BrooqLy, Inc. reported significant financial developments in its 10-K filing for the fiscal year ending December 31, 2024. The company generated revenues of $266,000, a substantial increase from just $5,000 in the previous fiscal year. However, BrooqLy also reported a net loss of $1,171,439, which is a notable increase from the $348,288 loss recorded in 2023. The rise in net loss is attributed primarily to an impairment of intangible assets and losses related to the conversion of common stock shares and the exercise of warrants.
Operating expenses for the year totaled $537,440, up from $314,307 in 2023. This increase was driven by higher professional fees, salaries, and a significant bad debt expense of $30,000, along with the aforementioned impairment of intangible assets amounting to $198,193. The company’s cash flow from operating activities improved, with a reduction in cash used from $80,827 in 2023 to $34,098 in 2024, reflecting a strategic focus on managing operational costs.
In terms of strategic developments, BrooqLy has undergone a transformation aimed at repositioning itself within the aerospace sector. The company plans to pivot towards drone technology and autonomous logistics, integrating its existing software platform into these new operations. This strategic shift is supported by the appointment of Ron J. Rich, a former aerospace executive, to the Board of Directors, which is expected to enhance product development and operational scale. Additionally, BrooqLy has signed several agreements to expand its market presence, including a pilot agreement in the Czech Republic and a foreign representation agreement in Zambia.
Operationally, BrooqLy has made strides in user engagement, with the launch of version 3 of its platform in December 2023. The company has also expanded its geographic footprint, managing operations directly in Greece and Romania, while utilizing local partners in Turkey and the Czech Republic. As of December 31, 2024, BrooqLy had 25,615,000 shares of common stock outstanding, with a market strategy focused on increasing its user base and enhancing platform functionalities, such as adding a table reservation system and meal pre-ordering capabilities.
Looking ahead, BrooqLy acknowledges the need for additional capital to support its growth initiatives and has engaged CIM Securities, LLC to assist in raising funds. The company is optimistic about its future, particularly with the anticipated launch of new UAV sales channels, which it expects will contribute to profitable revenue streams. However, the filing also highlights substantial doubt about the company's ability to continue as a going concern, emphasizing the importance of securing further investment to sustain operations.
About brooqLy, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.