MeritValue

BASANITE, INC.

BASAdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

BASANITE, INC. earns about -9066% on equity, but has diluted owners by 16% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue—————
Net income−$4.2M1−$16.5M2−$7.97M3−$2.17M4−$1.73M4
Operating cash flow−$2.8M5−$4.51M6−$2.83M7−$1.06M8−$401,0268
Capital expenditure$339,5869$2.35M10$178,11511——
Free cash flow (derived)−$3.14M5−$6.85M6−$3.01M7——
Total debt—————
Cash & equivalents$259,50512$109,51413$30,34014$55,24815$82,22215
Diluted shares224.8M235.5M251.5M256.8M260.2M

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
−$0.34
your share of equity
Profit it earned you last year
−$0.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.34 of net worth that earned you −$0.07 last year.

iii. Is this a good business?
Moat signal · return on equity
-9066% avg · 5y
FY20 —FY21 -9066%FY22 —FY23 —FY24 —

It earned an average -9066% 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
+16% shares · 5y

Share count is up 16% 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
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 · period ending 2020-12-31 · accession 0001553350-22-000337 (NetIncomeLoss)
  2. 10-K/A · period ending 2021-12-31 · accession 0001079973-23-000738 (NetIncomeLoss)
  3. 10-K/A · period ending 2022-12-31 · accession 0001079973-24-000677 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001079973-25-000548 (NetIncomeLoss)
  5. 10-K · period ending 2020-12-31 · accession 0001553350-22-000337 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K/A · period ending 2021-12-31 · accession 0001079973-23-000738 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0001079973-24-000677 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001079973-25-000548 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2020-12-31 · accession 0001553350-22-000337 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2021-12-31 · accession 0001079973-23-000738 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0001079973-24-000677 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2020-12-31 · accession 0001553350-22-000337 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K/A · period ending 2021-12-31 · accession 0001079973-23-000738 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001079973-24-000677 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001079973-25-000548 (CashAndCashEquivalentsAtCarryingValue)