Bodhi Tree Biotechnology was incorporated in Delaware in December 2023 and sells plant-based menu design, vegetarian recipe development and vegetarian diet consulting on a project-by-project basis from an office in Danville, California. It has no full-time employees; its CEO, Xiaohang Wang (who owns about 48.6% of the 25.4 million shares), and its CFO, Juan Ye, who lives in China, both work for other companies. The rest of the large holders also own blocks of 6% to 10%. The business is tiny. Revenue was $35,000 in its first partial year to September 2024, $17,000 in the year to September 2025 (two customers: $12,000 and $5,000), and $25,000 in the nine months to June 2026. It has lost money every period: $62,000 in the first partial year, $150,000 in fiscal 2025 and $105,000 in the nine months to June 2026. The business is not capital-intensive. It has no depreciation, no stock compensation and no capital spending, so the cash it generates is simply its operating cash flow, about negative $0.006 per share a year. It has never had a year of positive owner earnings, so there is no earnings level to build a value on. The company has no debt. Its value is what is left on its balance sheet, and that is shrinking. Cash fell from $259,570 at September 2024 to $109,404 at September 2025 and then to $3,986 at June 30, 2026, against liabilities of $4,500. Shareholders' equity was $13,823, or about $0.0005 per share. At the recent cost rate of roughly $35,000 a quarter, the company has run out of its own cash and needs new money right away. The 10-K says it plans to fund itself by selling shares or borrowing from officers, and it has no written agreements for either. Bear case: losses continue at the fiscal 2025 to 2026 rate and are paid for by issuing new shares or borrowing from insiders, so existing owners keep nothing. Value $0.
Base case: there is nothing that can be named and evidenced to show how the company becomes profitable. Customer revenue of $10,000 to $15,000 a quarter covers a fraction of its costs. The base case is therefore the remaining net assets of about $0.0005 per share, and that figure is falling every quarter.
Bull case: revenue in fiscal 2026 is running above fiscal 2025 ($25,000 in nine months against $17,000 for the full prior year), but even that pace pays for less than a quarter of expenses, and no contract or backlog in the filings shows a path to breaking even. The bull case therefore also comes to net assets of about $0.0005 per share. No growth was credited in any case, because none is secured or the result of a proven, repeatable process. What could make this wrong: the company signs a larger, recurring consulting client or is sold or merged. Neither appears in the filings. Any new funding is most likely to come from issuing shares, which would dilute today's holders. No margin-of-safety price is set. The earnings level is negative and certain, the balance sheet is nearly empty, and continuing to operate depends on outside money at whatever price it can be raised. There is no price at which the business itself could be expected to deliver a 20% annual return to an owner.