Lucide Ledger

A filing-first public record from Lucide House.

Issue 008 | U.S. Pilot | US

MI

NFT Ltd

Screen state: Passing Source state: Verified 20-F | 2026-05-01 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 59.1%

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

Current Assets
105,864,125USD
Total Liabilities
6,179,939USD
NCAV
99,684,186USD
Cash
2,812,921USD
NCAV per share
15.81USD/share
Evidence
3 annual | 5 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 Material 1Y Share Increase 14,318,410
Latest
14,318,4102025-12-31
Comparison
5,065,1502024-12-31
Change
+182.7%

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

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050939; REPORTED_FILING 20-F 2024-12-31

Requires inspection Negative OCF -99,302,091
Latest
-99,302,0912025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050939

Supporting observation NCAV Growing 99,684,186
Latest
99,684,1862025-12-31
Comparison
80,899,5112024-12-31
Change
+23.2%

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

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050939; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 17.13
Latest
17.132025-12-31
Comparison
1.5
Change
n/a

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

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-050939

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 0001213900-26-050939 2026-05-01 20-F Missing Source Data Vault | sec/cleaned/cik=0001958713/accession=0001213900-26-050939/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 5 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
Revenue 725,781 740,701 2,153,515
Operating Income -1,074,796 -906,266 -876,675
Net Income -1,362,270 6,296,515 5,203,564
Cash From Operations -99,302,091 -1,338,069 -316,951
Capex n/a n/a n/a
Free Cash Flow n/a n/a n/a
Cash And Equivalents 2,812,921 82,272,479 61,750,809
Accounts Receivable n/a n/a n/a
Inventory n/a n/a n/a
Total Current Assets 105,864,125 86,624,171 73,692,097
Total Assets 105,864,125 86,624,171 73,692,097
Total Current Liabilities 6,179,939 5,724,660 12,888,459
Total Liabilities 6,179,939 5,724,660 12,888,459
Shareholders Equity 99,684,186 80,899,511 60,803,638
Shares Outstanding 14,318,410 5,065,150 1,399,675
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 8,665,047 4,104,283 1,243,186
Weighted Avg Shares Basic 8,665,047 4,104,283 654,419
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

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

Only 5 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K/A
USD
2024-12-31
6-K/A
USD
2024-06-30
6-K/A
USD
2023-12-31
6-K
USD
2023-06-30
6-K
USD
Revenue 316,966 740,701 394,949 2,153,515 1,274,518
Operating Income -683,374 -906,266 -595,888 -876,675 -412,797
Net Income -810,938 6,296,515 6,286,001 5,203,564 6,766,973
Cash From Operations -39,859,762 -1,338,069 -1,959,676 -316,951 -926,378
Capex n/a n/a n/a n/a n/a
Free Cash Flow n/a n/a n/a n/a n/a
Cash And Equivalents 62,480,801 82,272,479 81,632,704 61,750,809 n/a
Total Current Assets 105,939,801 86,624,171 86,802,572 73,692,097 n/a
Total Liabilities 25,851,228 5,724,660 12,035,510 12,888,459 n/a
Shares Outstanding 5,065,150 5,065,150 4,080,380 1,399,675 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 5,065,150 4,104,283 2,223,328 1,243,186 6,998,238
Weighted Avg Shares Basic 5,065,150 4,104,283 1,151,703 654,419 6,998,238
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) 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 105,939,801USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Total Liabilities 25,851,228USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Cash 62,480,801USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Shares Outstanding 5,065,150 us-gaap:CommonStockSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
NCAV 80,088,573USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 15.81USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 59.1% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

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

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001958713
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001958713/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
5
Imported At
2026-08-30T03:17:59+00:00
Rendered At
2026-08-30T12:42:59+00:00

Run Audit

Mary Run
3f9a4a433fea42ac8dddd76b449a784a
Mary As Of
2026-08-29
Accession
0001213900-26-050939
CIK
0001958713
Mary Filing Date
2026-05-01
Filing Currency
USD
Internal Discount
59.1%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=3f9a4a433fea42ac8dddd76b449a784a; mary_as_of=2026-08-29; mary_filing_date=2026-05-01; mary_accession=0001213900-26-050939; mary_cik=0001958713; gnni_supporting_filing_date=2026-05-01; internal_discount=0.590632; 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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