Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 5

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 5
---
000
    )

    Net cash provided by (used in) investing activities

    40,387,071

    (69,000,000
    )

    Cash flows from financing activities:

    Proceed from public offering, net of offering costs

    -

    67,252,567

    Proceed from private placement

    -

    2,380,000

    Redemption of ordinary shares

    (40,447,071
    )

    -

    Proceeds from promissory note – related party

    402,500

    317,566

    Repayment of promissory note – related party

    -

    (433,554
    )

    Net cash
    provided by (used in) financing activities

    (40,044,571
    )

    69,516,579

    NET CHANGE IN CASH

    (57,996
    )

    (115,995
    )

    CASH, BEGINNING OF PERIOD

    76,747

    116,210

    CASH, END OF PERIOD
     
    $
    18,751

    $
    215

    NON-CASH INVESTING AND FINANCING ACTIVITIES:

    Initial classification of ordinary shares subject to possible redemption
     
    $
    -

    $
    64,667,291

    Allocation of offering costs or ordinary shares subject to possible redemption
     
    $
    -

    $
    3,231,709

    Accretion of carrying value to redemption value
     
    $
    -

    $
    7,564,418

    Subsequent remeasurement of ordinary shares subject to possible redemption
     
    $
    2,172,140

    $
    989,243

    Extension funds attributable to ordinary shares subject to redemption
     
    $
    60,000

    $
    -

    Accrued underwriting compensation
     
    $
    -

    $
    1,725,000

See accompanying notes to unaudited financial statements.

4

FLAG SHIP ACQUISITION CORPORATION

NOTES TO UNAUDITED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND

Flag Ship Acquisition Corporation (the “Company”) is a blank check incorporated company incorporated in the Cayman Islands on May 14, 2018. The Company was formed for the purpose of effecting a merger,