OTC:CTGL
CITRINE GLOBAL, CORP.
A distressed OTC micro-cap with negligible revenue and deepening accumulated losses over the last five years.
Key Metrics
Investment Thesis
Bull Case
CTGL represents a deep-value contrarian opportunity for investors willing to tolerate extreme risk in exchange for potential total recovery upon a successful business pivot. The absence of traditional operating costs and zero cost of revenue could imply a dormant asset waiting for a catalyst event that revitalizes the balance sheet. If management successfully executes a turnaround, the current negative equity could be erased quickly with minimal capital injection.
Bear Case
The stock should be avoided entirely as the company has no revenue stream and is hemorrhaging cash while carrying $4.3 million in liabilities against only $1.6 million in assets. The consistent widening of losses and deepening retained earnings deficit indicate a high probability of permanent impairment or liquidation rather than recovery. Investors risk total capital loss given the lack of operational activity, negative working capital, and significant accumulated other comprehensive income losses.
About CITRINE GLOBAL, CORP.
CITRINE GLOBAL CORP. (CTGL) is a micro-cap entity trading on the OTC market with no reported revenue or cost of goods sold in recent years. The company maintains minimal current assets but carries significant long-term liabilities, indicating a potential shell structure or early-stage development phase without active commercial operations. Key financial metrics show a consistent net loss exceeding $2 million annually alongside a substantial deficit in retained earnings.
Analysis
Management Discussion
Management faces critical challenges as the company has failed to generate any revenue for five consecutive years while posting net losses that have exceeded $2 million each year. The cash flow from operations remains negative, depleting cash reserves and leaving the company with a massive retained earnings deficit of nearly $32 million. Despite minimal operating expenses, the inability to transition to profitability suggests fundamental business model issues or an extended period of non-operational status.
Industry Overview
The company operates within a sector where traditional revenue generation models have failed to materialize over the last five years, distinguishing it from standard operating businesses. The financial profile suggests an entity struggling to find product-market fit or facing existential threats typical of distressed micro-cap companies on OTC markets. Without clear industry segment identification, the lack of gross profit and revenue places it in a unique speculative category distinct from established industries.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $0 | $0 | $0 |
| Cost of Revenue | $0 | $0 | $0 |
| Gross Profit | $0 | $0 | $0 |
| Operating Expenses | $2.0M | $2.3M | $1.2M |
| Operating Income | $-2.0M | $-2.3M | $-1.2M |
| R&D | $120.0K | — | — |
| G&A | $1.9M | — | — |
| Stock-Based Comp | $787.0K | $1.1M | $281.0K |
| D&A | $2.0K | — | — |
| Depreciation | $2.0K | $2.0K | — |
| Other OpEx | $0 | — | — |
| Non-Operating Income | $0 | $0 | $0 |
| Pre-Tax Income | $-2.0M | $-2.3M | $-1.2M |
| Income Tax | $659.0K | $807.0K | $1.1M |
| Continuing Ops | $-2.6M | $-3.1M | $-2.3M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-2.6M | $-3.1M | $-2.3M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-2.6M | $-3.1M | $-2.3M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $185.0K | $258.0K | $140.0K |
| Cash & Equivalents | $77.0K | $7.0K | $1.0K |
| Other Current Assets | $108.0K | $251.0K | $139.0K |
| Long-Term Assets | $1.1M | $2.2M | $1.5M |
| PP&E (Net) | $230.0K | $218.0K | $217.0K |
| Other LT Assets | $894.0K | $2.0M | $1.3M |
| Total Assets | $1.3M | $2.5M | $1.6M |
| Current Liabilities | $1.8M | $2.7M | $3.6M |
| Other Current Liab | — | — | $3.0M |
| Long-Term Liabilities | $2.0M | $2.2M | $711.0K |
| Total Liabilities | $3.8M | $5.0M | $4.3M |
| Shareholders' Equity | $-2.5M | $-2.5M | $-2.7M |
| Paid-In Capital | $23.2M | $25.4M | $27.1M |
| Retained Earnings | $-26.4M | $-29.5M | $-31.8M |
| AOCI | $115.0K | $118.0K | $117.0K |
| Total L&E | $1.3M | $2.5M | $1.6M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-2.6M | $-3.1M | $-2.3M |
| Non-Cash Adjustments | $1.3M | $3.6M | $2.4M |
| Working Capital Changes | $742.0K | $-673.0K | $-74.0K |
| Cash from Operations | $-567.0K | $-199.0K | $-4.0K |
| Capital Expenditures | $4.0K | — | — |
| Cash from Investing | $11.0K | $0 | $0 |
| Cash from Financing | $360.0K | $130.0K | $-2.0K |
| FX Effect | $-7.0K | $-1.0K | $0 |
| Net Change in Cash | $-203.0K | $-70.0K | $-6.0K |
| Beginning Cash | $280.0K | $77.0K | $7.0K |
| Ending Cash | $77.0K | $7.0K | $1.0K |
Frequently Asked Questions
How does CITRINE GLOBAL, CORP. make money?
The company currently reports zero revenue across all standard operational segments, suggesting a lack of active product sales or service delivery. Financial statements indicate minimal operating expenses relative to a non-existent revenue base, pointing to an entity that may be in liquidation, restructuring, or awaiting a pivot.
What are the main risks for CTGL?
Severe liquidity crisis with cash reserves barely covering immediate obligations against $4.3M in total liabilities; Persistent unprofitability with net losses widening from $2.6M to $3.1M between 2022-2023; Dilution risk through share-based compensation of nearly $300K annually without revenue generation; High probability of delisting or insolvency given the negative shareholders equity.
What is CTGL's competitive advantage?
Lack of debt servicing requirements due to negative equity position; Potential for total asset write-downs to clear the balance sheet; No operational burn rate as revenue and cost of goods are zero.
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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.