MeritValue

Kisses From Italy Inc.

KITLdata completeness 100%7 fiscal years on file
The thesis, from the filings

Kisses From Italy Inc. earns about -19800% on equity, but has diluted owners by 103% 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$461,2981$514,0382$400,6623$391,4474$225,9534
Net income−$3.08M5−$3.71M6−$4.94M7−$847,3858−$4.87M8
Operating cash flow−$422,8719−$169,98410−$451,59111−$579,14012−$835,05112
Capital expenditure$12,06913$1,13614$1,91015$40,85216$016
Free cash flow (derived)−$434,9409,13−$171,12010,14−$453,50111,15−$619,99212,16−$835,05112,16
Total debt——$017$262,17118$352,49718
Cash & equivalents$26,84119$37,33620$139,48521$324,49322$24,84222
Diluted shares126.6M154.8M168.6M184.9M256.6M

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
−$0.03
your share of equity
Profit it earned you last year
−$0.19
Free cash flow it threw off
−$0.03
Debt you’d be carrying
$0.01

10 shares is a claim on −$0.03 of net worth that earned you −$0.19 and generated −$0.03 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
-19800% avg · 5y
FY19 —FY20 —FY21 -19800%FY22 —FY23 —

It earned an average -19800% 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
+103% shares · 5y

Share count is up 103% 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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 →

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Sources — the receipts
  1. 10-K filed 2020-05-18 · period ending 2019-12-31 · accession 0001683168-20-001652 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2022-04-15 · period ending 2020-12-31 · accession 0001683168-22-002682 (Revenues)
  3. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (Revenues)
  4. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (Revenues)
  5. 10-K filed 2021-04-15 · period ending 2019-12-31 · accession 0001683168-21-001432 (NetIncomeLoss)
  6. 10-K filed 2022-04-15 · period ending 2020-12-31 · accession 0001683168-22-002682 (NetIncomeLoss)
  7. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (NetIncomeLoss)
  8. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (NetIncomeLoss)
  9. 10-K filed 2021-04-15 · period ending 2019-12-31 · accession 0001683168-21-001432 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2022-04-15 · period ending 2020-12-31 · accession 0001683168-22-002682 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2021-04-15 · period ending 2019-12-31 · accession 0001683168-21-001432 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2022-04-15 · period ending 2020-12-31 · accession 0001683168-22-002682 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (NotesPayable)
  18. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (NotesPayable)
  19. 10-K filed 2021-04-15 · period ending 2019-12-31 · accession 0001683168-21-001432 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2022-04-15 · period ending 2020-12-31 · accession 0001683168-22-002682 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2023-03-31 · period ending 2021-12-31 · accession 0001683168-23-002011 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2024-07-15 · periods ending 2022-12-31, 2023-12-31 · accession 0001683168-24-004856 (CashAndCashEquivalentsAtCarryingValue)