RFAI

RFAI is not an operating business — it is a Cayman blank-check SPAC whose entire 'fundamentals' are trust-account mechanics. The $3.37M of FY2025 net income is essentially interest earned on the trust, not earnings from operations; the real operating line is the -$1.26M operating loss (down 247% YoY) as the company burns cash chasing a deal. The -$4.59M stockholders' equity and -1.09x liabilities/equity are accounting artifacts of SPAC redeemable-share classification (public shares sit in temporary equity, outside the 8.34M share count), not insolvency. So standard valuation lenses (P/E, P/S, ROE) don't apply — what matters is trust value per public share, the pending merger, and the clock.

The filing tells the story that the numbers hide. On Oct 2, 2025 RFAI signed a Business Combination Agreement to merge into PubCo (NYB Holdings) and amalgamate with Nanyang Biologics, a Singapore biotech. Shareholders already voted (Nov 10, 2025) to extend the deadline up to nine one-month extensions to Aug 15, 2026, depositing just $0.03/share per extension — a thin top-up that signals the sponsor is scraping to keep the deal alive. Total assets fell 56% YoY to $52.7M and shares outstanding dropped 44%, both consistent with heavy redemptions at the extension meeting. Holding-company cash is nearly gone ($337K, -65%) with negative operating cash flow, so the company is dependent on the trust and sponsor support to reach close.