The capital structure appears highly unstable, with total liabilities of $39.3M vastly exceeding the $9.6K cash balance as of 2026Q1, resulting in a current ratio of 0.00.
| Total Current Assets | 81.98K | 29.53K | 720.21K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 72.39K | 21.61K | 0 |
| Total Non-Current Assets | 39.39M | 72.92M | 69.34M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 69.34M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 39.47M | 72.95M | 70.06M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 37011.78% | 4.12% | - |
| Total Current Liabilities | 39.35M | 1.35M | 269.33K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 39.35M | 1.35M | 0 |
| Current Ratio | 0.00x | 0.02x | 2.67x |
| Quick Ratio | 0.00x | 0.02x | 2.67x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 39.35M | 1.35M | 269.33K |
| Total Debt | 0 | 0 | 0 |
| Net Debt | -9.59K | -7.92K | -646.72K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - |
| Net Debt / EBITDA | 0.01x | - | - |
| Interest Coverage | 2.02x | - | - |
| Total Equity | 123.46K | -1.32M | 69.8M |
| Equity Growth % | -1922.26% | -101.89% | - |
| Book Value per Share | 0.07 | -0.19 | 86.65 |
| Total Shareholders' Equity | 123.46K | -1.32M | 69.8M |
| Common Stock | 78.86M | 145.88M | 69.34M |
| Retained Earnings | -1.78M | -1.32M | 138.62K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and Funding Risk
As reported in financial statements, the company's equity base has eroded significantly, shifting from a peak of $70.3M in 2025Q1 to a mere $123.5K by 2026Q1, signaling a rapid depletion of resources that undermines the entity's ability to sustain its search for a viable business combination.
The trajectory of the balance sheet suggests a structural decline as the company consumes its initial capital pool to cover administrative overhead. This trend indicates that the shell is becoming increasingly fragile, with the shrinking equity base leaving little room for error in the deal-sourcing process.
According to recent SEC filings, the current ratio has plummeted to 0.00 as of 2026Q1, reflecting a severe liquidity crunch where cash reserves of $9.6K are insufficient to cover the $39.3M in total liabilities, suggesting the firm is entirely dependent on external sponsor support for survival.
The near-zero current ratio highlights an inability to meet short-term obligations without continuous capital injections from the sponsor. Investors should monitor whether this liquidity profile forces an accelerated, potentially sub-optimal, business combination to avoid a total depletion of remaining cash.
Based on the company's reported figures, the equity position has experienced extreme volatility, swinging from a positive $70.3M in 2025Q1 to a negative $1.3M by 2025Q4, which indicates that the capital structure is highly sensitive to non-operating accounting adjustments and ongoing operational losses.
The instability in equity suggests that the company's net worth is not anchored by operational value but rather by fluctuating accounting valuations. This volatility warrants investigation into the sustainability of the current capital structure, as the negative equity periods imply that liabilities have periodically exceeded the value of assets.
As evidenced by the 2026Q1 data, the $39.3M in total liabilities against a negligible cash balance suggests that the company carries significant off-balance-sheet or contingent obligations that are not immediately apparent, potentially complicating any future merger negotiations or the eventual liquidation process for public shareholders.
The massive discrepancy between total liabilities and available cash suggests that the company may be carrying substantial warrant liabilities or other financial commitments that could dilute shareholder value upon a merger. This imbalance implies that the headline asset figures may be misleading, as they do not reflect the true net position available to investors.
Quick answers to the most common questions about buying HSPTU stock.
As of 2025, Horizon Space Acquisition II Corp. (HSPTU) had total assets of $73.0M including $0.0M in current assets.
Horizon Space Acquisition II Corp. (HSPTU) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horizon Space Acquisition II Corp. (HSPTU) has total shareholders' equity (book value) of $-1.3M ($-0.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Horizon Space Acquisition II Corp. (HSPTU) 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.