0001477932-26-002885
SEC filingFY2025 was a year of severe financial deterioration: revenue stagnated while a massive investment write-off drove net loss to $15M, overwhelming modest operational improvements.
Revenue remained essentially flat at $78.4K in FY2025 compared to $77.3K in FY2024, reflecting a 1.4% increase. However, gross profit improved dramatically from a loss of $2.7K to a positive $32.0K, yielding a gross margin of 40.8%. Management attributed the decrease in cost of revenues to a reduction in the number of client projects undertaken during the period, indicating improved cost efficiency.
Operating loss narrowed by 24.4% to $576.8K from $763.0K in the prior year. The improvement was driven by lower audit and professional fees, partially offset by higher other expenses. The increase in other expenses was primarily due to higher interest expense arising from convertible notes and a loss on investment in the current year.
Net loss ballooned to $15.0M from $1.1M, a decline of 1,291.7%. The primary driver was a significant loss on investment, which overwhelmed the operational improvements. Diluted EPS fell to ($0.14) from ($0.00) in the prior year.
The filing reveals a significant operational shift. TCG, the film finance and production subsidiary, scaled down operations in early 2025 and closed its bank accounts in February 2026. IQI Media is now the core operating entity, repositioning as an AI-driven ConTech studio centered on the Launchrr SaaS platform — a cloud-based content aggregator and distribution tool. The business model combines original IP production with a scalable SaaS revenue stream, targeting a compressed supply chain that increases creator share. However, Launchrr remains in early development (Beta 1.3), and the company has no existing agreements with production or distribution entities. The outlook explicitly states expectations of continued losses from film production activities.
The company's ability to continue as a going concern is in substantial doubt given the minimal cash balance, operating losses, and negative cash flows. Management believes that its initiatives, together with ongoing efforts to expand business operations, will improve liquidity and support its ability to continue as a going concern. However, the company expects to continue to incur additional losses in the foreseeable future as a result of its film production activities.