Company: FSHPU
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001829126-25-005698
Chunk: 63

Company: Flag Ship Acquisition Corp
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 Ordinary Share

    Basic and diluted net income per share:

    Numerators:

    Allocation of net income including carrying value to redemption value
     
    $
    459,034

    $
    130,592

    $
    6,020

    $
    13,904

    Allocation of net income
     
    $
    459,034

    $
    130,592

    $
    6,020

    $
    13,904

    Denominators:

    Weighted-average shares outstanding

    6,900,000

    1,963,000

    758,242

    1,751,154

    Basic and diluted net income per share
     
    $
    0.07

    $
    0.07

    $
    0.01

    $
    0.01

    13

FLAG SHIP ACQUISITION CORPORATION

NOTES TO UNAUDITED FINANCIAL STATEMENTS

    ●
    Related parties 

The Company follows the ASC Topic 850-10, “Related Party” for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

    ●
    Concentration of credit risk 

Financial instruments that potentially subject the Company to the concentration of credit risk consist of a cash account in a financial institution. The Company has not experienced losses on