The equity position has eroded from $57.7M in 2025Q2 to $42.3M by 2026Q1, while the current ratio has plummeted to 0.09, signaling severe near-term liquidity pressure.
| Total Current Assets | 79.47K | 37.17K | 455.68K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 45.05M | 44.39M | 58.33M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 59.54M | 0 | 58.33M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 45.13M | 44.43M | 58.79M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 70763.56% | -24.43% | - |
| Total Current Liabilities | 930.4K | 419.28K | 22.5K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 400K | 100K | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 0 | 0 | 0 |
| Current Ratio | 0.09x | 0.09x | 20.25x |
| Quick Ratio | 0.09x | 0.09x | 20.25x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 1.87M | 1.87M | 1.87M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 2.8M | 2.29M | 1.89M |
| Total Debt | 400K | 100K | 0 |
| Net Debt | 390.53K | 62.83K | -392.68K |
| Debt / Equity | 0.01x | 0.00x | - |
| Debt / EBITDA | -15.49x | - | - |
| Net Debt / EBITDA | -15.13x | - | -613560.94x |
| Interest Coverage | - | - | - |
| Total Equity | 42.33M | 42.14M | 56.89M |
| Equity Growth % | 412104.33% | -25.94% | - |
| Book Value per Share | 10.08 | 7.38 | 19.60 |
| Total Shareholders' Equity | 42.33M | 42.14M | 56.89M |
| Common Stock | 45.05M | 44.39M | 58.33M |
| Retained Earnings | -2.72M | -2.25M | -1.44M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidity and Regulatory Constraints
As reported in financial statements, RDAC's equity position has fluctuated significantly, dropping from $57.7M in 2025Q2 to $42.3M by 2026Q1, reflecting a deteriorating balance sheet trajectory that suggests the company is struggling to maintain the capital base necessary for a successful business combination in the current environment.
The consistent decline in net equity, coupled with persistent negative retained earnings, indicates that the shell is consuming its limited resources without achieving a definitive merger. Investors should monitor whether this trend reflects an inability to attract capital or simply the high cost of maintaining a public listing while searching for a target.
Based on reported figures, RDAC's debt levels have risen to $400.0K as of 2026Q1, which, while small in absolute terms, represents a shift toward debt-funded operations that may indicate the sponsor is increasingly relying on external financing to cover administrative costs as cash reserves dwindle.
The emergence of debt on the balance sheet suggests that the company's internal liquidity is insufficient to sustain its current burn rate. This reliance on debt financing warrants further investigation, as it may signal that the sponsor is unwilling or unable to provide further equity-based capital injections.
According to recent SEC filings, the company's cash position has plummeted to a mere $9.5K in 2026Q1, resulting in a current ratio of 0.09, which highlights a severe liquidity shortfall that threatens the company's ability to fund ongoing regulatory and administrative obligations in the near term.
A current ratio well below 1.0 indicates that the company lacks the liquid assets to cover its immediate liabilities, suggesting a high risk of insolvency if additional capital is not secured. This precarious position likely limits management's flexibility and could force a rushed or suboptimal merger decision.
As indicated by the balance sheet data, the absence of tangible assets or PPE, combined with a $45.1M asset base that is likely comprised of restricted trust funds, suggests that the company's headline asset value may be misleading regarding its actual operational flexibility or available working capital.
The reliance on restricted assets means that the company's reported total assets do not translate into usable liquidity for day-to-day operations. Investors should be wary that the headline asset figure masks a lack of true operational substance, leaving the company highly vulnerable to any regulatory or redemption-related shocks.
Quick answers to the most common questions about buying RDAC stock.
As of 2025, Rising Dragon Acquisition Corp. (RDAC) had total assets of $44.4M including $0.0M in current assets.
Rising Dragon Acquisition Corp. (RDAC) carries total debt of $0.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rising Dragon Acquisition Corp. (RDAC) has total shareholders' equity (book value) of $42.1M ($7.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rising Dragon Acquisition Corp. (RDAC) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.