What changed in this filing

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Item 1. Business

2021-03-11 compared with 2020-03-12 · 98 added, 102 removed, 123 unchanged (62% of the section changed)

eXp World Holdings, Inc.

(“eXp”, or, collectively with its subsidiaries, the “Company”, “we”, “us”, or “our”) was incorporated in the State of Delaware on July 30, 2008 and initially focused on operating a real estate brokerage.

Today the Company owns and operates a cloud-based real estate brokerage and a technology platform business that enables a variety of businesses to operate remotely.

Our real estate brokerage is now one of the largest and fastest growing in the United States by agent count, and recently began to expand internationally.

(“eXp”, or, collectively with its subsidiaries, the “Company”, “we”, “us”, or “our”) owns and operates a cloud-based real estate brokerage and a technology platform business that enables a variety of businesses to operate remotely.

Our real estate brokerage is now one of the largest and fastest growing real estate brokerage companies in the United States by agent count, and recently began to expand internationally.

Our technology platform business develops and uses immersive technologies that enable and support virtual workplaces.

This unique enabling platform helps businesses increase their effectiveness and reduce costs from operating in traditional “brick and mortar”

office spaces.

In our current state, almost the entirety of our revenue and profit or loss are generated by our cloud-based real estate brokerage and wholly-owned subsidiary, eXp Realty LLC (“eXp Realty”).

This unique enabling platform helps businesses increase their effectiveness and reduce costs from operating in traditional “brick and mortar” office spaces.

The following are changes in our business in the most recent fiscal year:

Real Estate Brokerage – In addition to our operations throughout the United States of America (U.S.), the United Kingdom (U.K.), Australia, and most of the Canadian provinces, we expanded operations into South Africa, Portugal, France, Mexico, and India during 2020.

Except for certain employees who hold active real estate licenses, virtually all of our real estate professionals are independent contractors.

In November 2020, we launched eXp Commercial, LLC and its subsidiaries within the commercial real estate brokerage space in the U.S.

Our commercial real estate brokerage operations are currently in a nascent state.

Technology Products and Services – On July 31, 2020, the Company acquired the equity ownership interests in Showcase Web Sites, L.L.C.

(“Showcase”) for cash consideration and promissory notes.

Showcase is a technology company focused on agent website and consumer real estate portal technology.

With this acquisition, the Company will be able to strategically focus on creating consumer home-search technology for utilization by our independent agents and brokers, as well as continued services offerings to third party clients of Showcase.

In addition to servicing their current customer bases, our technology products and services businesses are integral to the support, growth, and development of our real estate brokerage operations.

Multimedia Personal Development Products and Services – On December 4, 2020, the Company acquired the equity ownership interests in Success Enterprises LLC (“Success”) and its related media properties, including SUCCESS ® print magazine, SUCCESS.com, SUCCESS ® newsletters, podcasts, digital training courses and affiliated social media accounts across platforms for cash consideration .

With the addition of Success, the Company intends to blend its technology and content to enhance the personal development platform for entrepreneurs and sales professionals.

Details regarding the development of our businesses prior to 2020 are incorporated by reference herein from Part I of our Annual Report on Form 10-K dated March 12, 2020 (Commission File No.

Operations and Revenue Streams

Our operations support the purchase and sale of homes through leveraging innovative technologies and integrated services.

In our current state, almost all of our revenue and profit or loss are generated by our cloud-based real estate brokerage and wholly-owned subsidiary, eXp Realty, LLC (“eXp Realty”).

Because we do not have significant standalone contributions of revenue and profit or loss from our other businesses, we operate and manage the Company as one business unit.

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Within the Company today, we strategically prioritize our efforts to grow our real estate brokerage, develop immersive and cloud-based technology products and services, nurture affiliated services (and our Preferred Partner Program) related to real estate transactions, and strengthen and iterate on our enabling technology platform.

We currently operate businesses in the following categories:

Real Estate Brokerage - We launched eXp Realty in October 2009 with a small number of real estate agents in two states and ended the fiscal year 2019 with a team of over 25,400 real estate professionals, operating throughout the United States and most of the Canadian provinces.

In the fourth quarter of 2019, we expanded operations in the United Kingdom (U.K.) and Australia.

Except for certain employees who hold active real estate licenses, virtually all of our real estate professionals are independent contractors.

Technology Products and Services –

In November 2018, the Company completed its asset acquisition of VirBELA, LLC’s (“VirBELA”) core group of products and services.

The Company also launched eXp World Technologies, LLC, its innovation and technology division, which now holds the VirBELA brand.

VirBELA continues to offer a modern, cloud-based environment focused on education and team development with clients in various industries from government to retail.

The unique virtual collaborative work environment from VirBELA provides service-based businesses with distinct advantages in managing costs, attracting talent, and scaling operations without the burden of “brick and mortar”

office locations.

This technology provides eXp Realty with a primary source of differentiation and competitive advantage.

Title, Escrow, and Settlement Services –

During the year ended December 31, 2019, the Company entered into an agreement with a third-party investment firm to form a joint venture to offer title, escrow and settlement services in the United States.

The joint venture, Silverline Title & Escrow, LLC is 50% owned by eXp Silverline Ventures, LLC, an indirect subsidiary of eXp and 50% owned by the third-party business partner.

Operations in this area are currently in a nascent state.

Mortgage Brokerage Services - During the year ended December 31, 2019, the Company made capital contributions in consideration for at least a minimum 50% ownership interest in First Cloud Investment Group, LLC (“First Cloud”) with the remaining ownership interest held by certain of our independent agents and brokers.

First Cloud was organized for the purpose of managing IntroLend First Cloud, LLC (“IntroLend First Cloud”), an indirect wholly-owned subsidiary of the Company created to provide mortgage origination to end-consumers.

The Company will always retain at least 50% of the outstanding equity ownership units in First Cloud.

Operations in this area are currently in a nascent state.

eXp Realty is a leading, rapidly growing, cloud-based international real estate brokerage company.

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Our mission is to deliver maximum value to our shareholders, agents, brokers and staff, while building an international brand as the leading cloud-based brokerage.

Our cloud-based solutions provide primarily residential real estate agents and brokers the collaborative tools to seamlessly support and facilitate buying and selling activities by consumers throughout the home purchase process.

Our cloud-based solutions provide primarily residential real estate agents and brokers the collaborative

tools to seamlessly support and facilitate buying and selling activities by consumers throughout the home purchase process.

Our model is designed to:

● Provide the opportunity for homebuyers to successfully experience home ownership and for homeowners to realize the best outcomes possible through the sale of their homes .

Our licensed agents and brokers primarily use our proprietary cloud-based transaction processing and home search and tour tools to help homebuyers find, visit and close on the house that meets their needs, and to help homeowners efficiently market and sell their homes without the effort—and additional costs—associated with the typical home selling process.

● Provide a business opportunity for our agents and brokers .

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● Provide stock ownership opportunities for our agents and brokers .

Through our agent equity programs, our agents and brokers have a unique choice to attain a greater vested interest in eXp through the acceptance of equity awards in the Company’s stock as part of their compensation packages.

These programs allow successful agents and brokers to become stakeholders in the brand they represent and align our goals across the distribution network.

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Our brokers and agents leverage our technology, services, data, lead generation and marketing tools to represent residential real estate buyers and sellers to list, find and consummate the purchase or sale of a home.

Internally, we use our technology to provide agents, teams of agents, and brokerage owners with opportunities for increased profitability, reduced risk, and greater levels of professional development while fostering an organizational culture that values collaboration, strength of community, and commitment to serving the consumer’s best interests.

We provide agents, teams of agents, and brokers with the systems, support, professional development and infrastructure to survive and then thrive in unpredictable and, at times, challenging economic conditions.

We provide agents, teams of agents, and brokers with the systems, support, professional development and infrastructure to help them survive and then thrive in unpredictable and, at times, challenging economic conditions.

This includes delivering 24/7 access to collaborative tools and training for real estate agents and brokers.

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In addition, we have face-to-face meetings, conferences, presentations, retreats and other physical interactions where circumstances warrant.

We also provide physical space to brokers and agents when required, primarily with third party providers of access to offices, workspace and meeting rooms at locations worldwide.

We also provide physical space to brokers and agents when required, primarily with third party providers with access to offices, workspace and meeting rooms at locations worldwide.

Our cloud office has fully-staffed transaction and administration, web development, search engine optimization and technical support teams.

Consequently, our cloud office serves as our primary company office for brokers, agents, management and staff and provides agents, teams of agents and brokers with a full suite of back office functions, live training, education, coaching and mentoring that places a premium on engagement, discussion and collaboration, transaction support, broker support, and technical support.

The utilization of this cloud office platform permits us to more easily serve and extend our entire geographic reach.

Furthermore, we allow our agents and brokers, some of whom are former real estate brokerage owners, to leverage our infrastructure to reduce their fixed costs and to be empowered to build scalable teams of agents in any of the markets that we serve while preserving and enhancing the agents and brokers’

personal brands.

The utilization of this cloud office platform permits us to more easily serve and extend our geographic reach.

enhancing the agents and brokers’ personal brands.

In this way our agents and brokers can attract agents and build a co-brand in any markets currently served by the Company without any additional capital requirements.

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The needs of individual agents vary as do the methods of instruction that are most effective for their learning.

This approach aims to offer coaching that draws upon, highlights, promotes and supports some of the best coaches in the industry based upon their individual talents and the corresponding fit to the particular needs to our individual, entrepreneurial professionals.

Fee Structure

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Revenue Sharing Plan

Our cloud office has enabled us to introduce and maintain a revenue sharing plan whereby each of our agents and brokers can participate in and from which they can receive commission income resulting from transactions consummated by agents and brokers who they have attracted to our company, helping to contribute to our growth.

Consistent with our commitment to enabling and empowering agents and brokers in pursuit of building a scalable business and organization, our revenue sharing plan allows brokers and agents a financial mechanism to build teams across geographic borders without incurring any expense, oversight responsibility, or liability.

Our cloud office has enabled us to introduce and maintain a revenue sharing plan whereby each of our agents and brokers can participate.

As part of this revenue sharing plan, our agents and brokers can receive commission income resulting from transactions consummated by the agents and brokers whom they have attracted to our company.

Our revenue sharing plan provides an opportunity where agents and brokers can potentially earn additional income while focusing on the growth of the eXp brokerage brand and their individual agencies.

Our clients are primarily residential homeowners and homebuyers in the markets in which we operate as serviced by our international network of independent agents and brokers.

These customers are sellers or purchasers of new or existing homes and engage us to aid in the facilitation of the closing of the real estate transaction, including, but not limited to, search, listing, application processing and other pre- and post-close support.

In the United States, over 10.4 million people moved into or out of an owner-occupied residence in 2018, according to data published by the U.S.

Census Bureau.

These customers are sellers or purchasers of new or existing homes and engage us to aid in the facilitation of the closing of the real estate transaction, including, but not limited to, searching, listing, application processing and other pre- and post-close support.

Based on current market information, sales of existing residential properties represent a large majority of home sales in the U.S.

This provides our agents and brokers with greater opportunities to represent the buy or sell—and sometimes both—sides of a real estate transaction.

In addition, we help our customers fulfill their needs by providing ancillary transaction related services.

Our experienced agents and brokers are well suited to support these customers’

needs with a level of professionalism, knowledge and support as they endeavor on one of the largest transactions they will most likely experience.

Our experienced agents and brokers are well suited to support their customers’ needs with a high level of professionalism, knowledge and support as they endeavor on one of the largest transactions they will most likely experience.

Real Estate Industry Overview

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Through our network of independent agents and brokers, we have brokerages in all 50 states in the U.S.

residential real estate market, residential real estate markets in most of the Canadian provinces, and, to a lesser extent, in parts of the U.K.

and Australia, where we launched operations in late 2019.

residential real estate market, residential real estate markets in most of the Canadian provinces, and, to a lesser extent, in parts of the U.K., Australia, South Africa, Portugal, France, Mexico, and India.

As our principal operating market, the U.S.

residential real estate market for existing homes accounted for approximately $1.5 trillion in transaction volume with 5.3 million homes sold in 2019 based on data released by the National Association of Realtors in 2020.

residential real estate market for existing homes, seasonally adjusted, accounted for approximately 6.8 million homes sold with a median existing home sales price of $0.3 million in 2020, the highest levels since 2006, based on data released by the National Association of Realtors.

The overall health of the U.S.

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Although the housing market in the U.S.

is cyclical as evidenced most recently during the recession of the late 2000’s and subsequent recovery since 2012, we believe that the residential real estate market will continue to grow due to expected increases in the formation of new households and the relatively low interest rate environment incentivizing homebuying, as well as a robust level of homes available for purchase.

Residential real estate brokerage companies typically realize revenues in the form of a commission based on a percentage of the price of each home purchased or sold, which can vary based on industry standards, geographical location, and specific customer-agent negotiations, among other factors.

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When home prices and the volume of home sale transactions increase (decrease), commissions generally will also increase (decrease).

However, we are positioned to earn commissions on either—or both—of the buy side or sell side of

residential real estate transactions, as well as the ability to receive other fees for complimentary services provided during the close process.

We compete with local, regional, national and international residential real estate brokerages with respect to the sale of homes and to attract and retain agents, teams of agents, brokers and consumers—both home sellers and buyers.

However, we are positioned to earn commissions on either—or both—of the buy side or sell side of residential real estate transactions, as well as the ability to receive other fees for complimentary services provided during the close process.

The COVID-19 pandemic significantly impacted the U.S.

residential real estate market during the spring of 2020 with home sales in April and May declining to levels unseen since the recession of the late 2000’s.

However, U.S.

residential home sales rebounded sharply beginning in June, and overall 2020 saw a material increase in the number of U.S.

homes sold and the U.S.

median home sales price over 2019 based on data released by the National Association of Realtors.

These trends were driven largely by, among other factors, declining mortgage rates, a decline in housing inventory, and an increasing demand for remote workspace.

Similarly, the Company had a strong performance over the same period of time, achieving a record number of home sales and a record amount of growth in agent count.

However, it is still too early to predict the extent of the effects of the ongoing COVID-19 pandemic will have on home sales and home sales prices over the long term.

We compete primarily on the basis of our service, culture, collaboration, utilization of cloud-based systems and technologies that reduce costs, while providing relevant and substantial professional development opportunities for our agents and brokers with an opportunity to generate more business and participate in the growth of our company.

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As such, we believe that we are well-positioned in our competitive landscape.

Express Offers

In October 2019, we launched Express Offers, a new home-buying and selling platform for U.S.

eXp Realty agents and their clients.

This gives homeowners another option to sell their home quickly without the hassle of showings, staging and uncertainty.

Express Offers allows eXp Realty agents to submit homes on behalf of their clients to a number of institutional buyers who are interested in purchasing homes in a particular local market.

For home sellers, their properties may qualify to be submitted to more than one buyer, yielding multiple cash offers.

Unlike other “iBuyer”

experiences, Express Offers ensures a real estate agent is part of the transaction to assist the homeowner.

When a homeowner expresses interest in selling their home with Express Offers, they are matched with a certified eXp Realty agent and receive a thorough disclosure that walks them through every detail of the process.

eXp agents earn a percentage of the transaction fee each time that a buyer successfully closes a deal.

We believe that we operate the most agent-centric and homeowner beneficial offering in the nascent “iBuyer”

market segment.

In November 2018, eXp World Technologies, LLC (“World Tech”) acquired substantially all the assets of Virbela, LLC (“Virbela”).

Virbela is a technology company that specializes in building 3D virtual worlds for work, education, and events.

eXp Realty’s current cloud campus—called eXp World—was created using Virbela’s software and provides 24/7 access to collaboration tools, training, and social communities for the company’s real estate agents and staff across our many locations.

In December 2020, a Virbela virtual world was deployed for Success to allow staff, contractors, and consultants to meet, collaborate, and host events in real time across various locations.

World Tech has continued to innovate the Virbela platform, expanding the product offering to agents, teams and others who could benefit from their own, always-available environments for collaboration.

For the year ended December 31, 2020, Virbela has seen an increase in demand for virtual events and collaborative spaces for remote teams and as a result has introduced new products and features, including an expo hall, a concert stage for virtual entertainment, VR support for Oculus Rift and HTC VIVE, and screen sharing and video chat capabilities.

We expect to continue to service existing and new business-to-business enterprise level Virbela contracts in the coming year.

Software Development

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Our cloud-based real estate brokerage is highly dependent on the proprietary technology that we employ and the intellectual property that we create.

“eXp Realty”

is one of our registered trademarks in the United States.

We have also placed the marks “3D MLS”, “3D Listing Service”

and “RE Tech Campus”

on the United States Patent and Trademark Office’s Supplemental Register.

“eXp Realty” is one of our registered trademarks in the United States.

We have also placed the marks “3D MLS”, “3D Listing Service” and “RE Tech Campus” on the United States Patent and Trademark Office’s Supplemental Register.

We also own the rights to the domain names :

http://exprealty.com , http://exprealty.ca , http://exp-uk.co.uk , and http://expaustralia.com.au.

http://exprealty.com, http://exprealty.ca, http://exp-uk.co.uk, http://expaustralia.com.au, http://expsouthafrica.co.za, http://expportugal.com, http://expfrance.fr, http://expmexico.mx, and http://expglobalindia.co.in.

While there can be no assurance that registered trademarks will protect our proprietary information, we intend to assert our intellectual property rights against any infringement.

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Spring and summer seasons historically reflect greater sales periods, and, in turn, higher revenues and operating results in comparison to fall and winter seasons.

While the spring season of 2020 saw a sharp decline in U.S.

home sales across the industry, the summer season rebounded sharply with existing-home sales, seasonally adjusted, totaling 6.8 million in 2020 up 22.2% from 2019 based on data released by the National Association of Realtors.

Government Regulation

We serve the residential real estate industry which is regulated by federal, state and local authorities as well as private associations or state sponsored associations or organizations.

We are required to comply with federal, state, provincial, and local laws, as well as private governing bodies’

regulations, which combined results in a highly-regulated industry.

We are required to comply with federal, state, provincial, and local laws, as well as private governing bodies’ regulations, which combined results in a highly-regulated industry.

We are also subject to federal, state, and provincial regulations relating to employment, contractor, and compensation practices.

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Real Estate Regulation - Federal

The Real Estate Settlement Procedures Act of 1974, as amended, ( “

RESPA ”

) became effective on June 20, 1975.

RESPA requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process.

The Real Estate Settlement Procedures Act of 1974, as amended, ( “ RESPA ” ) requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process.

RESPA also protects borrowers against certain abusive practices, such as kickbacks, and places limitations upon the use of escrow accounts.

RESPA also requires detailed disclosures concerning the transfer, sale, or assignment of mortgage servicing, as well as disclosures for mortgage escrow accounts.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) moved authority to administer RESPA from the Department of Housing and Urban Development to the new Consumer Financial Protection Bureau (“CFPB”).

The Dodd-Frank Act increased regulation of the mortgage industry, including but not limited to:

(i) generally prohibiting lenders from making residential mortgage loans unless a good faith determination is made of a borrower’s creditworthiness based on verified and documented information;

(ii) enacting regulations to help assure that consumers are provided with timely and understandable information about residential mortgage loans and to protect consumers against unfair, deceptive and abusive practices;

and (iii) establishing minimum national underwriting guidelines for residential mortgages that lenders will be allowed to securitize without retaining any of the loans’

default risk.

and (iii) establishing minimum national underwriting guidelines for residential mortgages that lenders will be allowed to securitize without retaining any of the loans’ default risk.

In February 2018, the CFPB released a five-year strategic plan indicating that the CFPB intends to continue to focus on protecting consumer rights while engaging in rulemaking to address unwarranted regulatory burdens.

Under the current strategic plan, the CFPB would (i) provide “clear rules of the road”

through rulemaking and amendments;

(ii) foster a “culture of compliance”

among businesses;

(iii) engage in “vigorous enforcement”;

Under the current strategic plan, the CFPB would (i) provide “clear rules of the road” through rulemaking and amendments;

(ii) foster a “culture of compliance” among businesses;

(iii) engage in “vigorous enforcement”;

and (iv) educate consumers to make the best financial decisions.

Additionally, in a recent regulatory agenda, the CFPB indicated that it planned to review “inherited regulations”

to ensure “outdated, unnecessary, or unduly burdensome regulations”

are addressed and modernized.

Additionally, in a recent regulatory agenda, the CFPB indicated that it planned to review “inherited regulations” to ensure “outdated, unnecessary, or unduly burdensome regulations” are addressed and modernized.

As a result, the regulatory framework of RESPA applicable to our business may be subject to change.

In addition, federal fair housing laws generally make it illegal to discriminate against protected classes of individuals in housing or brokerage services.

Other federal laws and regulations applicable to our business include (i) the Federal Truth in Lending Act of 1969;

Other laws and regulations applicable to our business include (i) the Federal Truth in Lending Act of 1969;

(ii) the Federal Equal Credit Opportunity;

(iii) the Federal Fair Credit Reporting Act;

(iv) the Fair Housing Act;

(iv) the Fair Housing

(v) the Home Mortgage Disclosure Act;

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(viii) the Fair and Accurate Credit Transactions Act;

(ix) the Telephone Consumer Protection

(ix) the Telephone Consumer Protection Act;

and (x) state and federal laws pertaining to the privacy rights of consumers, which affects how we collect and use customer information, including solicitation of new clients.

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In order to obtain this license, jurisdictions require that a member or manager be licensed individually as a real estate broker in that jurisdiction.

This member or manager is responsible for supervising the licensees and the entity’s real estate brokerage activities within the state.

Real estate licensees, whether they are brokers, salespersons, individuals, agents or entities, must follow the state’s real estate licensing laws and regulations.

This member or manager is responsible for supervising the licensees and the entity’s real estate brokerage activities within the state.

Real estate licensees, whether they are brokers, salespersons, individuals, agents or entities, must follow the state’s real estate licensing laws and regulations.

These laws and regulations generally specify minimum duties and obligations of these licensees to their clients and the public, as well as standards for the conduct of business, including contract and disclosure requirements, record keeping requirements, requirements for local offices, escrow trust fund management, agency representation, advertising regulations and fair housing requirements.

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Third-Party Rules

(“AOR”), the National Association of Realtors ®

(“NAR”), and local Multiple Listing Services (“MLSs”).

“REALTOR”

and “REALTORS”

are registered trademarks of the National Association of REALTORS ®

Each third-party organization generally has prescribed policies, bylaws, codes of ethics or conduct, and fees and rules governing the actions of members in dealings with other members, clients and the public, as well as how the third-party organization’s brand and services may or may not be deployed or displayed.

Beyond federal, state and local governmental regulations, the real estate industry is subject to rules established by private real estate groups and/or trade organizations, including, among others, state and local Associations of REALTORS ® (“AOR”), the National Association of Realtors ® (“NAR”), and local Multiple Listing Services (“MLSs”).

“REALTOR” and “REALTORS” are registered trademarks of the National Association of REALTORS ® .

We assign appropriate personnel to manage and comply with third party organization policies and bylaws.

Environmental Regulation

The Company operates in a cloud-based model which gives us an insignificant physical geographical footprint.

Due to this, we are not materially impacted by any environment regulation.

Human Capital

Our employees and independent real estate agents and brokers represent the human capital investments imperative to our operations.

We ended fiscal year 2020 with 900 full-time employees.

Our employees are not members of any labor union, and we have never experienced business interruptions due to labor disputes.

We also utilize part-time and temporary employees and consultants when necessary.

A key component to our operational capabilities is our independent real estate agent and broker network, which consisted of 41,313 agents as of December 31, 2020.

Our operations are overseen directly by management.

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We have successfully expanded our current management to retain skilled employees with experience relevant to our business and intend to continue with this initiative.

management’s relationships with agents, brokers, technology providers, and customers will provide the foundation through which we expect to grow our business in the future.

Our management’s relationships with agents, brokers, technology providers, and customers will provide the foundation through which we expect to grow our business in the future.

We believe the skill-set of our management team will be a primary asset in the development of our brands and trademarks.

Additionally, the

Company invests in creating an equitable and inclusive culture for its employees through the establishment of the Diversity and Employee Success team created under the human resources department.

eXp has been named one of the Best Places to Work on Glassdoor for the each of the years 2018 through 2021.

We provide entrepreneurial business opportunities and a competitive compensation structure to our agents and brokers.

Additionally, our agents and brokers have a unique choice to attain a greater vested interest in eXp through the acceptance of equity awards in the Company’s stock as part of their compensation packages.

These programs and our agent support platforms—including training, back-office support, and communications—allow agents and brokers to successfully operate their own businesses that are aligned with our strategies and goals, creating synergies across our distribution network.

Refer to our Agent Advisory Council section of our website at https://expworldholdings.com/agent-advisory-council/ for information on agent participation in the management of eXp.

Information contained on our website is not incorporated by reference into this report.

As the Company grows, management continually researches new directives and implementation efforts for the long-term success of the Company.

Available Information

Our Company files annual, quarterly, and current reports, proxy statements and other documents with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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Our Company maintains a website at www.expworldholdings.com.

Our filings with the SEC, including without limitation, our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available through a link maintained on our website under the heading “Investor Relations—SEC Filings.”

Information contained on our website is not incorporated by reference into this report.

Our filings with the SEC, including without limitation, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available through a link maintained on our website under the heading “Investor Relations—SEC Filings.” Information contained on our website is not incorporated by reference into this report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business