UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2025
Commission File Number: 000-56399
BrooQLy Inc. |
(Exact name of registrant as specified in its charter) |
Nevada |
| 86-2265420 |
(State or other jurisdiction of incorporation or organization) |
| (IRS Employer Identification No.) |
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10101 S. Robert Road, Suite 209 Palos Hills, Illinois |
| 60465 |
(Address of principal executive offices) |
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Registrant’s Telephone Number, including area code: 718-705-8770
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(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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None |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Share Purchase Agreement; Change of Control of Company
On February 25, 2025, Panagiotis Lazaretos, Helen V. Maridakis, and Nikolaos Ioannou, the three controlling shareholders (collectively, the “Sellers”) of BrooQLy Inc., a Nevada corporation (the “Company”), entered into a Share Purchase Agreement (the “SPA”) with Aerospace Capital Partners, LLC, a Nevada limited liability company (”ACP”). Pursuant to the SPA, the Sellers sold an aggregate of 18,000,000 shares of common stock of the Company to ACP, equal to approximately 70.3% of the Company’s outstanding shares of common stock. As a result of this transaction, ACP became the controlling shareholder of the Company.
The purchase price paid by ACP was $360,000, of which $358,200 was to pay off the Company’s outstanding liabilities as of February 25, 2025, with the remaining $1,800 paid to the Sellers.
The source of the funds used by ACP to pay the purchase price was loans from private investors.
Other than the entry into the SPA and the transactions described therein and the agreements discussed below, there were no arrangements between ACP and the Sellers which could result at a subsequent date in a further change of control of the Company.
Convertible Promissory Note
In connection with the SPA and the payment of the Company’s outstanding liabilities, the Company issued to ACP a Convertible Promissory Note (the “Note”) in the original principal amount of Three Hundred Fifty-eight Thousand Two Hundred Dollars ($358,200). The Note will convert automatically into shares of the Company’s common stock or a series of preferred stock upon the occurrence of all of the following: (1) the acquisition of the controlling interest in the Company by ACP, which happened pursuant to the SPA; (2) the effectiveness of an amendment to the Company’s Articles of Incorporation to authorize the Company to issue preferred stock; and (3) the filing of a Certificate of Designation of Rights and Preferences of a series of preferred stock of the Company. Upon the occurrence of all three events, ACP has the right to determine whether the Note amount will convert into shares of common stock or shares of the new preferred stock. The conversion price of the Note amount will be $0.015 per share of either common stock or preferred stock.
Asset Purchase Option and License Agreement
Also in connection with the SPA, the Company entered into an Assets Purchase Option and License Agreement (the “Option and License Agreement”) with the Sellers. Pursuant to the Option and License Agreement, the Company granted to Absocare, Inc., a South Dakota corporation (“ABSO”), an entity controlled by the Sellers, a non-exclusive, royalty-free license to use certain assets of the Company (the “Assets”) for a period of six months (the “License Period”). The Assets consist of the Company’s name and trademark; the software code used by the Company; the domain name (www.brooqly.com); the Company’s app store accounts; and the Company’s social media accounts. ABSO has no right to sublicense, modify, distribute, or commercialize the Assets during the License Period.
Additionally, pursuant to the Option and License Agreement, the Company granted to ABSO the option to purchase the Assets at the end of the License Period. ABSO may elect to exercise the option by written notice to the Company for three months after the end of the License Period.
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.
Resignation of Board Members and Officers
In connection with the change of control and pursuant to the terms of the SPA, the following individuals agreed to and did resign from the following positions effective February 25, 2025:
Name |
| Positions |
Panagiotis Lazaretos |
| Chief Executive Officer, Director |
Nikolaos Ioannou |
| Chief Operating Officer, Director |
Helen V. Maridakis |
| Chief Financial Officer, Director |
The resigning officers and board members have confirmed that their departures were not due to any disagreements with the Company regarding its operations, policies, or practices. Each of the resigning directors provided the Company with a written letter of resignation from the board of directors of the Company. The Company provided a copy of this Current Report on Form 8-K to the resigning directors for their review prior to filing it with the U.S. Securities and Exchange Commission, and provided the resigning directors the opportunity to furnish to the Company any information stating whether he or she agrees with the statements made by the Company in this Item 5.02.
Appointment of New Board Members and Officers
In connection with the closing of the SPA and the transactions described therein, the following individuals were appointed to the Board of Directors:
Kent Wilson, Chairman of the Board
Jeff Hail
Ian Kantrowitz
Shannon Rigney
Additionally, the following individuals were appointed to the following offices of the Company:
Name |
| Position |
Kent Wilson |
| Chief Executive Officer |
Jeff Hail |
| Chief Operating Officer |
Ian Kantrowitz |
| Vice President |
Shannon Rigney |
| Vice President |
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Biographical information for new officers and directors
Kent Wilson – Chief Executive Officer, Chairman of the Board
Mr. Wilson, 52, previously served as the Chief Executive Officer and Secretary of Alpine 4 Holdings, Inc. (“Alpine 4”) , since June 2014. Mr. Wilson resigned as Chief Executive Officer of Alpine 4 in February 2025. Prior to his time with Alpine 4, Mr. Wilson was the CEO of Crystal Technology Holdings, Ltd./NextSure, LLC. This company successfully designed, built, and brought two products to market, including an internet-based insurance rating engine that allowed prospective buyers to rate and buy their auto insurance online via a virtual insurance agent. Since 2002, Mr. Wilson has been actively involved with all facets of corporate financial and operational planning and has held the title of CFO and CEO for several different companies. Mr. Wilson has also consulted for various finance departments of publicly traded companies such as JDA Software and Switch & Data, Inc. to help them identify and develop the best SOX and GAAP practices and procedures. In 2011, Mr. Wilson took over as CFO of United Petroleum Company and helped guide them from a small startup with less than $1 million in revenue to a company with $20 million in revenue and a growth path for 2013 and 2014. Mr. Wilson holds a BA degree in Management and an MBA from Northcentral University. Management believes Mr. Wilson’s extensive management, strategic planning, and public company experience qualify him to serve as a director.
Jeff Hail – Chief Operating Officer, Director
Mr. Hail, 62, previously served as the Chief Operating Officer of Alpine 4 Holdings, Inc., since January 2019, and before that serving as Senior Vice President of Operations since April 2014. Mr. Hail’s professional experience has been both in the government and private sector. As a Buyer/Contract Officer with the Arizona Department of Transportation writing, awarding, and administering highway services contracts. In the private sector, Mr. Hail experienced success by starting a number of different companies and building them to be the leaders in their niche sectors from both electronics manufacturing to e-commerce. As a result, he brings a broad-based experience level with the operational aspects of running a business in today’s realm. Mr. Hail holds a Bachelor of Science degree in Operations and Production Management from the W.P. Carey School of Business at Arizona State University. Management believes Mr. Hail’s extensive business operations and broad industry experience qualify him to serve as a director.
Ian Kantrowitz – Vice President, Director
Mr. Kantrowitz, 45, served as Vice President of Investor Relations at Alpine 4 Holdings, Inc., from 2021 to 2025, following his role as Director of Investor Relations from 2014 to 2021. Mr. Kantrowitz played a key role in securing capital at critical moments, through not only his personal network, but by fostering stakeholder relationships with effective and compelling communication during pivotal growth phases. Also serving on the company’s Board of Directors, Mr. Kantrowitz was accountable for creating and presenting a consistently applied investment message, building trusted relationships and shaping strategic messaging to shareholders and the investment community, while providing insight on public perception and market positioning. He was often regarded as a voice of reason, offering balanced perspectives during critical decision-making moments. Prior to joining Alpine 4, Mr. Kantrowitz built a diverse career involving project management, negotiations and sales in addition to relationship management. He served as a Project Manager for two major homebuilders in Phoenix, Arizona, Continental Homes and Engle Homes, where he honed his leadership and operational skills. Additionally, he was a top-performing banker at Wells Fargo Bank, ranked number five in the country, showcasing his dedication to client satisfaction and business growth. Mr. Kantrowitz’s analytical insight with a people-first approach and experience with investor relations and project management qualify him to serve as a director.
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Shannon Rigney – Vice President, Director
Ms. Rigney, 40, previously served as Vice President of Social Media and Public Relations at Alpine 4 Holdings, Inc., since 2016, having been with the company since 2014. With a decade of experience specializing in brand strategy and corporate relationship management, Ms. Rigney played a pivotal role in shaping the company’s public narrative, developing investor-facing communications, and driving strategic media campaigns and events across Alpine 4’s diverse portfolio of subsidiaries. With a diverse career background spanning public messaging, financial forecasting, project management and contract negotiations in various industries from home building to transportation logistics and medical devices, Ms. Rigney brings a unique ability to craft communications and messaging that align with business objectives while resonating with key stakeholders. Ms. Rigney holds a Bachelor of Business Administration in Marketing from the University of Arizona, Eller College of Management. Her collaborative approach bridges the gap between investor relations, marketing, and operations, ensuring consistent and transparent messaging across multiple platforms. Her extensive experience in stakeholder engagement, public company compliance and communications qualify her to serve as a director.
There are no family relationships between any of the new directors or officers of the Company. There are no transactions with related persons involving any of the new officers and directors and the Company which would require disclosure pursuant to Item 404(a) of Regulation S-K. There is no arrangement or understanding between any of the new officers and directors and any other person pursuant to which they were selected as directors.
As of the date of this Current Report, the Board of Directors had not determined to which committees any of the new directors would be named.
Item 8.01 Other Events
Management believes that the acquisition of a controlling position in the Company by ACP represents a strategic transformation of the Company into an aerospace-focused enterprise. Management intends to pursue multiple aerospace acquisitions in the near future as part of this new corporate direction.
Further updates on specific acquisitions, leadership initiatives, and operational changes will be provided in subsequent filings and public announcements.
Item 9.01 Financial Statements and Exhibits
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| Assets Purchase Option and License Agreement between BrooQLy Inc. and Absocare, Inc. | |
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| Assets Purchase Option and License Agreement, dated February 25, 2025 | |
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| Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BrooQly Inc. |
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/s/ Kent Wilson |
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By: Kent Wilson |
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Title: CEO / Chairman of Board |
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Date: March 3, 2025 |
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EXHIBIT 10.1
SHARE PURCHASE AGREEMENT
This SHARE PURCHASE AGREEMENT (this “Agreement”) is entered into as of February 25, 2025 (the “Effective Date”), by and between Aerospace Capital Partners LLC, a Nevada limited liability company (“PURCHASER”), and Panagiotis Lazaretos, Director/CEO, Helen V. Maridakis, Director/CFO, Nikolaos Ioannou, Director/COO of BrooQLy Inc. (“BRQL”), collectively representing the majority shareholders of BrooQLy Inc., a Nevada corporation (each a “SELLER” and collectively, the “SELLERS”), collectively referred to as the “PARTIES.”
RECITALS
WHEREAS, SELLERS collectively own 20,000,000 shares of common stock of BrooQLy Inc.;
WHEREAS, SELLERS desire to sell, and PURCHASER desires to purchase, 18,000,000 shares of common stock of BRQL (the “Shares”), which represent approximately 70% of the total outstanding common shares of BRQL; the Shares on the terms and subject to the conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree that the Recitals above are incorporated herein as terms to this Agreement and further agree as follows:
ARTICLE I: DEFINITIONS
1.1 Definitions. For purposes of this Agreement:
(a) “Closing” shall mean the consummation of the purchase and sale of the Shares as contemplated by this Agreement.
(b) “Closing Date” shall mean February 25, 2025, or such other date as mutually agreed by the Parties.
(c) “Escrow Agent” shall mean the escrow agent mutually agreed upon by the Parties to facilitate the deposit and disbursement of funds and documents as provided herein.
ARTICLE II: SALE AND PURCHASE OF SHARES; PAYMENT TERMS
2.1 Sale of Shares. Subject to the terms and conditions of this Agreement, SELLERS agree to sell, assign, transfer, and deliver to PURCHASER, and PURCHASER agrees to purchase from SELLERS, the 18,000,000 Shares of BRQL for an aggregate purchase price of ONE THOUSAND EIGHT HUNDRED U.S. DOLLARS ($1,800) (the “Purchase Price”).
2.2 Escrow Deposit. Upon execution of this Agreement, PURCHASER shall wire transfer a refundable deposit of Twenty-five Thousand U.S. Dollars ($25,000) to the Escrow Agent. The deposit shall become nonrefundable upon the satisfaction of the conditions precedent described in ARTICLE V.
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ARTICLE III: REPRESENTATIONS AND WARRANTIES OF PURCHASER
PURCHASER represents and warrants to SELLERS that the statements contained in this Article III are true and correct as of the date hereof.
Section 3.01 Organization and Authority of PURCHASER. PURCHASER is a limited liability company validly existing and in good standing under the Laws of the state of Nevada. PURCHASER has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which PURCHASER is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by PURCHASER of this Agreement and any other Transaction Document to which PURCHASER is a party, the performance by PURCHASER of its obligations hereunder and thereunder, and the consummation by PURCHASER of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of PURCHASER. This Agreement and each Transaction Document constitute legal, valid, and binding obligations of PURCHASER enforceable against PURCHASER in accordance with their respective terms.
Section 3.02 No Conflicts; Consents. The execution, delivery, and performance by PURCHASER of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) violate or conflict with any provision of the certificate of incorporation, by-laws, or other governing documents of PURCHASER; (b) violate or conflict with any provision of any Law or Governmental Order applicable to PURCHASER; or (c) require the consent, notice, declaration, or filing with or other action by any Person or require any Permit, license, or Governmental Order.
Section 3.03 Investment Purpose. PURCHASER is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof or any other security related thereto within the meaning of the Securities Act of 1933, as amended (the "Securities Act"). PURCHASER acknowledges that SELLER has not registered the offer and sale of the Shares under the Securities Act or any state securities laws, and that the Shares may not be pledged, transferred, sold, offered for sale, hypothecated, or otherwise disposed of except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.
ARTICLE IV: REPRESENTATIONS AND WARRANTIES OF SELLERS
Each SELLER represents and warrants to PURCHASER that the statements contained in this ARTICLE IV are true and correct as of the date hereof.
Section 4.01 Organization and Authority of SELLERS. SELLER has all power and authority (including, if necessary, all corporate power and authority) to enter into this Agreement and the other Transaction Documents to which such SELLER is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by SELLER of this Agreement and any other Transaction Document to which SELLER is a party, the performance by SELLER of its obligations hereunder and thereunder, and the consummation by SELLER of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of SELLER. This Agreement and each Transaction Document to which SELLER is a party constitute legal, valid, and binding obligations of SELLER enforceable against SELLER in accordance with their respective terms.
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Section 4.02 Organization, Authority, and Qualification of BRQL. BRQL has full corporate power and authority to own, operate, or lease the properties and assets now owned, operated, or leased by it and to carry on its business as it has been and is currently conducted. Section 4.02 of the Disclosure Schedules sets forth each jurisdiction in which BRQL is licensed or qualified to do business, and BRQL is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary.
Section 4.03 Capitalization.
(a) The authorized shares of BRQL consist of 200,000,000 shares of common stock, $0.0001 par value, of which 25,615,000 shares are issued and outstanding and constitute the Shares. All of the Shares have been duly authorized, are validly issued, fully paid and nonassessable, and are owned of record and beneficially by SELLER, free and clear of all Encumbrances. Upon the transfer, assignment, and delivery of the Shares and payment therefor in accordance with the terms of this Agreement, PURCHASER shall own all of the Shares, free and clear of all encumbrances.
(b) All of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement or commitment to which SELLER or BRQL is a party or is subject to or in violation of any preemptive or similar rights of any individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association, or other entity (each, a "Person").
(c) Except as set out in Section 4.03(c) of the Disclosure Schedules, there are no outstanding or authorized options, warrants, convertible securities, stock appreciation, phantom stock, profit participation, or other rights, agreements, or commitments relating to the shares of BRQL or obligating SELLER or BRQL to issue or sell any shares of, or any other interest in, BRQL. There are no voting trusts, stockholder agreements, proxies, or other agreements in effect with respect to the voting or transfer of any of the Shares.
Section 4.04 No Subsidiaries. BRQL does not have, or have the right to acquire, an ownership interest in any other Person.
Section 4.05 No Conflicts or Consents. The execution, delivery, and performance by SELLER of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) violate or conflict with any provision of the certificate of incorporation, by-laws, or other governing documents of SELLER or BRQL; (b) violate or conflict with any provision of any statute, law, ordinance, regulation, rule, code, treaty, or other requirement of any Governmental Authority (collectively, "Law") or any order, writ, judgment, injunction, decree, determination, penalty, or award entered by or with any Governmental Authority ("Governmental Order") applicable to SELLER or BRQL; (c) require the consent, notice, or filing with or other action by any Person or require any Permit, license, or Governmental Order; (d) violate or conflict with, result in the acceleration of, or create in any party the right to accelerate, terminate, or modify any contract, lease, deed, mortgage, license, instrument, note, indenture, joint venture, or any other agreement, commitment, or legally binding arrangement, whether written or oral (collectively, "Contracts"), to which SELLER or BRQL is a party or by which SELLER or BRQL is bound or to which any of their respective properties and assets are subject; or (e) result in the creation or imposition of any Encumbrance on any properties or assets of BRQL.
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Section 4.06 Financial Statements. Complete copies of BRQL's audited financial statements consisting of the balance sheet of BRQL as at December 31 in each of the years 2023 and 2022 and draft financial statements for fiscal year 2024 and the related statements of income and retained earnings, stockholders' equity, and cash flow for the years then ended (the "Financial Statements") have been delivered to PURCHASER. The Financial Statements have been prepared in accordance with generally accepted accounting principles in effect in the United States from time to time ("GAAP"), applied on a consistent basis throughout the period involved. The Financial Statements are based on the books and records of BRQL and fairly present the financial condition of BRQL as of the respective dates they were prepared and the results of the operations of BRQL for the periods indicated. The balance sheet of BRQL as of December 31, 2024, is referred to herein as the "Balance Sheet" and the date thereof as the "Balance Sheet Date". BRQL maintains a standard system of accounting established and administered in accordance with GAAP.
Section 4.07 Undisclosed Liabilities. BRQL has no liabilities, obligations, or commitments of any nature whatsoever, whether asserted, known, absolute, accrued, matured, or otherwise (collectively, "Liabilities"), except: (a) those which are adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date; and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are not, individually or in the aggregate, material in amount.
Section 4.08 Absence of Certain Changes, Events, and Conditions. Since the Balance Sheet Date, BRQL has been operating in the ordinary course of business consistent with past practice and there has not been, with respect to BRQL, any change, event, condition, or development that is, or could reasonably be expected to be, individually or in the aggregate, materially adverse to the business, results of operations, condition (financial or otherwise), or assets of BRQL.
Section 4.09 Material Contracts.
(a) Section 4.09(a) of the Disclosure Schedules lists each Contract that is material to BRQL (such Contracts, together with all Contracts concerning the occupancy, management, or operation of any Real Property being "Material Contracts"), including the following:
(i) each Contract of BRQL involving aggregate consideration in excess of $10,000 and which, in each case, cannot be cancelled by BRQL without penalty or without more than 30 days' notice;
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(ii) all Contracts that provide for the indemnification by BRQL of any Person or the assumption of any Tax, environmental, or other Liability of any Person;
(iii) all Contracts relating to Intellectual Property, including all licenses, sublicenses, settlements, coexistence agreements, covenants not to sue, and permissions;
(iv) except for Contracts relating to trade payables, all Contracts relating to indebtedness (including, without limitation, guarantees) of BRQL; and
(v) all Contracts that limit or purport to limit the ability of BRQL to compete in any line of business or with any Person or in any geographic area or during any period of time.
(b) Each Material Contract is valid and binding on BRQL in accordance with its terms and is in full force and effect. None of BRQL or, to SELLER's knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided or received any notice of any intention to terminate, any Material Contract. Complete and correct copies of each Material Contract (including all modifications, amendments, and supplements thereto and waivers thereunder) have been made available to PURCHASER.
Section 4.10 Real Property; Title to Assets.
(a) Section 4.10(a) of the Disclosure Schedules lists all real property in which BRQL has an ownership or leasehold (or subleasehold) interest (together with all buildings, structures, and improvements located thereon, the "Real Property"), including: (i) the street address of each parcel of Real Property; (ii) for Real Property that is leased or subleased by BRQL, the landlord under the lease, the rental amount currently being paid, and the expiration of the term of such lease or sublease, and any termination or renewal rights of any party to the lease; and (iii) the current use of each parcel of Real Property. SELLER has delivered or made available to PURCHASER true, correct, and complete copies of all Contracts, title insurance policies, and surveys relating to the Real Property.
(b) BRQL has good and valid (and, in the case of owned Real Property, good and indefeasible fee simple) title to, or a valid leasehold interest in, all Real Property and personal property and other assets reflected in the Financial Statements or acquired after the Balance Sheet Date (other than properties and assets sold or otherwise disposed of in the ordinary course of business consistent with past practice since the Balance Sheet Date). All Real Property and such personal property and other assets (including leasehold interests) are free and clear of Encumbrances except for those items set forth in Section 4.10(b) of the Disclosure Schedules.
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(c) BRQL is not a sublessor or grantor under any sublease or other instrument granting to any other Person any right to possess, lease, occupy, or use any leased Real Property. The use of the Real Property in the conduct of BRQL's business does not violate in any material respect any Law, covenant, condition, restriction, easement, license, permit, or Contract and no material improvements constituting a part of the Real Property encroach on real property owned or leased by a Person other than BRQL.
Section 4.11 Intellectual Property.
(a) The term "Intellectual Property" means any and all of the following in any jurisdiction throughout the world: (i) issued patents and patent applications; (ii) trademarks, service marks, trade names, and other similar indicia of source or origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals of, any of the foregoing; (iii) copyrights, including all applications and registrations; (iv) trade secrets, know-how, inventions (whether or not patentable), technology, and other confidential and proprietary information and all rights therein; (v) internet domain names and social media accounts and pages; and (vi) other intellectual or industrial property and related proprietary rights, interests, and protections.
(b) Section 4.11(b) of the Disclosure Schedules lists all issued patents, registered trademarks, domain names and copyrights, and pending applications for any of the foregoing and all material unregistered Intellectual Property that are owned by BRQL (the "Company IP Registrations"). BRQL owns or has the valid and enforceable right to use all Intellectual Property used or held for use in or necessary for the conduct of BRQL's business as currently conducted or as proposed to be conducted (the "Company Intellectual Property"), free and clear of all Encumbrances. All of BRQL Intellectual Property is valid and enforceable, and all Company IP Registrations are subsisting and in full force and effect. BRQL has taken all necessary steps to maintain and enforce BRQL Intellectual Property.
(c) The conduct of BRQL's business as currently and formerly conducted has not infringed, misappropriated, or otherwise violated and will not infringe, misappropriate, or otherwise violate the Intellectual Property or other rights of any Person. No Person has infringed, misappropriated, or otherwise violated any Company Intellectual Property.
Section 4.12 Material Customers and Suppliers.
(a) Section 4.12(a) of the Disclosure Schedules sets forth each customer who has paid aggregate consideration to BRQL for goods or services rendered in an amount greater than or equal to $10,000 for each of the two most recent fiscal years (collectively, the "Material Customers"). BRQL has not received any notice, and has no reason to believe, that any of its Material Customers has ceased, or intends to cease after the Closing, to purchase or use its goods or services or to otherwise terminate or materially reduce its relationship with BRQL.
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(b) Section 4.12(b) of the Disclosure Schedules sets forth each supplier to whom BRQL has paid consideration for goods or services rendered in an amount greater than or equal to $10,000 for each of the two most recent fiscal years (collectively, the "Material Suppliers"). BRQL has not received any notice, and has no reason to believe, that any of its Material Suppliers has ceased, or intends to cease, to supply goods or services to BRQL or to otherwise terminate or materially reduce its relationship with BRQL.
Section 4.13 Insurance. Section 4.13 of the Disclosure Schedules sets forth a true and complete list of all current policies or binders of insurance maintained by SELLER or its Affiliates (including BRQL) and relating to the assets, business, operations, employees, officers, and directors of BRQL (collectively, the "Insurance Policies"). Such Insurance Policies: (a) are in full force and effect; (b) are valid and binding in accordance with their terms; (c) are provided by carriers who are financially solvent; and (d) have not been subject to any lapse in coverage. Neither SELLER nor any of its Affiliates (including BRQL) has received any written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have been paid. None of SELLER or any of its Affiliates (including BRQL) is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in any Insurance Policy. The Insurance Policies are of the type and in the amounts customarily carried by Persons conducting a business similar to BRQL and are sufficient for compliance with all applicable Laws and Contracts to which BRQL is a party or by which it is bound. For purposes of this Agreement: (x) "Affiliate" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person; and (y) the term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or other ownership interests, by contract, or otherwise.
Section 4.14 Legal Proceedings; Governmental Orders.
(a) There are no claims, actions, causes of action, demands, lawsuits, arbitrations, inquiries, audits, notices of violation, proceedings, litigation, citations, summons, subpoenas, or investigations of any nature, whether at law or in equity (collectively, "Actions") pending or, to SELLER's knowledge, threatened against or by BRQL, SELLER, or any Affiliate of SELLER: (i) relating to or affecting BRQL or any of BRQL's properties or assets; or (ii) that challenge or seek to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.
(b) There are no outstanding, and BRQL is in compliance with all, Governmental Orders against, relating to, or affecting BRQL or any of its properties or assets.
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Section 4.15 Compliance with Laws; Permits.
(a) BRQL has complied, and is now complying, with all Laws applicable to it or its business, properties, or assets.
(b) All permits, licenses, franchises, approvals, registrations, certificates, variances, and similar rights obtained, or required to be obtained, from Governmental Authorities (collectively, "Permits") in order for BRQL to conduct its business, including, without limitation, owning or operating any of the Real Property, have been obtained and are valid and in full force and effect. Section 4.15(b) of the Disclosure Schedules lists all current Permits issued to BRQL and no event has occurred that would reasonably be expected to result in the revocation or lapse of any such Permit.
Section 4.16 Employment Matters.
(a) Section 4.16(a) of the Disclosure Schedules lists: (i) all employees, independent contractors, and consultants of BRQL; and (ii) for each individual described in clause (i), (A) the individual's title or position, hire date, and compensation, (B) any Contracts entered into between BRQL and such individual, and (C) the fringe benefits provided to each such individual. All compensation payable to all employees, independent contractors, or consultants of BRQL for services performed on or prior to the Closing Date have been paid in full.
(b) BRQL is not, and has not been, a party to or bound by any collective bargaining agreement or other Contract with a union or similar labor organization (collectively, "Union"), and no Union has represented or purported to represent any employee of BRQL. There has never been, nor has there been any threat of, any strike, work stoppage, slowdown, picketing, or other similar labor disruption or dispute affecting BRQL or any of its employees.
(c) BRQL is and has been in compliance with: (i) all applicable employment Laws and agreements regarding hiring, employment, termination of employment, plant closings and mass layoffs, employment discrimination, harassment, retaliation, and reasonable accommodation, leaves of absence, terms and conditions of employment, wages and hours of work, employee classification, employee health and safety, engagement and classification of independent contractors, payroll taxes, and immigration with respect to all employees, independent contractors, and contingent workers; and (ii) all applicable Laws relating to the relations between it and any labor organization, trade union, work council, or other body representing employees of BRQL.
Section 4.17 Taxes.
(a) All returns, declarations, reports, information returns and statements, and other documents relating to Taxes (including amended returns and claims for refund) (collectively, "Tax Returns") required to be filed by BRQL on or before the Closing Date have been timely filed. Such Tax Returns are true, correct, and complete in all respects. All Taxes due and owing by BRQL (whether or not shown on any Tax Return) have been timely paid. No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of BRQL. SELLER has delivered to PURCHASER copies of all Tax Returns and examination reports of BRQL and statements of deficiencies assessed against, or agreed to by, BRQL, for all Tax periods ending after January 1, 2018. The term "Taxes" means all federal, state, local, foreign, and other income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties, or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest, additions, or penalties with respect thereto.
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(b) BRQL has not been a member of an affiliated, combined, consolidated, or unitary Tax group for Tax purposes. BRQL has no Liability for Taxes of any Person (other than BRQL) under Treasury Regulations Section 1.1502-6 (or any corresponding provision of state, local, or foreign Law), as transferee or successor, by contract, or otherwise.
(c) There are no liens for Taxes (other than for current Taxes not yet due and payable) upon the assets of BRQL.
(d) SELLER Nikolaos Ioannou is a "foreign person" as that term is used in Treasury Regulations Section 1.1445-2.
(e) BRQL is not, nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period in Section 897(c)(1)(a) of the Code.
Section 4.18 Books and Records. The minute books and share record and transfer books of BRQL, all of which are in the possession of BRQL and have been made available to PURCHASER, are complete and correct.
Section 4.19 Related Party Transactions. Except as set forth on Section 4.19 of the Disclosure Schedules, there are no Contracts or other arrangements involving BRQL in which SELLER, its Affiliates, or any of its or their respective directors, officers, or employees or any immediate family members thereof is a party, has a financial interest, or otherwise owns or leases any material asset, property, or right which is used by BRQL.
Section 4.20 Brokers. No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of SELLER.
Section 4.21 Full Disclosure. No representation or warranty by SELLER in this Agreement and no statement contained in the Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to PURCHASER pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading.
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ARTICLE V: CONDITIONS TO CLOSING
5.1 Conditions Precedent to PURCHASER’s Obligations. The obligations of PURCHASER to consummate the transaction are subject to the satisfaction (or waiver by PURCHASER) of the following conditions:
(a) Completion of PURCHASER’s reasonable due diligence as outlined in Exhibit A.
(b) Delivery by SELLERS to Escrow Agent of the following:
(i) Stock certificates representing the 18,000,000 Shares of BRQL, with medallion guarantees or other certification acceptable to BRQL’s Transfer Agent;
(ii) The complete and up to date corporate books and complete business records of BRQL;
(iii) Resignations of all officers and directors of BRQL, along with the appointment of PURCHASER’s designees as officers and directors of BRQL;
(iv) Execution of a definitive loan agreement outlining the structured $358,200 loan as set forth in Exhibit B – Convertible Note; and
(v) Execution of a definitive escrow agreement by the Parties and the Escrow Agent.
(vi) The PARTIES acknowledge and agree that the Payables of BRQL listed in Exhibit E shall be paid by BRQL from the $358,200 amount referred to in 5.2(a)(ii) in the amounts set forth in Exhibit E, and in connection therewith the parties listed in Exhibit E shall execute releases on the template exhibited in Exhibit D releasing all of the Parties from any claim or liabilities thereof. The PARTIES further agree that in the event that the $358,200 is insufficient to pay all the payables, any deficient amount owing to the other parties listed in Exhibit E will be deducted from the total amount payable to Panagiotis Lazaretos shown in Exhibit G under the heading “Founders Contributions,” and Panagiotis Lazaretos shall waive the payment of such amount due to him, which will then constitute the full payment due. and
(vii) Execution of an Option to Buy Agreement pertaining to the BRQL platform and intellectual property as set forth in Exhibit C.
5.2 Conditions Precedent to SELLERS’ Obligations. The obligations of SELLERS to consummate the transaction are subject to the satisfaction (or waiver by SELLERS) of the following conditions:
(a) PURCHASER shall have deposited with the Escrow Agent an aggregate of $360,000, which shall be allocated and distributed pursuant to joint escrow instructions from the SELLERS and the PURCHASER as follows: (i) $1,800 to the SELLERS as the Purchase Price for the Shares; and (ii) $358,200 to be used to pay outstanding payables of BRQL, to be distributed pursuant to the list set forth in Exhibit G hereto;
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(b) Receipt of the Purchase Price by the Escrow Agent in full;
(c) Execution of a definitive escrow agreement by the Parties and the Escrow Agent; and
(d) As provided for in the Escrow Agreement, upon receipt by the Escrow Agent of written instruction by the PURCHASER and the SELLERS, Escrow Agent will disburse from the Escrow $21,000 to BRQL’s auditor, consistent with the language of the Escrow Agreement and this Agreement, within 24 hours of this Agreement being executed by the Parties.
5.3 Additionally, the SELLERS and the PURCHASER agree that prior to the Closing, certain assets of BRQL will be sold, transferred, or otherwise conveyed out of BRQL prior to the Closing to ensure a clean balance sheet (See Exhibit E).
ARTICLE VI: CLOSING
6.1 Closing. The Closing shall take place on or before the Closing Date, subject to the satisfaction or waiver of all conditions set forth in Article V.
6.2 Escrow Disbursement. Upon receipt of the Purchase Price, the Escrow Agent shall disburse the funds and documents as follows: (a) Transfer the Purchase Price to SELLERS and outstanding payables as per escrow agreement. (b) Transfer the Shares and related corporate documents to PURCHASER.
6.3 Failure to Close. If the transaction has not closed by the Closing Date, the Escrow Agent shall immediately return the cash escrow deposit and the Shares to their respective Parties.
ARTICLE VII: LOCK-UP PERIOD
7.1 The PARTIES agree to be bound by the terms of a Lock up Agreement as set forth in Exhibit F.
ARTICLE VIII: INDEMNIFICATION
8.1 INDEMNIFICATION BY SELLERS
(a) Subject to the other terms and conditions of this ARTICLE VIII, the SELLERs agree, individually and collectively, to indemnify and defend the Purchaser and its Affiliates (including BRQL) and their respective Representatives (collectively, the "Purchaser Indemnitees") against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Purchaser Indemnitees based upon, arising out of, with respect to, or by reason of:
(i) any inaccuracy in or breach of any of the representations or warranties of SELLER contained in this Agreement or the other Transaction Documents; or
(ii) any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by any SELLER pursuant to this Agreement or the other Transaction Documents.
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8.2 INDEMNIFICATION BY PURCHASER
(a) Subject to the other terms and conditions of this ARTICLE VIII, Purchaser shall indemnify and defend each SELLER and its Affiliates and their respective Representatives (collectively, the "SELLER Indemnitees") against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the SELLER Indemnitees based upon, arising out of, with respect to, or by reason of:
(i) any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement or the other Transaction Documents; or
(ii) any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Purchaser pursuant to this Agreement.
8.3 INDEMNIFICATION PROCEDURES.
(a) Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the "Indemnified Party") shall promptly provide written notice of such claim to the other party (the "Indemnifying Party"). In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any Action by a Person who is not a party to this Agreement, the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of any such Action, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense of any such Action, the Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including settling such Action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying Party of its indemnification obligations herein provided with respect to any damages resulting therefrom. The Indemnifying Party shall not settle any Action without the Indemnified Party's prior written consent (which consent shall not be unreasonably withheld or delayed).
8.4 CUMULATIVE REMEDIES. The rights and remedies provided for in this ARTICLE VIII are cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise.
ARTICLE IX: GENERAL PROVISIONS
9.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to its conflicts of laws principles.
9.2 Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings with respect to the subject matter hereof.
9.3 Amendments. This Agreement may not be amended or modified except in writing signed by both Parties.
9.4 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
(Signature page follows.)
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.
SELLERS: __________________ |
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/s/ Panagiotis Lazaretos |
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Name: Panagiotis Lazaretos |
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Director / CEO of BrooQLy Inc. (BRQL) |
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/s/ Helen V. Maridakis |
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Name: Helen V. Maridakis |
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Director / CFO of BrooQLy Inc. (BRQL) |
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/s/ Nikolaos Ioannou |
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Name: Nikolaos Ioannou |
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Director / COO of BrooQLy Inc. (BRQL) |
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PURCHASER: _________________ |
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Aerospace Capital Partners LLC |
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By: /s/ Kent B. Wilson |
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Name: Kent B. Wilson |
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Its: Managing Partner |
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EXHIBIT A
DUE DILIGENCE MATERIALS PROVIDED
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EXHIBIT B
CONVERTIBLE PROMISSORY NOTE
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EXHIBIT C
ASSETS PURCHASE OPTION AND LICENSE AGREEMENT
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EXHIBIT D
SUPPLIER RELEASE TEMPLATE
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EXHIBIT E
LIST OF ASSETS TO BE CONVEYED OUT OF BRQL PRIOR TO CLOSING
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EXHIBIT F
LOCK UP AGREEMENT
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EXHIBIT G
PAYABLES LIST
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EXHIBIT 10.2
ASSETS PURCHASE OPTION AND LICENSE AGREEMENT
This Assets Asset Purchase Option and License Agreement (the "Agreement") is made and entered into as of February 25, 2025 (the “Effective Date”), by and between BrooQLy Inc., a Nevada corporation (“BRQL”) and Absocare, Inc a South Dakota Corporation (“ABSO”).
WHEREAS, as of February 25, 2025, BRQL owns certain Assets listed in Exhibit A hereto that are part of the BRQL business as of February 25, 2025 (the “Assets”); and
WHEREAS, the majority shareholders of BRQL (collectively, the “Shareholders”) have entered into a Securities Purchase Agreement dated February 25, 2025 (the “SPA”), pursuant to which the Shareholders have sold a controlling interest in BRQL to Aerospace Capital Partners, LLC (“ACP”), and in connection with which ACP will elect and appoint new officers and directors constituting BRQL’s new management team and plan to implement a new business plan; and
WHEREAS, ABSO wishes to have an option to purchase the Assets from BRQL six months from the date of this Agreement, and BRQL agrees to grant such option to ABSO, pursuant to the terms and conditions set forth in this Agreement; and
WHEREAS, further ABSO wishes to have a license to use the Assets for a period of 6 months prior to exercising the option to purchase the Assets, and BRQL agrees to grant such a license to ABSO, pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, the parties agree as follows:
1. LICENSE GRANT
1.1 BRQL grants to ABSO a non-exclusive, royalty-free license (the “License”) to ABSO to use the Assets, to the extent owned by BRQL as of the date of this Agreement, on an “As Is” basis solely for ABSO internal business purposes during the period commencing on the Effective Date and continuing for a period of six (6) months (the "License Period").
1.2 ABSO shall have no right to sublicense, modify, distribute, or commercialize the Assets during the License Period without the prior written consent from BRQL.
2. OPTION TO PURCHASE
2.1 BRQL hereby grants ABSO an option (the "Option") to purchase all rights, title, and interest in the Assets at the end of the License Period, subject to the terms of this Agreement.
2.2 ABSO may exercise the Option by providing written notice to BRQL at any time after six (6) months from the Effective Date but before nine months from the Effective Date (the "Option Period").
2.3 The purchase price of the Assets shall be $1,000.
3. TERMINATION
3.1 If ABSO does not exercise the Option within the Option Period, all rights granted under this Agreement, including the License and the Option, shall terminate, and ABSO shall cease all use of the Assets and return or destroy any copies of related materials.
3.2 BRQL may terminate this Agreement upon written notice if Licensee breaches any material provision herein.
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4. GENERAL PROVISIONS
4.1 Other than the SPA and the agreements referenced therein, this Agreement constitutes the entire understanding between the parties and supersedes all prior discussions.
4.2 This Agreement shall be governed by the laws of Nevada.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.
BROOQLY, INC, |
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By: | /s/ Kent B. Wilson |
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Name: | Kent B. Wilson |
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Title: | CEO |
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ABSO INC. |
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By: | /s/ |
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Name: |
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Title: |
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EXHIBIT 10.3
CONVERTIBLE PROMISSORY NOTE
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE COMPANY) IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT.
Date: February 25, 2025
BrooQLy, Inc. , a Nevada corporation (“BRQL”), for value received, hereby promises to pay to the order of Aerospace Capital Partners, LLC (“Investor”), at such address as may be designated in writing by Investor from time to time, or Investor’s registered assigns, the principal amount of Three Hundred Fifty Eight Thousand Two Hundred Dollars ($358,200) pursuant to the terms and conditions of this Convertible Promissory Note (the “Note”). This Note is made in connection with a Share Purchase Agreement (the “SPA”) between BRQL and the Investor dated as of February 25, 2025.
The following is a statement of rights of the holder of this Note and the conditions to which this Note is subject, to which the maker of this Note agrees, and to which the holder hereof, by the acceptance of this Note, assents:
1. Conversion
(A) Automatic Conversion. Following (i) the acquisition of a controlling interest in BRQL by the Investor, (ii) an amendment to the Articles of Incorporation authorizing the issuance of Preferred Stock, and (iii) the subsequent filing of a Certificate of Designation of Rights and Preferences for the creation of Series C Preferred Stock by BRQL (the “Preferred Stock”) that contains the conversion rate provision whereby the Preferred C stock will convert at a conversion rate not to exceed a minimum of 1 share of common stock for each 1 share of Preferred Stock and a maximum of 4 shares of common stock for each 1 share of Preferred Stock as determined by the Investor in its sole discretion, the Outstanding Balance of this Note shall automatically convert into either shares of Preferred Stock or shares of common stock of BRQL, as determined by the Investor in its sole discretion. The conversion price (the “Common Conversion Price”) for converting into shares of common stock shall be $0.015 per share for a total of 23,880,000 common shares. The conversion price (the “Preferred Conversion Price”) for converting into shares of Preferred Stock shall be $0.015 per share for a total of 23,880,000 shares of Preferred Stock. The Investor’s ownership in BRQL shall be deemed effective as of the closing date of the acquisition of a controlling interest in BRQL pursuant to the SPA.
(B) Surrender of Note. Upon automatic conversion of this Note into BRQL equity as provided in Section 1(A) above, the Investor shall surrender this Note at the offices of BRQL at its registered address, and BRQL shall, at its expense, deliver to the Investor as soon as practicable the equity certificates or other evidence of ownership of the common shares or Series C Preferred shares, as applicable.
(C) No Fractional Equity Interests. No fractional equity interests or scrip representing fractional interests shall be issued upon the conversion of this Note.
(D) General. The foregoing conversion rights are subject in all respects to compliance by BRQL with all applicable laws, rules, and regulations.
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2. Adjustments
(A) If BRQL undergoes any subdivision, combination, or reclassification of its equity interests, the Conversion Price shall be adjusted accordingly to ensure that the Investor receives the same proportional ownership interest in BRQL upon conversion of the Note as was intended at the time of issuance of this Note. Such adjustments shall be made successively whenever any such event occurs.
(B) An adjustment to the Conversion Price shall become effective immediately after the effective date of each event which requires an adjustment.
3. Miscellaneous: This Note shall be governed by and construed in accordance with the laws of the State of Nevada applicable to agreements made to be performed in Nevada, without reference to any principles of choice of law or conflicts of law.
IN WITNESS WHEREOF, BRQL has caused this Note to be duly executed as of the date first written above.
Issuer: BrooQLy, Inc. |
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By: | /s/ Panagiotis Lazaretos |
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Name: | Panagiotis Lazaretos |
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Title: | Director / CEO of BrooQLy, Inc. (BRQL) |
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Investor: Aerospace Capital Partners LLC |
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By: | /s/ Kent B. Wilson |
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Name: | Kent B. Wilson |
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Title: | Managing Partner |
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EXHIBIT 10.4
ASSETS PURCHASE OPTION AND LICENSE AGREEMENT
This Assets Asset Purchase Option and License Agreement (the "Agreement") is made and entered into as of February 25, 2025 (the “Effective Date”), by and between BrooQLy Inc., a Nevada corporation (“BRQL”) and Absocare, Inc a South Dakota Corporation (“ABSO”).
WHEREAS, as of February 25, 2025, BRQL owns certain Assets listed in Exhibit A hereto that are part of the BRQL business as of February 25, 2025 (the “Assets”); and
WHEREAS, the majority shareholders of BRQL (collectively, the “Shareholders”) have entered into a Securities Purchase Agreement dated February 25, 2025 (the “SPA”), pursuant to which the Shareholders have sold a controlling interest in BRQL to Aerospace Capital Partners, LLC (“ACP”), and in connection with which ACP will elect and appoint new officers and directors constituting BRQL’s new management team and plan to implement a new business plan; and
WHEREAS, ABSO wishes to have an option to purchase the Assets from BRQL six months from the date of this Agreement, and BRQL agrees to grant such option to ABSO, pursuant to the terms and conditions set forth in this Agreement; and
WHEREAS, further ABSO wishes to have a license to use the Assets for a period of 6 months prior to exercising the option to purchase the Assets, and BRQL agrees to grant such a license to ABSO, pursuant to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, the parties agree as follows:
1. LICENSE GRANT
1.1 BRQL grants to ABSO a non-exclusive, royalty-free license (the “License”) to ABSO to use the Assets, to the extent owned by BRQL as of the date of this Agreement, on an “As Is” basis solely for ABSO internal business purposes during the period commencing on the Effective Date and continuing for a period of six (6) months (the "License Period").
1.2 ABSO shall have no right to sublicense, modify, distribute, or commercialize the Assets during the License Period without the prior written consent from BRQL.
2. OPTION TO PURCHASE
2.1 BRQL hereby grants ABSO an option (the "Option") to purchase all rights, title, and interest in the Assets at the end of the License Period, subject to the terms of this Agreement.
2.2 ABSO may exercise the Option by providing written notice to BRQL at any time after six (6) months from the Effective Date but before nine months from the Effective Date (the "Option Period").
2.3 The purchase price of the Assets shall be $1,000.
3. TERMINATION
3.1 If ABSO does not exercise the Option within the Option Period, all rights granted under this Agreement, including the License and the Option, shall terminate, and ABSO shall cease all use of the Assets and return or destroy any copies of related materials.
3.2 BRQL may terminate this Agreement upon written notice if Licensee breaches any material provision herein.
4. GENERAL PROVISIONS
4.1 Other than the SPA and the agreements referenced therein, this Agreement constitutes the entire understanding between the parties and supersedes all prior discussions.
4.2 This Agreement shall be governed by the laws of Nevada.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.
BROOQLY, INC,
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Name: | Kent Wilson |
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Title: | CEO |
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ABSO INC.
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Name: | Helen V, Maridakis |
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Title: | CFO |
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Exhibit A
| · | Name & Trademark |
| o | On October 14, 2021, BRQL applied to the US Patent and Trademark Office for the trademark "BROOQLY", which application was accepted and granted on February 28, 2023. |
| o | On October 14, 2021, BRQL applied to the EU Intellectual Property Office for the trademark "BROOQLY", which application was approved on February 2, 2022. |
| · | Software Code (smartphone app, web based admin panel, database) |
| · | Domain: www.brooqly.com |
| · | App Stores Accounts |
| · | Social Media Accounts |
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EXHIBIT 10.5
LOCK UP AGREEMENT
1.This Lock Up Agreement (the “Lock Up Agreement”) regarding shares of Common Stock, par value $0.0001 per share, of BrooQLy Inc. (“BRQL”) , is entered into in connection with the transactions described in the Securities Purchase Agreement dated February 25, 2025 (the “SPA”) as it pertains to the new officers and directors of BRQL following execution of the SPA, and the following current officers/directors/shareholders of BRQL, Panagiotis Lazaretos, Helen V. Maridakis, and Nikolaos Ioannou (collectively, the “BRQL Shareholders”).
2.The BRQL Shareholders agree to a Lock-up period of 6 months from the Execution Date of the SPA, February 25, 2025, resulting in their shares being locked up until August 25, 2025 (the “Lock-Up Period).
3. The new officers or directors and/or the new Board of Directors agree not to issue any BRQL shares to the new BRQL officers and/or directors for a period of 9 months following the Execution Date of the SPA (February 25, 2025), resulting in no such issuances being issued until after October 25, 2025. Notwithstanding the foregoing, the BRQL Shareholders acknowledge and agree that this limitation and restriction shall not restrict the conversion of that Convertible Promissory Note of even or near date herewith (the “Note”), referenced in the SPA, which by its terms is convertible into shares of preferred or common stock at the option of the holder of the Note.
4.In consideration of the execution of the Agreement by the Parties and for other good and valuable consideration, the BRQL Shareholders hereby irrevocably agree that during the Lock-Up Period they will not, directly or indirectly, (a) offer for sale, sell, pledge, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the transfer or disposition BRQL shareholders in accordance with the rules and regulations of the Securities and Exchange Commission and shares of Common Stock that may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for Common Stock; (b) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of shares of Common Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise; (c) except as provided for below, make any demand for or exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock or any other securities of BRQL; or (d) publicly disclose the intention to do any of the foregoing during the Lock-Up Period. The foregoing shall not be enforceable with respect to private transactions completed by the BRQL Shareholders during the Lock-Up Period; provided, however, that all such shares sold or otherwise conveyed in such private transactions (the “Private Transaction Shares”) shall be subject to the terms of this Agreement, and any certificates representing such Private Transaction Shares shall include a restrictive legend referencing this Lock Up Agreement
5. Grant of Option to Acquire Preferred Stock. BRQL hereby grants to the BRQL Shareholders an option (the “Option”) to exchange shares of BRQL common stock held by the BRQL Shareholders for shares of BRQL preferred stock, pursuant to the following terms and conditions:
a. Each BRQL Shareholder shall have the right to exchange thirty percent (30%) of the number of shares of BRQL common stock held by such BRQL Shareholder indicated on the signature page hereto and to which this Lock Up Agreement applies. Such twenty percent shall be referred to herein as the “Exchange Shares.”
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b. The Exchange Shares may be exchanged for that series of BRQL Preferred Stock into which the Note may be converted by the holder of such Note (the “Preferred Stock”). Each one Exchange Share may be exchanged for one share of the Preferred Stock.
c. Each BRQL Shareholder may exchange all or any portion of the Exchange Shares for the Preferred Stock beginning on the date on which the Preferred Stock is created by the filing of a Certificate of Designation of Rights and Preferences. The Option shall expire at the end of the Lock-Up Period. During the Lock-Up Period, the BRQL Shareholder may provide to BRQL an executed and completed copy of the Notice of Exchange as set forth in Exhibit A hereto.
d. Each BRQL Shareholder acknowledges and agrees that any shares of common stock into which the Preferred Stock may be converted shall be subject to the terms and conditions of this Lock Up Agreement, including the Lock-Up Period and the Leak-Out Period (discussed below).
6. Following the expiration of the Lock-Up Period, the BRQL Shareholders agree to a leak-out restriction whereby no more than twenty-five percent (25%) of the total shares held by each of the BRQL officers/directors may be sold per month for a period of four (4) months following the Lock-Up Period (the "Leak-Out Period").
7. This Lock Up Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this Lock Up Agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.
8. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that, upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the heirs, personal representatives, successors, and assigns of the undersigned.
[Signature page follows.]
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IN WITNESS WHEREOF, the Parties have executed this Lock Up Agreement as of the date set forth above.
BRQL SHAREHOLDERS:
/s/ Panagiotis Lazaretos |
| 900,000 |
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Name: Panagiotis Lazaretos |
| Number of shares of BRQL common stock |
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| subject to this Lock Up Agreement |
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/s/ Helen V. Maridakis |
| 200,000 |
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Name: Helen V. Maridakis |
| Number of shares of BRQL common stock |
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| subject to this Lock Up Agreement |
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/s/ Nikolaos Ioannou |
| 900,000 |
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Name: Nikolaos Ioannou |
| Number of shares of BRQL common stock |
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| subject to this Lock Up Agreement |
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BrooQLy Inc. |
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By: | /s/ Kent B. Wilson |
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Name: | Kent B. Wilson |
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Title: | CEO |
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EXHIBIT A
NOTICE OF EXCHANGE
(To be executed by the registered Shareholder
to exchange shares of Common Stock)
The undersigned hereby elects to exchange the number of shares of Common Stock indicated below into shares of Series C Convertible Preferred Stock, (the “Preferred Stock”), of BrooQLy, Inc., (the “Company”), according to the conditions hereof, as of the date written below. If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates (if certificated) and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the Shareholder for any conversion, except for such transfer taxes, if any.
Conversion calculations:
| Date to effect exchange |
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| Number of shares of Common Stock to be exchanged |
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| Number of shares of Series C Preferred Stock to be issued |
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| Name of Shareholder |
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| Address of Shareholder |
| Authorized Signature |
EXHIBIT 17.1
VIA EMAIL
February 25, 2025
To:
brooqLy, Inc
Present Board of Directors
brooqLy, Inc.
New Board of Directors
Re: Resignation of Panagiotis Lazaretos as Director and Chief Executive Officer of Brooqly, Inc. (the “Company”).
Dear Current and Future Board Members:
I hereby submit my resignation as a Board Director and Chief Executive Officer of Brooqly, Inc. effective as of February 26, 2025. My decision to resign is pursuant to and in connection with the attached Securities Purchase Agreement. The resignation is not due to any disagreement with the Company’s operations, policies, or practices. I want to express my gratitude for the opportunity to serve Brooqly and to work alongside a dedicated team. I remain confident in the Company’s leadership and future success.
Kindly, file a Form 8-K under Item 502 ( Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Please let me know how I can assist in ensuring a smooth transition.
Sincerely,
Panagiotis Lazaretos
Attachment: Securities Purchase Agreement
EXHIBIT 17.2
VIA EMAIL
February 25, 2025
To:
brooqLy, Inc
Present Board of Directors
brooqLy, Inc.
New Board of Directors
Re: Resignation of Helen V. Maridakis as Director and Chief Financial Officer of Brooqly, Inc. (the “Company”).
Dear Current and Future Board Members:
I hereby submit my resignation as a Board Director and Chief Financial Officer of Brooqly, Inc. effective as of February 26, 2025. My decision to resign is pursuant to and in connection with the attached Securities Purchase Agreement. The resignation is not due to any disagreement with the Company’s operations, policies, or practices. I want to express my gratitude for the opportunity to serve Brooqly and to work alongside a dedicated team. I remain confident in the Company’s leadership and future success.
Kindly, file a Form 8-K under Item 502 ( Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Please let me know how I can assist in ensuring a smooth transition.
Sincerely,
Helen V. Maridakis
Attachment: Securities Purchase Agreement
EXHIBIT 17.3
VIA EMAIL
February 25, 2025
To:
brooqLy, Inc
Present Board of Directors
brooqLy, Inc.
New Board of Directors
Re: Resignation of Nikolaos Ioannou as Director and Chief Operating Officer of Brooqly, Inc. (the “Company”).
Dear Current and Future Board Members:
I hereby submit my resignation as a Board Director and Chief Operating Officer of Brooqly, Inc. effective as of February 26, 2025. My decision to resign is pursuant to and in connection with the attached Securities Purchase Agreement. The resignation is not due to any disagreement with the Company’s operations, policies, or practices. I want to express my gratitude for the opportunity to serve Brooqly and to work alongside a dedicated team. I remain confident in the Company’s leadership and future success.
Kindly, file a Form 8-K under Item 502 ( Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
Please let me know how I can assist in ensuring a smooth transition.
Sincerely,
Nikolaos Ioannou
Attachment: Securities Purchase Agreement