Lucide Ledger

A filing-first public record from Lucide House.

Issue 003 | U.S. Pilot | US

BIYA

Baiya International Group Inc.

Screen state: Passing Source state: Verified 20-F | 2026-04-30 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 89.4%

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

Current Assets
26,351,732USD
Total Liabilities
4,763,005USD
NCAV
21,588,727USD
Cash
688,941USD
NCAV per share
1.75USD/share
Evidence
2 annual | 3 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.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection Negative OCF -7,435,411
Latest
-7,435,4112025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050223

Supporting observation NCAV Growing 21,588,727
Latest
21,588,7272025-12-31
Comparison
22,0322024-12-31
Change
+97888.0%

Basis: equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050223; REPORTED_FILING 20-F 2024-12-31

Supporting observation Share Count Reduced 1,185,835
Latest
1,185,8352025-12-31
Comparison
10,000,0002024-12-31
Change
-88.1%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050223; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 5.54
Latest
5.542025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050223

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001213900-26-050223 2026-04-30 20-F Verified Data Vault | sec/cleaned/cik=0001944712/accession=0001213900-26-050223/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

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

Known Unknowns

Only 3 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
Revenue 16,477,041 12,809,211
Operating Income -9,575,938 64,360
Net Income -9,531,919 -8,750
Cash From Operations -7,435,411 1,583,757
Capex -5,524 n/a
Free Cash Flow -7,440,935 n/a
Cash And Equivalents 688,941 1,668,291
Accounts Receivable 1,669,511 1,648,073
Inventory n/a n/a
Total Current Assets 26,351,732 4,423,398
Total Assets 27,831,548 4,951,430
Total Current Liabilities 4,756,642 4,357,394
Total Liabilities 4,763,005 4,401,366
Shareholders Equity 22,955,161 500,269
Shares Outstanding 1,185,835 10,000,000
Shares Outstanding Diluted n/a n/a
Weighted Avg Shares Diluted 1,892,759 10,000,000
Weighted Avg Shares Basic 1,892,759 10,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence
Quarterly Financials

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

Only 3 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
Revenue 7,261,545 12,809,211 6,791,902
Operating Income -4,725,591 64,360 -15,793
Net Income -4,757,278 -59,566 -59,566
Cash From Operations -6,385,577 1,583,757 122,408
Capex n/a n/a n/a
Free Cash Flow n/a n/a n/a
Cash And Equivalents 909,699 1,668,291 n/a
Total Current Assets 26,450,724 4,423,398 n/a
Total Liabilities 4,747,713 4,401,366 n/a
Shares Outstanding n/a 10,000,000 n/a
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 12,368,833 10,000,000 10,000,000
Weighted Avg Shares Basic 12,368,833 10,000,000 10,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) 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 26,450,724USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Total Liabilities 4,747,713USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Cash 909,699USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Shares Outstanding 12,368,833 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
NCAV 21,703,011USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 1.75USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 89.4% 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
0001944712
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001944712/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
3
Imported At
2026-08-15T12:51:43+00:00
Rendered At
2026-08-16T03:29:48+00:00

Run Audit

Mary Run
8f67c1da7de642feb640d04491409c50
Mary As Of
2026-07-25
Accession
0001213900-26-050223
CIK
0001944712
Mary Filing Date
2026-04-30
Filing Currency
USD
Internal Discount
89.4%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-04-30; mary_accession=0001213900-26-050223; mary_cik=0001944712; gnni_supporting_filing_date=2026-04-30; internal_discount=0.893988; 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.

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