The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/3Mixed
MissDebt under half of equityNot relying on borrowed money.0.53x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.53.0%
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$822K
Revenue
$10.9M
Total debt
$11.6M
0.53x equity
Free cash flow
$822K
7.6% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, profitable every year, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Sep 24
Revenue
$6.5M
+136.8% YoY
EPS
-$0.03
vs $1.48
Op. margin
-53.6%
+9.9 pts
Free cash flow
-$1.2M
Some values are worked out from year-to-date totals in the annual report.
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
1.7
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+28.4%
Institutions added 28.4% to their holdings. 17 bought, 7 sold. 6 quarters of net buying in a row.
Shares held by institutions11.2M
Sep '24Jun '26
Safety check
From SEC filings
Cash runwayAt last year's cash burn
30 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.6x · $13.1M debt
Shares outstandingLatest reported
152M
Why moderate risk
2 offering filings in 6 months (may sell new shares)
Earnings reports
Last 8
Next reportAround Nov 13 (est.)Estimated from the same quarter last year
Results filedSep 24
Results filedSep 23
Results filedMay 13
Results filedFeb 13
Results filedDec 1, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days