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BROOQLY (BRQL0.00%) Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details BROOQLY's business operations, including its platform that combines social networking, online food ordering, and gifting. The company plans to transition into drone technology and autonomous logistics, aiming to focus on the design and manufacturing of unmanned aerial vehicles.
Financial results for the fiscal year show revenues of $266, an increase from $5 in the previous year. Operating expenses rose to $537,440 from $314,307, with the increase attributed to impairment of intangible assets and bad debt expenses.
The company reported a net loss of $1,171,439, up from $348,288 in the previous year, primarily due to impairment of intangible assets and losses on conversion of common stock shares.
Cash used in operating activities decreased to $34,098 from $80,827, while net cash used in investing activities was $85,871, primarily for software development.
BROOQLY's strategic plans include raising capital to support its transition into the UAV and autonomous delivery sectors. The company aims to integrate its software platform into logistics operations.
A significant event in 2025 was the acquisition of a controlling interest in BROOQLY by Aerospace Capital Partners, LLC, through the purchase of 18,000,000 shares, representing approximately 70.3% of the company's outstanding shares.
The filing outlines various risks, including the company's dependence on additional investment capital to fund operations and potential challenges in the competitive landscape.
BROOQLY does not anticipate paying cash dividends in the foreseeable future and highlights a material weakness in its internal controls over financial reporting.
The company's board of directors underwent changes following the acquisition, with new appointments including Kent Wilson as CEO and Chairman of the Board.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BROOQLY annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.