i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Net income | $5.55M1 | $17.7M2 | −$3.49M3 | −$321,5763 |
| Operating cash flow | −$1.23M4 | −$540,6985 | −$9,9166 | −$21,6316 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | — | — | — | — |
| Cash & equivalents | $646,5587 | $31,5478 | $21,6318 | $08 |
| Diluted shares | — | — | — | 9.8M |
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
−$0.3
your share of equity
Profit it earned you last year
−$0.33
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares is a claim on −$0.3 of net worth that earned you −$0.33 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 4y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
−0% shares · 4y
Share count is roughly flat over 4 years — little dilution, little buyback.
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 —
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2021-12-31 · accession 0001193125-23-088250 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001193125-24-083610 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-004942 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001193125-23-088250 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001193125-24-083610 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001477932-25-004942 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001193125-22-091966 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001477932-25-004942 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)