Agroz

Heavy investment into intangibles and related‑party software prepayments (e.g., Braiven), large receivables tied to project recognition, and serial reliance on RCPS funding followed by a secured note point to expensive, dilutive or restrictive capital. The 2026 move to dual‑class with 100‑vote Class B concentrates control.

We do not see a track record of high‑return reinvestment or disciplined buybacks/dividends; the priority remains survival financing and delivery against project milestones.