NOEMRHIGH SIGNALFINANCIAL10-K

NOEMR shows severe liquidity deterioration with current assets declining substantially while current liabilities increased meaningfully, creating potential going-concern issues for this SPAC.

The company's current assets dropped by over two-thirds while current liabilities increased by more than 80%, indicating a critical cash crunch that threatens operational viability. The worsening stockholders' equity deficit and reliance on sponsor funding through a $1.5M convertible note suggests the SPAC is struggling financially as it approaches its business combination deadline.

Comparing 2026-03-16 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

NOEMR's balance sheet deteriorated significantly, with current assets falling sharply to just $383K while current liabilities grew substantially to $805K, creating a severe working capital deficit. The stockholders' equity deficit expanded to -$1.8M, and total liabilities increased modestly to $2.9M. This financial picture reveals a SPAC under considerable liquidity stress, dependent on sponsor funding to maintain operations while seeking a business combination.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+80.7%
$446K→$805K

Current liabilities surged 80.7% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
-67.4%
$1.2M→$383K

Current assets declined 67.4% — monitor working capital adequacy and short-term liquidity.

Stockholders Equity
Balance Sheet
-41.5%
-$1.3M→-$1.8M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Liabilities
Balance Sheet
+14.3%
$2.5M→$2.9M

Liabilities increased 14.3% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-31
ADDED
For purposes of calculating the aggregate market value of shares held by non-affiliates, we have assumed that all outstanding shares are held by non-affiliates, except for shares held by each of our executive officers, directors and 5% or greater stockholders.
In the case of 5% or greater stockholders, we have not deemed such stockholders to be affiliates unless there are facts and circumstances which would indicate that such stockholders exercise any control over our company, or unless they hold 10% or more of our outstanding common stock.
These assumptions should not be deemed to constitute an admission that all executive officers, directors and 5% or greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be affiliates of our company.
Further information concerning shareholdings of our officers, directors and principal stockholders is included in Part III, Item 12 of this Annual Report on Form 10-K.
On April 15, 2025, the Company entered into a convertible promissory note dated March 31, 2025 (the Working Capital Note ) with its Sponsor.
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REMOVED
The registrant s units began trading on the Nasdaq Global Market on November 12, 2024, and the registrant s common stock, public warrants and public rights commenced separate public trading on the Nasdaq Global Market on January 16, 2025.
The terms of the promissory note to be issued in connection with any such loans are planned to be finalized following the filing of the Form 10-K.
Mark Mathews, and do not intend to have any full-time employees prior to the completion of our initial business combination.
Our majority stockholder currently owns approximately 26.8% of the issued and outstanding shares of our common stock.
Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, or have undertaken or are expected to undertake military strikes in Southwest Asia, increasing geopolitical tensions among a number of nations.
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