Financial Snapshot – QQ1 2026 (USD, quarter ended 2025-06-30, reported currency USD):
- Revenue: N/A (no reported revenue in the quarter)
- Operating results: Operating income -$140,043; EBITDA -$140,043; Net income -$120,079; EPS -$0.02
- Expenses: General & Administrative -$113,843; Other expenses -$26,200; Total operating expenses -$140,043
- Tax: Income tax expense $2,547; Net income -$120,079; EPS -0.02
- Liquidity and cash flow: Net cash provided by operating activities -$133,344; Net cash used in investing activities -$6,000; Net cash provided by financing activities $59,170; Net change in cash -$80,174; Cash at end of period $161,374; Cash at beginning of period $241,548
- Balance sheet highlights: Total assets $3,595,851; Total liabilities $15,200,657; Total stockholders’ equity -$11,604,806; Cash & equivalents $161,374; Long-term investments $3,421,588; Short-term debt $5,163,883; Total debt $5,163,883; Net debt $5,002,509
- Key profitability ratios: No revenue; EBITDA margin not meaningful; Net income margin negative; Earnings per share -$0.02; Weighted average shares outstanding 6,863,594
Notable trend indicators:
- YoY operating income growth reported at +70.65% (from prior period) and QoQ growth at +29.15% for QQ1 2026; net income YoY +54.84% and QoQ +24.98% for QQ1 2026. Given negative absolute values, these reflect reductions in loss magnitude rather than profitability (i.e., losses narrowed) and should be interpreted in the context of a non-operating shell company with no revenue.
- The company’s balance sheet shows a materially negative shareholders’ equity position (-$11.60M) despite only ~$3.6M in reported assets, implying leakage of trust or sponsor equity characteristics common to SPAC/shell structures. Net debt of ~$5.00M against just ~$161k of cash indicates tight liquidity, relying on ongoing financing activities to support operations.