Ocean Thermal Energy Corp

CPWRdata completeness 75%16 fiscal years on file

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	$0¹	$3.01M¹
Net income	−$2.67M²	−$6.91M³	−$9.26M⁴	−$1.19M⁵	−$69.3M⁵
Operating cash flow	−$542,630⁶	−$327,213⁷	−$669,463⁸	−$562,627⁹	−$93,395⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	$5,000¹⁰	—	—	—	—
Cash & equivalents	$957¹¹	$1,404¹²	$115,149¹³	$16,142¹³	$403,667¹³
Diluted shares	158.6M	179.0M	184.4M	188.7M	202.0M

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

−$5.61

your share of equity

Profit it earned you last year

−$3.43

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$5.61 of net worth that earned you −$3.43 last year.

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.

Management signal · capital allocation

+27% shares · 5y

Share count is up 27% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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

book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts