BrooqLy Reports Revenue Decline and Significant Net Loss for Nine Months Ended September 30, 2024

BrooqLy, Inc. has reported its financial results for the nine months ended September 30, 2024, revealing a total revenue of $266, a significant decrease from $3 reported in the same period of the previous year. The company generated $85 in revenue for the third quarter of 2024, compared to just $1 in the third quarter of 2023. Despite this slight uptick in revenue, BrooqLy continues to face substantial operating losses, with a net loss of $782,294 for the nine months ended September 30, 2024, compared to a net loss of $278,622 for the same period in 2023.

Operating expenses for the nine months ended September 30, 2024, totaled $252,210, a marginal increase from $247,030 in the prior year. The increase in expenses is primarily attributed to accrued salaries for the company's officers. Additionally, the company incurred interest expenses of $154,351 during the nine-month period, significantly higher than the $31,864 recorded in the previous year, largely due to the conversion of convertible notes and a promissory note. BrooqLy's total liabilities stood at $433,217 as of September 30, 2024, with a working capital deficit of approximately $403,014.

In terms of strategic developments, BrooqLy has made several partnerships aimed at expanding its market presence. The company has established agreements for operations in Turkey, Romania, Greece, and recently launched operations in the Czech Republic and Sub-Saharan Africa. These partnerships are intended to enhance the company's reach and facilitate the growth of its social networking platform, which connects users through the purchase and sending of food and beverage products.

BrooqLy's operational metrics indicate a total of 25,365,000 common shares outstanding as of November 29, 2024, reflecting an increase from 24,234,982 shares at the end of 2023. The company has also engaged in various stock issuances, including shares issued for services and as part of convertible notes. However, the company continues to face challenges in generating sufficient revenue to cover its operating costs, leading to ongoing concerns about its ability to continue as a going concern.

Looking ahead, BrooqLy anticipates that it will continue to incur losses in the near future and will require additional equity or debt financing to sustain its operations. The company has expressed its intention to secure international partnerships and expand its market presence, but there is no assurance that these efforts will lead to profitability. Management has indicated that the company will need to generate significant revenue to offset its operating expenses and achieve financial viability.