<SEC-DOCUMENT>0001140361-25-019371.txt : 20250516
<SEC-HEADER>0001140361-25-019371.hdr.sgml : 20250516
<ACCEPTANCE-DATETIME>20250515193035
ACCESSION NUMBER:		0001140361-25-019371
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250516
DATE AS OF CHANGE:		20250515
EFFECTIVENESS DATE:		20250516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROADWAY FINANCIAL CORP \DE\
		CENTRAL INDEX KEY:			0001001171
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		ORGANIZATION NAME:           	02 Finance
		EIN:				954547287
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39043
		FILM NUMBER:		25956553

	BUSINESS ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
		BUSINESS PHONE:		3236341700

	MAIL ADDRESS:	
		STREET 1:		5055 WILSHIRE BLVD STE 500
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90036
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>ef20049179_nt10q.htm
<DESCRIPTION>NT 10-Q
<TEXT>
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    <div style="text-align: center; text-indent: -0.7pt; margin-right: 131.05pt; margin-left: 132.45pt; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; text-indent: -0.7pt; margin-right: 131.05pt; margin-left: 132.45pt; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION </div>
    <div style="text-align: center; text-indent: -0.7pt; margin-right: 131.05pt; margin-left: 132.45pt; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 0.25pt; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 12b-25</div>
    <div>&#160;</div>
    <div style="text-align: center; text-indent: -0.5pt; margin-right: 131.85pt; margin-left: 132.25pt; color: #000000; font-weight: bold;">NOTIFICATION OF LATE FILING</div>
    <div>&#160;</div>
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          <td style="width: 62.5pt; vertical-align: top;"><font style="color: #000000;">(</font><font style="font-style: italic; color: #000000;">Check One</font><font style="color: #000000;">):</font></td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">&#9744; Form 10-K &#9744; Form 20-F &#9744; Form 11-K &#9746;Form 10-Q &#9744; Form 10-D &#9744; Form N-CEN</div>
          </td>
        </tr>

    </table>
    <div style="margin-left: 37pt; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744; Form N-CSR</div>
    <div style="color: rgb(0, 0, 0);"><br>
    </div>
    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">
      <table cellspacing="0" cellpadding="0" border="0" id="za01bd69ae8244219905635405ab7f43f" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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            <td style="width: 11%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 12%; padding-bottom: 2px;"><font style="color: #000000;">For Period Ended:</font></td>
            <td style="width: 37%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="color: #000000;">March 31, 2025</font></td>
            <td style="width: 40%; padding-bottom: 2px;">&#160;</td>
          </tr>

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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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            <td style="width: 11%;">
              <div>&#160;</div>
            </td>
            <td style="width: 2%; text-align: left;">&#9744;</td>
            <td style="width: 87%;">Transition Report on Form 10-K</td>
          </tr>
          <tr>
            <td style="width: 11%;">
              <div>&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="text-align: left;">&#9744;</div>
            </td>
            <td style="width: 87%;">Transition Report on Form 20-F</td>
          </tr>
          <tr>
            <td style="width: 11%;">
              <div>&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="text-align: left;">&#9744;</div>
            </td>
            <td style="width: 87%;">Transition Report on Form 11-K</td>
          </tr>
          <tr>
            <td style="width: 11%;">
              <div>&#160;</div>
            </td>
            <td style="width: 2%;">
              <div style="text-align: left;">&#9744;</div>
            </td>
            <td style="width: 87%;">Transition Report on Form 10-Q</td>
          </tr>

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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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            <td style="width: 11%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td nowrap="nowrap" style="width: 21%; padding-bottom: 2px;">For the Transition Period Ended:</td>
            <td style="width: 60%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 8%; padding-bottom: 2px;"><br>
            </td>
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    </div>
    <div>&#160;
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; margin-right: 58.45pt; color: #000000; font-weight: bold;">Nothing in this form shall be construed to imply that the Commission has verified any </div>
              <div style="text-align: center; margin-right: 58.45pt; color: #000000; font-weight: bold;">information contained herein.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="color: #000000; font-weight: bold;"><font style="font-weight: normal;">If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:</font> </div>
    <div style="color: #000000; font-weight: bold;">
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="left" style="height: 2px; width: 90%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
      <br>
      PART I&#8212;REGISTRANT INFORMATION</div>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zfc7cef555f13498aaaac2c12a78331d4" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 50.00%;"><font style="color: #000000;">Broadway Financial Corporation</font> <br>
            </td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; padding-bottom: 2px;"><br>
            </td>
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          <tr>
            <td style="width: 50.00%;"><font style="color: #000000;">Full Name of Registrant</font> <br>
            </td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50.00%;"><br>
            </td>
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            </td>
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            <td style="width: 50.00%;"><font style="color: #000000;">N/A</font></td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; padding-bottom: 2px;"><br>
            </td>
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          <tr>
            <td style="width: 50.00%;"><font style="color: #000000;">Former Name if Applicable</font><br>
            </td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50.00%;"><br>
            </td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50.00%;"><font style="color: #000000;">4601 Wilshire Boulevard, Suite 150</font></td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 50%; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50.00%;"><font style="color: #000000;">Address of Principal Executive Office (Street and Number)</font></td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td style="width: 50.00%;"><br>
            </td>
            <td style="width: 50.00%;"><br>
            </td>
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            <td rowspan="1" style="width: 50.00%;"><font style="color: #000000;">Los Angeles, California, 90010</font></td>
            <td rowspan="1" style="width: 50.00%;"><br>
            </td>
          </tr>
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            <td rowspan="1" style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td rowspan="1" style="width: 50%; padding-bottom: 2px;"><br>
            </td>
          </tr>
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            <td rowspan="1" style="width: 50.00%;"><font style="color: #000000;">City, State and Zip Code</font><br>
            </td>
            <td rowspan="1" style="width: 50.00%;"><br>
            </td>
          </tr>

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    </div>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="color: #000000; font-weight: bold;">PART II&#8212;RULES 12b-25(b) AND (c)</div>
    <div>&#160;</div>
    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check
      box if appropriate)</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23429491ccbd42f6959af6d979d395e5">

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          <td rowspan="5" style="width: 3.77%; vertical-align: middle; border-right: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); margin-left: 9pt;">(a)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="color: #000000;">The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 91%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); margin-left: 9pt;">(b)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="color: #000000;">The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the
              prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 91%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); margin-left: 9pt;">(c)</div>
          </td>
          <td style="width: 91%; vertical-align: top;">
            <div style="color: #000000;">The accountant&#8217;s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">PART III&#8212;NARRATIVE</div>
    <div>&#160;</div>
    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time
      period.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: -0.5pt; margin-left: 1pt; color: #000000;">Broadway Financial Corporation (the &#8220;Company,&#8221; the &#8220;Registrant,&#8221; &#8220;our&#8221; or &#8220;we&#8221;) is unable to file, without unreasonable effort and expense, our Quarterly Report on
      Form 10-Q for the quarter ended March 31, 2025 (the &#8220;Form 10-Q&#8221;) within the time period prescribed. While the Company has substantially completed the preparation of the Form 10-Q, it requires additional time to determine the value of a recently
      executed Securities Purchase Option Agreement (the &#8220;Option Agreement&#8221;) with respect to its Series C Preferred Stock issued to the U.S. Treasury under the Emergency Capital Investment Program. In the Option Agreement, the U.S. Treasury grants the
      Registrant the right repurchase the Series C Preferred Stock during the first 15 years following its issuance. The purchase price of the Series C Preferred Stock under the Option Agreement is based on a formula and could represent a discount from its
      liquidation amount if the Registrant meets the criteria set forth in the Option Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: -0.5pt; margin-left: 1pt; color: #000000;">As a result of this delay, the Company requires additional time to fully complete its review of the financial statements for the quarter ended March 31, 2025 for
      adequate disclosure of the information required to be included in the Form 10-Q. The Registrant expects to complete its valuation of the Option Agreement and intends to file the Form 10-Q on or before the fifth calendar day following the prescribed
      due date.</div>
    <div>&#160;</div>
    <div style="color: #000000; font-weight: bold;">PART IV&#8212;OTHER INFORMATION</div>
    <div>&#160;</div>
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          <td style="width: 17.5pt; vertical-align: top; color: rgb(0, 0, 0);">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Name and telephone number of person to contact in regard to this notification.</div>
          </td>
        </tr>

    </table>
    <div><font style="color: #000000;"><br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z63b11d4f2b354bdd9648ab250ad50a9b" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

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            <td style="width: 9%;"><br>
            </td>
            <td style="width: 15%; text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">Zack Ibrahim</font></font></td>
            <td style="width: 2%;"><br>
            </td>
            <td style="width: 10%; text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(202)</font> <br>
              </font></td>
            <td style="width: 2%;"><br>
            </td>
            <td style="width: 15%; text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">243-7115</font>&#160; <br>
              </font></td>
            <td style="width: 47%;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 9%; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 2%; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 2%; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 15%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 47%; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 9%;"><br>
            </td>
            <td style="width: 15%; text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(Name)</font><br>
              </font></td>
            <td style="width: 2%;"><br>
            </td>
            <td style="width: 10%;">
              <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(Area Code)</font> <br>
                </font></div>
            </td>
            <td style="width: 2%;"><br>
            </td>
            <td style="width: 15%; text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(Telephone Number)</font> <br>
              </font></td>
            <td style="width: 47%;"><br>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf531171e72f04b8a94caed869e5d989e">

        <tr>
          <td style="width: 17.5pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period
              that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).&#160; &#160;&#160; &#9746;Yes&#160; &#9744;&#160; No</div>
          </td>
        </tr>

    </table>
    <div><font style="color: rgb(0, 0, 0);"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd0cb24bac91942dcbfc86509f2a5372f">

        <tr>
          <td style="width: 17.5pt; vertical-align: top; color: rgb(0, 0, 0);">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or
              portion thereof?&#160; &#9746;&#160; Yes &#9744; No</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be
      made.</div>
    <div>&#160;</div>
    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">Previously, on April 28, 2025, the Company reported net loss of $451 thousand for the quarter ended March 31, 2025. Due to changes in accounting treatment in connection with a $1.9
      million loss incurred from wire fraud, which will result in a corresponding gain if recovered, the Company now expects a net loss of $1.9 million for the quarter ended March 31, 2025 compared to net loss of $164 thousand for the quarter ended March
      31, 2024. This preliminary financial information is subject to the Company&#8217;s completion of the Company&#8217;s financial closing procedures and issuance of its financial statements as of and for the quarter ended March 31, 2025.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: -0.5pt; margin-left: 1pt; color: #000000; font-style: italic; font-weight: bold;">Forward-Looking Statements</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: -0.5pt; margin-left: 1pt; color: #000000;">This filing contains a number of forward-looking statements.&#160; Words such as &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;will&#8221; and similar future or conditional expressions are intended
      to identify forward-looking statements.&#160; These forward-looking statements include, but are not limited to, statements regarding our beliefs and expectations relating to the Company&#8217;s valuation of the Option Agreement, the filing of the Form 10-Q, and
      the preliminary financial information for the quarter ended March 31, 2025.&#160; These forward-looking statements are not guarantees of future events or results and are subject to a number of risks and uncertainties, many of which are difficult to
      predict and beyond our control.&#160; Important factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a material delay in the Registrant&#8217;s financial reporting.&#160; We disclaim
      and do not undertake any obligation to update or revise any forward-looking statement herein, except as required by applicable law or regulation.</div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="color: rgb(0, 0, 0);">Broadway Financial Corporation</font><br>
    </div>
  </div>
  <div><br>
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    <div style="text-align: center;"><font style="color: rgb(0, 0, 0);"><font style="color: rgb(0, 0, 0);">(Name of Registrant as Specified in Charter)</font></font>
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    <div style="text-indent: -0.5pt; margin-left: 1pt; color: #000000;">has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.</div>
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            <div style="color: #000000;">Date: May 15, 2025</div>
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            <div style="color: #000000;">By:</div>
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            <div style="color: #000000;">/s/ Zack Ibrahim</div>
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            <div style="color: #000000;">Zack Ibrahim</div>
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            <div style="color: #000000;">Executive Vice President and Chief Financial Officer</div>
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