MeritValue

AppTech Payments Corp.

APCXdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

AppTech Payments Corp. earns about -211% on invested capital, but has diluted owners by 192% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3541$450,0002$504,0003$276,0004$1.4M4
Net income−$79.2M5−$16.3M6−$18.5M7−$8.93M8−$7.92M8
Operating cash flow−$1,8259−$8.2M10−$8.86M11−$7.46M12−$4.89M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$813$3,46213$1.28M14$868,00014$244,00014
Diluted shares11.9M16.2M19.1M25.3M34.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.54
your share of equity
Profit it earned you last year
−$2.27
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.54 of net worth that earned you −$2.27 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-211% avg · 5y
FY21 148%FY22 -169%FY23 -501%FY24 -153%FY25 -379%

It earned an average -211% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+192% shares · 5y

Share count is up 192% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001903596-23-000201 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002017 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002130 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002518 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001575705-22-000237 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002017 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002130 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002518 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001903596-23-000201 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002017 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002130 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002518 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001903596-23-000201 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001683168-26-002518 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)