MeritValue

T-REX Acquisition Corp.

TRXAdata completeness 75%18 fiscal years on file
The thesis, from the filings

T-REX Acquisition Corp. earns about -170% on equity, but has diluted owners by 84% over 5 years — worth asking whether the growth reaches owners. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$44,1152$55,6373$15,8244$32,3904
Net income−$467,9435−$1.29M6−$1.84M7−$1.02M8−$2.54M8
Operating cash flow−$2,1039−$233,32110−$188,19611−$614,85312−$763,75212
Capital expenditure$013$445,50013$88,00014$014—
Free cash flow (derived)−$2,1039,13−$678,82110,13−$276,19611,14−$614,85312,14—
Total debt—$015$69,52515——
Cash & equivalents$016$10417$23,90917$3618$49,73318
Diluted shares10.9M19.6M18.8M18.2M20.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.53
your share of equity
Profit it earned you last year
−$1.26
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.53 of net worth that earned you −$1.26 last year.

iii. Is this a good business?
Moat signal · return on equity
-170% avg · 5y
FY21 —FY22 -170%FY23 —FY24 —FY25 —

It earned an average -170% 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
+84% shares · 5y

Share count is up 84% 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2022-10-17 · period ending 2021-06-30 · accession 0001477932-22-007727 (Revenues)
  2. 10-K filed 2024-02-21 · period ending 2022-06-30 · accession 0001477932-24-000834 (Revenues)
  3. 10-K/A filed 2024-12-30 · period ending 2023-06-30 · accession 0001477932-24-008382 (Revenues)
  4. 10-K filed 2025-10-31 · periods ending 2024-06-30, 2025-06-30 · accession 0001477932-25-007836 (Revenues)
  5. 10-K filed 2022-10-17 · period ending 2021-06-30 · accession 0001477932-22-007727 (NetIncomeLoss)
  6. 10-K filed 2024-11-21 · period ending 2022-06-30 · accession 0001477932-24-007529 (NetIncomeLoss)
  7. 10-K/A filed 2024-12-30 · period ending 2023-06-30 · accession 0001477932-24-008382 (NetIncomeLoss)
  8. 10-K filed 2025-10-31 · periods ending 2024-06-30, 2025-06-30 · accession 0001477932-25-007836 (NetIncomeLoss)
  9. 10-K filed 2022-10-17 · period ending 2021-06-30 · accession 0001477932-22-007727 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-21 · period ending 2022-06-30 · accession 0001477932-24-000834 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A filed 2024-12-30 · period ending 2023-06-30 · accession 0001477932-24-008382 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2025-10-31 · periods ending 2024-06-30, 2025-06-30 · accession 0001477932-25-007836 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2022-10-17 · periods ending 2021-06-30, 2022-06-30 · accession 0001477932-22-007727 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A filed 2024-12-30 · periods ending 2023-06-30, 2024-06-30 · accession 0001477932-24-008382 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2024-02-21 · periods ending 2022-06-30, 2023-06-30 · accession 0001477932-24-000834 (NotesPayable)
  16. 10-K filed 2022-10-17 · period ending 2021-06-30 · accession 0001477932-22-007727 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K filed 2024-02-21 · periods ending 2022-06-30, 2023-06-30 · accession 0001477932-24-000834 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-10-31 · periods ending 2024-06-30, 2025-06-30 · accession 0001477932-25-007836 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)