Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1056

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9A
Chunk 1056
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 assurance about whether the financial statements
         are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal
         control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting
         but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement
         of the financial statements, whether due to error or fraud, and performing procedures
         that respond to those risks. Such procedures included examining, on a test basis,
         evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
         made by management, as well as evaluating the overall presentation of the financial
         statements. We believe that our audits provide a reasonable basis for our opinion.

/s/
MaloneBailey, LLP

www.malonebailey.com

We
have served as the Company’s auditor since 2024.

Houston,
Texas

March 4, 2025

206

F-2

FLAG SHIP ACQUISITION CORPORATION

BALANCE SHEETS

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

    December 31,  2024  
    December 31,  2023 
  
    ASSETS 

    Current asset: 

    Cash 
    $76,747  
    $116,210 
  
    Prepayments and deposits 
     95,737  
     4,338 
  
    Total current assets 
     172,484  
     120,548 

    Deferred offering costs 
     -  
     30,000 
  
    Investments held in trust account 
     70,799,136  
     - 
  
    TOTAL ASSETS 
    $70,971,620  
    $150,548 

    LIABILITIES AND SHAREHOLDER’S DEFICIT 

    Current liabilities: 

    Accrued liabilities 
    $34,370  
    $- 
  
    Promissory notes – related party 
     677,851  
     433,554 
  
    Total current liabilities 
     712,221  
     433,554 

    Deferred