MeritValue

1606 CORP.

CBDWdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 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 shares37.1M37.1M47.3M78.2M195.3M

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 v0.5.0
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
  1. 10-K · period ending 2021-12-31 · accession 0001477932-23-001430 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-001430 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-001430 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001477932-25-002206 (DebtCurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (DebtCurrent)
  15. 10-K · period ending 2025-12-31 · accession 0001477932-26-001635 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001477932-22-002081 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001477932-24-002182 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001477932-26-001635 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)