Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 99

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 2
Chunk 99
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), as well as for due diligence expenses in connection with searching for, and completing, our initial business combination.

For the three months ended September 30, 2025,
we had net income of $453,501, which consisted of interest and dividends earned on cash and investments held in the Trust Account of $690,097,
partially offset by formation and operating expenses of $236,596.

For the three months ended September 30,
2024, we had a net income of $488,327, which consisted of interest and dividends income earned in investments held in Trust Account of
$891,298, partially set-off by formation and operating costs of $402,971.

For the nine months ended September 30, 2025,
we had a net income of $1,620,825, which consisted of interest and dividends earned on cash and investments held in the Trust Account
of $2,172,140, partially offset by formation and operating expenses of $551,315.

For the nine months ended September 30, 2024,
we had a net income of $432,463, which consisted of interest and dividends income earned in investments held in Trust Account of $989,243,
partially offset by formation and operating costs of $556,780.

Liquidity, Capital Resources and Going Concern

On June 20, 2024, we consummated the IPO of 6,900,000 Units, generating gross proceeds of $69,000,000. Simultaneously with the closing of the initial public offering, we consummated the sale of 238,000 private units (the “Private Units”) to the Sponsor at a price of $10.00 per Private Unit generating gross proceeds of $2,380,000.

Following the IPO and the sale of the Private Units, a total of $69,000,000 was placed in the Trust Account. We incurred $3,448,233 in transaction costs, including $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting fees and $343,233 of other offering costs. 

For the nine months ended September 30, 2025,
net cash used in operating activities was $400,496. Net income of $1,620,825 was mainly impacted by interest and dividends earned on
cash and investments held in the trust account of $2,172,140.

23

As of September 30, 2025, we had cash and