DTSQ

DTSQ is not an operating business — it is a Cayman blank-check SPAC that, in its own words, has "neither engaged in any operations nor generated any revenues to date." Every income-statement figure here is noise: the $2.13M FY2025 net income is trust interest and warrant/rights remeasurement, while the actual business result is a -$557K operating loss. There is nothing to value on fundamentals; the only thing that matters is the trust account versus the price, and the deadline to do something with it.

The balance sheet is alarming for anything other than a trust-backed shell. Cash and cash-in-escrow is $461, current liabilities of $457K exceed current assets of $95.6K (a $361K working-capital deficit), and stockholders' equity is negative $1.05M. Management's auditor issued an explicit going-concern paragraph, and the filing states outright that cash and working capital "are insufficient to complete its business combination for the upcoming year." Total assets collapsed 74.7% to $18.0M and shares outstanding fell 59% to 3.65M — consistent with heavy public-share redemptions (the $55.4M "buyback" line is trust redemptions, not shareholder-friendly repurchases). Continued monthly extensions cost $75,000 each into the trust, money this shell does not visibly have.