MeritValue

AXIM BIOTECHNOLOGIES, INC.

AXIMdata completeness 88%13 fiscal years on file
The thesis, from the filings

AXIM BIOTECHNOLOGIES, INC. earns about -409% on equity, but has diluted owners by 279% 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 2019FY 2020FY 2021FY 2022FY 2023
Revenue$799,4831$02$60,4603$8,8754$39,5184
Net income−$6.45M5−$6.41M6−$16M7−$6.24M8−$8.06M8
Operating cash flow−$5.04M9−$3.22M10−$2.49M11−$2.04M12−$1.03M12
Capital expenditure—$97,32413$40,49514$8,71015$015
Free cash flow (derived)—−$3.31M10−$2.53M11−$2.05M12−$1.03M12
Total debt$5,00016$18017$18017——
Cash & equivalents$511,63018$457,18118$452,96319$47,28219$156,45720
Diluted shares64.9M125.3M138.1M192.4M245.9M

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
−$0.31
your share of equity
Profit it earned you last year
−$0.33
Free cash flow it threw off
−$0.04
Debt you’d be carrying
—

10 shares is a claim on −$0.31 of net worth that earned you −$0.33 and generated −$0.04 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-409% avg · 5y
FY19 —FY20 -409%FY21 —FY22 —FY23 —

It earned an average -409% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+279% shares · 5y

Share count is up 279% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 96% — deleveraging.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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/A · period ending 2019-12-31 · accession 0001078782-20-000359 (Revenues)
  2. 10-K/A · period ending 2020-12-31 · accession 0001096906-22-000902 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001096906-23-000858 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001096906-24-000864 (Revenues)
  5. 10-K/A · period ending 2019-12-31 · accession 0001078782-21-000395 (NetIncomeLoss)
  6. 10-K/A · period ending 2020-12-31 · accession 0001096906-22-000902 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001096906-23-000858 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001096906-24-000864 (NetIncomeLoss)
  9. 10-K/A · period ending 2019-12-31 · accession 0001078782-21-000395 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2020-12-31 · accession 0001096906-22-000902 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001096906-23-000858 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001096906-24-000864 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2020-12-31 · accession 0001096906-22-000902 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001096906-23-000858 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001096906-24-000864 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2019-12-31 · accession 0001078782-21-000395 (ShortTermBorrowings)
  17. 10-K/A · period ending 2020-12-31 · accession 0001096906-22-000902 (ShortTermBorrowings)
  18. 10-K/A · period ending 2019-12-31 · accession 0001096906-22-000902 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2021-12-31 · accession 0001096906-23-000858 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001096906-24-000864 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)