MeritValue

TAP REAL ESTATE TECHNOLOGIES, INC.

RWAXdata completeness 63%5 fiscal years on file

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

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.37M1$454,0802$1.01M2$03$03
Net income−$49.7M4−$48.6M5−$4.31M6−$14.4M7−$16M7
Operating cash flow−$9.93M8−$11.7M9−$4.12M10−$3.18M11−$1.66M11
Capital expenditure$367,57612$8,51013———
Free cash flow (derived)−$10.3M8−$11.7M9———
Total debt—————
Cash & equivalents—————
Diluted shares942.3M1.57B5.37B17.63B43.42B

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
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 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+4508% shares · 5y

Share count is up 4508% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2021-12-31 · accession 0001493152-23-011247 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011766 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-013966 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-011247 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-011766 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-009520 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013966 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-011247 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-011766 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-009520 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-013966 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-011247 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011766 (PaymentsToAcquirePropertyPlantAndEquipment)