Company Summary of Broad Capital Acquisition Corp (as of 2024)

Business Model & Purpose:
Broad Capital Acquisition Corp (the "Company") is a blank check company formed in Delaware on April 16, 2021. Its primary purpose is to identify, evaluate, and effectuate a merger, asset acquisition, share exchange, stock purchase, reorganization, or other similar business combination with one or more operating businesses. The company does not operate any business or generate revenue until it completes its initial business combination.

Operational Activities & Focus:

• The Company has not engaged in any operational business or revenue-generating activities as of December 31, 2024.
• Its activities have been limited to organizational activities, preparing for the initial public offering (IPO), and searching for a suitable target business for a merger or acquisition.
• The Company’s management uses its broad network in industries including technology, aerospace, healthcare, transportation, financial services, and real estate to source potential acquisition targets.
• Focus sectors with high growth potential include zero emission propulsion technologies, artificial intelligence (AI), internet of things (IoT), UAS (unmanned aircraft systems), and advanced air mobility (AAM).
• The target geographic markets are North America and Asia Pacific, emphasizing global opportunities.

Number of Customers & Clients:

• The Company has no ongoing customer base or clients; it has not completed any acquisitions or business operations.

Employees:

• Currently has 0 full-time employees.
• Management includes two officers: Johann Tse (CEO) and Rongrong Jiang (CFO), both residing in the United States.
• The officers are responsible for sourcing targets, due diligence, and executing a merger or acquisition once a target is identified.

Financials (as of December 31, 2024):

• Revenue: $0 (no operating income or revenues reported)
• Net Income / Loss:
  • For the year ended December 31, 2024: ($1,122,587) (net loss)
  • For the year ended December 31, 2023: ($513,919) (net loss)
• Total Assets: $20,522,225, primarily in the trust account (~$20.52 million), which is invested in U.S. government securities or money market funds before liquidation and redemptions.
• Total Liabilities: $13,304,617, mainly accrued expenses, accounts payable, and other liabilities.
• Capital & Equity:
  • No revenue or operating activities; stockholders’ deficit of approximately $12.6 million as of December 31, 2024.
  • The company’s common stock outstanding: 2,990,897 shares (excluding 101,216 subject to redemption).

Additional Details:

• The Company’s funds are held in a trust account for potential business acquisitions, but as of December 31, 2024, the cash balance in the operating account is minimal ($585).
• The Company does not have any ongoing contracts, customers, or revenue streams.
• The focus remains on identifying a target for a business combination to generate future operational revenue and income; none have yet been initiated or completed.

Key Point:
The company does not operate any business or generate revenue at this time. It functions as a shell company preparing for a merger or acquisition, leveraging its management’s industry network and the trust assets to fund future transaction activities. All current financial activity relates to organizational, administrative, and legal costs, with no reported revenue or customer base.