The firm's capital structure has deteriorated significantly, with equity shifting to a negative $6.9 million position as of 2026Q1, while total liabilities reached $9.9 million.
| Total Current Assets | 2.94M | 3.18M | 0 |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 139.22K | 75K | 0 |
| Total Non-Current Assets | 235.33M | 233.3M | 35.48K |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 230.88M | 0 | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 238.27M | 236.49M | 35.48K |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 0% | 666432.66% | - |
| Total Current Liabilities | 652.69K | 209.56K | 58.3K |
| Accounts Payable | 119.81K | 104.04K | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 11.39K |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 652.69K | 209.56K | 35.48K |
| Current Ratio | 4.51x | 15.19x | - |
| Quick Ratio | 4.51x | 15.19x | - |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 9.2M | 9.2M | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 9.85M | 9.41M | 58.3K |
| Total Debt | 0 | 0 | 11.39K |
| Net Debt | -2.8M | -3.11M | 11.39K |
| Debt / Equity | -0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - |
| Net Debt / EBITDA | 4.01x | - | - |
| Interest Coverage | - | - | - |
| Total Equity | -6.88M | -6.18M | -22.82K |
| Equity Growth % | 0% | -26969.06% | - |
| Book Value per Share | -0.30 | -0.78 | -0.00 |
| Total Shareholders' Equity | -6.88M | -6.18M | -22.82K |
| Common Stock | 473.57M | 469.74M | 0 |
| Retained Earnings | -6.88M | -6.18M | -22.82K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Binary merger execution risk
As reported in recent financial statements, KOYN's equity position has shifted from a positive $225.2 million in 2025Q3 to a negative $6.9 million by 2026Q1, signaling a rapid erosion of net assets as the firm continues its search for a viable business combination target.
The dramatic swing into negative equity suggests that the company is consuming its capital base to fund administrative overhead without generating offsetting operational value. Investors should monitor this trajectory closely, as the depletion of net assets may limit the firm's flexibility to negotiate favorable terms in a potential merger.
Based on the company's 2026Q1 filings, the current ratio has tightened significantly to 4.51 from a peak of 24.66 in 2025Q3, reflecting a narrowing buffer of liquid assets relative to the firm's ongoing administrative liabilities and professional service obligations.
While a current ratio of 4.51 appears superficially healthy, the absolute cash balance of $2.8 million provides a very limited runway for a SPAC of this nature. This suggests that the firm may be approaching a critical juncture where additional capital infusions become necessary to sustain operations through the due diligence phase.
According to the provided balance sheet data, the company's retained earnings have plummeted to a deficit of $6.9 million as of 2026Q1, indicating that the firm's accumulated losses are now significantly outweighing its initial capital contributions and interest-derived income.
The transition to negative retained earnings highlights the structural challenge of maintaining a public shell entity without an active revenue stream. This erosion of equity may complicate future capital raising efforts, as potential PIPE investors will likely scrutinize the firm's ability to preserve value prior to a business combination.
As indicated by the 2026Q1 financial data, the presence of $9.9 million in total liabilities against a backdrop of minimal operational assets suggests that non-cash obligations, such as warrant liabilities, are significantly distorting the firm's reported financial position and overall solvency profile.
The discrepancy between the firm's $238.3 million in total assets and its negative equity position warrants further investigation into the nature of these liabilities. It appears that the balance sheet is heavily influenced by accounting adjustments that may mask the true, limited liquidity available for actual deal-making activities.
Quick answers to the most common questions about buying KOYN stock.
As of 2025, CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) had total assets of $236.5M including $3.2M in current assets.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) has total shareholders' equity (book value) of $-6.2M ($-0.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) reported a current ratio of 15.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.