Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1059

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9A
Chunk 1059
---
,418)
  
    Subsequent remeasurement of ordinary shares subject to redemption 
     -  
     -  
     -  
     (1,799,136) 
     (1,799,136)
  
    Net income for the year 
     -  
     -  
     -  
     909,838  
     909,838 
  
    Balance as of December 31, 2024 
     1,963,000  
    $1,963  
    $-  
    $(2,266,700) 
     (2,264,737)

    Year ended December 31, 2023 

    Ordinary shares  
    Additional
                                                                                paid-in  
    Accumulated   
    Total shareholders’ 

    No. of shares  
    Amount  
     capital  
    deficit  
     deficit 

    Balance as of January 1, 2023 
     1,725,000  
    $1,725  
    $23,275  
    $(245,607) 
     (220,607)
  
    Net loss for the year 
     -  
     -  
     -  
     (62,399) 
     (62,399)
  
    Balance as of December 31, 2023 
     1,725,000  
    $1,725  
    $23,275  
    $(308,006) 
    $(283,006)

See accompanying notes to financial statements.

F-5

FLAG SHIP ACQUISITION CORPORATION

STATEMENTS OF CASH FLOWS

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

    Years ended
December 31, 

    2024  
    2023 
  
    Cash flows from operating activities: 

    Net income (loss) 
    $909,838  
    $(62,399)
  
    Adjustments to reconcile net income (loss) to net cash used in operating activities: 

    Dividend income earned in investments held in trust account 
     (1,799,136) 
     - 
  
    Change in operating assets and liabilities 

    Deferred offering cost 
     30,000  
     - 
  
    Prepayments and deposits