Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1134

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1134
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 after the completion of a Business Combination, or earlier, in either case,
         if, subsequent to a Business Combination, the Company completes a liquidation, merger,
         share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities
         or other property.

    F-16

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      Promissory Note — Related Party
       
      On January 28, 2021, the Company issued an unsecured promissory note to the Sponsor, pursuant
         to which the Company may borrow up to an aggregate principal amount of $300,000 (the “Promissory Note”). The Promissory Note is non-interest bearing and payable on
         the earlier of (i) December 31, 2021 or (ii) the consummation of the Proposed Offering. On February 4, 2022, the Company and the Sponsor mutually agreed to extend the repayment date on
         the earlier of (i) December 31, 2022 or (ii) the consummation of the Proposed Offering. On December 2, 2022, the Company and the Sponsor mutually agreed to increase the principal amount
         up to $500,000 and extend the repayment date on the earlier of (i) December 31, 2023 or (ii) the consummation of the Proposed Offering. On December 29, 2023, the Company and the Sponsor mutually agreed to extend the repayment date
         on the earlier of (i) December 31, 2024 or (ii) the consummation of the Proposed Offering.
       
      On August 30, 2024, the Company issued an unsecured promissory note to the Sponsor, pursuant
         to which the Company may borrow up to an aggregate principal amount of $1,000,000 (the “Promissory Note”). The Promissory Note is non-interest bearing and payable on
         the earlier of (i) December 31, 2025 or (ii) the consummation of the initial business combination.
       
      As of December 31, 2024 and 2023, the principal amount due and owing under the Promissory Notes was $677,851 and $433,554, respectively.
       
      Administrative Services Agreement
       
      The Company is obligated, commencing from the