{
 "ok": true,
 "cik": "101538",
 "ticker": "UAMY",
 "name": "UNITED STATES ANTIMONY CORPORATION",
 "filings": [
  {
   "form": "8-K",
   "filed": "2026-10-02",
   "items": [
    "5.02 Departure or Election of Directors; Appointment of Officers",
    "9.01 Financial Statements and Exhibits"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926113036/0001104659-26-113036-index.htm"
  },
  {
   "form": "8-K",
   "filed": "2026-10-02",
   "items": [
    "5.02 Departure or Election of Directors; Appointment of Officers"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926113034/0001104659-26-113034-index.htm"
  },
  {
   "form": "8-K",
   "filed": "2026-08-25",
   "items": [
    "7.01 Regulation FD Disclosure",
    "9.01 Financial Statements and Exhibits"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926100539/0001104659-26-100539-index.htm"
  },
  {
   "form": "8-K",
   "filed": "2026-08-19",
   "items": [
    "7.01 Regulation FD Disclosure",
    "8.01 Other Events",
    "9.01 Financial Statements and Exhibits"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926098593/0001104659-26-098593-index.htm"
  },
  {
   "form": "8-K",
   "filed": "2026-08-17",
   "items": [
    "2.02 Results of Operations and Financial Condition",
    "9.01 Financial Statements and Exhibits"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926097708/0001104659-26-097708-index.htm"
  },
  {
   "form": "8-K",
   "filed": "2026-08-11",
   "items": [
    "2.02 Results of Operations and Financial Condition",
    "9.01 Financial Statements and Exhibits"
   ],
   "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926094130/0001104659-26-094130-index.htm"
  }
 ],
 "events12m": 34,
 "healthWatch": {
  "window": "last 12 months",
  "since": "2025-10-05",
  "signals": [
   {
    "code": "3.01",
    "label": "Exchange listing notice or transfer",
    "count": 1,
    "latest": {
     "filed": "2026-03-06",
     "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926024423/0001104659-26-024423-index.htm"
    }
   },
   {
    "code": "4.01",
    "label": "Auditor change",
    "count": 1,
    "latest": {
     "filed": "2026-06-08",
     "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926071104/0001104659-26-071104-index.htm"
    }
   },
   {
    "code": "5.02",
    "label": "Director or officer change",
    "count": 4,
    "latest": {
     "filed": "2026-10-02",
     "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926113036/0001104659-26-113036-index.htm"
    }
   }
  ],
  "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt."
 },
 "sources": {
  "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json",
  "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=101538"
 },
 "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.",
 "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.",
 "edgar": "🫧 Edgar looked up UNITED STATES ANTIMONY CORPORATION ($UAMY). Last filing: 8-K (5.02 Departure or Election of Directors; Appointment of Officers), 2026-10-02. 34 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-06-08.",
 "auditor": {
  "changes": [
   {
    "filed": "2026-06-08",
    "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926071104/0001104659-26-071104-index.htm"
   }
  ],
  "nonReliance": [],
  "restatedSince": null
 },
 "metrics": {
  "fiscalYearEnd": "2025-12-31",
  "revenue": 39257708,
  "revenueGrowth1y": 1.628049796886617,
  "revenueGrowthPerYear": 0.5003436854514953,
  "yearsOfData": 5,
  "operatingMargin": -0.21547016957790813,
  "operatingMarginPrior": -0.16004940968520337,
  "netMargin": -0.1105394639951981,
  "operatingCashFlow": -9690993,
  "capitalSpending": 27808485,
  "freeCashFlow": -37499478,
  "researchAndDevelopment": null,
  "researchShareOfRevenue": null,
  "cash": 30494320,
  "longTermDebt": 195425,
  "longTermDebtChange": -0.40360476933077394,
  "revenueHistory": [
   {
    "fiscalYearEnd": "2021-12-31",
    "revenue": 7747506
   },
   {
    "fiscalYearEnd": "2022-12-31",
    "revenue": 11044707
   },
   {
    "fiscalYearEnd": "2023-12-31",
    "revenue": 8693155
   },
   {
    "fiscalYearEnd": "2024-12-31",
    "revenue": 14937962
   },
   {
    "fiscalYearEnd": "2025-12-31",
    "revenue": 39257708
   }
  ],
  "totalEquity": 140955189,
  "totalAssets": 153925669,
  "equityRatio": 0.915735432015566,
  "returnOnEquity": -0.03078656437401535,
  "dividendsPaid": null,
  "payoutRatio": null,
  "dividendPerShare": null,
  "dividendYearsRising": null,
  "dividendCut": null,
  "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.",
  "earningsPerShare": -0.04,
  "sharesOutstanding": 123635364,
  "bookValuePerShare": 1.1400879525052394,
  "revenuePerShare": 0.31752814672022156,
  "range80": {
   "low": 33249292.615532935,
   "high": 194622073.96005714,
   "baseline": 81541700.25851159,
   "n": 2483,
   "band": "b000",
   "bandLabel": "under $50M",
   "method": "v4.1",
   "credibility": 0.625,
   "growthYears": 6,
   "ownVolatility": 0.5230080672940018,
   "classVolatility": 0.3000583276631395,
   "volatility": 0.45246438979673254
  },
  "ifPaceHeld": {
   "low": 33249292.615532935,
   "high": 194622073.96005714
  }
 },
 "edgarette": "🔖 Exposure: revenue $39.3M (FY2025), total debt $195K. Experience: revenue up 162.8% on the year, up 50.0% a year over 4 years; operating margin -21.5%, down from -16.0%. Soundness: equity 91.6% of assets, return on equity -3.1%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $33.2M and $194.6M next year (method v4.1: its own 6-year record of growth weighed at 63% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $29.5M to $220.6M. A statistical range, not company guidance. Against peers (17 filers, $50M+ revenue, its industry group): operating margin -21.5% against a 8.1% median; growth 162.8% against 10.6%.",
 "peers": {
  "sic": 3330,
  "sicDescription": "Primary Smelting & Refining of  Nonferrous Metals",
  "calendarYear": 2025,
  "minRevenue": 50000000,
  "depth": 2,
  "group": "33",
  "growth": [
   0.106,
   22
  ],
  "opMargin": [
   0.0812,
   17
  ],
  "equityRatio": [
   0.3812,
   21
  ],
  "returnOnEquity": [
   0.1143,
   21
  ],
  "payoutRatio": [
   0.241,
   10
  ]
 },
 "summary": "United States Antimony (UAMY) grew revenue 163% in FY2025 to $39 million, operating margin -21.5% against a 8.1% median for primary smelting & refining of  nonferrous metals, equity 91.6% of assets. Every figure is from the company’s own annual report filed with the SEC.",
 "chart": "<figure class=\"cmp\"><figcaption>UNITED STATES ANTIMONY CORPORATION against its own record and its peers</figcaption><svg viewBox=\"0 0 560 138\" width=\"100%\" role=\"img\" aria-label=\"Comparison chart\"><rect x=\"0\" y=\"0\" width=\"560\" height=\"138\" fill=\"none\"/><text x=\"0\" y=\"34\" font-size=\"11\" fill=\"#6f6450\">Operating margin</text><rect x=\"148\" y=\"25\" width=\"338\" height=\"10\" rx=\"5\" fill=\"#efe7d6\"/><line x1=\"260.66666666666663\" y1=\"21\" x2=\"260.66666666666663\" y2=\"39\" stroke=\"#cfc5ae\" stroke-width=\"1\"/><line x1=\"306.4093333333333\" y1=\"20\" x2=\"306.4093333333333\" y2=\"40\" stroke=\"#c9a84c\" stroke-width=\"2.5\"/><title>Peer median 8.1%</title><circle cx=\"148\" cy=\"30\" r=\"6\" fill=\"#0a2240\" stroke=\"#fff\" stroke-width=\"1.5\"/><text x=\"494\" y=\"34\" font-size=\"11\" font-weight=\"700\" fill=\"#0a2240\">-21.5%</text><text x=\"0\" y=\"60\" font-size=\"11\" fill=\"#6f6450\">Revenue, on the year</text><rect x=\"148\" y=\"51\" width=\"338\" height=\"10\" rx=\"5\" fill=\"#efe7d6\"/><line x1=\"292.8571428571429\" y1=\"47\" x2=\"292.8571428571429\" y2=\"65\" stroke=\"#cfc5ae\" stroke-width=\"1\"/><line x1=\"344.03999999999996\" y1=\"46\" x2=\"344.03999999999996\" y2=\"66\" stroke=\"#c9a84c\" stroke-width=\"2.5\"/><title>Peer median 10.6%</title><circle cx=\"486\" cy=\"56\" r=\"6\" fill=\"#0a2240\" stroke=\"#fff\" stroke-width=\"1.5\"/><text x=\"494\" y=\"60\" font-size=\"11\" font-weight=\"700\" fill=\"#0a2240\">162.8%</text><text x=\"0\" y=\"86\" font-size=\"11\" fill=\"#6f6450\">Equity of assets</text><rect x=\"148\" y=\"77\" width=\"338\" height=\"10\" rx=\"5\" fill=\"#efe7d6\"/><line x1=\"276.8456\" y1=\"72\" x2=\"276.8456\" y2=\"92\" stroke=\"#c9a84c\" stroke-width=\"2.5\"/><title>Peer median 38.1%</title><circle cx=\"457.5185760212613\" cy=\"82\" r=\"6\" fill=\"#0a2240\" stroke=\"#fff\" stroke-width=\"1.5\"/><text x=\"494\" y=\"86\" font-size=\"11\" font-weight=\"700\" fill=\"#0a2240\">91.6%</text><text x=\"0\" y=\"112\" font-size=\"11\" fill=\"#6f6450\">Return on equity</text><rect x=\"148\" y=\"103\" width=\"338\" height=\"10\" rx=\"5\" fill=\"#efe7d6\"/><line x1=\"232.5\" y1=\"99\" x2=\"232.5\" y2=\"117\" stroke=\"#cfc5ae\" stroke-width=\"1\"/><line x1=\"280.79175\" y1=\"98\" x2=\"280.79175\" y2=\"118\" stroke=\"#c9a84c\" stroke-width=\"2.5\"/><title>Peer median 11.4%</title><circle cx=\"219.49267655197852\" cy=\"108\" r=\"6\" fill=\"#0a2240\" stroke=\"#fff\" stroke-width=\"1.5\"/><text x=\"494\" y=\"112\" font-size=\"11\" font-weight=\"700\" fill=\"#0a2240\">-3.1%</text><text x=\"0\" y=\"136\" font-size=\"10\" fill=\"#8b8375\">Gold tick: the median of 21–21 peers with $50M+ revenue in primary smelting &amp; refining of  nonferrous metals</text></svg></figure>",
 "chartHorizon": null,
 "backtest": {
  "tests": 13,
  "hits": 12,
  "rate": 0.9230769230769231,
  "method": "v4",
  "byYear": {
   "2013": [
    1,
    1
   ],
   "2014": [
    1,
    1
   ],
   "2015": [
    1,
    1
   ],
   "2016": [
    1,
    1
   ],
   "2017": [
    1,
    1
   ],
   "2018": [
    1,
    1
   ],
   "2019": [
    1,
    1
   ],
   "2020": [
    1,
    1
   ],
   "2021": [
    0,
    1
   ],
   "2022": [
    1,
    1
   ],
   "2023": [
    1,
    1
   ],
   "2024": [
    1,
    1
   ],
   "2025": [
    1,
    1
   ]
  },
  "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample."
 },
 "registry": {
  "logged": "2026-09-30T06:09:34.407Z",
  "hash": "42e4e9b9951e99c1",
  "status": "open"
 },
 "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.",
 "schema": "pops4.edgarette.card/1",
 "card": {
  "summary": "United States Antimony (UAMY) grew revenue 163% in FY2025 to $39 million, operating margin -21.5% against a 8.1% median for primary smelting & refining of  nonferrous metals, equity 91.6% of assets. Every figure is from the company’s own annual report filed with the SEC.",
  "exposure": {
   "fiscalYearEnd": "2025-12-31",
   "revenue": 39257708,
   "totalDebt": 195425,
   "cash": 30494320
  },
  "experience": {
   "revenueGrowth1y": 1.628049796886617,
   "revenueGrowthPerYear": 0.5003436854514953,
   "operatingMargin": -0.21547016957790813,
   "operatingMarginPrior": -0.16004940968520337,
   "netMargin": -0.1105394639951981,
   "freeCashFlow": -37499478
  },
  "soundness": {
   "equityRatio": 0.915735432015566,
   "returnOnEquity": -0.03078656437401535,
   "payoutRatio": null,
   "dividendPerShare": null,
   "dividendYearsRising": null,
   "dividendCut": null,
   "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown."
  },
  "peers": {
   "sic": 3330,
   "sicDescription": "Primary Smelting & Refining of  Nonferrous Metals",
   "calendarYear": 2025,
   "minRevenue": 50000000,
   "depth": 2,
   "group": "33",
   "growth": [
    0.106,
    22
   ],
   "opMargin": [
    0.0812,
    17
   ],
   "equityRatio": [
    0.3812,
    21
   ],
   "returnOnEquity": [
    0.1143,
    21
   ],
   "payoutRatio": [
    0.241,
    10
   ]
  },
  "credibility": {
   "auditedYears": 5,
   "weight": "reasonable",
   "standard": "ASOP No. 25",
   "nonReliance": null,
   "auditorChange": {
    "filed": "2026-06-08",
    "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926071104/0001104659-26-071104-index.htm"
   }
  },
  "healthWatch": {
   "window": "last 12 months",
   "since": "2025-10-05",
   "signals": [
    {
     "code": "3.01",
     "label": "Exchange listing notice or transfer",
     "count": 1,
     "latest": {
      "filed": "2026-03-06",
      "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926024423/0001104659-26-024423-index.htm"
     }
    },
    {
     "code": "4.01",
     "label": "Auditor change",
     "count": 1,
     "latest": {
      "filed": "2026-06-08",
      "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926071104/0001104659-26-071104-index.htm"
     }
    },
    {
     "code": "5.02",
     "label": "Director or officer change",
     "count": 4,
     "latest": {
      "filed": "2026-10-02",
      "url": "https://www.sec.gov/Archives/edgar/data/101538/000110465926113036/0001104659-26-113036-index.htm"
     }
    }
   ],
   "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt."
  },
  "range": {
   "low": 33249292.615532935,
   "high": 194622073.96005714,
   "baseline": 81541700.25851159,
   "coverage": 0.8,
   "method": "v4.1",
   "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024",
   "calibratedOn": {
    "companyYears": 2483,
    "sizeBand": "under $50M",
    "fitYears": [
     2018,
     2022
    ],
    "tuneYear": 2023,
    "testYear": 2024,
    "coverageOnTestYear": 0.8341,
    "coverageAllYears": 0.6904374799277399,
    "stressCoverageAllYears": 0.819004992974709,
    "outcomeYears": [
     2019,
     2025
    ]
   },
   "credibility": {
    "weightOnOwnRecord": 0.625,
    "growthYears": 6,
    "ownVolatility": 0.5230080672940018,
    "classVolatility": 0.3000583276631395,
    "pricedVolatility": 0.45246438979673254,
    "k": 3
   },
   "stress": {
    "low": 29454846.421805277,
    "high": 220621010.87644374,
    "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included"
   },
   "kind": "a statistical range, not company guidance; no view on the share price",
   "track": {
    "backtest": {
     "tests": 13,
     "hits": 12,
     "rate": 0.9230769230769231,
     "method": "v4",
     "byYear": {
      "2013": [
       1,
       1
      ],
      "2014": [
       1,
       1
      ],
      "2015": [
       1,
       1
      ],
      "2016": [
       1,
       1
      ],
      "2017": [
       1,
       1
      ],
      "2018": [
       1,
       1
      ],
      "2019": [
       1,
       1
      ],
      "2020": [
       1,
       1
      ],
      "2021": [
       0,
       1
      ],
      "2022": [
       1,
       1
      ],
      "2023": [
       1,
       1
      ],
      "2024": [
       1,
       1
      ],
      "2025": [
       1,
       1
      ]
     },
     "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample."
    },
    "registry": {
     "logged": "2026-09-30T06:09:34.407Z",
     "hash": "42e4e9b9951e99c1",
     "status": "open"
    },
    "scorecard": "https://www.pops4.com/boards/scorecard"
   }
  },
  "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.",
  "sources": {
   "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json",
   "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=101538"
  },
  "speedCash": {
   "fiscalYear": 2025,
   "cashConversion": -0.2469,
   "growth3y": 0.5261,
   "volatility": 0.523,
   "paysDividend": false,
   "raisedDividend": false,
   "equityRatio": 0.9157,
   "quadrant": {
    "code": "fj",
    "label": "Fast and jumpy",
    "plain": "growing faster than its size class, with revenue that swings more"
   },
   "compass": {
    "code": "notyet",
    "inside": "Turns -24.7% of revenue into operating cash; revenue growing 52.6% a year over three years; no common dividend.",
    "outside": "Among under $50M companies: 54th percentile for cash, 83rd for growth.",
    "emoji": "⚡",
    "label": "Fast, cash not yet",
    "plain": "growing fast, but little cash arriving so far"
   },
   "band": "under $50M",
   "cashPctInClass": 54,
   "growthPctInClass": 83,
   "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class"
  },
  "harbor": {
   "signs": [
    {
     "key": "warning",
     "text": "filed auditor change in the last 12 months"
    },
    {
     "key": "cash",
     "text": "operating cash flow was negative"
    },
    {
     "key": "range",
     "text": "revenue is hard to predict: its 80% range is ±71%"
    }
   ],
   "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.",
   "level": 3,
   "name": "Old boat",
   "plain": "three warning signs"
  },
  "cashFlow": {
   "fiscalYearEnd": "2025-12-31",
   "operating": -9690993,
   "investing": -87402914,
   "financing": 109480085,
   "capitalSpending": 27808485,
   "free": -37499478,
   "trend": [
    {
     "fiscalYearEnd": "2021-12-31",
     "operating": -2431477,
     "free": -3079605
    },
    {
     "fiscalYearEnd": "2022-12-31",
     "operating": -249277,
     "free": -1975692
    },
    {
     "fiscalYearEnd": "2023-12-31",
     "operating": -4750026,
     "free": -6278698
    },
    {
     "fiscalYearEnd": "2024-12-31",
     "operating": 2220303,
     "free": 1789707
    },
    {
     "fiscalYearEnd": "2025-12-31",
     "operating": -9690993,
     "free": -37499478
    }
   ],
   "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)."
  },
  "investments": {
   "fiscalYearEnd": "2025-12-31",
   "cash": 30494320,
   "shortTerm": null,
   "longTerm": null,
   "equityHoldings": 40494328,
   "totalAssets": 153925669,
   "ladder": null,
   "currentRatio": 5.38,
   "unrealizedGain": null,
   "unrealizedLoss": null,
   "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here."
  }
 },
 "definitions": {
  "operatingMargin": "Operating income divided by revenue.",
  "netMargin": "Net income divided by revenue.",
  "freeCashFlow": "Cash from operations minus spending on property and equipment.",
  "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.",
  "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.",
  "returnOnEquity": "Net income for the year against shareholders equity at year end.",
  "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.",
  "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.",
  "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.",
  "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.",
  "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.",
  "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.",
  "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt."
 },
 "speedCash": {
  "fiscalYear": 2025,
  "cashConversion": -0.2469,
  "growth3y": 0.5261,
  "volatility": 0.523,
  "paysDividend": false,
  "raisedDividend": false,
  "equityRatio": 0.9157,
  "quadrant": {
   "code": "fj",
   "label": "Fast and jumpy",
   "plain": "growing faster than its size class, with revenue that swings more"
  },
  "compass": {
   "code": "notyet",
   "inside": "Turns -24.7% of revenue into operating cash; revenue growing 52.6% a year over three years; no common dividend.",
   "outside": "Among under $50M companies: 54th percentile for cash, 83rd for growth.",
   "emoji": "⚡",
   "label": "Fast, cash not yet",
   "plain": "growing fast, but little cash arriving so far"
  },
  "band": "under $50M",
  "cashPctInClass": 54,
  "growthPctInClass": 83,
  "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class"
 },
 "harbor": {
  "signs": [
   {
    "key": "warning",
    "text": "filed auditor change in the last 12 months"
   },
   {
    "key": "cash",
    "text": "operating cash flow was negative"
   },
   {
    "key": "range",
    "text": "revenue is hard to predict: its 80% range is ±71%"
   }
  ],
  "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.",
  "level": 3,
  "name": "Old boat",
  "plain": "three warning signs"
 },
 "cashFlow": {
  "fiscalYearEnd": "2025-12-31",
  "operating": -9690993,
  "investing": -87402914,
  "financing": 109480085,
  "capitalSpending": 27808485,
  "free": -37499478,
  "trend": [
   {
    "fiscalYearEnd": "2021-12-31",
    "operating": -2431477,
    "free": -3079605
   },
   {
    "fiscalYearEnd": "2022-12-31",
    "operating": -249277,
    "free": -1975692
   },
   {
    "fiscalYearEnd": "2023-12-31",
    "operating": -4750026,
    "free": -6278698
   },
   {
    "fiscalYearEnd": "2024-12-31",
    "operating": 2220303,
    "free": 1789707
   },
   {
    "fiscalYearEnd": "2025-12-31",
    "operating": -9690993,
    "free": -37499478
   }
  ],
  "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)."
 },
 "investments": {
  "fiscalYearEnd": "2025-12-31",
  "cash": 30494320,
  "shortTerm": null,
  "longTerm": null,
  "equityHoldings": 40494328,
  "totalAssets": 153925669,
  "ladder": null,
  "currentRatio": 5.38,
  "unrealizedGain": null,
  "unrealizedLoss": null,
  "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here."
 }
}