Financial stability is deteriorating as evidenced by the debt-to-equity ratio climbing to 0.70 in 2025Q2, while total assets have shrunk to $31.3M from a peak of $56.9M in 2023Q1.
| Cash & Short Term Investments | 165.46K | 28.41K | 10.62K | 1.28K |
| Cash & Due from Banks | 9.8K | 28.41K | 10.62K | 1.28K |
| Short Term Investments | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 30.12M | 58.06M | 0 |
| Investments Growth % | -244.88% | -48.12% | - | - |
| Long-Term Investments | 90.35M | 30.12M | 58.06M | 0 |
| Accounts Receivables | 0 | 0 | 0 | 2.82K |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 |
| Other Assets | 11.35M | 0 | 0 | 705.13K |
| Total Current Assets | 19.99M | 63.41K | 60.46K | 11.6K |
| Total Non-Current Assets | 11.35M | 30.12M | 58.06M | 705.13K |
| Total Assets | 31.35M | 30.19M | 58.12M | 716.73K |
| Asset Growth % | -138.25% | -48.06% | 8009.64% | - |
| Return on Assets (ROA) | -0.14% | 0.91% | 2.84% | -0.88% |
| Accounts Payable | 548.49K | 508.91K | 0 | 0 |
| Total Debt | 3.12M | 2.2M | 272K | 311.5K |
| Net Debt | 3.11M | 2.17M | 261.38K | 310.22K |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Short-Term Debt | 3.12M | 2.2M | 272K | 311.5K |
| Other Liabilities | 1.9M | 1.9M | 1.9M | 0 |
| Total Current Liabilities | 24.99M | 3.63M | 1.47M | 698.04K |
| Total Non-Current Liabilities | 1.9M | 1.9M | 1.9M | 0 |
| Total Liabilities | 26.89M | 5.52M | 3.37M | 698.04K |
| Total Equity | 4.46M | 24.66M | 54.76M | 18.69K |
| Equity Growth % | -246.75% | -54.96% | 292813.92% | - |
| Equity / Assets (Capital Ratio) | 14.23% | 81.7% | 94.21% | 2.61% |
| Return on Equity (ROE) | -0.21% | 1.02% | 3.05% | -33.73% |
| Book Value per Share | 1.72 | 4.61 | 9.59 | 0.00 |
| Tangible BV per Share | 1.72 | 4.61 | 9.59 | 0.00 |
| Common Stock | 11.09M | 60.21M | 56.07M | 150 |
| Additional Paid-in Capital | 0 | 0 | 0 | 24.85K |
| Retained Earnings | -6.63M | -5.36M | -1.31M | -6.31K |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 |
Imminent Liquidation Deadline
As reported in financial statements, FORL's total assets have declined from $56.9M in 2023Q1 to $31.3M by 2025Q2, reflecting a consistent erosion of the company's capital base as it struggles to finalize a business combination within its mandated acquisition window.
The steady contraction in total assets suggests that the vehicle is consuming its initial trust capital to fund ongoing administrative and compliance overhead. This downward trajectory implies that the company's ability to attract a viable IoT target is diminishing as the remaining capital pool shrinks.
According to recent SEC filings, FORL's cash position has plummeted to a nominal $9.8K as of 2025Q2, while the current ratio has deteriorated to 0.80, indicating a severe lack of working capital to sustain operations without immediate sponsor intervention.
The current ratio falling below unity suggests that the company may struggle to meet its near-term obligations, such as legal and audit fees. Investors should monitor whether the sponsors are willing to provide further capital, as the current liquidity profile appears insufficient for a meaningful acquisition search.
Based on the reported figures, FORL's debt-to-equity ratio has climbed to 0.70 in 2025Q2 from near-zero levels in previous periods, signaling an increasing reliance on debt financing to cover the costs of maintaining the shell entity.
The shift toward higher leverage in a non-operational shell is concerning, as it suggests that the company is borrowing to survive rather than utilizing capital for growth. This trend warrants further investigation into the terms of these liabilities and whether they represent a senior claim that could complicate a future merger.
As documented in historical balance sheets, FORL's equity has contracted significantly to $4.5M in 2025Q2 from a peak of $54.9M in 2024Q1, primarily driven by the accumulation of a $6.6M deficit in retained earnings.
The rapid depletion of equity suggests that the company's operating model is failing to preserve shareholder value during the search phase. This persistent negative trend in retained earnings implies that the costs of maintaining the listing are consistently outpacing any potential value creation from the acquisition mandate.
Based on the provided data, the absence of goodwill and PPE suggests that FORL remains a pure-play shell, yet the $26.9M in total liabilities relative to $31.3M in assets indicates that the company's net asset value is highly sensitive to minor valuation adjustments.
The lack of tangible assets means that the company's entire valuation is predicated on the potential for a future deal, which appears increasingly unlikely given the current liability load. Analysts should be wary that the headline asset figure may overstate the actual value available to common shareholders in a liquidation scenario.
Quick answers to the most common questions about buying FORL stock.
As of 2024, Four Leaf Acquisition Corporation (FORL) had total assets of $30.2M including $0.1M in current assets.
Four Leaf Acquisition Corporation (FORL) carries total debt of $2.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Four Leaf Acquisition Corporation (FORL) has total shareholders' equity (book value) of $24.7M ($4.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Four Leaf Acquisition Corporation (FORL) reported a current ratio of 0.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.