Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1029

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9
Chunk 1029
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IAL STATEMENTS

NOTE 8 – SEGMENT INFORMATION
       
      ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial
         statement information about operating segments, products, services, geographic areas,
         and major customers. Operating segments are defined as components of an enterprise for which separate financial
         information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources
         and assess performance.
       
      The Company’s chief operating decision maker has been identified as the Chief Financial Officer
         (“CODM”), who reviews the operating results for the Company as a whole to make decisions
         about allocating resources and assessing financial performance. Accordingly, management
         has determined that the Company only has one operating segment.
       
      When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews
         several key metrics, which includes general and administrative expenses and interest
         earned on assets held in Trust Account which are included in the accompanying statements of operations.
       
      The key measures of segment profit or loss reviewed by our CODM are earned on assets held in Trust Account and general and administrative expenses. The CODM reviews earned
         on assets held in Trust Account to measure and monitor stockholder value and determine the
         most effective strategy of investment with the Trust Account funds while maintaining
         compliance with the trust agreement. General and administrative expenses are reviewed
         and monitored by the CODM to manage and forecast cash to ensure enough capital is
         available to complete a business combination within the business combination period.
         The CODM also reviews general and administrative costs to manage, maintain and enforce
         all contractual agreements to ensure costs are aligned with all agreements and budget.

NOTE 9 – SUBSEQUENT EVENTS
       
      The Company evaluated subsequent events and transactions that occurred after the balance
         sheet date up to the date that the financial statements were issued. The Company did not identify any subsequent events that would have required
         adjustment or disclosure in the financial statements.

      On February 28, 2025, Flag Ship, GRT and Merger
Sub entered into the first amendment to the Merger Agreement (the “First Amendment”) solely to amend Section
10.01 of the Merger Agreement to extend the Outside Date defined thereunder from February 28, 2025 to August 28, 2025.

As of the date of filing, the Company
borrowed additional $92