Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 0

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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FLAG SHIP ACQUISITION CORPORATION

UNAUDITED BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

    September 30, 2025

    December 31, 2024

    ASSETS

    Current asset:

    Cash
     
    $
    18,751

    $
    76,747

    Prepayments and deposits

    35,940

    95,737

    Total current assets

    54,691

    172,484

    Cash and investments held in trust account

    32,584,205

    70,799,136

    TOTAL ASSETS
     
    $
    32,638,896

    $
    70,971,620

    LIABILITIES AND SHAREHOLDERS’ DEFICIT

    Current liabilities:

    Accrued liabilities
     
    $
    35,392

    $
    34,370

    Promissory notes – related party

    1,170,351

    677,851

    Total current liabilities

    1,205,743

    712,221

    Deferred underwriting compensation

    1,725,000

    1,725,000

    TOTAL LIABILITIES

    2,930,743

    2,437,221

    Commitments and contingencies

    Ordinary shares subject to possible redemption, 3,062,517 and 6,900,000 shares issued and outstanding at redemption value of $10.64 and $10.26 on September 30, 2025 and December 31, 2024, respectively

    32,584,205

    70,799,136

    Shareholders’ deficit:

    Ordinary shares, $0.001 par value; 50,000,000 shares authorized; 1,963,000 and 1,963,000 shares issued and outstanding (excluding 3,062,517 and 6,900,000 shares, subject to possible redemption as of September 30, 2025 and December 31, 2024, respectively)

    1,963

    1,963

    Accumulated deficit

    (2,878,015
    )

    (2,266,700
    )

    Total Shareholders’ deficit

    (2,876,052