TBHHIGH SIGNALOPERATIONAL10-K

TBH has entered into a merger agreement to acquire House of Doge Inc. while experiencing a complete collapse in revenue operations.

The company is undergoing a fundamental business transformation through the pending House of Doge acquisition, which appears to represent a strategic pivot away from its previous esports gaming focus. The removal of language about competitive positioning in esports and gaming culture suggests management is abandoning this market entirely. This represents a complete business model change that will require investor reassessment of the company's prospects and risk profile.

Comparing 2026-03-31 vs 2025-05-07View on EDGAR →
FINANCIAL ANALYSIS

The financial results show severe operational distress with revenue essentially disappearing while the company maintained R&D spending at roughly prior levels. Current liabilities decreased meaningfully, but total liabilities increased as the company appears to be restructuring its obligations. The extremely low cash position of only $29K indicates significant liquidity constraints during this transition period.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
-100%
$366K→105

Revenue declined 100% — significant demand weakness or market share loss warrants investigation.

Current Liabilities
Balance Sheet
-24.5%
$9.8M→$7.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
+16.4%
$9.8M→$11.4M

Liabilities increased 16.4% — monitor debt-to-equity ratio and interest coverage.

Cash & Equivalents
Balance Sheet
-13.8%
$34K→$29K

Cash decreased 13.8% — monitor burn rate and upcoming capital needs.

R&D Expense
P&L
+12.2%
$21K→$24K

R&D investment increased 12.2% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-05-07
ADDED
The registrant had 23,496,125 shares of its common stock, par value $0.0001, issued and outstanding as of March 26, 2026.
On October 12, 2025, the Company entered into a Merger Agreement (as amended, the Merger Agreement ), by and among the Company, Brag House Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company ( Merger Sub ) and House of Doge Inc., a Texas corporation ( House of Doge ).
Upon the terms and subject to the conditions set forth in the Merger Agreement, among other things, Merger Sub will merge (the Merger ) with and into House of Doge, resulting in House of Doge as the surviving corporation of the Merger and a direct, wholly owned subsidiary of the Company.
Combined Company shall mean the Company, renamed House of Doge Inc., following the consummation of the Merger.
Permitted Issuances shall mean House of Doge s issuance of shares of House of Doge s outstanding shares of common stock (the House of Doge Common Stock ) after execution of the Merger Agreement in arms-length commercial business transactions negotiated in good faith by House of Doge in the ordinary course of business and not to any affiliate or insider.
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REMOVED
The registrant s Common Stock began trading on the Nasdaq Capital Market on March 6, 2025.
The registrant had 10,822,588 shares of its Common Stock, par value $0.001, issued and outstanding as of May 6, 2025.
Competition within the broader entertainment industry is intense and our existing and potential users may be attracted to competing forms of entertainment such as television, movies and sporting events, as well as other entertainment and esports options on the Internet.
If our offerings do not continue to be popular, our business could be harmed.
We have a unique community culture that is vital to our success.
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