Barrel Energy Inc.

BRLLdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Barrel Energy Inc. earns about -70% on equity, but has diluted owners by 2599% 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

Figure	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020
Revenue	—	—	—	—	—
Net income	−$39,878¹	−$71,105²	−$176,033³	−$1.72M⁴	−$2.75M⁴
Operating cash flow	−$22,084⁵	$8,730⁶	−$209,888⁷	−$683,639⁸	−$140,549⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	$110,189⁹	$135,986¹⁰	$108,155¹⁰	—	—
Cash & equivalents	$330¹¹	$250,160¹²	$3,458¹³	$0¹³	$0¹³
Diluted shares	10.8M	12.3M	23.8M	41.1M	291.6M

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

−$0.06

your share of equity

Profit it earned you last year

−$0.09

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.06 of net worth that earned you −$0.09 last year.

iii. Is this a good business?

Moat signal · return on equity

-70% avg · 5y

FY16 —FY17 -70%FY18 —FY19 —FY20 —

It earned an average -70% 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

+2599% shares · 5y

Share count is up 2599% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.1.0

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 2016-09-30 · accession 0001477932-17-006338 (NetIncomeLoss)
10-K · period ending 2017-09-30 · accession 0001477932-19-000685 (NetIncomeLoss)
10-K · period ending 2018-09-30 · accession 0001477932-20-000448 (NetIncomeLoss)
10-K · period ending 2019-09-30 · accession 0001477932-22-000607 (NetIncomeLoss)
10-K · period ending 2016-09-30 · accession 0001477932-17-006338 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2017-09-30 · accession 0001477932-19-000685 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2018-09-30 · accession 0001477932-20-000448 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2019-09-30 · accession 0001477932-22-000607 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2016-09-30 · accession 0001477932-16-014402 (LongTermDebt)
10-K · period ending 2017-09-30 · accession 0001477932-19-000685 (LongTermDebt)
10-K · period ending 2016-09-30 · accession 0001477932-19-000685 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2017-09-30 · accession 0001477932-20-000448 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2018-09-30 · accession 0001477932-22-000607 (CashAndCashEquivalentsAtCarryingValue)