Company: FSHPU
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001829126-25-005698
Chunk: 0

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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FLAG SHIP ACQUISITION CORPORATION

UNAUDITED BALANCE SHEETS

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

    June 30, 2025

    December 31, 2024

    ASSETS

    Current asset:

    Cash
     
    $
    19,769

    $
    76,747

    Prepayments and deposits

    64,868

    95,737

    Total current assets

    84,637

    172,484

    Cash and investments held in trust account

    72,281,179

    70,799,136

    TOTAL ASSETS
     
    $
    72,365,816

    $
    70,971,620

    LIABILITIES AND SHAREHOLDERS’ DEFICIT

    Current liabilities:

    Accrued liabilities
     
    $
    8,742

    $
    34,370

    Promissory notes – related party

    930,351

    677,851

    Total current liabilities

    939,093

    712,221

    Deferred underwriting compensation

    1,725,000

    1,725,000

    TOTAL LIABILITIES

    2,664,093

    2,437,221

    Commitments and contingencies

    Ordinary shares subject to possible redemption, 6,900,000 and 6,900,000 shares issued and outstanding at redemption value of $10.48 and $10.26 at June 30, 2025 and December 31, 2024, respectively

    72,281,179

    70,799,136

    Shareholders’ deficit:

    Ordinary shares, $0.001 par value; 50,000,000 shares authorized; 1,963,000 and 1,963,000 shares issued and outstanding (excluding 6,900,000 and 6,900,000 shares, subject to possible redemption as of June 30, 2025 and December 31, 2024, respectively)

    1,963

    1,963

    Accumulated deficit

    (2,581,419
    )

    (2,266,700
    )

    Total Shareholders’ deficit

    (2,579,456
    )

    (