MeritValue

Brightline Interactive, Inc./NV

BTLNdata completeness 88%7 fiscal years on file
The thesis, from the filings

Brightline Interactive, Inc./NV earns about -155% on invested capital, and has bought back 77% 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
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$7.27M1$13.5M2$8.8M3$5.27M4$322,9794
Net income−$5.97M5−$28.6M6−$6.39M7−$2.55M8−$16.6M8
Operating cash flow−$4.94M9−$9.16M10−$5.21M11−$273,77412−$4.29M12
Capital expenditure$201,99813—$31,54814$21,67215$24,77315
Free cash flow (derived)−$5.14M9,13—−$5.24M11,14−$295,44612,15−$4.31M12,15
Total debt—————
Cash & equivalents$16.2M16$5.62M17$1.85M18$6.83M19$3.15M19
Diluted shares11.7M13.9M16.7M2.5M2.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.99
your share of equity
Profit it earned you last year
−$62.93
Free cash flow it threw off
−$16.32
Debt you’d be carrying
—

10 shares is a claim on $10.99 of net worth that earned you −$62.93 and generated −$16.32 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-155% avg · 5y
FY22 —FY23 -403%FY24 -52%FY25 -10%FY26 —

It earned an average -155% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−77% shares · 5y

Share count is down 77% 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K/A filed 2023-09-29 · period ending 2022-06-30 · accession 0001493152-23-034869 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2024-09-30 · period ending 2023-06-30 · accession 0001493152-24-038786 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2025-09-29 · period ending 2024-06-30 · accession 0001493152-25-016073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K filed 2026-09-28 · periods ending 2025-06-30, 2026-06-30 · accession 0001493152-26-044574 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A filed 2023-09-29 · period ending 2022-06-30 · accession 0001493152-23-034869 (NetIncomeLoss)
  6. 10-K filed 2024-09-30 · period ending 2023-06-30 · accession 0001493152-24-038786 (NetIncomeLoss)
  7. 10-K filed 2025-09-29 · period ending 2024-06-30 · accession 0001493152-25-016073 (NetIncomeLoss)
  8. 10-K filed 2026-09-28 · periods ending 2025-06-30, 2026-06-30 · accession 0001493152-26-044574 (NetIncomeLoss)
  9. 10-K/A filed 2023-09-29 · period ending 2022-06-30 · accession 0001493152-23-034869 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-09-30 · period ending 2023-06-30 · accession 0001493152-24-038786 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-09-29 · period ending 2024-06-30 · accession 0001493152-25-016073 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-09-28 · periods ending 2025-06-30, 2026-06-30 · accession 0001493152-26-044574 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2022-09-28 · period ending 2022-06-30 · accession 0001493152-22-027032 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2025-09-29 · period ending 2024-06-30 · accession 0001493152-25-016073 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2026-09-28 · periods ending 2025-06-30, 2026-06-30 · accession 0001493152-26-044574 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A filed 2023-09-29 · period ending 2022-06-30 · accession 0001493152-23-034869 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2024-09-30 · period ending 2023-06-30 · accession 0001493152-24-038786 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-09-29 · period ending 2024-06-30 · accession 0001493152-25-016073 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2026-09-28 · periods ending 2025-06-30, 2026-06-30 · accession 0001493152-26-044574 (CashAndCashEquivalentsAtCarryingValue)