cash flow related to the Expetitle Transaction (in thousands):

	Balance at January 21, 2022
Recognized amounts of assets acquired and liabilities assumed
Cash		80
Other Current Assets		42
In Trust Cash		960
Goodwill		8,393
Intangible Assets		3,364
Accounts Payables and Accrued Liabilities		(103	)
Held in Trust Funds		(960	)
Other Payables		(19	)
Net Assets Acquired		11,757

Cash Flow
Common shares issued
Total Consideration		(11,757	)
Acquired Cash		80
Equity-settled share-based payment		4,325
Cash from Investing Activities		(7,352	)

CAPITAL AND RESERVES

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

CAPITAL AND RESERVES

15. 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:

Authorized

Issued and Paid

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Ordinary shares no-par value

unlimited

183,605

179,922

During the year ended December 31, 2023, the company issued 1.2 million shares as a result of exercise of stock options and 2.5 million associated with restricted stock unit granted to agents and employees.

Total number of shares held in treasury is 175 thousand and 5.9 million as of December 31, 2023 and 2022 respectively.

SUMMARY OF MATERIAL ACCOUNTING POLICIES (Details Narrative) shares in Millions	12 Months Ended
	Dec. 31, 2023 $ / shares $ / shares shares
IfrsStatementLineItems [Line Items]
Warrants exercise	$ 184,227
Exercise price of warrants	$ 1.36
Treasury shares [member]
IfrsStatementLineItems [Line Items]
Number of treasury shares repurchased \| shares	2

EXPETITLE ACQUISITION (Details Narrative) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Jan. 20, 2022 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Jan. 23, 2023 USD ($)	Jan. 21, 2022 USD ($)
IfrsStatementLineItems [Line Items]
Options granted \| shares		1,675	4,770
Post transactions with employees		$ 7,470	$ 2,164
Cash		14,707	$ 10,846
Goodwill impairment loss		$ 723
Expetitle Inc [Member]
IfrsStatementLineItems [Line Items]
Percentage of equity interests acquired	100.00%
Description of acquiree	As part of the Expetitle Transaction, the Company also acquired 51% ownership of five subsidiaries of Expetitle
Non-controlling interest	$ 21
Cash consideration	7,400
Contingent consideration	600
Cash payment	$ 200
Contingent terms in escrow				$ 800
Options granted \| shares	700
Aggregate purchase price	$ 1,100
Fair value of stock options	4,800
Fair value to be part of consideration	4,300
Post transactions with employees	$ 451
Options, vesting period \| $ / shares	$ 3
Exercise price of share options \| $ / shares	$ 3.60
Cash	$ 168
Proprietary technology					$ 3,400
Goodwill					$ 8,393

LEMONBREW LENDING ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2023

Lemon Brew Lending Corp [Member]

IfrsStatementLineItems [Line Items]

SCHEDULE OF FAIR VALUES OF THE ACQUIRED ASSETS AND ASSUMED LIABILITIES

	Balance at December 9, 2022
Recognized amounts of assets acquired
Intangible Assets		529
Goodwill		721
Net Assets Acquired		1,250

Consideration
Cash		800
Common shares issued		450
Total Consideration		1,250

Cash Flow
Total Consideration		(1,250	)
Equity-settled share-based payment		450
Cash From Investing Activities		(800	)

LIQUIDITY AND CAPITAL RESOURCES (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT LIQUIDITY

The following table presents the Company’s liquidity (in thousands):

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Cash		14,707		10,846
Other Receivables		63		74
Investments in Financial Assets		14,222		7,892
Total		28,992		18,812

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

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.

	December 31, 2023		December 31, 2022
	For the Year Ended
	December 31, 2023		December 31, 2022
Main revenue streams
Commissions		684,873		379,868
Title		2,990		1,869
Mortgage Income		1,295		19
Total Revenue		689,158		381,756

SCHEDULE OF FAIR VALUES OF THE ACQUIRED ASSETS AND ASSUMED LIABILITIES (Details) - USD ($)	Dec. 09, 2022	Jan. 21, 2022
Expetitle Inc [Member]
IfrsStatementLineItems [Line Items]
Cash		$ 80,000
Other Current Assets		42,000
In Trust Cash		960,000
Goodwill		8,393,000
Intangible Assets		3,364,000
Accounts Payables and Accrued Liabilities		(103,000)
Held in Trust Funds		960,000
Other Payables		(19,000)
Net Assets Acquired		11,757,000
Total Consideration		(11,757,000)
Equity-settled share-based payment		4,325,000
Cash from Investing Activities		$ (7,352,000)
Lemon Brew Lending Corp [Member]
IfrsStatementLineItems [Line Items]
Cash	$ 800,000
Goodwill	721,000
Intangible Assets	529,000
Net Assets Acquired	1,250,000
Common shares issued	450,000
Total Consideration	(1,250,000)
Equity-settled share-based payment	450,000
Cash from Investing Activities	(800,000)
Total Consideration	$ 1,250,000

CAPITAL AND RESERVES (Tables)

12 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF DETAILED INFORMATION ABOUT RESERVES WITHIN EQUITY

Authorized

Issued and Paid

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2022

Ordinary shares no-par value

unlimited

183,605

179,922

SHARE-BASED PAYMENT ARRANGEMENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	May 24, 2023	Jul. 14, 2022	May 19, 2022	Feb. 26, 2022	May 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 20, 2021
IfrsStatementLineItems [Line Items]
Number of shares issued						1,200,000
Weighted average exercise price						$ 0.92	$ 0.87	$ 0.71
Weighted average remaining contractual life						8 years 9 months 18 days	8 years 9 months 18 days
Maximum number of shares purchased under NCIB	9,000,000.0		8,900,000		7,200,000
Percentage Of Common Shares Issued And Outstanding As Shares Purchased In Ncib	5.00%		5.00%						5.00%
Number of shares outstanding	180,000,000		178,300,000						143,000,000
Restricted Stock Units [Member]
IfrsStatementLineItems [Line Items]
Vesting term description						Each RSU, which have a vesting term of up to 3 years and subject to forfeiture in certain circumstances, entitles the holder to one Common Share.
Expense from share-based payment transactions						$ 5.5
Bonus Restricted Stock Units [Member]
IfrsStatementLineItems [Line Items]
Vesting term description						the Company issues additional RSUs (“Bonus RSUs”) with a value of (i) 15% of the commission withheld (the percentage was 25% prior to June 16, 2022) if an agent has not met the Cap and (ii) 30% of the commission withheld (the percentage was 50% prior to June 16, 2022) 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. Both 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

SCHEDULE OF DETAILED INFORMATION ABOUT CHANGES IN THE LEASE LIABILITY DURING THE YEARS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Total undiscounted lease liabilities		$ 96
Lease liabilities included in the balance sheet		96
Current		96
Non-current
Not later than one year [member]
IfrsStatementLineItems [Line Items]
Total undiscounted lease liabilities		96
Later Than One Year To Not Later Than Five Year [Member]
IfrsStatementLineItems [Line Items]
Total undiscounted lease liabilities
Later than five years [member]
IfrsStatementLineItems [Line Items]
Total undiscounted lease liabilities