Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 661

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 4
Chunk 661
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 $-  
    $(0.03)

            ●
            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 transacting parties might be prevented from
         fully pursuing its own separate interests; and g) other parties that can significantly
         influence the management or operating policies of the transacting parties or that
         have an ownership interest in one of the transacting parties and can significantly
         influence the other to an extent that one or more of the transacting parties might
         be prevented from fully pursuing its own separate interests.

    F-14

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

            ●
            Concentration of credit risk

      Financial instruments that potentially subject the Company to concentration of credit
         risk consist of a cash account in a financial institution. The Company has not experienced
         losses on this account and management believes the Company is not exposed to significant
         risks on such account.

            ●
            Fair value of financial instrument

      The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820,
         “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying balance sheets,
         primarily due to their short-term nature.
       
      The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the
         sale of the assets or paid in connection with the transfer of the liabilities in an
         orderly transaction between market participants at the measurement date. In connection
         with measuring the fair value of