1606 CORP.
CBDWdata completeness 88%6 fiscal years on fileData notes: no data for concept 'capex'
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $34,0691 | $13,9442 | $1,6033 | $7,1954 | $04 |
| Net income | −$315,9625 | −$540,0376 | −$1.58M7 | −$4.51M8 | −$1.3M8 |
| Operating cash flow | −$260,5079 | −$610,15110 | −$747,10411 | −$890,98612 | −$460,77912 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | $51,08613 | $188,30614 | $2.99M15 |
| Cash & equivalents | $9,54316 | $105,06517 | $48,94117 | $2,07818 | $018 |
| Diluted shares | 37.1M | 37.1M | 47.3M | 78.2M | 195.3M |
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
−$0.16
your share of equity
Profit it earned you last year
−$0.07
Free cash flow it threw off
—
Debt you’d be carrying
$0.15
10 shares is a claim on −$0.16 of net worth that earned you −$0.07 last year, against $0.15 of debt.
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
+426% shares · 5y
Share count is up 426% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 5749% over the same window.
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 2021-12-31 · accession 0001477932-23-001430 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001477932-23-001430 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001477932-23-001430 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (DebtCurrent)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (DebtCurrent)
- 10-K · period ending 2025-12-31 · accession 0001477932-26-001635 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001477932-22-002081 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)