Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1114

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1114
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    Proceed from private placement 
     2,380,000  
     - 
  
    Advances from a related party 
     637,851  
     580 
  
    Repayment to a related party 
     (433,554) 
     - 
  
    Net cash provided by financing activities 
     69,836,864  
     580 

    NET CHANGE IN CASH 
     (39,463) 
     (66,198)
  
    CASH, BEGINNING OF PERIOD 
     116,210  
     182,408 
  
    CASH, END OF PERIOD 
    $76,747  
    $116,210 

    NON-CASH INVESTING AND FINANCING ACTIVITIES: 

    Initial classification of ordinary shares subject to possible redemption 
    $64,667,291  
    $- 
  
    Allocation of offering costs to ordinary shares subject to possible redemption 
    $3,231,709  
    $- 
  
    Accretion of carrying value to redemption value 
    $7,564,418  
    $- 
  
    Subsequent remeasurement of ordinary shares subject to possible redemption 
    $1,799,136  
    $- 
  
    Accrued underwriting compensation 
    $1,725,000  
    $- 

See accompanying notes to financial statements.

F-6

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND
       
      Flag Ship Acquisition Corporation (the “Company”) is a blank check incorporated company
         incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of effecting a merger, share exchange,
         asset acquisition, stock purchase, reorganization or similar business combination
         with one or more businesses (“Business Combination”).
       
      Although the Company is not limited to a particular industry or geographic region
         for purposes of consummating a Business Combination, the Company intends to focus
         on businesses that have a connection to the Asian market. The Company is an early
         stage and emerging growth company and, as such, the Company is subject to all of the
         risks associated with early stage and emerging growth companies.
       
      As of December 31, 2024, the Company