The balance sheet shows severe distress with negative equity of $3.4M and a current ratio of 0.01, highlighting a structural inability to meet short-term obligations.
| Cash & Short Term Investments | 46.88K | 6.55K | 76.75K | 116.21K |
| Cash & Due from Banks | 1.81K | 6.55K | 76.75K | 116.21K |
| Short Term Investments | 0 | 0 | 0 | 0 |
| Total Investments | 0 | 0 | 70.8M | 0 |
| Investments Growth % | 0% | -100% | - | - |
| Long-Term Investments | 0 | 0 | 70.8M | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 |
| 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 | 33.43M | 33.08M | 0 | 30K |
| Total Current Assets | 15.78K | 25.07K | 172.48K | 120.55K |
| Total Non-Current Assets | 33.43M | 33.08M | 70.8M | 30K |
| Total Assets | 33.45M | 33.11M | 70.97M | 150.55K |
| Asset Growth % | -53.35% | -53.35% | 47042.19% | - |
| Return on Assets (ROA) | 3.29% | 3.51% | 2.56% | -41.45% |
| Accounts Payable | 0 | 0 | 0 | 0 |
| Total Debt | 0 | 0 | 0 | 433.55K |
| Net Debt | -1.81K | -6.55K | -76.75K | 317.34K |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 433.55K |
| Other Liabilities | 1.73M | 1.73M | 1.73M | 0 |
| Total Current Liabilities | 1.65M | 1.46M | 712.22K | 433.55K |
| Total Non-Current Liabilities | 1.73M | 1.73M | 1.73M | 0 |
| Total Liabilities | 3.37M | 3.19M | 2.44M | 433.55K |
| Total Equity | -3.35M | -3.16M | -2.26M | -283.01K |
| Equity Growth % | -38.22% | -39.7% | -700.24% | - |
| Equity / Assets (Capital Ratio) | -10.03% | -9.56% | -3.19% | -187.98% |
| Return on Equity (ROE) | -47.14% | - | - | - |
| Book Value per Share | -1.10 | -0.57 | -0.62 | -0.13 |
| Tangible BV per Share | -1.10 | -0.57 | -0.62 | -0.13 |
| Common Stock | 66.88M | 33.08M | 70.8M | 1.73K |
| Additional Paid-in Capital | 0 | 0 | 0 | 23.27K |
| Retained Earnings | -3.36M | -3.17M | -2.27M | -308.01K |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 |
Imminent Going Concern Risk
As reported in recent financial statements, FSHPR's cash reserves have plummeted from $35.7K in 2025Q1 to a critical $1.8K by 2026Q1, signaling a rapid deterioration in the company's ability to maintain its public listing and fund necessary administrative overhead for future merger activities.
The consistent decline in cash balances over the observed five-quarter period suggests that the entity is consuming its remaining capital to sustain basic regulatory compliance. This downward trajectory indicates that the company is approaching a terminal liquidity event, as the current cash position appears insufficient to support ongoing operations.
Based on the latest quarterly filings, the current ratio has collapsed to 0.01, reflecting a severe liquidity mismatch where current liabilities vastly outweigh the company's $1.8K cash balance, leaving virtually no buffer against unexpected regulatory or legal costs.
A current ratio of 0.01 is indicative of extreme financial distress, suggesting that the company lacks the liquid assets required to meet its short-term obligations. Investors should monitor whether the company can secure emergency capital, as the current balance sheet structure appears unable to support even minimal administrative functions.
According to the balance sheet data, FSHPR has reported negative equity of $3.4M as of 2026Q1, a trend that has worsened consistently from $2.4M in 2025Q1, highlighting the erosion of shareholder value due to persistent administrative burn without any offsetting operational revenue.
The deepening negative equity position suggests that the company's accumulated losses have completely exhausted the initial capital base. This trend implies that the entity is effectively insolvent, and any potential recovery would likely require significant dilution or a total restructuring of the capital stack.
As indicated by the financial disclosures, the absence of tangible assets combined with a 2018 incorporation date suggests that the company's balance sheet is primarily composed of 'stale' corporate structure rather than productive capital, posing a significant risk of involuntary delisting.
The lack of PPE or meaningful assets confirms that the company is a shell entity with no operational foundation. The risk of hidden liabilities, such as unpaid professional fees or sponsor-related debt, remains high, which could further impair the recovery value for shareholders in the event of a liquidation.
Quick answers to the most common questions about buying FSHPR stock.
As of 2025, Flag Ship Acquisition Corporation (FSHPR) had total assets of $33.1M including $0.0M in current assets.
Flag Ship Acquisition Corporation (FSHPR) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Flag Ship Acquisition Corporation (FSHPR) has total shareholders' equity (book value) of $-3.2M ($-0.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Flag Ship Acquisition Corporation (FSHPR) 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.