Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 2

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
    (2,266,700
    )
     
    $
    (2,264,737
    )

    Subsequent remeasurement of ordinary shares subject to redemption

    -

    -

    -

    (739,769
    )

    (739,769
    )

    Net income

    -

    -

    -

    577,698

    577,698

    Balance as of March 31, 2025

    1,963,000

    $
    1,963

    $
    -

    $
    (2,428,771
    )
     
    $
    (2,426,808
    )

    For the three months ended March 31, 2024

    Ordinary shares

        Additional paid-in

        Accumulated

        Total shareholders’ 

    No. of shares

    Amount

    capital

    deficit

    deficit

    Balance as of January 1, 2024

    1,725,000

    $
    1,725

    $
    23,275

    $
    (308,006
    )
     
    $
    (283,006
    )

    Net loss

    -

    -

    -

    (75,788
    )

    (75,788
    )

    Balance as of March 31, 2024

    1,725,000

    $
    1,725

    $
    23,275

    $
    (383,794
    )
     
    $
    (358,794
    )

See accompanying notes to unaudited financial statements.

3

FLAG SHIP ACQUISITION CORPORATION

UNAUDITED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

    Three Months ended
March 31,

    2025

    2024

    Cash flows from operating activities:

    Net income (loss)
     
    $
    577,698

    $
    (75,788
    )
  
    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

    (739,769
    )

    -

    Change in operating assets and liabilities

    Prepayments and deposits

    (25,293
    )

    1,372

    Accrued liabilities