Trutankless, Inc.

Going-concern micro-cap tankless water-heater maker effectively out of cash at year-end.

Strengths

• Revenue grew to $1.08M (+348%) on the new Gen3 product
• Reduced net loss versus prior year

Risks

• Only $21,619 cash, working-capital deficiency $10.6M, current ratio 0.15 (8th), quick ratio 0.02
• Explicit going concern, $81.8M accumulated deficit, 3.9% gross margin; positive ROE is a negative-equity artifact

Notable findings

• No interest coverageInterest coverage -3.97 (cannot cover interest)
• Going concernThere is substantial doubt about our ability to continue as a going concern
• Net lossNet loss (net margin -438.7%)
• Cash burnNegative free cash flow (-1.8M)
• Weak liquidityCurrent ratio 0.15 (<1)
• Chronic dilutionShare count +212%/yr over 1y (dilution)