Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 174

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 174
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 and it has different application dates for public or private companies, the Company,
         as an emerging growth company, can adopt the new or revised standard at the time private
         companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth
         company nor an emerging growth company which has opted out of using the extended transition
         period difficult or impossible because of the potential differences in accounting
         standards used.

            ●
            Use of estimates

      The preparation of financial statement in conformity with U.S. GAAP requires management
         to make estimates and assumptions that affect the reported amounts of assets and liabilities
         and disclosure of contingent assets and liabilities at the date of the financial statement.

    F-11

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      Making estimates requires management to exercise significant judgment. It is at least
         reasonably possible that the estimate of the effect of a condition, situation or set
         of circumstances that existed at the date of the financial statement, which management
         considered in formulating its estimate, could change in the near term due to one or
         more future confirming events. Accordingly, the actual results could differ significantly
         from those estimates.

            ●
            Cash and cash equivalents

      The Company considers all short-term investments
      with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash balance of $76,747

      and $116,210
      as of December 31, 2024 and 2023, respectively.  The Company has no
      cash equivalents as of December 31, 2024 and 2023.

            ●
            Deferred offering costs

      Deferred offering costs consist of underwriting, legal, accounting and other expenses
         incurred through the balance sheet dates that are directly related to the Initial
         Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.

            ●
            Rights accounting

      Rights — Except in cases where the Company is not the surviving company in a Business
         Combination, each holder of a right will automatically receive one-tenth (1/10) of
         one ordinary share upon consummation of a Business Combination, even if the holder
         of a right redeemed all shares held by him, her or it in connection with a Business
         Combination or an amendment to the Company’s Amended