Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1168

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9C
Chunk 1168
---
 PERIOD 
     116,210  
     182,408 
  
    CASH, END OF PERIOD 
    $76,747  
    $116,210 

    NON-CASH INVESTING AND FINANCING ACTIVITIES: 

    Initial classification of ordinary shares subject to possible redemption 
    $64,667,291  
    $- 
  
    Allocation of offering costs to ordinary shares subject to possible redemption 
    $3,231,709  
    $- 
  
    Accretion of carrying value to redemption value 
    $7,564,418  
    $- 
  
    Subsequent remeasurement of ordinary shares subject to possible redemption 
    $1,799,136  
    $- 
  
    Accrued underwriting compensation 
    $1,725,000  
    $- 

See accompanying notes to financial statements.

F-6

FLAG SHIP ACQUISITION CORPORATION

NOTES TO 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 December 31, 2024, the Company had not yet commenced any operations. All activities through December 31, 2024 relate to the Company’s formation and the initial public offering (the “Initial Public Offering”). 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 Combination, at the earliest. The Company will generate non-operating income
         in the form of dividend and interest income from the investments held in trust account. The Company has selected December