FABC

FABC is not an operating business in any conventional sense. Per the 10-K, the company "did not generate revenue during the year ended December 31, 2025" and management confirms it "transitioned away from" electric-vehicle manufacturing in July 2025 toward "digital asset treasury management." What you are buying is a holding vehicle whose "ability to increase stockholder value is currently dependent on the performance of our investment portfolio" of crypto tokens and marketable securities. The numbers corroborate the collapse: revenue fell from $2.99M (FY2022) to $499K (FY2023) to $63.8K (FY2024) to nothing in FY2025, while the company has posted a net loss every single year — including -$21.1M in FY2025 — and carries a -$138M accumulated deficit against just $3.71M of equity.

The balance sheet is the only thing keeping this from being a zero, and even that is thin and shrinking. Cash fell 68.9% to $4.98M, total assets fell 47.5% to $11.4M, and operating cash flow was -$7.70M. At that burn rate the existing cash lasts well under a year, and the 10-K openly flags that if "capital markets become unfavorable or inaccessible, we may be unable to raise additional funds on acceptable terms, if at all." The market cap of $4.88M sits roughly at net cash and below net current assets ($9.21M current assets less $1.64M current liabilities ≈ $7.6M), but that discount is not a bargain — it reflects that the cash is being actively incinerated and the go-forward strategy is to convert it into "highly volatile" crypto tokens whose value "may experience substantial price declines over short periods."