OTC:BCRD
BlueOne Card, Inc.
A struggling OTC financial services firm facing severe liquidity constraints and consistent multi-million dollar annual losses with negligible recent revenue.
Key Metrics
Investment Thesis
Bull Case
At a minimal market price relative to its massive paid-in capital of $12.9M, early investors could theoretically see significant upside if management successfully revives dormant merchant contracts and turns the negative operating cash flow positive within the next 12 months.
Bear Case
The stock represents a deep value trap with no current revenue stream, a negative net income trend worsening from -$1.1M to -$1.6M before stabilizing slightly at -$1.2M, and a depleted cash reserve that threatens insolvency without further dilutive equity financing.
About BlueOne Card, Inc.
BlueOne Card Inc. operates within the financial services sector, providing card processing and related payment solutions primarily to mid-market merchants. The company has recently reported minimal revenue of $0.1M in 2025 following periods of zero revenue, alongside a persistent net loss exceeding $1M annually. Its balance sheet reflects significant goodwill of $10.8M but also highlights a substantial retained earnings deficit of nearly $5M.
Analysis
Management Discussion
The company has failed to generate positive operational cash flow for five consecutive years, with a net loss of $1.2M in 2025 offset by substantial common share issuances totaling $358k. While non-cash adjustments and working capital changes provided temporary inflows, the core business continues to bleed cash with no clear path to profitability or revenue growth.
Industry Overview
The payment processing industry is highly competitive with established players like Visa and Mastercard dominating the market share while fintech startups rapidly capture mid-market segments through lower fees and faster settlement times.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $25.0K | $4.0K | $110.1K |
| Cost of Revenue | $14.0K | $1.6K | $31.9K |
| Gross Profit | $-15.4K | $-70.5K | $78.2K |
| Operating Expenses | $1.1M | $1.6M | $1.2M |
| Operating Income | $-1.1M | $-1.6M | $-1.2M |
| R&D | $2.2K | — | — |
| G&A | $954.8K | $1.4M | $1.1M |
| Stock-Based Comp | $500.0K | — | — |
| D&A | — | $111.9K | $123.6K |
| Depreciation | $32.5K | — | — |
| Other OpEx | $141.5K | $200.4K | $167.1K |
| Non-Operating Income | $-4.9K | $11.1K | $-15.9K |
| Interest Expense | $4.9K | — | — |
| Interest Income | — | $11.1K | — |
| Pre-Tax Income | $-1.1M | $-1.6M | $-1.2M |
| Income Tax | $0 | $0 | $0 |
| Continuing Ops | $-1.1M | $-1.6M | $-1.2M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-1.1M | $-1.6M | $-1.2M |
| Minority Interest | $0 | $0 | $-124.3K |
| Net to Common | $-1.1M | $-1.6M | $-1.1M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $749.7K | $81.8K | $65.8K |
| Cash & Equivalents | $668.1K | — | — |
| Inventory | $74.5K | — | — |
| Prepaid Expenses | — | $6.8K | $10.1K |
| Other Current Assets | $7.0K | $75.1K | $55.7K |
| Long-Term Assets | $241.6K | $904.2K | $15.5M |
| PP&E (Net) | $47.3K | $268.6K | $145.0K |
| Goodwill | — | — | $10.8M |
| Operating Leases | $48.4K | $79.5K | $35.2K |
| Other LT Assets | $145.9K | $556.1K | $4.5M |
| Total Assets | $991.2K | $986.0K | $15.5M |
| Current Liabilities | $503.4K | $705.9K | $1.8M |
| Current Leases | $17.4K | $41.5K | $30.8K |
| Other Current Liab | $486.1K | $664.4K | $1.7M |
| Long-Term Liabilities | $24.9K | $35.4K | $4.6K |
| LT Operating Leases | $24.9K | $35.4K | $4.6K |
| Other LT Liab | $0 | $0 | $0 |
| Total Liabilities | $528.3K | $741.2K | $1.8M |
| Shareholders' Equity | $462.9K | $244.8K | $13.8M |
| Paid-In Capital | $2.1M | $4.0M | $12.9M |
| Retained Earnings | $-2.3M | $-3.9M | $-4.9M |
| Total L&E | $991.2K | $986.0K | $15.5M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-1.1M | $-1.6M | $-1.2M |
| Non-Cash Adjustments | $818.9K | $481.5K | $135.7K |
| Working Capital Changes | $-31.7K | $-15.1K | $722.6K |
| Cash from Operations | $-331.6K | $-1.1M | $-317.3K |
| Capital Expenditures | — | $333.2K | — |
| Cash from Investing | $-28.7K | $-841.3K | $0 |
| Cash from Financing | $987.1K | $1.4M | $288.2K |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $626.8K | $-593.1K | $-29.0K |
| Beginning Cash | $41.3K | $668.1K | $75.1K |
| Ending Cash | $668.1K | $75.1K | $46.0K |
Frequently Asked Questions
How does BlueOne Card, Inc. make money?
Payment processing fees for merchant clients, transaction-based service charges, and potentially residual income from past acquisitions represented by the large goodwill asset.
What are the main risks for BCRD?
Severe liquidity crisis evidenced by cash outflows exceeding $300k and minimal operating cash flow, significant accumulated losses eroding equity value, reliance on non-operating capital injections to survive, and the risk of goodwill impairment given lack of recent revenue generation.
What is BCRD's competitive advantage?
Established merchant relationships built over years of operation, specialized niche knowledge in card processing regulations, and a legacy customer base that may provide recurring fee potential despite current dormancy.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.