{ "ok": true, "cik": "1960262", "ticker": "LUDG", "name": "Ludwig Enterprises, Inc.", "filings": [ { "form": "8-K", "filed": "2026-10-06", "items": [ "4.01 Changes in Registrant's Certifying Accountant" ], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000006/0001960262-26-000006-index.htm" }, { "form": "10-Q", "filed": "2026-05-29", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390026062592/0001213900-26-062592-index.htm" }, { "form": "10-K", "filed": "2026-03-16", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390026028315/0001213900-26-028315-index.htm" }, { "form": "8-K", "filed": "2026-02-11", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "3.02 Unregistered Sales of Equity Securities", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390026014722/0001213900-26-014722-index.htm" }, { "form": "10-Q", "filed": "2025-11-12", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390025108860/0001213900-25-108860-index.htm" }, { "form": "8-K", "filed": "2025-10-01", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers" ], "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390025094718/0001213900-25-094718-index.htm" } ], "events12m": 2, "healthWatch": { "window": "last 12 months", "since": "2025-10-07", "signals": [ { "code": "NT 10-Q", "label": "Late quarterly report notice", "count": 2, "latest": { "filed": "2026-08-14", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000002/0001960262-26-000002-index.htm" } }, { "code": "4.01", "label": "Auditor change", "count": 1, "latest": { "filed": "2026-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000006/0001960262-26-000006-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/CIK0001960262.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1960262" }, "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 Ludwig Enterprises, Inc. ($LUDG). Last filing: 8-K (4.01 Changes in Registrant's Certifying Accountant), 2026-10-06. 2 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-10-06.", "auditor": { "changes": [ { "filed": "2026-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000006/0001960262-26-000006-index.htm" }, { "filed": "2025-04-23", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000121390025034353/0001213900-25-034353-index.htm" } ], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2024-12-31", "revenue": 217, "revenueGrowth1y": null, "revenueGrowthPerYear": null, "yearsOfData": 1, "operatingMargin": -5982.437788018433, "operatingMarginPrior": null, "netMargin": -13902.691244239631, "operatingCashFlow": -660302, "capitalSpending": null, "freeCashFlow": null, "researchAndDevelopment": 165621, "researchShareOfRevenue": 763.2304147465438, "cash": 217, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2024-12-31", "revenue": 217 } ], "totalEquity": -2378145, "totalAssets": 197556, "equityRatio": -12.037827248982566, "returnOnEquity": null, "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.", "latestAudited": { "fiscalYearEnd": "2025-12-31", "revenue": null, "operatingCashFlow": -644842, "cash": 0, "totalEquity": -4388206, "totalAssets": 247527, "equityRatio": -17.728191268023288 }, "revenueYearIsOld": true, "earningsPerShare": -0.02, "sharesOutstanding": 158606794, "bookValuePerShare": -0.01499396677799313, "revenuePerShare": 0.0000013681633335328625, "range80": null, "ifPaceHeld": null }, "edgarette": "🔖 Exposure: revenue $0K (FY2024). Experience: one year on record; operating margin -598243.8%. Soundness: equity -1203.8% of assets (liabilities exceed assets). Credibility: one audited year, little weight. Against peers (17 filers, $50M+ revenue, services-medical laboratories): operating margin -598243.8% against a -12.4% median.", "peers": { "sic": 8071, "sicDescription": "Services-Medical Laboratories", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "8071", "growth": [ 0.1383, 17 ], "opMargin": [ -0.1244, 17 ], "equityRatio": [ 0.6525, 17 ], "returnOnEquity": [ -0.0705, 15 ] }, "summary": "Ludwig Enterprises (LUDG) reported revenue of $0 million in FY2024, operating margin -598244% against a -12.4% median for services-medical laboratories, equity -1204% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Ludwig Enterprises, Inc. against its own record and its peers
Operating marginPeer median -12.4%-598243.8%Equity of assetsPeer median 65.3%-1203.8%Gold tick: the median of 17–17 peers with $50M+ revenue in services-medical laboratories
", "chartHorizon": null, "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "caution": "Its latest audited year is FY2025, which reports no revenue; the revenue figures and the range here are from FY2024, its last year with revenue on record. 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": "Ludwig Enterprises (LUDG) reported revenue of $0 million in FY2024, operating margin -598244% against a -12.4% median for services-medical laboratories, equity -1204% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2024-12-31", "revenue": 217, "totalDebt": null, "cash": 217 }, "experience": { "revenueGrowth1y": null, "revenueGrowthPerYear": null, "operatingMargin": -5982.437788018433, "operatingMarginPrior": null, "netMargin": -13902.691244239631, "freeCashFlow": null }, "soundness": { "equityRatio": -12.037827248982566, "returnOnEquity": null, "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": 8071, "sicDescription": "Services-Medical Laboratories", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "8071", "growth": [ 0.1383, 17 ], "opMargin": [ -0.1244, 17 ], "equityRatio": [ 0.6525, 17 ], "returnOnEquity": [ -0.0705, 15 ] }, "credibility": { "auditedYears": 1, "weight": "little", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": { "filed": "2026-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000006/0001960262-26-000006-index.htm" } }, "healthWatch": { "window": "last 12 months", "since": "2025-10-07", "signals": [ { "code": "NT 10-Q", "label": "Late quarterly report notice", "count": 2, "latest": { "filed": "2026-08-14", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000002/0001960262-26-000002-index.htm" } }, { "code": "4.01", "label": "Auditor change", "count": 1, "latest": { "filed": "2026-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1960262/000196026226000006/0001960262-26-000006-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": null, "caution": "Its latest audited year is FY2025, which reports no revenue; the revenue figures and the range here are from FY2024, its last year with revenue on record. 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/CIK0001960262.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1960262" }, "speedCash": null, "harbor": { "signs": [ { "key": "warning", "text": "filed late quarterly report notice, auditor change in the last 12 months" }, { "key": "balance", "text": "liabilities exceed assets (often from years of share buybacks, not always distress)" }, { "key": "cash", "text": "operating cash flow was negative (-$645K in FY2025)" } ], "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": "2024-12-31", "operating": -660302, "investing": null, "financing": 558708, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2024-12-31", "operating": -660302, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2024-12-31", "cash": 217, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 197556, "ladder": null, "currentRatio": 0.08, "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": null, "harbor": { "signs": [ { "key": "warning", "text": "filed late quarterly report notice, auditor change in the last 12 months" }, { "key": "balance", "text": "liabilities exceed assets (often from years of share buybacks, not always distress)" }, { "key": "cash", "text": "operating cash flow was negative (-$645K in FY2025)" } ], "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": "2024-12-31", "operating": -660302, "investing": null, "financing": 558708, "capitalSpending": null, "free": null, "trend": [ { "fiscalYearEnd": "2024-12-31", "operating": -660302, "free": null } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2024-12-31", "cash": 217, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 197556, "ladder": null, "currentRatio": 0.08, "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." }, "disclaimer": "Data & Disclosure Notice: Edgar and Edgarette are automated software. Every figure on this page is calculated by software from public filings made by companies and funds with the U.S. Securities and Exchange Commission (EDGAR) and is published without individual human review. The accuracy and completeness of those filings are the responsibility of the filers; reports can contain errors and can be amended. Figures are shown as filed and as of each filing's date, and this page may be corrected or updated without notice. Ranges, expected returns, rankings, boats and other measures are statistical descriptions of past filings, not ratings, price forecasts, company guidance or recommendations; past results do not guarantee future results. This is general information published for all readers, not advice tailored to any person's portfolio, needs or circumstances, and nothing here is financial, investment, actuarial, legal, tax or other professional advice. Actuaries and other professionals who use these figures remain responsible for reviewing them for reasonableness and consistency against the original filings and for disclosing their reliance on them. No company, fund or reinsurer pays to be included or ranked. Provided as is, without warranty of any kind. Not affiliated with or endorsed by the SEC or by any company, fund or reinsurer named. All trademarks remain the property of their owners." }