Financial stability has deteriorated significantly, with the current ratio collapsing to 0.01 as of 2026Q1, indicating that current liabilities vastly outweigh available liquid assets.
| Cash & Short Term Investments | 46.88K | 6.55K | 76.75K | 116.21K | 182.41K | 63.45K | 2.7K |
| Cash & Due from Banks | 1.81K | 6.55K | 76.75K | 116.21K | 182.41K | 63.45K | 2.7K |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 33.43M | 33.08M | 70.8M | 0 | 0 | 0 | 0 |
| Investments Growth % | -155.38% | -53.28% | - | - | - | - | - |
| Long-Term Investments | 171.38M | 33.08M | 70.8M | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 0 | 30K | 30K | 60K | 0 |
| Total Current Assets | 15.78K | 25.07K | 172.48K | 120.55K | 186.88K | 74.22K | 2.7K |
| Total Non-Current Assets | 33.43M | 33.08M | 70.8M | 30K | 30K | 60K | 0 |
| Total Assets | 33.45M | 33.11M | 70.97M | 150.55K | 216.88K | 134.22K | 2.7K |
| Asset Growth % | -155.78% | -53.35% | 47042.19% | -30.58% | 61.59% | 4867.36% | - |
| Return on Assets (ROA) | 3.29% | 3.51% | 2.56% | -33.97% | -61.06% | -126.61% | -234.57% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 1.54M | 1.45M | 677.85K | 433.55K | 432.97K | 212.63K | 19.44K |
| Net Debt | 1.54M | 1.44M | 601.1K | 317.34K | 250.57K | 149.18K | 16.74K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1.54M | 1.45M | 677.85K | 433.55K | 432.97K | 212.63K | 19.44K |
| Other Liabilities | 0 | 1.73M | 1.73M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.65M | 1.46M | 712.22K | 433.55K | 437.49K | 212.63K | 19.44K |
| Total Non-Current Liabilities | 1.73M | 1.73M | 1.73M | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.37M | 3.19M | 2.44M | 433.55K | 437.49K | 212.63K | 19.44K |
| Total Equity | 30.08M | 29.92M | 68.53M | -283.01K | -220.61K | -78.42K | -16.74K |
| Equity Growth % | -166.02% | -56.35% | 24316.59% | -28.29% | -181.33% | -368.48% | - |
| Equity / Assets (Capital Ratio) | 89.92% | 90.37% | 96.57% | -187.98% | -101.72% | -58.42% | -619.47% |
| Return on Equity (ROE) | 3.54% | 3.72% | 2.67% | - | - | - | - |
| Book Value per Share | 9.82 | 5.42 | 7.73 | -0.13 | -0.10 | -0.04 | -0.00 |
| Tangible BV per Share | 9.82 | 5.42 | 7.73 | -0.13 | -0.10 | -0.04 | -0.00 |
| Common Stock | 33.43M | 33.08M | 70.8M | 1.73K | 1.73K | 1.73K | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 23.27K | 23.27K | 23.27K | 0 |
| Retained Earnings | -3.36M | -3.17M | -2.27M | -308.01K | -245.61K | -103.42K | -16.74K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent insolvency and delisting
As reported in recent financial statements, FSHP's cash reserves have plummeted to a nominal $6,551, signaling a severe deterioration in the company's ability to sustain its public listing status without an immediate and substantial capital injection from external sponsors or a merger partner.
The trajectory of the balance sheet reflects a consistent depletion of liquid assets, moving from a position of relative stability to one of extreme scarcity. This trend suggests that the entity is nearing a critical threshold where administrative costs will exceed available liquidity, potentially forcing a distressed exit or liquidation.
Based on the latest quarterly data, the company's current ratio has collapsed to 0.01, indicating that current liabilities vastly outweigh available cash and highlighting an acute liquidity crisis that leaves virtually no buffer against unexpected regulatory or administrative expenses.
The current ratio of 0.01 is a stark indicator of the company's inability to meet short-term obligations through existing cash holdings. Investors should interpret this as a sign that the entity is effectively insolvent on a cash-flow basis, relying entirely on the hope of a near-term business combination to resolve its funding gap.
According to historical filings, the company's equity position has experienced significant volatility, with retained earnings falling to -$3.4M as of 2026Q1, reflecting the persistent accumulation of losses inherent in maintaining a non-operational shell vehicle over an extended six-year period.
The negative retained earnings trend underscores the lack of value creation since the company's inception. The erosion of equity suggests that the capital structure is being consumed by the overhead of maintaining a public listing, which may limit the attractiveness of the shell to potential merger targets.
As indicated by the discrepancy between total assets and cash, the company's balance sheet is heavily distorted by non-cash items, suggesting that the reported $33.4M in assets may lack real-world liquidity or realizable value in a forced liquidation scenario.
The presence of significant non-cash assets in a shell company warrants deep skepticism, as these figures likely do not represent tangible value that can be used to satisfy creditors. Analysts should monitor for potential off-balance-sheet commitments or deferred fees that could further impair the company's already fragile financial position.
Quick answers to the most common questions about buying FSHP stock.
As of 2025, Flag Ship Acquisition Corporation (FSHP) had total assets of $33.1M including $0.0M in current assets.
Flag Ship Acquisition Corporation (FSHP) carries total debt of $1.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Flag Ship Acquisition Corporation (FSHP) has total shareholders' equity (book value) of $29.9M ($5.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Flag Ship Acquisition Corporation (FSHP) 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.