MeritValue

Limitless Projects Inc.

LLPSdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Limitless Projects Inc. earns about -121% on equity, and has bought back 50% of its shares over 5 years. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$20,0671$1,3282$03$04$04
Net income−$23,6365−$643,9166−$155,5677−$161,5248−$68,7658
Operating cash flow$277,7679−$445,18610−$70,25911−$53,99312−$44,71212
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$66,74913$13,29114$3215$3916$016
Diluted shares200.6M100.6M100.6M100.6M100.6M

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
shares
Net assets behind them
−$0.04
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 −$0.04 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
-121% avg · 5y
FY21 -121%FY22 —FY23 —FY24 —FY25 —

It earned an average -121% 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
−50% shares · 5y

Share count is down 50% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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
  1. 10-K · period ending 2021-07-31 · accession 0001903596-22-000699 (Revenues)
  2. 10-K · period ending 2022-07-31 · accession 0001139020-25-000309 (Revenues)
  3. 10-K · period ending 2023-07-31 · accession 0001139020-25-000324 (Revenues)
  4. 10-K · period ending 2024-07-31 · accession 0001842167-25-000004 (Revenues)
  5. 10-K · period ending 2021-07-31 · accession 0001903596-22-000699 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001139020-25-000309 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001139020-25-000324 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001842167-25-000004 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001903596-22-000699 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001139020-25-000309 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001139020-25-000324 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001842167-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-07-31 · accession 0001903596-22-000699 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-07-31 · accession 0001139020-25-000309 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-07-31 · accession 0001139020-25-000324 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-07-31 · accession 0001842167-25-000004 (CashAndCashEquivalentsAtCarryingValue)