Total assets have contracted significantly from $73.2M in 2023Q3 to $23.1M in 2025Q3, while the debt-to-equity ratio has climbed to 0.19, signaling increased reliance on leverage.
| Total Current Assets | 28.93K | 7.82K | 298.91K | 685.47K |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | - | - | - | - |
| Short-Term Investments | - | - | - | - |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 23.09M | 21.32M | 67.95M | 70.24M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 88.81M | 21.32M | 67.95M | 0 |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 23.12M | 21.33M | 68.25M | 70.93M |
| Asset Turnover | 0.00x | - | - | - |
| Asset Growth % | -258.26% | -68.75% | -3.78% | - |
| Total Current Liabilities | 3.48M | 1.98M | 413.72K | 34.84K |
| Accounts Payable | 0 | 0 | 134 | 0 |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 3.22M | 1.78M | 280K | 0 |
| Deferred Revenue (Current) | 0 | - | - | - |
| Other Current Liabilities | 257.66K | 201.82K | 133.58K | -160.61K |
| Current Ratio | 0.01x | 0.00x | 0.72x | 19.67x |
| Quick Ratio | 0.01x | 0.00x | 0.72x | 19.67x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 2.42M | 2.42M | 2.42M | 2.42M |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 5.89M | 4.4M | 2.83M | 2.45M |
| Total Debt | 3.22M | 1.78M | 280K | 0 |
| Net Debt | 3.21M | 1.77M | -3.28K | -561.41K |
| Debt / Equity | 0.19x | 0.11x | 0.00x | - |
| Debt / EBITDA | 1.17x | 0.84x | 1806.45x | - |
| Net Debt / EBITDA | 1.17x | 0.84x | -21.17x | -5.71x |
| Interest Coverage | - | - | - | - |
| Total Equity | 17.23M | 16.93M | 65.42M | 68.48M |
| Equity Growth % | -285.36% | -74.12% | -4.47% | - |
| Book Value per Share | 9.27 | 2.16 | 9.67 | 41.40 |
| Total Shareholders' Equity | 17.23M | 16.93M | 65.42M | 68.48M |
| Common Stock | 23.09M | 21.32M | 67.95M | 70.22M |
| Retained Earnings | -5.86M | -4.39M | -2.53M | -1.74M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Imminent liquidation and insolvency
As reported in recent financial statements, HSPO's total assets have declined from $73.2M in 2023Q3 to $23.1M by 2025Q3, reflecting a consistent contraction in the capital pool available for potential business combinations as the entity nears its mandatory liquidation deadline.
The steady decline in total assets suggests that the company is experiencing significant capital leakage, likely due to shareholder redemptions and ongoing administrative costs. This downward trajectory indicates a weakening position that may limit the sponsor's ability to negotiate favorable terms for a target acquisition.
Based on the company's 2025Q3 filings, cash reserves have plummeted to a nominal $7,815, resulting in a current ratio of 0.01, which indicates an extremely limited buffer to cover essential regulatory and administrative expenses required to maintain the shell's public listing.
The near-total exhaustion of operating cash suggests that the entity is effectively reliant on external sponsor support to remain a going concern. Investors should monitor whether this liquidity crunch forces management into a rushed, sub-optimal merger or an early dissolution of the vehicle.
According to the provided balance sheet data, HSPO's debt-to-equity ratio has climbed to 0.19 as of 2025Q3, a notable increase from the 0.00 levels observed in 2023, signaling a growing reliance on debt financing to sustain the shell's operations in the absence of revenue.
While the absolute debt level of $3.2M remains modest, the trend of increasing leverage against a shrinking asset base is concerning for a pre-revenue entity. This shift suggests that the sponsor is increasingly funding the search process through debt, which may create future repayment obligations that complicate potential merger negotiations.
As indicated by the company's financial records, retained earnings have deteriorated to -$5.9M in 2025Q3, reflecting the persistent, non-recoverable administrative costs that have steadily eroded the equity base since the company's inception.
The consistent growth of the deficit highlights the structural inefficiency of the current business model, where capital is consumed without any corresponding asset creation. This erosion of equity quality may reduce the attractiveness of the SPAC to potential targets seeking a clean balance sheet for a reverse merger.
Based on the observed financial data, the headline equity figure of $17.2M potentially masks the reality that a significant portion of these assets are restricted, leaving the company with virtually no unencumbered capital to navigate the final stages of its lifecycle.
The discrepancy between total assets and available operating cash suggests that the company is effectively trapped in a liquidity vacuum. Analysts should be wary that the reported equity may not be fully accessible for operational needs, potentially necessitating further dilutive financing or sponsor-led capital injections.
Quick answers to the most common questions about buying HSPO stock.
As of 2024, Horizon Space Acquisition I Corp. Ordinary Shares (HSPO) had total assets of $21.3M including $0.0M in current assets.
Horizon Space Acquisition I Corp. Ordinary Shares (HSPO) carries total debt of $1.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horizon Space Acquisition I Corp. Ordinary Shares (HSPO) has total shareholders' equity (book value) of $16.9M ($2.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Horizon Space Acquisition I Corp. Ordinary Shares (HSPO) reported a current ratio of 0.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.