Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 116

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 4
Chunk 116
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Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

Our management evaluated, with the participation
of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our
disclosure controls and procedures as of September 30, 2025, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that
evaluation, our Certifying Officers concluded that, as of September 30, 2025, our disclosure controls and procedures were not effective,
because of material weaknesses in our internal control over financial reporting relating to (1) inadequate segregation of duties within
account processes due to limited personnel, and (2) insufficient written policies and procedure for accounting, IT, financial reporting
and record keeping. Therefore, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared
in accordance with U.S. GAAP. Accordingly, our management believes that the financial statements included in this Report present fairly
in all material respects our financial position, results of operations and cash flows for the periods presented. Management intends to
implement measures to improve our disclosure controls and procedures and our internal control over financial reporting. Specifically,
we intend to expand and improve our review process for complex securities and related accounting standards by enhancing access to accounting
literature, identification of third-party professionals with whom to consult regarding complex accounting applications and consideration
of additional staff with the requisite experience and training to supplement existing accounting professionals.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived financially literate and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected