Trillion Energy International Inc.

Distressed micro-cap E&P with negative book equity, going-concern dependence on dilutive financing and stale data.

Strengths

• Pivot to a 29% earn-in on the M47 oil block offers optionality if financing is secured

Risks

• Stockholders' deficiency (-$38.9M), $34M working-capital deficit and a $54.5M asset impairment; total liabilities $42M vs assets $3.1M
• Positive ROE (98.5th pct) is a negative-equity artifact; survival hinges on raising CAD10M by Sept 2026 and debenture forgiveness

Notable findings

• RestatementAll current and comparative references to the number of common shares, weighted average number of common shares, loss per share, stock options and warrants have been restated to give effect to this sh 8-K ↗
• Net lossNet loss (net margin -130.4%)
• Cash burnNegative free cash flow (-5.7M)
• Weak liquidityCurrent ratio 0.09 (<1)
• Chronic dilutionShare count +16%/yr over 4y (dilution, book value/share -121%)