Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 3

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 3
---
    (26,178
    )

    3,910

    Due to related party

    30,000

    -

    Net cash used in operating activities

    (183,542
    )

    (70,506
    )

    Cash flows from financing activities:

    Promissory notes - related party

    142,500

    -

    Payment of deferred offering costs

    -

    (5,000
    )

    Net cash provided by (used in) financing activities

    142,500

    (5,000
    )

    NET CHANGE IN CASH

    (41,042
    )

    (75,506
    )

    CASH, BEGINNING OF PERIOD

    76,747

    116,210

    CASH, END OF PERIOD
     
    $
    35,705

    $
    40,704

    NON-CASH INVESTING AND FINANCING ACTIVITIES:

    Subsequent remeasurement of ordinary shares subject to possible redemption
     
    $
    739,769

    $
    -

See accompanying notes to unaudited financial statements.

4

FLAG SHIP ACQUISITION CORPORATION

NOTES TO UNAUDITED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND
BUSINESS BACKGROUND

Flag Ship Acquisition Corporation (the “Company”) is a blank check incorporated company incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).

Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on businesses that have a connection to the Asian market. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2025, the Company had not yet
commenced any operations. All activities through March 31, 2025 relate to the Company’s formation and the initial public offering
(the “Initial Public Offering” or “IPO”). Since the Initial Public Offering, the Company’s activity has
been limited to the evaluation of business combination candidates. The Company will not generate any operating revenues until after the
completion of a Business