Lucide Ledger

A filing-first public record from Lucide House.

Issue 001 | U.S. Pilot | US

RAYA

Erayak Power Solution Group Inc.

Screen state: Passing Source state: Verified 20-F | 2026-04-29 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 99.2%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
43,363,520USD
Total Liabilities
24,182,470USD
NCAV
19,181,050USD
Cash
436,788USD
NCAV per share
0.26USD/share
Evidence
4 annual | 7 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 7 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
2023-12-31
20-F
USD
2022-12-31
20-F
USD
Revenue 22,855,437 30,300,360 20,322,498 26,909,025
Operating Income -1,641,759 -1,565,048 746,766 4,068,574
Net Income -1,389,937 -1,115,977 1,218,714 3,475,961
Cash From Operations -3,166,162 -15,876,639 6,729,734 -4,151,135
Capex -5,239,108 -517,813 -684,210 -694,813
Free Cash Flow -8,405,270 -16,394,452 6,045,524 -4,845,948
Cash And Equivalents 436,788 1,324,809 5,878,434 7,067,247
Accounts Receivable 13,582,352 12,037,136 6,253,189 9,961,343
Inventory 9,725,561 8,836,815 7,056,459 6,227,456
Total Current Assets 43,363,520 33,090,337 22,098,190 28,235,728
Total Assets 59,448,338 46,033,203 35,285,266 37,605,200
Total Current Liabilities 20,773,112 15,534,264 13,211,587 18,043,626
Total Liabilities 24,182,470 19,447,468 15,083,178 18,261,149
Shareholders Equity 35,265,868 26,585,735 20,202,087 19,344,051
Shares Outstanding n/a n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a
Weighted Avg Shares Diluted 50,958 24,965,606 12,000,000 9,147,945
Weighted Avg Shares Basic 50,958 24,965,606 12,000,000 9,147,945
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 7 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K
USD
2024-12-31
6-K
USD
2024-06-30
6-K
USD
2023-12-31
6-K
USD
2023-06-30
6-K
USD
2022-12-31
6-K
USD
2022-06-30
6-K
USD
Revenue 8,744,869 30,300,360 11,943,904 20,322,498 9,449,817 26,909,025 11,478,147
Operating Income -631,468 -1,565,048 -1,288,315 746,766 660,208 4,068,574 2,624,490
Net Income -516,655 -1,115,977 -1,058,540 1,218,714 475,172 3,475,961 2,190,661
Cash From Operations -782,378 -15,876,639 -12,859,999 6,729,734 5,454,714 -4,151,135 1,213,524
Capex -1,963,158 -517,813 -601,845 -684,210 -389,532 -694,813 n/a
Free Cash Flow -2,745,536 -16,394,452 -13,461,844 6,045,524 5,065,182 -4,845,948 n/a
Cash And Equivalents 422,375 1,324,809 1,100,687 5,878,434 5,773,428 7,067,247 n/a
Total Current Assets 35,904,058 33,090,337 29,418,474 22,098,190 22,091,502 28,235,728 n/a
Total Liabilities 22,797,047 19,447,468 15,740,313 15,083,178 15,600,403 18,261,149 n/a
Shares Outstanding n/a n/a n/a n/a n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 50,588,235 24,965,606 14,923,923 12,000,000 12,000,000 9,147,945 9,000,000
Weighted Avg Shares Basic 50,588,235 24,965,606 14,923,923 12,000,000 12,000,000 9,147,945 9,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 35,904,058USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Total Liabilities 22,797,047USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Cash 422,375USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Shares Outstanding 50,588,235 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
NCAV 13,107,011USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 0.26USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 99.2% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001825875
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001825875/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
7
Imported At
2026-08-15T12:52:41+00:00
Rendered At
2026-08-16T03:29:38+00:00

Run Audit

Mary Run
7597e71d9e0c42a48d3fa1ce89682485
Mary As Of
2026-07-11
Accession
0001185185-26-001594
CIK
0001825875
Mary Filing Date
2026-04-29
Filing Currency
USD
Internal Discount
99.2%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=7597e71d9e0c42a48d3fa1ce89682485; mary_as_of=2026-07-11; mary_filing_date=2026-04-29; mary_accession=0001185185-26-001594; mary_cik=0001825875; gnni_supporting_filing_date=2026-04-29; internal_discount=0.992269; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

Back to Register Report a correction Archive