Canton Strategic Holdings, Inc.

CNTNdata completeness 63%6 fiscal years on file

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

The thesis, from the filings

Canton Strategic Holdings, Inc. earns about -299% on equity, but has diluted owners by 404% 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 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$2.21M¹	−$8.47M²	−$9.32M³	−$12.2M⁴	−$35.9M⁴
Operating cash flow	−$1.09M⁵	−$6.56M⁶	−$7.3M⁷	−$10.9M⁸	−$16.1M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	—	$6.51M⁹	$10.9M⁹	$3.56M¹⁰	$17M¹⁰
Diluted shares	6.4M	452,686	87,079	1.3M	32.0M

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

$124.16

your share of equity

Profit it earned you last year

−$11.21

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $124.16 of net worth that earned you −$11.21 last year.

iii. Is this a good business?

Moat signal · return on equity

-299% avg · 5y

FY21 —FY22 -153%FY23 -102%FY24 -933%FY25 -9%

It earned an average -299% 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

+404% shares · 5y

Share count is up 404% over 5 years — owners have been diluted. Worth asking what they got for it.

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/A · period ending 2021-12-31 · accession 0001493152-23-018424 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-007612 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-000654 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-013861 (NetIncomeLoss)
10-K/A · period ending 2021-12-31 · accession 0001493152-23-018424 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-007612 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-000654 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-013861 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-007612 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-013861 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)