Company: FSHPU
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001829126-25-005698
Chunk: 4

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 4
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    Six months ended June 30,

    2025

    2024

    Cash flows from operating activities:

    Net income (loss)
     
    $
    1,167,324

    $
    (55,864
    )
  
    Adjustments to reconcile net income (loss) to net cash used in operating activities:

    Interest and dividends earned on cash and investments held in trust account

    (1,482,043
    )

    (97,945
    )
  
    Change in operating assets and liabilities

    Deferred offering costs

    -

    30,000 

    Prepayments and deposits

    30,869

    (127,698
    )
  
    Accrued liabilities

    (25,628
    )

    31,910

    Due to related party

    60,000

    -

    Net cash used in operating activities

    (249,478
    )

    (219,597
    )

    Cash flows from investing activities:

    Proceeds deposited in Trust Account

    -

    (69,000,000
    )

    Net cash used in investing activities

    -

    (69,000,000
    )

    Cash flows from financing activities:

    Proceed from public offering, net of offering costs

    -

    67,252,567

    Proceed from private placement

    -

    2,380,000

    Proceeds from promissory notes - related party

    192,500

    10,000

    Repayment of promissory note – related party

    -

    (433,554
    )

    Net cash provided by financing activities

    192,500

    69,209,013

    NET CHANGE IN CASH

    (56,978
    )

    (10,584
    )

    CASH, BEGINNING OF PERIOD

    76,747

    116,210

    CASH, END OF PERIOD
     
    $
    19,769

    $
    105,626

    NON-CASH INVESTING AND FINANCING ACTIVITIES:

    Initial classification of ordinary shares subject to possible redemption
     
    $
    -

    $
    64,667,291

    Allocation of offering costs or ordinary shares subject to possible redemption
     
    $
    -

    $
    3,231,709

    Accretion