MeritValue

POSITRON CORP

POSCdata completeness 75%7 fiscal years on file
The thesis, from the filings

POSITRON CORP earns about -734% on equity, and has bought back 98% 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 2012FY 2013FY 2014FY 2024FY 2025
Revenue$2.8M1$1.63M2$1.47M2$587,5003$461,4523
Net income−$7.96M4−$7.1M5−$2.58M5−$2.38M6−$10.6M6
Operating cash flow−$2.24M7−$3.05M7−$2.42M8−$1.73M9−$4.7M9
Capital expenditure$73,00010$16,00011$26,00011——
Free cash flow (derived)−$2.31M7−$3.06M7−$2.44M8——
Total debt$689,00012——$24,30213$153,68613
Cash & equivalents$243,00014$1.74M14$208,00014——
Diluted shares1.45B1.45B5.55B26.0M30.9M

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
$0.47
your share of equity
Profit it earned you last year
−$3.43
Free cash flow it threw off
—
Debt you’d be carrying
$0.05

10 shares is a claim on $0.47 of net worth that earned you −$3.43 last year, against $0.05 of debt.

iii. Is this a good business?
Moat signal · return on equity
-734% avg · 5y
FY12 —FY13 —FY14 —FY24 —FY25 -734%

It earned an average -734% 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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 78% — deleveraging.

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 2012-12-31 · accession 0001144204-14-019623 (Revenues)
  2. 10-K · period ending 2013-12-31 · accession 0001144204-15-020285 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001539497-26-001063 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2012-12-31 · accession 0001144204-14-019623 (NetIncomeLoss)
  5. 10-K · period ending 2013-12-31 · accession 0001144204-15-020285 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001539497-26-001063 (NetIncomeLoss)
  7. 10-K · period ending 2012-12-31 · accession 0001144204-14-019623 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2014-12-31 · accession 0001144204-15-020285 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2024-12-31 · accession 0001539497-26-001063 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2012-12-31 · accession 0001144204-14-019623 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2013-12-31 · accession 0001144204-15-020285 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2012-12-31 · accession 0001144204-13-023329 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001539497-26-001063 (LongTermDebt)
  14. 10-K · period ending 2012-12-31 · accession 0001144204-15-020285 (CashAndCashEquivalentsAtCarryingValue)