MeritValue

DLT Resolution Inc.

DLTIdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

DLT Resolution Inc. earns about -73% on equity, but has diluted owners by 14% 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
FigureFY 2019FY 2020FY 2021FY 2022FY 2023
Revenue$463,3251$403,9192$326,9443$218,7074$142,7384
Net income−$1.04M5−$503,9296−$503,9297−$332,8488$1.21M8
Operating cash flow−$43,3229$3,21310$27,13611−$49,57312−$100,07712
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$13,14013$7,66614$29,78315$11,88515$65016
Diluted shares20.9M25.8M26.5M27.2M23.7M

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
−$0.02
your share of equity
Profit it earned you last year
$0.51
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you $0.51 last year.

iii. Is this a good business?
Moat signal · return on equity
-73% avg · 5y
FY19 —FY20 -73%FY21 —FY22 —FY23 —

It earned an average -73% 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
+14% shares · 5y

Share count is up 14% 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2019-12-31 · accession 0001477932-21-002971 (Revenues)
  2. 10-K · period ending 2020-12-31 · accession 0001477932-23-001460 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001477932-24-001014 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001477932-25-001990 (Revenues)
  5. 10-K · period ending 2019-12-31 · accession 0001477932-21-002971 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001477932-23-001460 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001477932-24-001014 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001477932-25-001990 (NetIncomeLoss)
  9. 10-K · period ending 2019-12-31 · accession 0001477932-21-002971 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001477932-23-001460 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001477932-24-001014 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001477932-25-001990 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2019-12-31 · accession 0001477932-21-002971 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2020-12-31 · accession 0001477932-23-001460 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2021-12-31 · accession 0001477932-24-001014 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001477932-25-001990 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)