MeritValue

SOCIETY PASS INCORPORATED.

SOPAQdata completeness 88%5 fiscal years on file
The thesis, from the filings

SOCIETY PASS INCORPORATED. earns about -1003% on invested capital, and has bought back 58% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$52,4531$519,8852$5.64M3$8.17M4$7.11M4
Net income−$3.83M5−$34.9M6−$33.8M7−$18.1M8−$10.2M8
Operating cash flow−$1.25M9−$10.8M10−$14.5M11−$13.9M12$2.47M12
Capital expenditure—$46,83713$566,26614$219,21415$29,95915
Free cash flow (derived)—−$10.9M10−$15M11−$14.1M12$2.44M12
Total debt——$28,16416——
Cash & equivalents$506,66617$23.3M18$18.9M19$3.63M20$7.63M20
Diluted shares7.0M9.4M24.4M1.9M3.0M

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
−$7.22
your share of equity
Profit it earned you last year
−$34.52
Free cash flow it threw off
$8.25
Debt you’d be carrying
—

10 shares is a claim on −$7.22 of net worth that earned you −$34.52 and generated $8.25 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1003% avg · 5y
FY20 —FY21 -300%FY22 -1858%FY23 -851%FY24 —

It earned an average -1003% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−58% shares · 5y

Share count is down 58% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 2020-12-31 · accession 0001607062-22-000218 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001607062-23-000144 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-032944 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-032266 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001607062-22-000218 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001607062-23-000144 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-032944 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-032266 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001607062-22-000218 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001607062-23-000144 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-032944 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-032266 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001607062-23-000144 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-032944 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-032266 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001607062-23-000144 (DebtCurrent)
  17. 10-K · period ending 2020-12-31 · accession 0001607062-22-000218 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2021-12-31 · accession 0001607062-23-000144 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001213900-24-032944 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001213900-25-032266 (CashAndCashEquivalentsAtCarryingValue)