Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 4

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 4
---
    Net income

    -

    -

    -

    19,924

    19,924

    Balance as of June 30, 2024

    1,963,000

    $
    1,963

    $
    -

    $
    (1,531,211
    )
     
    $
    (1,529,248
    )

    Subsequent remeasurement of ordinary shares subject to redemption 
     -  
     -  
     -  
     (891,298) 
     (891,298)

    Net income 
     -  
     -  
     -  
     488,327  
     488,327 

    Balance as of September 30, 2024 
     1,963,000  
    $1,963  
    $-  
    $(1,934,182) 
    $(1,932,219)

See accompanying notes to unaudited financial statements.

3

FLAG SHIP ACQUISITION CORPORATION

UNAUDITED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars (“US$”))

    Nine months ended September 30,

    2025

    2024

    Cash flows from operating activities:

    Net income
     
    $
    1,620,825

    $
    432,463

    Adjustments to reconcile net income to net cash used in operating activities:

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

    (2,172,140
    )

    (989,243
    )
  
    Change in operating assets and liabilities

    Deferred offering costs

    -

    30,000 

    Prepayments and deposits

    59,797

    (116,207
    )
  
    Accrued liabilities

    1,022

    10,413

    Due to related party

    90,000

    -

    Net cash used in operating activities

    (400,496
    )

    (632,574
    )

    Cash flows from investing activities:

    Cash withdrawn from Trust Account in connection to redemption

    40,447,071

    -

    Proceeds from extension loan deposited into trust account

    (60,000
    )

    -

    Proceeds deposited in Trust Account

    -

    (69,000,