AFJK

AFJK is not an operating business — it is a Cayman Islands blank-check (SPAC) shell whose entire FY2025 net income of $1.06M came from interest on cash in the Trust Account ($1,895,527 of trust interest less $835,759 of G&A), with the filing stating plainly: 'We have neither engaged in any operations nor generated any revenue to date.' Operating income is negative (-$836K) and operating cash flow is negative (-$565K). There is no revenue line, no margin, no franchise — the standard fundamentals lens does not apply. What matters is the trust, the deal, and the price relative to redemption value.

The balance sheet is hollowed out and stressed. Total assets collapsed 83.6% YoY to $12.1M (the signature of heavy shareholder redemptions, consistent with shares outstanding falling 48.3% to just 3.17M), while total liabilities jumped 169.5% to $4.06M and current liabilities surged 312.7% to $3.37M against essentially no current assets ($2.93K). Stockholders' equity is negative (-$4.06M), a liabilities/equity of -1.00x. The entire equity question hinges on one binary event: the proposed business combination with United Hydrogen.