Inception Growth Acquisition Ltd

IGTAdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—
Net income	$475,491¹	$640,087²	$130,063³	−$1.01M³
Operating cash flow	−$855,951⁴	−$997,804⁵	−$912,885⁶	−$1.03M⁶
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$680,812⁷	$60,440⁸	$4,295⁸	$819⁹
Diluted shares	10.0M	5.2M	2.6M	2.6M

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

−$27.59

your share of equity

Profit it earned you last year

−$3.82

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$27.59 of net worth that earned you −$3.82 last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 4y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

−74% shares · 4y

Share count is down 74% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 —

Different models answer different questions — which to trust when →

Sources — the receipts