FBC Holding, Inc.

FBCDdata completeness 100%6 fiscal years on file

i. The business — what you’d actually own

Figure	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012
Revenue	—	—	—	$0¹	$33,500¹
Net income	−$3.98M²	−$2.35M²	−$7.28M²	−$6.75M²	−$3.3M²
Operating cash flow	—	—	—	−$235,158³	−$367,584³
Capital expenditure	—	—	—	$0⁴	$0⁴
Free cash flow (derived)	—	—	—	−$235,158³	−$367,584³
Total debt	—	—	—	$0⁵	$0⁵
Cash & equivalents	—	—	$0⁶	$9,438⁶	$2,877⁶
Diluted shares	—	—	—	128.2M	2.22B

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

−$0.02

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

−$0

Debt you’d be carrying

10 shares is a claim on −$0.02 of net worth that earned you −$0.01 and generated −$0 of cash last year, against $0 of debt.

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

+1629% shares · 5y

Share count is up 1629% over 5 years — owners have been diluted. Worth asking what they got for it.

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