Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

FCUV

FOCUS UNIVERSAL INC.

Screen state: Passing Source state: Verified 10-Q | 2026-05-14 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 46.1%

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

Current Assets
6,783,177USD
Total Liabilities
567,123USD
NCAV
6,216,054USD
Cash
6,021,591USD
NCAV per share
-13.93USD/share
Evidence
10 annual | 24 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
7
Requires inspection High NCAV Burn since the previous filing 6,216,054
Latest
6,216,0542026-03-31
Comparison
8,280,6582025-12-31
Change
-24.9%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001683168-26-003903; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -1,148,500
Latest
-1,148,5002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001683168-26-003903

Supporting observation Current Ratio > 1.5 13.36
Latest
13.362026-03-31
Comparison
1.5
Change
n/a

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

Source periods: SEC 10-Q 2026-03-31 · 0001683168-26-003903

7 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%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

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 0001683168-25-008135 2025-11-10 10-Q Missing Source Data Vault | sec/cleaned/cik=0001590418/accession=0001683168-25-008135/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

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
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-12-31
10-K
USD
2017-12-31
10-K
USD
2016-12-31
10-K
USD
Revenue 255,023 398,137 986,655 353,619 1,405,362 1,678,967 1,460,370 308,129 898,084 337,496
Operating Income -4,893,265 -6,200,251 -4,962,807 -5,205,646 -3,016,587 -2,703,913 -3,330,440 -1,583,721 -519,836 -443,237
Net Income -4,787,769 -3,200,138 -4,718,142 -4,926,937 -3,220,977 -2,537,113 -3,175,543 -2,024,664 -626,361 -440,904
Cash From Operations -5,102,771 -4,656,754 -3,528,762 -2,957,983 -2,228,405 -1,955,091 -1,697,771 -1,411,703 -445,673 -400,799
Capex -28,106 -18,687 -20,620 -42,187 -22,990 -1,314 -11,148 -4,599,792 0 -8,239
Free Cash Flow -5,130,877 -4,675,441 -3,549,382 -3,000,170 -2,251,395 -1,956,405 -1,708,919 -6,011,495 -445,673 -409,038
Cash And Equivalents 7,957,845 3,613,978 464,989 4,343,426 n/a n/a n/a 4,455,751 394,398 340,073
Accounts Receivable 7,125 5,584 164,398 78,313 177,315 190,556 137,338 10,908 26,311 35,896
Inventory 99,813 126,071 282,071 103,772 22,889 42,496 62,933 69,787 47,432 104,832
Total Current Assets 8,647,129 3,846,363 1,028,278 4,807,830 9,214,340 1,007,630 2,440,112 4,691,904 476,985 488,763
Total Assets 8,885,514 4,080,313 5,334,124 9,323,060 14,021,750 5,593,328 7,228,579 9,277,911 490,531 522,006
Total Current Liabilities 366,471 876,975 1,657,646 1,387,239 571,442 527,559 432,999 211,976 481,790 431,438
Total Liabilities 366,471 885,089 1,788,498 1,565,526 899,758 788,716 540,004 211,976 563,132 431,906
Shareholders Equity 2,572,759 3,195,224 3,545,626 7,757,534 13,121,992 4,804,612 6,688,575 9,065,935 -72,601 90,100
Shares Outstanding 1,025,135 3,557 32,386 21,615 21,630 20,480 20,480 20,454 17,287 17,287
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 742,201 3,357 30,157 21,707 20,858 20,480 20,473 18,889 17,286 17,287
Weighted Avg Shares Basic 742,201 3,357 30,157 21,707 20,858 20,480 20,473 18,889 17,286 17,287
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
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence 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.

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
Revenue 675,170 47,973 749 749 28,689 35,330 190,255 133,183 85,011 74,215 19,753 219,158 216,799 216,799 318,370 215,391 236,095 71,156 60,654 64,642 157,167 145,442 634,777 261,680
Operating Income -1,549,575 -1,271,711 -898,602 -898,602 -1,180,376 -1,542,760 -1,271,527 -2,008,045 -1,754,455 -1,746,849 -1,379,137 -1,319,810 -1,620,048 -1,620,048 -1,030,299 -1,071,486 -1,240,974 -1,102,471 -973,966 -1,205,348 -1,923,861 -876,305 -757,554 -663,535
Net Income -1,518,958 -1,246,078 -864,368 -864,368 -1,166,375 -1,505,648 -1,251,378 -1,961,362 -1,961,362 1,441,927 -1,365,106 -1,315,597 -1,617,700 -1,617,700 -968,033 -1,018,166 -1,114,243 -1,054,690 -942,020 -1,061,297 -1,868,930 -720,562 -1,337,754 -480,145
Cash From Operations -740,777 -1,148,500 -1,393,667 -1,393,667 -1,060,816 -1,428,239 -1,220,049 -997,853 -997,853 -1,936,955 -829,857 -892,089 -925,217 -925,217 -996,806 -768,204 -838,535 -522,826 -685,665 -847,209 -902,283 -731,593 -532,515 -525,522
Capex -6,655,734 -297 -788 -788 -2,227 -1,711 -23,380 -5,437 -5,437 -3,507 -4,699 -5,044 -326 -326 -3,091 -7,283 -9,920 -2,994 509 -8,232 -31,470 -16,115 -6,875 0
Free Cash Flow -7,396,511 -1,148,797 -1,394,455 -1,394,455 -1,063,043 -1,429,950 -1,243,429 -1,003,290 -1,003,290 -1,940,462 -834,556 -897,133 -925,543 -925,543 -999,897 -775,487 -848,455 -525,820 -685,156 -855,441 -933,753 -747,708 -539,390 -525,522
Cash And Equivalents 1,600,258 6,021,591 7,957,845 7,957,845 454,432 1,150,614 2,217,268 3,613,978 3,613,978 5,368,273 40,644 114,096 464,989 464,989 1,408,687 1,358,683 2,570,475 n/a 6,062,418 6,660,408 7,744,936 n/a n/a n/a
Total Current Assets 2,043,988 6,783,177 8,647,129 8,647,129 771,077 1,536,963 2,502,879 3,846,363 3,846,363 5,971,500 654,329 715,853 1,028,278 1,028,278 2,040,669 1,796,226 2,999,834 4,807,830 6,591,072 7,339,735 8,274,005 9,214,340 10,010,770 1,735,090
Total Liabilities 11,831,024 567,123 366,471 366,471 705,638 829,224 769,258 885,089 885,089 784,783 3,695,543 2,604,253 1,788,498 1,788,498 1,544,791 576,049 561,953 1,565,526 2,480,534 560,289 812,302 899,758 718,170 2,336,737
Shares Outstanding 702,745 2,069,781 915,097 1,025,135 738,670 3,693 3,562 7,153,647 3,557 36,459 32,434 32,386 64,771,817 32,386 32,411 32,411 32,411 21,615 21,764 21,712 21,852 21,630 21,630 40,959,741
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 n/a n/a 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 564,651 994,059 742,201 742,201 735,746 3,765 3,719 6,714,478 6,714,478 32,862 32,419 32,386 60,314,871 32,745 32,586 32,586 22,575 21,765 21,731 21,698 21,630 20,830 21,630 40,959,741
Weighted Avg Shares Basic 564,651 994,059 742,201 742,201 735,746 3,765 3,719 6,714,478 6,714,478 32,862 32,419 32,386 60,314,871 32,745 32,586 32,586 22,575 21,765 21,731 21,698 21,630 20,830 21,630 40,959,741
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 Insufficient evidence Insufficient evidence 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 Insufficient evidence Insufficient evidence 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 2,043,988USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Total Liabilities 11,831,024USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Cash 1,600,258USD us-gaap:CashCashEquivalentsAndShortTermInvestments 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Shares Outstanding 702,745 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
NCAV -9,787,036USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share -13.93USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 46.1% derived 2026-06-30 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
0001590418
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001590418/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
27
Imported At
2026-11-01T11:33:50+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001683168-26-003903
CIK
0001590418
Mary Filing Date
2026-05-14
Filing Currency
USD
Internal Discount
46.1%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-05-14; mary_accession=0001683168-26-003903; mary_cik=0001590418; gnni_supporting_filing_date=2026-05-14; internal_discount=0.46072; 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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