Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 60

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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5

    For the three months ended March 31, 2024

    Net income (loss)
     
    $
    577,698

    $
    (75,788
    )

    12

    Schedule of Basic and dilute net
    income per share

    For the Three Months Ended

    For the Three Months Ended

    March 31, 2025

    March 31, 2024

    Redeemable

    Non-Redeemable

    Redeemable

    Non-Redeemable

    Ordinary Share

    Ordinary Share

    Ordinary Share

    Ordinary Share

    Basic and diluted net income (loss) per share:

    Numerators:

    Allocation of net income (loss) including carrying value to redemption
    value
     
    $
    449,748

    $
    127,950

    $
    -

    $
    (75,788
    )
  
    Allocation of net income (loss)
     
    $
    449,748

    $
    127,950

    $
    -

    $
    (75,788
    )
  
    Denominators:

    Weighted-average shares outstanding

    6,900,000

    1,963,000

    -

    1,500,000

    Basic and diluted net income
    (loss) per share
     
    $
    0.07

    $
    0.07

    $
    -

    $
    (0.05
    )

    ●
    Related parties 

The Company follows the ASC Topic 850-10, “Related
Party” for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the trans