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'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 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 shares	942.3M	1.57B	5.37B	17.63B	43.42B

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

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.

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.

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

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