VHAI (VHAI) Balance Sheet

BATS: VHAIAssets, liabilities, debt and equity over 5 years.

VHAI balance sheet, 2024

December 31, 2024 · U.S. dollars

$97,982 assets = $2.2M liabilities + −$2.1M equity

Liabilities exceed assets: shareholders’ equity is negative (−$2.1M).

Both columns are drawn to the same scale: what VHAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VHAI financial health

Current ratio0.03

Tight · current assets cover current liabilities 0.03×

Equity / assets−2,187.7%

Thin equity · of assets funded by shareholders

Cash / debt0.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2024.

VHAI balance sheet trends, 2020–2024

VHAI balance sheet trends
Metric	Then	Latest	Change
Total assets	$1,7012020	$97,9822024	+175.5%/yr
Total liabilities	$1,1802020	$2.2M2024	+560.2%/yr
Shareholders’ equity	$5212020	−$2.1M2024	—
Cash & short-term investments	$1,7012020	$2812024	−36.2%/yr
Total debt	$523,2372021	$142,5382024	−35.2%/yr
Net cash (debt)	$115,4042021	−$142,2572024	−$257,661
Working capital	$5212020	−$2.2M2024	−$2.2M
Current ratio	1.442020	0.032024	−1.41
Debt / equity	0.462021	1.532022	+1.07

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VHAI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VHAI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VHAI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VHAI balance sheet

VHAI annual balance sheet
	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	$281	$0	$695,181	$638,641	$1,701
Cash & equivalents	$281	$0	$695,181	$638,641	$1,701
Receivables	$50,000	$0	$46,429	$0	$0
Inventory	$0	$0	$0	$0	$0
Other current assets	$28,076	$12,770	$70,180	$45,960	$0
Total current assets	$78,357	$12,770	$811,790	$684,601	$1,701
Property, plant & equipment (net)	$18,912	$339,577	$437,956	$533,033	$0
Goodwill & intangible assets	$0	$0	$1.1M	$463,822	$0
Long-term investments	$0	$0	$0	$0	$0
Other non-current assets	$713	$4.1M	$18,305	$126,073	$0
Total assets	$97,982	$4.5M	$2.3M	$1.8M	$1,701
Liabilities
Accounts payable	$1.5M	$1.2M	$312,043	$157,712	—
Short-term debt	$142,538	$3.8M	$1.1M	$85,887	—
Deferred revenue	—	$15,949	$203,000	—	—
Total current liabilities	$2.2M	$7.9M	$2.6M	$243,599	$1,180
Long-term debt	$0	$0	$0	$0	$0
Lease obligations	$0	$339,620	$437,474	$523,237	$0
Other long-term liabilities	$0	$232,787	$314,195	$437,350	$0
Total liabilities	$2.2M	$8.1M	$2.9M	$680,949	$1,180
Shareholders' equity
Common stock & paid-in capital	$30,021	$423	$309	$5,156	—
Retained earnings (deficit)	−$100.5M	−$90.5M	−$81.8M	−$4.8M	$521
Accumulated other comprehensive income	—	−$423	−$5,998	−$267	—
Total shareholders' equity	−$2.1M	−$3.7M	$1.6M	$1.1M	$521
Key figures
Total debt	$142,538	$4.1M	$2.5M	$523,237	—
Net cash (debt)	−$142,257	−$4.1M	−$1.8M	$115,404	—
Working capital	−$2.2M	−$7.9M	−$1.8M	$441,002	$521
Tangible book value	−$2.1M	−$3.7M	$583,232	$662,758	$521
Current ratio	0.03	0.00	0.31	2.81	1.44
Quick ratio	0.02	0.00	0.29	2.62	1.44
Debt / equity	—	—	1.53	0.46	—
Equity / assets	−2,187.7%	−82.2%	70.5%	62.3%	30.6%

VHAI quarterly balance sheet
	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23	Dec '22
Assets
Cash & short-term investments	$4,057	$283	$281	$1,216	$1,216	$627,847	$2.7M	$0	$31,533	$92,760	$695,181
Cash & equivalents	$4,057	$283	$281	$1,216	$1,216	$627,847	$2.7M	$0	$31,533	$92,760	$695,181
Receivables	$19,369	$1,000	$50,000	$50,155	$50,155	$0	$0	$0	$0	$0	$46,429
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$5,181	$3,847	$28,076	$158,212	$158,212	$246,080	$321,234	$12,770	$60,528	$45,549	$70,180
Total current assets	$28,607	$5,130	$78,357	$209,583	$209,583	$873,927	$3.0M	$12,770	$92,061	$138,309	$811,790
Property, plant & equipment (net)	$14,153	$15,739	$18,912	$261,469	$261,469	$288,949	$313,408	$339,577	$367,192	$391,972	$437,956
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1.1M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$9,023	$138,773	$713	$21,400	$21,400	$21,400	$21,273	$4.1M	$4.0M	$3.6M	$18,305
Total assets	$51,783	$159,642	$97,982	$492,452	$492,452	$1.2M	$3.4M	$4.5M	$4.5M	$4.2M	$2.3M
Liabilities
Accounts payable	$1.9M	$1.8M	$1.5M	$1.5M	$1.5M	$908,899	$1.5M	$1.2M	$738,535	$626,932	$312,043
Short-term debt	$1.5M	$379,391	$142,538	$231,282	—	$300,537	$290,034	$3.8M	$3.7M	$3.1M	$1.1M
Deferred revenue	$15,950	$15,950	—	$15,950	—	$15,950	$15,949	$15,949	—	$8,000	$203,000
Total current liabilities	$7.1M	$5.9M	$2.2M	$2.3M	$2.3M	$1.7M	$2.3M	$7.9M	$6.8M	$5.7M	$2.6M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	—	—	—	$0	$260,520	$287,597	$313,819	$339,620	—	—	$437,474
Other long-term liabilities	$0	$0	$0	$114,119	$114,119	$175,954	$206,986	$232,786	$260,665	$287,742	$314,195
Total liabilities	$7.1M	$5.9M	$2.2M	$2.4M	$2.4M	$1.8M	$2.5M	$8.1M	$7.0M	$6.0M	$2.9M
Shareholders' equity
Common stock & paid-in capital	$373,535	$125,621	$30,021	$22,937	—	$13,429	$1,719	$423	$411	$386	$309
Retained earnings (deficit)	−$106.5M	−$104.7M	−$100.5M	−$100.3M	−$100.3M	−$99.0M	−$97.5M	−$90.5M	−$88.9M	−$87.1M	−$81.8M
Accumulated other comprehensive income	—	—	—	—	—	−$400	−$1,719	−$423	−$411	−$386	−$5,998
Total shareholders' equity	−$7.1M	−$5.8M	−$2.1M	−$2.0M	−$2.0M	−$641,861	$856,058	−$3.7M	−$2.5M	−$1.9M	$1.6M
Key figures
Total debt	$1.5M	$379,391	$142,538	$345,401	—	$476,491	$497,020	$4.1M	$4.0M	$3.4M	$2.5M
Net cash (debt)	−$1.5M	−$379,108	−$142,257	−$344,185	—	$151,356	$2.2M	−$4.1M	−$4.0M	−$3.3M	−$1.8M
Working capital	−$7.1M	−$5.9M	−$2.2M	−$2.1M	−$2.1M	−$776,256	$728,363	−$7.9M	−$6.7M	−$5.6M	−$1.8M
Tangible book value	−$7.1M	−$5.8M	−$2.1M	−$2.0M	−$2.0M	−$641,861	$856,058	−$3.7M	−$2.5M	−$1.9M	$583,232
Book value per share	−$0.00	—	—	—	—	—	—	—	—	—	—
Shares outstanding	3.42B	—	—	—	—	—	—	—	—	—	—
Current ratio	0.00	0.00	0.03	0.09	0.09	0.53	1.32	0.00	0.01	0.02	0.31
Quick ratio	0.00	0.00	0.02	0.02	0.02	0.38	1.18	0.00	0.00	0.02	0.29
Debt / equity	—	—	—	—	—	—	0.58	—	—	—	1.53
Equity / assets	−13,658.3%	−3,602.1%	−2,187.7%	−396.3%	−396.3%	−54.2%	25.5%	−82.2%	−56.5%	−44.7%	70.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 30, 2025); data from EODHD.

VHAI financial position

At the end of fiscal 2024 (December 31, 2024), VHAI had total assets of $0.1 million (down 97.8% from a year earlier), total liabilities of $2.2 million and shareholders' equity of -$2.1 million. It held $0.0 million in cash and short-term investments against $0.1 million of debt, net debt of $0.1 million. Its current ratio was 0.03. In the latest quarter (ended September 30, 2025) total assets were $0.1 million and equity -$7.1 million.

Related: VHAI cash flow statement, VHAI key metrics. See the VHAI stock overview for the latest quote and news.

VHAI balance sheet FAQ

What are VHAI's total assets?

VHAI reported total assets of $0.1 million at the end of fiscal 2024 (December 31, 2024), compared with $4.5 million a year earlier.

How much debt does VHAI have?

VHAI had $0.1 million of total debt at the end of fiscal 2024, including short-term borrowings. Its debt-to-equity ratio was —.

How much cash does VHAI have?

VHAI held $0.0 million in cash and short-term investments at the end of fiscal 2024; with $0.1 million of debt that is net debt of $0.1 million.

What is VHAI's book value?

VHAI's shareholders' equity (book value) was -$2.1 million at the end of fiscal 2024.

What is VHAI's current ratio?

VHAI had current assets of $0.1 million and current liabilities of $2.2 million, a current ratio of 0.03 (current liabilities exceed current assets).