NASDAQ : MF
MindForge Inc. — Financial statements
Consumer Staples · Grocery Stores · China
Last price 6.54 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 11.89M
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Financial statements
MindForge Inc. (MF) reported revenue of 14.86M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 14.86M | 14.86M | 29.67M | 51.60M | 94.32M | 86.68M |
| Cost of Revenue | 14.94M | 14.94M | 29.42M | 50.91M | 92.70M | 85.21M |
| Gross Profit | -80.69K | -80.69K | 251.69K | 694.32K | 1.61M | 1.47M |
| Selling, General & Admin | 2.03M | 2.03M | 3.36M | 1.57M | 1.46M | 1.34M |
| Research & Development | 812.59K | 812.59K | ||||
| Operating Expenses | 14.51M | 14.51M | 3.36M | 1.57M | 1.46M | 1.34M |
| Operating Income | -14.59M | -14.59M | -3.11M | -872.89K | 153.90K | 126.65K |
| Interest Expense | -697.00 | -697.00 | -33.46K | -12.87K | -1.27K | |
| Interest & Investment Income | 2.07K | 2.07K | 220.82K | 259.06K | 2.64K | 3.48K |
| Other Non Operating Income (Expenses) | -18.52M | -18.52M | 11.37K | 20.61K | 88.71K | 93.38K |
| EBT Excluding Unusual Items | -33.11M | -33.11M | -2.91M | -606.10K | 243.99K | 223.51K |
| Gain (Loss) on Sale of Investments | -44.38K | -44.38K | -2.39K | |||
| Gain (Loss) on Sale of Assets | -7.69K | -7.69K | -45.16K | |||
| Pretax Income | -33.16M | -33.16M | -2.95M | -606.10K | 243.99K | 223.51K |
| Income Tax Expense | -51.05K | -51.05K | -236.01K | 142.44K | 38.08K | 272.53K |
| Net Income | -33.11M | -33.11M | -2.72M | -748.54K | 205.91K | -49.02K |
| Net Income to Common | -33.11M | -33.11M | -2.72M | -748.54K | 205.91K | -49.02K |
| Shares Outstanding (Basic) | 3.64M | 3.64M | 291.78K | 63.12K | 60.00K | 57.83K |
| Shares Outstanding (Diluted) | 3.64M | 3.64M | 291.78K | 63.12K | 60.00K | 57.83K |
| EPS (Basic) | -9.10 | -9.10 | -9.32 | -11.86 | 3.43 | -0.85 |
| EPS (Diluted) | -9.10 | -9.10 | -9.32 | -11.86 | 3.43 | -0.85 |
| Free Cash Flow | -2.61M | -2.61M | -8.60M | -1.37M | -285.81K | 360.14K |
| Free Cash Flow Per Share | -0.72 | -0.72 | -29.49 | -21.64 | -4.76 | 6.23 |
| Gross Margin | -0.54% | -0.54% | 0.85% | 1.35% | 1.71% | 1.70% |
| Operating Margin | -98.21% | -98.21% | -10.47% | -1.69% | 0.16% | 0.15% |
| Profit Margin | -222.88% | -222.88% | -9.16% | -1.45% | 0.22% | -0.06% |
| Free Cash Flow Margin | -17.56% | -17.56% | -28.99% | -2.65% | -0.30% | 0.41% |
| EBITDA | -14.38M | -14.38M | -3.09M | -865.60K | 155.90K | 128.44K |
| EBITDA Margin | -96.77% | -96.77% | -10.43% | -1.68% | 0.17% | 0.15% |
| D&A For EBITDA | 213.69K | 213.69K | 11.77K | 7.30K | 2.00K | 1.79K |
| EBIT | -14.59M | -14.59M | -3.11M | -872.89K | 153.90K | 126.65K |
| EBIT Margin | -98.21% | -98.21% | -10.47% | -1.69% | 0.16% | 0.15% |
| Effective Tax Rate | 15.60% | 121.93% |
Balance sheet
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.33M | 12.33M | 11.18M | 4.83M | 1.29M | 1.52M |
| Cash & Short-Term Investments | 12.33M | 12.33M | 11.18M | 4.83M | 1.29M | 1.52M |
| Accounts Receivable | 485.00 | 485.00 | 227.04K | 396.29K | 264.80K | 282.46K |
| Other Receivables | 1.94K | 39.16K | 56.37K | 147.49K | ||
| Receivables | 485.00 | 485.00 | 228.17K | 9.78M | 321.17K | 429.95K |
| Inventory | 15.27K | 15.27K | ||||
| Prepaid Expenses | 13.21K | 54.06K | 17.01K | 13.04K | ||
| Other Current Assets | 7.81M | 7.81M | 3.64M | 2.07M | 2.97M | 20.47M |
| Total Current Assets | 20.16M | 20.16M | 15.06M | 16.74M | 4.60M | 22.43M |
| Property, Plant & Equipment | 6.37M | 6.37M | 5.82M | 25.53K | 3.73K | 3.35K |
| Long-Term Investments | 81.43K | |||||
| Other Intangible Assets | 5.14K | 5.14K | 5.29K | 5.71K | ||
| Long-Term Deferred Charges | 245.96K | 472.65K | ||||
| Other Long-Term Assets | 12.26M | 12.26M | 13.79K | 23.74K | ||
| Total Assets | 38.80M | 38.80M | 20.98M | 16.79M | 4.85M | 22.90M |
| Accounts Payable | 73.41K | 73.41K | 201.37K | 718.13K | 573.62K | |
| Accrued Expenses | 795.14K | 795.14K | 32.04K | 45.80K | 43.25K | 56.05K |
| Short-Term Debt | 389.74K | 701.58K | 138.39K | |||
| Current Portion of Leases | 1.36K | 1.36K | 7.55K | 7.37K | ||
| Current Income Taxes Payable | 633.82K | 874.55K | 722.11K | 726.98K | ||
| Current Unearned Revenue | 1.78M | 20.90M | ||||
| Other Current Liabilities | 16.82M | 16.82M | 206.13K | 565.23K | 521.07K | 306.00K |
| Total Current Liabilities | 17.69M | 17.69M | 1.47M | 2.91M | 3.78M | 21.99M |
| Long-Term Leases | 1.42K | 1.42K | 7.58K | |||
| Long-Term Deferred Tax Liabilities | 61.00 | 61.00 | 149.00 | 154.00 | ||
| Other Long-Term Liabilities | 515.71K | 515.71K | 490.66K | |||
| Total Liabilities | 18.20M | 18.20M | 1.96M | 2.92M | 3.78M | 21.99M |
| Common Stock | 145.52K | 145.52K | 33.26K | 2.70K | 2.40K | 2.40K |
| Additional Paid-In Capital | 56.48M | 56.48M | 22.41M | 14.58M | 1.04M | 1.04M |
| Retained Earnings | -36.49M | -36.49M | -3.38M | -662.70K | 85.84K | -120.07K |
| Comprehensive Income & Other | 465.90K | 465.90K | -45.37K | -44.80K | -59.01K | -13.25K |
| Shareholders' Equity | 20.59M | 20.59M | 19.02M | 13.87M | 1.07M | 910.93K |
| Total Liabilities & Equity | 38.80M | 38.80M | 20.98M | 16.79M | 4.85M | 22.90M |
| Total Debt | 2.77K | 2.77K | 397.29K | 716.53K | 138.39K | |
| Net Cash (Debt) | 12.33M | 12.33M | 10.79M | 4.12M | 1.16M | 1.52M |
| Net Cash Per Share | 3.39 | 3.39 | 36.96 | 65.23 | 19.26 | 26.26 |
| Filing Date Shares Outstanding | 3.64M | 3.64M | 1.21M | 74.25K | 62.50K | 60.00K |
| Total Common Shares Outstanding | 3.64M | 3.64M | 831.37K | 67.50K | 60.00K | 60.00K |
| Working Capital | 2.47M | 2.47M | 13.59M | 13.83M | 821.40K | 434.94K |
| Book Value Per Share | 5.66 | 5.66 | 22.88 | 205.54 | 17.85 | 15.18 |
| Tangible Book Value | 20.59M | 20.59M | 19.01M | 13.87M | 1.07M | 910.93K |
| Tangible Book Value Per Share | 5.66 | 5.66 | 22.87 | 205.46 | 17.85 | 15.18 |
Cash flow statement
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -33.11M | -33.11M | -2.72M | -748.54K | 205.91K | -49.02K |
| Depreciation & Amortization | 220.25K | 220.25K | 19.18K | 11.65K | 2.00K | 1.79K |
| Loss (Gain) From Sale of Assets | 7.69K | 7.69K | 45.16K | |||
| Loss (Gain) From Sale of Investments | 44.38K | 44.38K | 2.39K | |||
| Stock-Based Compensation | 11.67M | 11.67M | 2.21M | |||
| Provision & Write-off of Bad Debts | -169.00 | -169.00 | -127.72K | 128.65K | -2.41K | -10.19K |
| Other Operating Activities | 18.99M | 18.99M | -4.00 | 154.00 | 1.82K | |
| Change in Accounts Receivable | 231.61K | 231.61K | 169.31K | -130.14K | -2.55K | 801.20K |
| Change in Inventory | 697.75K | 697.75K | -1.57M | 929.06K | 16.65M | -20.82M |
| Change in Accounts Payable | -134.44K | -134.44K | -509.33K | 136.43K | 807.11K | -1.66M |
| Change in Income Taxes | -574.00 | -574.00 | -218.89K | 129.03K | 39.61K | 282.29K |
| Change in Other Net Operating Assets | -779.56K | -779.56K | -128.09K | -1.81M | -17.98M | 21.81M |
| Operating Cash Flow | -2.16M | -2.16M | -2.82M | -1.35M | -283.16K | 363.07K |
| Capital Expenditures | -449.35K | -449.35K | -5.78M | -12.77K | -2.65K | -2.93K |
| Investment in Securities | 39.94K | 39.94K | -83.81K | |||
| Other Investing Activities | -11.66M | |||||
| Investing Cash Flow | -409.41K | -409.41K | 3.81M | -9.47M | -2.65K | -2.93K |
| Short-Term Debt Issued | 388.37K | 981.41K | 144.06K | |||
| Total Debt Issued | 388.37K | 981.41K | 144.06K | |||
| Short-Term Debt Repaid | -398.38K | -398.38K | -696.00K | -420.60K | ||
| Total Debt Repaid | -398.38K | -398.38K | -696.00K | -420.60K | ||
| Net Debt Issued (Repaid) | -398.38K | -398.38K | -307.63K | 560.80K | 144.06K | |
| Issuance of Common Stock | 4.07M | 4.07M | 5.70M | 13.78M | 897.22K | |
| Other Financing Activities | 12.87K | -476.06K | ||||
| Financing Cash Flow | 3.67M | 3.67M | 5.39M | 14.34M | 156.93K | 421.16K |
| Foreign Exchange Rate Adjustments | 49.60K | 49.60K | -33.36K | 20.00K | -96.13K | -51.56K |
| Net Cash Flow | 1.15M | 1.15M | 6.35M | 3.54M | -225.00K | 729.74K |
| Free Cash Flow | -2.61M | -2.61M | -8.60M | -1.37M | -285.81K | 360.14K |
| Free Cash Flow Margin | -17.56% | -17.56% | -28.99% | -2.65% | -0.30% | 0.41% |
| Free Cash Flow Per Share | -0.72 | -0.72 | -29.49 | -21.64 | -4.76 | 6.23 |
| Levered Free Cash Flow | 14.99M | 14.99M | 1.39M | -10.59M | -655.10K | 444.15K |
| Unlevered Free Cash Flow | 14.99M | 14.99M | 1.41M | -10.58M | -654.31K | 444.15K |
| Cash Interest Paid | 22.48K | 12.45K | 1.27K | |||
| Cash Income Tax Paid | 598.00 | 26.00K | ||||
| Change in Working Capital | 14.80K | 14.80K | -2.26M | -745.07K | -488.66K | 418.67K |
Ratios
Fiscal year July - June; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 36.42M | 11.20M | 57.58M | 196.29M | ||
| Enterprise Value | 24.09M | 1.33M | 39.70M | 191.58M | ||
| Last Close Price | 8.35 | 6.16 | 69.27 | 2,908.00 | ||
| PS Ratio | 2.04 | 0.75 | 1.94 | 3.80 | ||
| PB Ratio | 1.48 | 0.54 | 3.03 | 14.15 | ||
| P/TBV Ratio | 1.48 | 0.54 | 3.03 | 14.15 | ||
| EV/Sales Ratio | 1.21 | 0.09 | 1.34 | 3.71 | ||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.02 | 0.05 | 0.13 | |
| Debt / EBITDA Ratio | 0.89 | |||||
| Net Debt / Equity Ratio | -0.60 | -0.60 | -0.57 | -0.30 | -1.08 | -1.67 |
| Net Debt / EBITDA Ratio | 0.86 | 0.86 | 3.49 | 4.76 | -7.41 | -11.82 |
| Net Debt / FCF Ratio | 4.73 | 4.73 | 1.25 | 3.02 | 4.04 | -4.22 |
| Asset Turnover | 0.50 | 0.50 | 1.57 | 4.77 | 6.80 | 6.83 |
| Quick Ratio | 0.70 | 0.70 | 7.76 | 1.81 | 0.43 | 0.09 |
| Current Ratio | 1.14 | 1.14 | 10.24 | 5.75 | 1.22 | 1.02 |
| Return on Equity (ROE) | -167.19% | -167.19% | -16.53% | -10.02% | 20.78% | -9.94% |
| Return on Assets (ROA) | -30.51% | -30.51% | -10.28% | -5.04% | 0.69% | 0.62% |
| Return on Invested Capital (ROIC) | -176.61% | -176.91% | -34.53% | -8.95% | ||
| Return on Capital Employed (ROCE) | -69.10% | -69.10% | -15.90% | -6.30% | 14.40% | 13.90% |
| Earnings Yield | -292.80% | -295.68% | -4.72% | -0.38% | ||
| FCF Yield | -8.59% | -23.29% | -14.94% | -0.70% | ||
| Buyback Yield / Dilution | -1,146.85% | -1,146.85% | -362.23% | -5.21% | -3.75% | -54.21% |