Bioquest Corp

BQSTdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Bioquest Corp earns about -74% on equity, and has bought back 81% of its shares over 5 years. 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

Figure	FY 2013	FY 2014	FY 2020	FY 2021	FY 2022
Revenue	$0¹	$0¹	—	—	—
Net income	−$8,277²	−$487,992²	−$359,029³	−$2.32M⁴	−$821,022⁴
Operating cash flow	−$7,629⁵	−$472,076⁵	−$124,834⁶	−$193,206⁷	−$116,720⁷
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$7,978⁸	$543,853⁸	$166⁹	$260¹⁰	$33,540¹⁰
Diluted shares	54.1M	54.1M	8.0M	8.3M	10.1M

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

Net assets behind them

−$0.43

your share of equity

Profit it earned you last year

−$0.81

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.43 of net worth that earned you −$0.81 last year.

iii. Is this a good business?

Moat signal · return on equity

-74% avg · 5y

FY13 -92%FY14 -56%FY20 —FY21 —FY22 —

It earned an average -74% 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

−81% shares · 5y

Share count is down 81% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

10-K · period ending 2013-04-30 · accession 0001019687-14-003533 (Revenues)
10-K · period ending 2013-04-30 · accession 0001019687-14-003533 (NetIncomeLoss)
10-K · period ending 2020-04-30 · accession 0001493152-21-019755 (NetIncomeLoss)
10-K · period ending 2021-04-30 · accession 0001493152-22-022442 (NetIncomeLoss)
10-K · period ending 2013-04-30 · accession 0001019687-14-003533 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
10-K · period ending 2020-04-30 · accession 0001493152-21-019755 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-04-30 · accession 0001493152-22-022442 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2013-04-30 · accession 0001019687-14-003533 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2020-04-30 · accession 0001493152-21-019755 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2021-04-30 · accession 0001493152-22-022442 (CashAndCashEquivalentsAtCarryingValue)