UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41212 BROAD CAPITAL ACQUISITION CORP (Exact name of registrant as specified in its charter) Delaware 86-3382967 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41212 BROAD CAPITAL ACQUISITION CORP (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41763 Global Interactive Technologies, Inc (Exact name of Registrant as specified in its charter) | Delaware ...

Financial Performance - Net sales for Q1 2025 were approximately $4.80 million, a slight decrease of $92,000 or 1.9% compared to $4.89 million in Q1 2024[71] - Revenue from foil balloons increased to $4,234,000 in Q1 2025, up from $2,919,000 in Q1 2024, representing a 45% increase[72] - Revenue from film products rose to $427,000 in Q1 2025, compared to $305,000 in Q1 2024, marking a 40% increase[73] - Other revenues decreased significantly to $141,000 in Q1 2025 from $1,670,000 in Q1 2024, primarily due to the timing of spring product shipments[74] - The cost of sales for Q1 2025 was $3,936,000, slightly lower than $3,999,000 in Q1 2024, maintaining a gross margin of 18%[77] - General and administrative expenses decreased to $839,000 in Q1 2025 from $1,040,000 in Q1 2024, largely due to a $167,000 reduction in audit fees[78] Cash Flow and Liquidity - Net cash provided by operations was $970,000 in Q1 2025, compared to net cash used in operations of $767,000 in Q1 2024[79] - As of March 31, 2025, the company had cash balances of $172,000, an increase from $49,000 in the same period of 2024[82] - The term loan balance as of March 31, 2025, was $0.6 million, with a revolving line of credit balance of $5.6 million[68] - The Company's primary sources of liquidity include cash and cash equivalents, as well as availability under the Credit Agreement[85] Going Concern - The Company faces substantial doubt about its ability to continue as a going concern for one year from the issuance of the consolidated financial statements[84] - Management's plans to ensure going concern include executing the business plan and exploring alternative funding sources[84] Compliance and Accounting - The company is in compliance with the Senior Facilities' requirement to maintain a Tangible Net Worth of at least $4,000,000[66] - There have been no material changes to the critical accounting estimates since December 31, 2024[87] Seasonal Sales - Sales in the foil balloon product line are historically seasonal, with approximately 40% of sales occurring from December through March[86]

Financial Performance - Net sales for Q1 2025 were approximately $4.80 million, a slight decrease of $92,000 or 1.9% compared to $4.89 million in Q1 2024[71] - Revenue from foil balloons increased to $4,234,000 in Q1 2025, up from $2,919,000 in Q1 2024, representing a 45% increase[72] - Revenue from film products rose to $427,000 in Q1 2025, compared to $305,000 in Q1 2024, marking a 40% increase[73] - Other revenues decreased significantly to $141,000 in Q1 2025 from $1,670,000 in Q1 2024, primarily due to the timing of spring product shipments[74] - Cost of sales for Q1 2025 was $3,936,000, slightly lower than $3,999,000 in Q1 2024, maintaining a gross margin of 18%[77] - General and administrative expenses decreased to $839,000 in Q1 2025 from $1,040,000 in Q1 2024, largely due to a $167,000 reduction in audit fees[78] Cash Flow and Liquidity - Net cash provided by operations was $970,000 in Q1 2025, compared to net cash used in operations of $767,000 in Q1 2024[79] - As of March 31, 2025, the company had cash balances of $172,000, an increase from $49,000 in the same period of 2024[82] - The term loan balance as of March 31, 2025, was $0.6 million, with a revolving line of credit balance of $5.6 million[68] - The Company's primary sources of liquidity are cash and cash equivalents, along with availability under the Credit Agreement[85] Going Concern - The Company faces substantial doubt about its ability to continue as a going concern for one year from the issuance of the consolidated financial statements[84] - Management's plans to ensure going concern include executing the business plan and exploring alternative funding sources[84] Seasonal Sales - Sales in the foil balloon product line are seasonal, with approximately 40% of sales occurring from December through March[86] Accounting Estimates - There have been no material changes to the critical accounting estimates since December 31, 2024[87]

Financial Performance - The Company reported net income of $153,000 for the three-month period ended March 31, 2025, compared to $3,000 for the same period in 2024, primarily due to a $315,000 decrease in the provision for credit loss allowance [104]. - Comprehensive income for the first quarter of 2025 totaled $1.4 million, compared to a comprehensive loss of $0.9 million for the same period in 2024, reflecting a $2.3 million increase [124]. - The income tax benefit for the three-month period ended March 31, 2025, was $29,000, a decrease of $203,000 or 87.5% compared to $232,000 in 2024, primarily due to a $353,000 increase in pre-tax income [123]. Assets and Liabilities - Total assets decreased to $358.0 million on March 31, 2025, a decrease of $1.0 million from December 31, 2024, while total deposits increased by $8.1 million, or 2.6% [105]. - Total assets decreased to $358.0 million at March 31, 2025, from $359.0 million at December 31, 2024, a decrease of $1.0 million or 0.3% [125]. - Loans, net increased to $204.7 million at March 31, 2025, an increase of $2.3 million or 1.1% from $202.4 million at December 31, 2024 [125]. - Total deposits increased to $317.3 million as of March 31, 2025, an increase of $8.1 million or 2.6% from $309.2 million at December 31, 2024 [130]. - As of March 31, 2025, the Bank's cash and cash equivalents totaled $23.7 million, an increase of $0.8 million, or 3.2% from $24.5 million at December 31, 2024 [154]. Credit Losses and Allowance - The Company's allowance for credit losses was $2.69 million as of March 31, 2025, compared to $2.84 million at December 31, 2024, a decrease of $150,000 or 5.3% [105]. - The provision for credit loss allowance on loans decreased to $146,000 for the three-month period ended March 31, 2025, from $169,000 for the same period in 2024, reflecting a decrease of 13.6% [120]. - The Bank's allowance for credit losses is based on estimates and assumptions about future events, which may differ from actual results [165]. - The adoption of ASC 326 has significantly changed the methodology for estimating the Allowance for Credit Losses (ACL) from an "incurred loss" approach to an "expected loss" approach known as current expected credit loss (CECL) [166]. - The CECL methodology requires an estimate of credit losses expected over the life of an exposure, which is influenced by historical loss experience, current conditions, and reasonable forecasts [167]. - Management's determination of the ACL is a critical accounting estimate that relies on credit risk assessments, historical loss rates, and forecasts affecting collectability [169]. - The impact of CECL on the ACL will be influenced by the loan portfolio's composition and prevailing economic conditions, potentially leading to greater volatility in reported earnings [170]. Interest Income and Expenses - Net interest income for the three-month period ended March 31, 2025, was $2.56 million, a decrease of $8,000 or 0.3% from the same period in 2024 [112]. - Total interest income for the first quarter of 2025 increased by $224,000, or 6.6%, compared to the same period in 2024, driven by a $494,000 increase in interest and fees on loans [113]. - Interest expense for the first quarter of 2025 increased by $233,000, or 28.0%, from $833,000 for the same period in 2024 to $1.1 million [114]. - Net interest margin for the three-month period ended March 31, 2025, was 2.92%, an increase of 0.06% from 2.86% for the same period in 2024 [115]. - Average total loan balances increased by $30.0 million to $205.9 million for the three-month period ended March 31, 2025, compared to $175.9 million for the same period in 2024 [117]. Noninterest Income and Expenses - Noninterest income decreased to $205,000 for the three-month period ended March 31, 2025, down $24,000 or 10.5% from $229,000 in 2024, primarily due to decreases in other fees and commissions [121]. - Noninterest expenses decreased to $2.79 million for the three-month period ended March 31, 2025, a decrease of $71,000 or 2.5% from $2.86 million in 2024, mainly due to a $498,000 decrease in the provision for losses on unfunded commitments [122]. Capital and Ratios - The Company's stockholders' equity increased by $1.4 million, or 7.7% during the three-month period ended March 31, 2025 [156]. - The Bank's Tier 1 leverage ratio was 9.71%, and the total risk-based capital ratio was 16.60% as of March 31, 2025, indicating full compliance with capital adequacy guidelines [162]. Internal Controls and Compliance - The Company identified material weaknesses in internal controls over financial reporting, particularly regarding the validation of CECL model inputs and reliance on third-party data [175]. - Despite the identified weaknesses, the Company's consolidated financial statements are fairly stated in accordance with generally accepted accounting principles [176]. - Management has initiated a remediation plan to enhance internal controls and validate third-party data [177]. - The Company has implemented system-based controls requiring secondary review and approval of journal entries to address previously reported material weaknesses [180]. - There have been no changes to the Company's internal control over financial reporting that materially affect its effectiveness since the beginning of the first quarter of 2025 [182]. Litigation and Risk - Management does not anticipate that ongoing litigation will have a material effect on the Company's financial condition or operating results [183].

Revenue Performance - Consolidated revenue for Q4 FY2025 was $77.1 million, an increase of 8.8% compared to Q4 FY2024[10] - Full fiscal year 2025 revenue reached $278.4 million, up 7.3% from $259.5 million in FY2024[20] - Total revenue for the fourth quarter ended March 29, 2025, was $77.134 million, a 8.4% increase from $70.913 million in the same quarter of the previous year[35] - Service revenue increased by 11.3% to $52.0 million in Q4 FY2025, driven by double-digit growth in the Calibration business[15] - Service revenue reached $52.010 million, up 11.6% from $46.732 million year-over-year, while distribution sales increased by 3.9% to $25.124 million[35] - Total revenue for Fiscal 2025 was $278,421 million, up 7.3% from $259,481 million in Fiscal 2024[49] Profitability Metrics - Adjusted EBITDA for Q4 FY2025 was $12.7 million, reflecting a 9.1% increase driven by strength in the Calibration business[12] - Gross profit for the fiscal year ended March 29, 2025, was $89.453 million, representing a 6.5% increase compared to $83.806 million in the prior year[35] - Adjusted EBITDA for the fiscal year 2025 reached $39,732,000, compared to $38,613,000 in fiscal 2024, indicating a year-over-year increase of 2.9%[41] - The service segment adjusted EBITDA for fiscal 2025 was $28,694,000, compared to $27,750,000 in fiscal 2024, representing a growth of 3.4%[41] - The distribution segment adjusted EBITDA for fiscal 2025 was $11,038,000, a decrease from $10,863,000 in fiscal 2024, indicating a decline of 1.6%[41] Net Income and Earnings Per Share - Net income for Q4 FY2025 decreased to $4.5 million, down 35.2% from $6.9 million in Q4 FY2024[9] - Net income for the fiscal year ended March 29, 2025, was $14,515,000, an increase of 6.35% from $13,647,000 in the previous year[39] - Adjusted diluted earnings per share for the fiscal year was $1.57, compared to $1.63 in the previous year, reflecting a decrease of 3.7%[35] - Fiscal 2025 net income reached $14,515 million, a significant increase from $13,647 million in Fiscal 2024, representing a year-over-year growth of 6.3%[45] - Diluted earnings per share (EPS) for Fiscal 2025 was $1.57, up from $1.63 in Fiscal 2024, while adjusted diluted EPS increased to $2.29 from $2.36[45] Expenses and Liabilities - Operating expenses increased by 27.9% to $19.0 million in Q4 FY2025, influenced by expenses from acquired businesses[11] - General and administrative expenses increased by 39.7% in Q4 of Fiscal 2025, totaling $9,733 million compared to $6,965 million in Q4 of Fiscal 2024[47] - Current liabilities slightly increased to $34.037 million from $33.499 million year-over-year, showing a stable financial position[37] Cash Flow and Investments - Net cash provided by operating activities increased to $38,985,000, up from $32,616,000, reflecting a growth of 19.5%[39] - Cash used in investing activities significantly rose to $84,000,000, compared to $41,672,000 in the prior year, marking a 101.5% increase[39] - The company reported a substantial business acquisition net cash outflow of $87,436,000 in fiscal 2025, compared to $12,859,000 in fiscal 2024[39] - Total cash and cash equivalents at the end of the period decreased to $1,517,000 from $19,646,000, reflecting a decline of 92.3%[39] Debt and Financial Position - Total debt increased to $32.7 million as of March 29, 2025, compared to $4.2 million on March 30, 2024[23] - The company reported a leverage ratio of 0.78 on March 29, 2025, indicating a strong balance sheet[24] Strategic Outlook - Management expects to return to high single-digit organic revenue growth as macro-trends normalize[7] - The company plans to expand its addressable calibration market through acquisitions and capability investments, aiming for organic sales growth[31] - Transcat's strategy includes leveraging its strong brand and unique value proposition to drive growth in highly regulated industries, particularly in Life Sciences[31]

Revenue Generation - The company has not generated any revenue from EV sales and expects to generate revenue from the sale of its EV models, technology licensing, and R&D services [157]. Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of approximately $0.8 million, compared to a net loss of $0.2 million for the same period in 2024 [165]. - General and administrative expenses increased to approximately $0.8 million for the three months ended March 31, 2025, primarily due to a $0.4 million rise in professional expenses related to being a publicly traded company [164]. - The company is facing significant uncertainties regarding its ability to continue as a going concern, including ongoing operating losses and a suspension of trading on Nasdaq since April 21, 2025 [166][168]. - For the three months ended March 31, 2025, the net cash used in operating activities was approximately $0.6 million, compared to $0.2 million for the same period in 2024, indicating a significant increase in cash outflow [170]. - The cash at the end of the period for March 31, 2025, was $19,812, a decrease from $28,466 at the end of March 31, 2024 [169]. Business Developments - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, resulting in the issuance of 40 million shares of common stock and potential earn-out payments of up to 20 million shares based on revenue performance targets [144]. - The company plans to acquire approximately 30.8% of Electric Power Technology Limited through a share exchange agreement, which is subject to regulatory approvals and shareholder consent [148]. - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, with no new models expected to be introduced until at least 2030 [153]. Cash Flow and Financing - The company has incurred significant operating expenses, including general and administrative costs, as it builds its brand and develops its vehicles [154]. - The company is exploring new financing options and restructuring strategies to address its financial challenges and uncertainties surrounding shareholder support [167]. - Cash provided by financing activities for the three months ended March 31, 2025, was approximately $0.6 million, primarily from borrowings from the controlling shareholder and family members [173]. - The company reported cash used in investing activities of $1,400 for the three months ended March 31, 2025, which was allocated to the purchase of short-term investments [171]. Earnout Shares and Conditions - The company entered into an escrow agreement involving 20,000,000 shares of common stock as Earnout Shares, contingent on achieving specific revenue targets [175]. - The revenue condition for the year 2024 was not met, and the company could not assess the performance condition for the year ending December 31, 2025 [178]. - The Earnout Shares are classified as equity financial instruments and measured at fair value of $2.56 per share on the grant date [177]. Accounting and Financial Instruments - The company has not incurred significant research and development expenses for the three months ended March 31, 2025, with such expenses recorded under general and administrative expenses [180]. - The company has not entered into any financial guarantees or derivative contracts that would affect its financial obligations [179]. - The company does not have critical accounting estimates that are related to it, as per the evaluation of its accounting policies [183].

Revenue Generation - The company has not generated any revenue from EV sales and expects to generate revenue from the sale of its EV models, technology licensing, and R&D services [157]. - The company did not meet the sales/revenue condition for the year 2024, which was set at no less than $42.2 million for the first tranche of Earnout Shares [178]. - The Earnout Shares include 5 million shares for the first tranche and 15 million shares for the second tranche, contingent on achieving specific revenue targets by December 31, 2025 [176]. Financial Performance - For the three months ended March 31, 2025, the company incurred a net loss of approximately $0.8 million, compared to a net loss of $0.2 million for the same period in 2024 [165]. - The company has incurred significant operating losses since inception and continues to face challenges in generating sufficient revenue to cover operational costs [166]. - For the three months ended March 31, 2025, the net cash used in operating activities was approximately $0.6 million, compared to $0.2 million for the same period in 2024, indicating a significant increase in cash outflow [170]. Expenses - General and administrative expenses increased to approximately $0.8 million for the three months ended March 31, 2025, primarily due to a $0.4 million rise in professional expenses related to being a publicly traded company [164]. - Minimal research and development expenses were incurred for the three months ended March 31, 2025, and 2024, recorded under general and administrative expenses [180]. Cash and Liquidity - The company’s cash balance as of March 31, 2025, was $19,812, highlighting liquidity challenges [166]. - The cash at the end of the period for March 31, 2025, was $19,812, a decrease from $28,466 at the end of March 31, 2024 [169]. - The company’s cash at the beginning of the period for March 31, 2025, was $52,616, down from $196,907 at the beginning of March 31, 2024 [169]. Business Developments - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, resulting in the issuance of 40 million shares of common stock and potential earn-out payments of up to 20 million shares based on revenue performance targets [144]. - The company plans to acquire approximately 30.8% of Electric Power Technology Limited through a share exchange agreement, which is subject to regulatory approvals and shareholder consent [148]. - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, with no new models expected to be introduced until at least 2030 [153]. Financial Challenges - The company is facing significant uncertainties regarding its ability to continue as a going concern, including ongoing operating losses and a suspension of trading on Nasdaq since April 21, 2025 [166][168]. - The company is exploring new financing options and evaluating business restructuring to address financial uncertainties [167]. - The company is subject to loss contingencies, including legal proceedings, and records liabilities when unfavorable outcomes are probable [178]. Investment Activities - The company reported cash used in investing activities of $1,400 for the three months ended March 31, 2025, which was allocated to the purchase of short-term investments [171]. - Cash provided by financing activities for the three months ended March 31, 2025, was approximately $0.6 million, primarily from borrowings from the controlling shareholder and family members [173]. Financial Instruments - The company has not entered into any financial guarantees or derivative contracts that would affect its financial obligations [179].

Financial Performance - Mullen achieved a revenue of $5 million for the quarter ending March 31, 2025, outperforming Q2 2024 revenue of $33,000 by more than 143 times[2] - The company's net loss decreased from $132.4 million in fiscal Q2 2024 to approximately $47.1 million in the comparable quarter ending March 31, 2025[1] - The net loss attributable to common shareholders for the six months ended March 31, 2025, was $162.0 million, compared to $193.9 million for the same period in 2024[6] - Mullen Automotive reported a net loss of $172.68 million for the six months ended March 31, 2025, compared to a net loss of $235.36 million for the same period in 2024, representing a 26.6% improvement[23] - The company reported a net loss before income tax benefit of $(53,880,314) for the three months ended March 31, 2025[21] Cash Flow and Expenses - Total cash spent on operating and investing activities decreased by $68.5 million, or 56.6%, from $120.9 million in the six months ended March 31, 2024, to $52.4 million in the same period of 2025[11] - The company had total cash of $2.3 million on March 31, 2025, down from $10.7 million on September 30, 2024[10] - Cash and cash equivalents decreased from $10,321,827 as of September 30, 2024, to $1,404,708 as of March 31, 2025[18] - Mullen's cash and restricted cash at the end of the period was $2.32 million, down from $29.81 million at the beginning of the period[23] - The company incurred $3.86 million in cash used for investing activities, primarily for equipment purchases[23] Revenue Sources - Mullen invoiced for 69 vehicles valued at $5.7 million during the six months ended March 31, 2025, and recorded $7.9 million in revenues[9] - Revenue from vehicle sales for the three months ended March 31, 2025, was $4,950,140, compared to $33,335 for the same period in 2024, representing a significant increase[21] Operating Expenses - Total operating expenses for the three months ended March 31, 2025, were $63,742,549, compared to $91,137,744 for the same period in 2024, indicating a reduction in expenses[21] - Research and development expenses for the three months ended March 31, 2025, were $10,364,113, compared to $24,023,526 for the same period in 2024, showing a decrease[21] - Non-cash expenses accounted for $118.5 million, or 73% of the loss for the six months ended March 31, 2025[7] Assets and Liabilities - Total current assets decreased from $63,174,638 as of September 30, 2024, to $52,900,124 as of March 31, 2025[18] - Total liabilities increased from $195,177,166 as of September 30, 2024, to $219,630,029 as of March 31, 2025[18] - The company had a total stockholders' equity (deficit) of $(69,540,529) as of March 31, 2025, compared to $(16,545,877) as of September 30, 2024[18] Partnerships and Production - Mullen signed a partnership and supply agreement with Enpower Greentech Inc. to build and deliver its SWIFT series SSB batteries, with production slated to begin in early 2026[5] - Mullen began commercial vehicle production in Tunica, Mississippi, in August 2023, and received IRS approval for federal EV tax credits of up to $7,500 per vehicle[24] - The Mullen ONE and Mullen THREE vehicles are now CARB and EPA certified and available for sale in the U.S.[24] - Mullen's commercial dealer network has expanded with new partnerships, enhancing sales and service coverage in key markets[24] - Bollinger Motors, a majority-owned subsidiary, launched production of its B4 Class 4 electric truck on September 16, 2024[25] Risks and Challenges - Mullen faces significant risks and uncertainties, including the ability to secure additional financing and manage acquisitions effectively[27] - Bollinger Motors, a majority-owned segment of Mullen, was placed into court-appointed receivership on May 7, 2025, following a legal complaint[13]