MeritValue

Cannaisseur Group Inc.

TCRGdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$88,1451$53,1302$7003$03
Net income−$80,1474−$128,0255−$1.27M6−$1.77M6
Operating cash flow−$23,9357−$126,0748−$110,6279−$127,4519
Capital expenditure————
Free cash flow (derived)————
Total debt$54,60010$144,32010——
Cash & equivalents$18,53411$38,39012$56313$2213
Diluted shares36.2M39.7M43.8M53.9M

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
−$0.33
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 −$0.33 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

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

seeing a moat in the numbers →
Management signal · capital allocation
+49% shares · 4y

Share count is up 49% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 164% over the same window.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2022-12-31 · accession 0001185185-24-000386 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001185185-25-000206 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001185185-26-001012 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001185185-24-000386 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001185185-25-000206 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001185185-26-001012 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001185185-24-000386 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001185185-25-000206 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001185185-26-001012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001185185-24-000386 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001185185-24-000386 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001185185-25-000206 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001185185-26-001012 (CashAndCashEquivalentsAtCarryingValue)