GREENLITE VENTURES INC

GRNLdata completeness 63%11 fiscal years on file
The thesis, from the filings

GREENLITE VENTURES INC earns about -19137% on equity, but has diluted owners by 57% 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 2008FY 2009FY 2010FY 2011FY 2012
Revenue———$01$01
Net income−$71,7792−$50,9902−$67,8572−$69,0502−$199,7942
Operating cash flow———−$38,6253−$41,3333
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents—————
Diluted shares———53.0M83.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0
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 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-19137% avg · 5y
FY08 —FY09 —FY10 —FY11 —FY12 -19137%

It earned an average -19137% 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
+57% shares · 5y

Share count is up 57% 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 v0.6.0
not applicable
only 0 years of FCF (need ≥3) — model not applicable
not applicable
only 0 years of FCF (need ≥3) — model not applicable
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2012-07-13 · periods ending 2011-03-31, 2012-03-31 · accession 0001062993-12-002451 (Revenues)
  2. 10-K filed 2012-07-13 · periods ending 2008-03-31, 2009-03-31, 2010-03-31, 2011-03-31, 2012-03-31 · accession 0001062993-12-002451 (NetIncomeLoss)
  3. 10-K filed 2012-07-13 · periods ending 2011-03-31, 2012-03-31 · accession 0001062993-12-002451 (NetCashProvidedByUsedInOperatingActivities)