MindForge Inc. (MF) Balance Sheet

NASDAQ: MFAssets, liabilities, debt and equity over 6 years.

MF balance sheet, FY2025

June 30, 2025 · U.S. dollars

$21.0M assets = $2.0M liabilities + $19.0M equity

What it owns$21.0MCash & ST investments: $11.2M (53.3%)Cash & ST investments$11.2M · 53%Receivables: $227,044 (1.1%)Other current: $3.7M (17.4%)Other current$3.7M · 17%PP&E: $5.8M (27.7%)PP&E$5.8M · 28%Goodwill & intangibles: $5,286 (0.0%)Other non-current: $95,218 (0.5%)=How it is financed$21.0MCurrent liabilities: $1.5M (7.0%)Current liabilities $1.5MOther LT liabilities: $490,810 (2.3%)Shareholders’ equity: $19.0M (90.7%)Shareholders’ equity$19.0M · 91%

Both columns are drawn to the same scale: what MF owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MF financial health

Debt / equity0.02
Low leverage · $0.02 of debt for each $1 of equity
Equity / assets90.7%
Equity-funded · of assets funded by shareholders
Cash / debt2,814.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

MF balance sheet trends, FY2020–FY2025

MetricTrendThenLatestChange
Total assets$5.8MFY2020$21.0MFY2025+29.3%/yr
Total liabilities$5.0MFY2020$2.0MFY2025−17.1%/yr
Shareholders’ equity$785,603FY2020$19.0MFY2025+89.1%/yr
Cash & short-term investments$948,605FY2020$11.2MFY2025+63.8%/yr
Total debt$478,989FY2020$397,291FY2025−3.7%/yr
Net cash (debt)$469,616FY2020$10.8MFY2025+$10.3M
Working capital$782,333FY2020$13.6MFY2025+$12.8M
Debt / equity0.61FY20200.02FY2025−0.59

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MF assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MF liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MF debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MF balance sheet

FY2025FY2024FY2023FY2022FY2021FY2020
Assets
Cash & short-term investments$11.2M$4.8M$1.3M$1.5M$788,964$948,605
Cash & equivalents$11.2M$4.8M$1.3M$1.5M$788,964$948,605
Receivables$227,044$396,288$264,801$282,464$1.1M$1.8M
Inventory$0$0$0$0$0$0
Other current assets$3.7M$11.5M$3.0M$20.6M$584,506$3.1M
Total current assets$15.1M$16.7M$4.6M$22.4M$2.5M$5.8M
Property, plant & equipment (net)$5.8M$25,534$3,728$3,347$2,338$1,729
Goodwill & intangible assets$5,286$5,709$0$0$0$0
Long-term investments$0$0$0$0$0$0
Other non-current assets$95,218$23,744$245,956$472,650$1,823$1,541
Total assets$21.0M$16.8M$4.9M$22.9M$2.5M$5.8M
Liabilities
Accounts payable$201,369$718,130$573,619$282,464$1.7M$848
Short-term debt$397,291$708,951$138,393——$478,989
Deferred revenue——$1.8M$20.9M—$4.2M
Total current liabilities$1.5M$2.9M$3.8M$22.0M$2.4M$5.0M
Long-term debt$0$0$0$0$0$0
Lease obligations—$14,958$0———
Other long-term liabilities$490,810$7,738$0$0$0$0
Total liabilities$2.0M$2.9M$3.8M$22.0M$2.4M$5.0M
Shareholders' equity
Common stock & paid-in capital$33,255$2,700$2,400$2,400$1,500$1,500
Retained earnings (deficit)−$3.8M−$1.2M−$214,331−$348,244−$218,763−$139,223
Accumulated other comprehensive income$328,976$526,007$241,158$214,923$147,223$34,280
Total shareholders' equity$19.0M$13.9M$1.1M$910,935$75,493$785,603
Key figures
Total debt$397,291$716,535$138,393——$478,989
Net cash (debt)$10.8M$4.1M$1.2M——$469,616
Working capital$13.6M$13.8M$821,398$434,938$71,332$782,333
Tangible book value$19.0M$13.9M$1.1M$910,935$75,493$785,603
Current ratio10.245.751.221.021.031.16
Quick ratio7.761.800.410.080.790.54
Debt / equity0.020.050.13——0.61
Equity / assets90.7%82.6%22.1%4.0%3.1%13.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed October 24, 2025); data from EODHD.

MF financial position

At the end of fiscal 2025 (June 30, 2025), MindForge had total assets of $21.0 million (up 24.9% from a year earlier), total liabilities of $2.0 million and shareholders' equity of $19.0 million. It held $11.2 million in cash and short-term investments against $0.4 million of debt, a net cash position of $10.8 million. Its current ratio was 10.24. In the latest quarter (ended March 31, 2026) total assets were $38.3 million and equity $37.0 million.

Related: MF income statement, MF cash flow statement, MF key metrics. See the MF stock overview for the latest quote and news.

MF balance sheet FAQ

What are MindForge's total assets?

MindForge reported total assets of $21.0 million at the end of fiscal 2025 (June 30, 2025), compared with $16.8 million a year earlier.

How much debt does MindForge have?

MindForge had $0.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.02.

How much cash does MindForge have?

MindForge held $11.2 million in cash and short-term investments at the end of fiscal 2025; with $0.4 million of debt that is net cash of $10.8 million.

What is MindForge's book value?

MindForge's shareholders' equity (book value) was $19.0 million at the end of fiscal 2025.

What is MindForge's current ratio?

MindForge had current assets of $15.1 million and current liabilities of $1.5 million, a current ratio of 10.24 (it can cover its short-term obligations).

How much goodwill does MindForge have?

MindForge carried $0.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.

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