APADUMEDIUM SIGNALFINANCIAL10-Q

APADU's cash position improved meaningfully to $1.45M while working capital turned positive, eliminating prior going concern issues as the SPAC moved through Q3 2025.

The company successfully resolved its previous liquidity crisis, transitioning from having no cash and a working capital deficit of $389K in Q2 to positive working capital of $1.17M by Q3. However, the underwriters' decision not to exercise the over-allotment option resulted in the sponsor forfeiting 1 million founder shares, which could signal reduced market confidence in the SPAC's prospects.

Comparing 2025-11-12 vs 2025-09-12View on EDGAR →
FINANCIAL ANALYSIS

APADU's balance sheet showed a notable improvement in liquidity, with current liabilities increasing modestly to $608K while current assets declined to $604K, though the company now maintains $1.45M in cash. The overall financial position strengthened considerably from the prior quarter's deficit position, moving the company away from immediate going concern risks as it continues seeking acquisition targets.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+28.8%
$472K→$608K

Current liabilities rose 28.8% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
-27.8%
$837K→$604K

Current assets declined 27.8% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2025-11-12
PRIOR — 2025-09-12
ADDED
apadu-20250930 http://fasb.org/srt/2025#ChiefExecutiveOfficerMember 00-0000000 AParadise Acquisition Corp.
Q3 --12-31 00000 0001956439 false All share data has been retroactively restated to reflect the Sponsor s forfeiture of 1,000,000 founder shares on September 15, 2025 for no consideration as the underwriters of the IPO did not exercise the over-allotment option (see Note 5).
All share data has been retroactively restated to reflect the Sponsor s forfeiture of 1,000,000 founder shares on September 15, 2025 for no consideration as the underwriters of the IPO did not exercise the over-allotment option (see Note 5).
As of September 30, 2025, the Company had not commenced any operations.
The Company granted the underwriters a 45 -day option to purchase up to an additional 3,000,000 Units at the IPO price to cover over-allotments, if any, which expired unexercised on September 12, 2025.
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REMOVED
1 Q2 --12-31 00000 0001956439 false 00-0000000 http://fasb.org/srt/2025#ChiefExecutiveOfficerMember AParadise Acquisition Corp.
(2) All share and per share data has been retroactively presented.
As of June 30, 2025, the Company had not commenced any operations.
The Company granted the underwriters a 45 -day option to purchase up to an additional 3,000,000 Units at the IPO price to cover over-allotments, if any.
Going Concern Consideration As of June 30, 2025, the Company had no cash and a working capital deficit of $ 388,893 .
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