MeritValue

Ehave, Inc.

EHVVFdata completeness 63%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ehave, Inc. earns about -2948% on equity, but has diluted owners by 838% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue————$2,1831
Net income−$10.2M2−$4.2M2−$2.01M3−$2.12M4−$2.48M4
Operating cash flow−$2.06M5−$1.27M5−$323,6286−$248,4077−$264,2027
Capital expenditure$162,0848$119,6088———
Free cash flow (derived)−$2.23M5−$1.39M5———
Total debt—————
Cash & equivalents$2.35M9$1.36M10$1.03M11——
Diluted shares140.3M302.9M359.4M359.6M1.32B

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
−$0.05
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.05 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-2948% avg · 5y
FY21 -2948%FY22 —FY23 —FY24 —FY25 —

It earned an average -2948% 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
+838% shares · 5y

Share count is up 838% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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. 20-F/A · period ending 2025-12-31 · accession 0001493152-26-024273 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2021-12-31 · accession 0001493152-24-052506 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001641172-25-009864 (NetIncomeLoss)
  4. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-024273 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-24-052506 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001641172-25-009864 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2024-12-31 · accession 0001493152-26-024273 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001493152-24-052506 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F/A · period ending 2021-12-31 · accession 0001493152-24-010751 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-24-052506 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-12-31 · accession 0001493152-24-052509 (CashAndCashEquivalentsAtCarryingValue)