Total assets have plummeted from $72.4M in 2025Q2 to $33.4M in 2026Q1, with a current ratio of 0.01 indicating a critical inability to meet short-term obligations.
| Cash & Short Term Investments | 46.88K | 6.55K | 76.75K | 116.21K | 182.41K | 63.45K | 2.7K | 0 |
| Cash & Due from Banks | 1.81K | 6.55K | 76.75K | 116.21K | 182.41K | 63.45K | 2.7K | 0 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 33.43M | 33.08M | 70.8M | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | -155.38% | -53.28% | - | - | - | - | - | - |
| Long-Term Investments | 171.38M | 33.08M | 70.8M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 0 | 30K | 30K | 60K | 0 | 0 |
| Total Current Assets | 15.78K | 25.07K | 172.48K | 120.55K | 186.88K | 74.22K | 2.7K | 0 |
| Total Non-Current Assets | 33.43M | 33.08M | 70.8M | 30K | 30K | 60K | 0 | 0 |
| Total Assets | 33.45M | 33.11M | 70.97M | 150.55K | 216.88K | 134.22K | 2.7K | 0 |
| 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% | -0.13% | -234.57% | - |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 1.54M | 1.45M | 677.85K | 433.55K | 432.97K | 212.63K | 19.44K | 10.4K |
| Net Debt | 1.54M | 1.44M | 601.1K | 317.34K | 250.57K | 149.18K | 16.74K | 10.4K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1.54M | 1.45M | 677.85K | 433.55K | 432.97K | 212.63K | 19.44K | 10.4K |
| Other Liabilities | 0 | 1.73M | 1.73M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.65M | 1.46M | 712.22K | 433.55K | 437.49K | 212.63K | 19.44K | 10.4K |
| Total Non-Current Liabilities | 1.73M | 1.73M | 1.73M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.37M | 3.19M | 2.44M | 433.55K | 437.49K | 212.63K | 19.44K | 10.4K |
| Total Equity | 30.08M | 29.92M | 68.53M | -283.01K | -220.61K | -78.42K | -16.74K | -10.4K |
| Equity Growth % | -166.02% | -56.35% | 24316.59% | -28.29% | -181.33% | -368.48% | -60.94% | - |
| 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 | 12.44 | -0.19 | -0.15 | -0.05 | - | - |
| Tangible BV per Share | 9.82 | 5.42 | 12.44 | -0.19 | -0.15 | -0.05 | - | - |
| Common Stock | 33.43M | 33.08M | 70.8M | 1.73K | 1.73K | 1.73K | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 23.27K | 23.27K | 23.27K | 0 | 0 |
| Retained Earnings | -3.36M | -3.17M | -2.27M | -308.01K | -245.61K | -103.42K | -16.74K | -10.4K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidation Risk
As reported in financial statements, FSHPU's total assets plummeted from $72.4M in 2025Q2 to $33.4M by 2026Q1, reflecting a rapid contraction that underscores the company's inability to maintain its capital base while failing to secure a viable business combination after years of operation.
The precipitous decline in asset value suggests that the trust account is being systematically depleted, likely through shareholder redemptions. This trajectory indicates that the entity is losing its primary utility as a SPAC, as the remaining capital pool may soon be insufficient to support a meaningful acquisition.
Based on the most recent quarterly data, the current ratio has deteriorated to a critical 0.01, with cash reserves falling to a nominal $1,800, which suggests the company lacks the necessary liquidity to cover even basic administrative expenses without further sponsor intervention.
The collapse of the current ratio from 5.67 in 2024Q2 to near-zero levels highlights a severe liquidity crunch. Investors should monitor whether the sponsor continues to provide interest-free capital, as the current cash position appears insufficient to sustain the entity's public listing requirements.
According to the balance sheet, retained earnings have deepened to a negative $3.4M as of 2026Q1, illustrating that the company's equity base is being eroded by persistent administrative costs and the lack of any operational income to offset these ongoing expenditures.
The negative retained earnings trend reflects the cumulative impact of years of non-productive overhead. This erosion of equity suggests that the value proposition for shareholders has significantly diminished, as the capital structure is increasingly burdened by liabilities relative to the remaining asset base.
As indicated by the reported figures, the total asset value of $33.4M appears disconnected from the negligible $1,800 in cash, suggesting that the majority of the balance sheet may consist of illiquid or restricted assets that offer little utility for a potential merger.
The discrepancy between total assets and actual cash on hand warrants further investigation into the nature of these assets. It is possible that the reported asset value is inflated by accounting entries that do not represent deployable capital, potentially misleading investors regarding the company's true acquisition capacity.
Quick answers to the most common questions about buying FSHPU stock.
As of 2025, Flag Ship Acquisition Corp. Unit (FSHPU) had total assets of $33.1M including $0.0M in current assets.
Flag Ship Acquisition Corp. Unit (FSHPU) carries total debt of $1.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Flag Ship Acquisition Corp. Unit (FSHPU) 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 Corp. Unit (FSHPU) 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.