MeritValue

Lithium Corp

LTUMdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Lithium Corp earns about -99% on equity, but has diluted owners by 14% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$03$04$04
Net income−$1.75M5−$1.42M6−$618,1937−$964,5978−$495,8018
Operating cash flow−$202,0329−$466,52810−$430,43711−$601,75912−$584,65412
Capital expenditure$013$35,65014$015$015—
Free cash flow (derived)−$202,0329−$502,17810−$430,43711−$601,75912—
Total debt—————
Cash & equivalents$2.24M16$3.58M17$3.67M18$3.07M18$2.48M18
Diluted shares103.5M107.8M116.1M117.9M117.9M

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
$0.04
your share of equity
Profit it earned you last year
−$0.04
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 −$0.04 last year.

iii. Is this a good business?
Moat signal · return on equity
-99% avg · 5y
FY21 -165%FY22 -72%FY23 -34%FY24 -106%FY25 -120%

It earned an average -99% 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
+14% shares · 5y

Share count is up 14% 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 v0.1.0
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 2021-12-31 · accession 0001640334-23-000651 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001640334-25-000094 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001640334-25-000577 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001640334-26-000606 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001640334-23-000651 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001640334-25-000094 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001640334-25-000577 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001640334-26-000606 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001640334-23-000651 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001640334-25-000094 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001640334-25-000577 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001640334-26-000606 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001640334-23-000651 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001640334-25-000094 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001640334-25-000577 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001640334-22-000760 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001640334-25-000577 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001640334-26-000606 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)