GDST

GDST (Goldenstone Acquisition Limited, styled here as Chi Special Acquisition Corp.) is not an operating business — it's a Delaware blank-check SPAC that IPO'd in March 2022 to hunt for a merger, and by its own filing 'we do not own or control any equity interest in any PRC company or operate any business.' There is no revenue in any year (FY2022–FY2025 revenue is blank), and the only reason net income was ever positive was trust-account interest; that collapsed to just $109K in FY2025 (-93% YoY) while operating income stayed negative at -$934K. The P/E of 25 is a mirage — it's computed on a stale FY2023 EPS of $0.50, and there is no durable earnings stream underneath it.

The balance sheet is where the story ends. Stockholders' equity is -$6.52M, liabilities exceed assets on a net basis (liabilities/equity -1.01x), and cash is essentially zero at $14.7K against $4.55M of current liabilities. Total assets have fallen 65.9% to $19.1M and shares outstanding are down 49.7% to 3.44M, with $38M paid out in 'repurchases' — this is the classic pattern of mass public-share redemptions draining the trust, not a healthy buyback. A SPAC whose trust is being redeemed away, that carries negative equity and burns $1.49M of operating cash a year, is running on fumes.