Boumarang Inc.
Boumarang Inc. filed its 10-Q for the quarter ended September 30, 2026. The company recognized its first revenue of $200,000, all from a related-party services agreement with Eva Defense Inc. and Eva Live Inc., yielding $40,000 gross profit (20% margin). Net loss for the quarter was $480,261, or $(0.01) per share, versus $507,960 a year earlier. The filing also restates prior periods to record a $1,000,000 unrealized gain on a private-equity investment, which turned the three months ended June 30, 2026 into net income of $450,136.
- First-ever revenue of $200,000 came entirely from related-party Eva Defense/Eva Live, with $160,000 cost via related-party Ascendant AI LLC.
- Q3 2026 net loss was $480,261, or $(0.01) per share, on 65,056,977 weighted average shares.
- Restatement added a $1,000,000 unrealized gain, lifting Q2 2026 to net income of $450,136 from a $549,864 loss.
- Cash fell to $6,119 at September 30, 2026, from $16,084 at year-end 2025.
- Total stockholders' equity declined to $19,616,297 from $20,160,680 at December 31, 2025.
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A pre-revenue drone startup's first sales are entirely related-party while a restatement masks underlying operating losses.
Boumarang is a pre-commercial hydrogen-powered drone developer with no product revenue yet; its first revenue is entirely related-party, a common early-stage pattern.
The company depends on related parties (Eva, Ascendant AI) for essentially all revenue and development, and holds $16.0 million of intangible assets not yet in service that may face impairment. Cash of $6,119 signals a need for additional capital.