Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1013

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9
Chunk 1013
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 seek to reduce the possibility that
         the sponsor will have to indemnify the Trust Account due to claims of creditors by
         endeavoring to have all vendors, service providers, prospective target businesses
         or other entities with which the Company does business, execute agreements with the
         Company waiving any right, title, interest or claim of any kind in or to monies held
         in the Trust Account.
       
      Going concern consideration
       
      As of December 31, 2024, the Company had
      cash of $76,747 and a working deficit of $539,737.
      Subsequent to the consummation of the IPO, the Company’s liquidity has been satisfied through the net proceeds from the IPO
      and the Private Placement. The Company has incurred and expects to continue to incur significant professional costs to remain as a
      publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. In
      order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an
      affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company
      funds as may be required (“Working Capital Loans”). The Working Capital Loans would either be repaid upon consummation
      of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000
      of such Working Capital Loans may be converted into units of the post Business Combination entity at a price of $10.00
      per unit (See Note 5).

    F-10

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      The Company will have until 12 months (or 15 months if the Company enters into a business
         combination agreement prior to the expiration of the initial 12-month period) from
         the closing of the Initial Public Offering to consummate a Business Combination. If
         the Company does not complete a Business Combination, the Company will trigger an
         automatic winding up, dissolution and liquidation pursuant to the terms of the Amended
         and Restated Memorandum and Articles of Association. There is a possibility that business
         combination might not happen within the prescribed period of time.
       
      In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards
         Update (“ASU”) 2014-15, “