MeritValue

Aphoenity International Holdings Inc.

LDSNdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

The thesis, from the filings

Aphoenity International Holdings Inc. earns about -59% on invested capital, but has diluted owners by 5389% 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 2023FY 2024
Revenue$1.43M1$5.94M2$1M2$03$03
Net income$839,2764$3.64M5−$4.53M5−$2.64M6−$810,8876
Operating cash flow$97,3317$422,9048−$4,9828−$15,3949$4,9609
Capital expenditure$010$462,10911$011——
Free cash flow (derived)$97,3317−$39,2058−$4,9828——
Total debt—————
Cash & equivalents$269,69112$40,44713$29013$12,05514$12,05514
Diluted shares10.0M28.1M28.2M413.7M548.9M

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

10 shares is a claim on −$0 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-59% avg · 5y
FY19 109%FY20 76%FY21 -361%FY23 —FY24 —

It earned an average -59% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5389% shares · 5y

Share count is up 5389% 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 v0.5.0
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 →

Sources — the receipts
  1. 10-K · period ending 2019-12-31 · accession 0001683168-21-001054 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2020-12-31 · accession 0001683168-22-002719 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001683168-26-002789 (Revenues)
  4. 10-K · period ending 2019-12-31 · accession 0001683168-21-001054 (NetIncomeLoss)
  5. 10-K · period ending 2020-12-31 · accession 0001683168-22-002719 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001683168-26-002789 (NetIncomeLoss)
  7. 10-K · period ending 2019-12-31 · accession 0001683168-21-001054 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2020-12-31 · accession 0001683168-22-002719 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001683168-26-002789 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2019-12-31 · accession 0001683168-21-001054 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2020-12-31 · accession 0001683168-22-002719 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2019-12-31 · accession 0001683168-21-001054 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2020-12-31 · accession 0001683168-22-002719 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2023-12-31 · accession 0001683168-26-002789 (CashAndCashEquivalentsAtCarryingValue)