Forensic Analysis · General / Diversified · as of Sep 11, 2026

Columbus Acquisition Corp/Cayman Islands (COLA)

A forensic read on Columbus Acquisition Corp/Cayman Islands built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Distress

Financial health

0.5

Distress distance

Clean

Earnings quality

Forensic signals

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Columbus Acquisition Corp/Cayman Islands earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 0.5, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-0.54×

FY2024–FY2025

Cash conversion. Over FY2024–FY2025, cumulative operating cash flow was -0.54× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-0.1M to FY2025 $+62.4M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

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Data from SEC EDGAR public filings · metrics as of Sep 11, 2026. Forensic signals flag probability, not certainty.