i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$4.03M1 | −$2.47M2 | −$4.47M3 | −$2.37M4 | −$2.12M4 |
| Operating cash flow | −$1.7M5 | −$1.8M6 | −$775,3757 | −$381,3168 | −$526,4558 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | $48,0009 | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 106.3M | 112.7M | 134.0M | 138.6M | 91.8M |
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
−$0.28
your share of equity
Profit it earned you last year
−$0.23
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares is a claim on −$0.28 of net worth that earned you −$0.23 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 5y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
−14% shares · 5y
Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
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 v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2021-12-31 · accession 0001493152-23-010104 (NetIncomeLoss)
- 10-K/A · period ending 2022-12-31 · accession 0001493152-25-001889 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001641172-25-002614 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-016798 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001493152-23-010104 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2022-12-31 · accession 0001493152-25-001889 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001641172-25-002614 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-016798 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001641172-25-002614 (ShortTermBorrowings)