Lucide Ledger

A filing-first public record from Lucide House.

Issue 008 | U.S. Pilot | US

ZCMD

Zhongchao Inc.

Screen state: Passing Source state: Verified 20-F | 2026-04-03 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 78.5%

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

Current Assets
16,962,126USD
Total Liabilities
1,548,890USD
NCAV
15,413,236USD
Cash
8,098,075USD
NCAV per share
0.65USD/share
Evidence
7 annual | 11 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
3
Unavailable
3
Supporting observation Positive OCF 845,391
Latest
845,3912025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations > 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-039923

Supporting observation Share Count Reduced 3,418,290
Latest
3,418,2902025-12-31
Comparison
5,205,4252024-12-31
Change
-34.3%

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

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-039923; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 11.11
Latest
11.112025-12-31
Comparison
1.5
Change
n/a

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

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-039923

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 0001213900-26-039923 2026-04-03 20-F Missing Source Data Vault | sec/cleaned/cik=0001785566/accession=0001213900-26-039923/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 11 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
2021-12-31
20-F
USD
2020-12-31
20-F
USD
2019-12-31
20-F
USD
Revenue 11,374,996 15,864,773 19,433,945 14,151,516 16,296,770 17,989,788 14,882,763
Operating Income -6,191,225 -341,267 -13,283,798 -2,954,462 -320,741 4,489,353 3,642,144
Net Income -6,310,153 -643,229 -11,335,911 -2,822,319 238,665 4,458,380 4,046,670
Cash From Operations 845,391 -1,473,243 54,229 -661,740 2,861,848 -1,037,839 1,408,020
Capex -152,561 -3,045,183 -839,736 -1,615,905 -1,799,860 -160,602 -1,312,941
Free Cash Flow 692,830 -4,518,426 -785,507 -2,277,645 1,061,988 -1,198,441 95,079
Cash And Equivalents 8,098,075 7,841,306 7,548,694 11,520,453 13,914,982 15,072,947 7,832,552
Accounts Receivable 2,782,693 4,682,320 2,552,738 6,772,988 9,218,883 10,321,837 5,078,419
Inventory n/a 586,221 592,382 189,106 n/a n/a n/a
Total Current Assets 16,962,126 18,707,217 18,711,046 22,704,160 27,253,676 29,595,418 14,508,871
Total Assets 24,146,846 25,884,953 24,416,643 38,614,345 36,267,420 34,816,095 17,737,552
Total Current Liabilities 1,526,630 1,530,430 2,678,361 4,165,035 3,588,407 2,981,954 2,357,662
Total Liabilities 1,548,890 1,733,900 3,378,473 5,595,080 3,700,998 2,981,954 2,399,025
Shareholders Equity 18,630,686 20,837,907 18,006,781 29,928,222 32,566,422 31,834,141 15,385,144
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 3,418,290 5,205,425 2,603,354 25,997,757 24,938,513 24,425,637 21,600,135
Weighted Avg Shares Basic 3,418,290 5,205,425 2,603,354 25,997,757 24,938,513 24,425,637 21,600,135
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
Quarterly Financials

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

Only 11 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
2021-12-31
6-K
USD
2021-06-30
6-K
USD
2020-12-31
6-K
USD
2020-06-30
6-K
USD
Revenue 5,601,079 15,864,773 8,348,329 19,433,945 10,376,170 14,151,516 7,295,439 16,296,770 8,615,572 17,989,788 8,462,250
Operating Income -879,449 -341,267 -51,550 -13,283,798 -6,024,571 -2,954,462 542,653 -320,741 n/a 4,489,353 n/a
Net Income -965,254 -643,229 90,047 -11,335,911 -4,721,590 -2,940,891 93,544 238,665 1,001,559 4,458,380 1,458,324
Cash From Operations 1,820,881 -1,473,243 809,598 54,229 -1,853,153 -661,740 -796,621 2,861,848 1,613,995 -1,037,839 -2,372,501
Capex n/a -3,045,183 -2,095,339 -839,736 -12,269 -1,615,905 -25,291 -1,799,860 -1,874,496 -160,602 -140,388
Free Cash Flow n/a -4,518,426 -1,285,741 -785,507 -1,865,422 -2,277,645 -821,912 1,061,988 -260,501 -1,198,441 -2,512,889
Cash And Equivalents 8,912,022 7,841,306 6,279,809 7,548,694 11,286,821 11,520,453 11,481,357 13,914,982 12,664,392 15,072,947 16,713,052
Total Current Assets 19,117,935 18,707,217 16,706,217 18,711,046 18,554,101 22,704,160 28,102,004 27,253,676 29,163,833 29,595,418 n/a
Total Liabilities 2,558,665 1,733,900 3,313,550 3,378,473 3,353,750 5,595,080 5,384,021 3,700,998 3,634,576 2,981,954 n/a
Shares Outstanding n/a n/a n/a n/a 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 n/a n/a n/a n/a
Weighted Avg Shares Diluted 25,388,903 5,205,425 2,637,340 2,603,354 2,602,915 25,997,757 25,976,000 24,938,513 24,933,138 24,425,637 23,913,351
Weighted Avg Shares Basic 25,388,903 5,205,425 2,637,340 2,603,354 2,602,915 25,997,757 25,976,000 24,938,513 24,933,138 24,425,637 23,913,351
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence 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 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 19,117,935USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Total Liabilities 2,558,665USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Cash 8,912,022USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Shares Outstanding 25,388,903 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
NCAV 16,559,270USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 0.65USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 78.5% 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
0001785566
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001785566/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
12
Imported At
2026-08-30T03:18:42+00:00
Rendered At
2026-08-30T12:42:59+00:00

Run Audit

Mary Run
3f9a4a433fea42ac8dddd76b449a784a
Mary As Of
2026-08-29
Accession
0001213900-26-039923
CIK
0001785566
Mary Filing Date
2026-04-03
Filing Currency
USD
Internal Discount
78.5%
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=2026-04-03; mary_accession=0001213900-26-039923; mary_cik=0001785566; gnni_supporting_filing_date=2026-04-03; internal_discount=0.784877; 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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