Late 10-K notice: Dynamic Aerospace Systems (BRQL) cites likely impairment

Rhea-AI Filing Summary

Dynamic Aerospace Systems Corporation notified the SEC that its Annual Report on Form 10-K for the year ended December 31, 2025 could not be filed "without unreasonable effort or expense" and is being submitted on Form 12b-25. The company says it needs additional time to compile and verify required data and has engaged a third-party valuation firm to complete an impairment analysis; management believes an impairment has likely occurred and that any resulting non-cash charge may be material.

Key Figures

Reporting period: December 31, 2025 Form 12b-25 filing date: March 31, 2026 Anticipated charge type: Non-cash impairment charge

3 metrics

Reporting period December 31, 2025 Annual report period end

Form 12b-25 filing date March 31, 2026 Date notification was signed

Anticipated charge type Non-cash impairment charge Likely occurrence per management; amount pending valuation

Key Terms

Rule 12b-25, non-cash impairment charge, third-party valuation

3 terms

Rule 12b-25 regulatory

"could not be filed without unreasonable effort or expense"

Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.

non-cash impairment charge financial

"anticipates a non-cash impairment charge in the current period"

A non-cash impairment charge is an accounting write-down that lowers the recorded value of an asset on a company’s books when that asset is judged to be worth less than before. It reduces reported profit for the period without using any cash — like lowering the listed price of a used car in your records — and matters to investors because it can shrink earnings, change valuation metrics, and signal potential problems that might affect future cash flow or credit terms.

third-party valuation financial

"engaged an independent third-party valuation firm to perform a comprehensive impairment analysis"

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

(Check One): ☒ Form 10-K ☐ Form 20-F ☐ Form 11-K ☐ Form 10-Q ☐ Form 10-D ☐ Form N-SAR ☐ Form N-CSR

	For Period Ended: December 31, 2025
	☐	Transition Report on Form 10-K
	☐	Transition Report on Form 20-F
	☐	Transition Report on Form 11-K
	☐	Transition Report on Form 10-Q
	☐	Transition Report on Form N-SAR
	For the Transition Period Ended: ___________________________________________________________

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I -- REGISTRANT INFORMATION

DYNAMIC AEROSPACE SYSTEMS CORPORATION

Full Name of Registrant

BROOQLY INC.

Former Name if Applicable

3753 PLAZA DR.

Address of Principal Executive Office (Street and Number)

ANN ARBOR, MI 48108

City, State and Zip Code

PART II -- RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed.  (Check box if appropriate)

		(a)	The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
☒		(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
		(c)	The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III -- NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

The Registrant's Annual Report on Form 10-K for the year ended December 31, 2025, could not be filed without unreasonable effort or expense within the prescribed time period because the Registrant’s requires additional time to compile and verify the data required to be included in the Report.

PART IV -- OTHER INFORMATION

(1) Name and telephone number of person to contact in regard to this notification

Kent B. Wilson		718		705-8770
(Name)		(Area Code)		(Telephone Number)

(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).☒ Yes ☐ No

(3)	Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ☒ Yes ☐ No
	If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

·	The Company conducts its impairment review annually and has engaged an independent third-party valuation firm to perform a comprehensive impairment analysis. Based on preliminary internal assessments, the Company believes an impairment has likely occurred.
·	Accordingly, the Company anticipates a non-cash impairment charge in the current period compared to the prior fiscal year. However, the Company cannot reasonably estimate the amount until the third-party analysis is completed. Upon receipt, the Company expects that the impairment recorded may be material.

2

DYNAMIC AEROSPACE SYSTEMS CORPORATION 

(Name of Registrant as Specified in Charter) 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	March 31, 2026	By	/s/ Kent B. Wilson
			Kent B. Wilson Chief Executive Officer (Principal Executive Officer)

3

FAQ

Why did BRQL file a Form 12b-25 for its 2025 10-K?

BRQL filed Form 12b-25 because it needs extra time to compile and verify data for the Form 10-K. The company states the delay is due to completing a comprehensive third-party impairment valuation and related financial reporting procedures.

Will BRQL report an impairment in the 2025 financial statements?

BRQL anticipates a non-cash impairment charge and believes an impairment has likely occurred. The company cannot reasonably estimate the amount until the independent valuation is complete and results are incorporated into the Form 10-K.

When was the late-filing notice for BRQL submitted?

The Form 12b-25 notification was signed and dated March 31, 2026. It covers the annual report period ended December 31, 2025 and requests relief under Rule 12b-25 to allow additional time to file.

Could the anticipated impairment be material for BRQL's 2025 results?

Yes; management states the impairment recorded upon completion of the valuation may be material. The company will disclose the quantitative impact once the third-party analysis is finalized and included in the Form 10-K.