Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1192

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9C
Chunk 1192
---
writers a 45-day option to purchase up to 900,000 Units (over and above 6,000,000 Units referred to above) solely to cover over-allotments at the “Proposed Public Offering”
         price, less the underwriting discounts and commissions. On June 20, 2024, the underwriters fully exercised the over-allotment option to purchase 900,000 Public Units, generating gross proceeds to the Company of $9,000,000. The underwriters
         were paid a cash underwriting discount of 2.0% of the gross proceeds of the IPO, or $1,380,000. In addition, the underwriters
         are entitled to a deferred underwriting fee of 2.5% of the gross proceeds of the IPO, or $1,725,000, which will be paid upon the
         closing of a Business Combination from the amounts held in the Trust Account, subject
         to the terms of the underwriting agreement.

    F-18

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

NOTE 8 – SEGMENT INFORMATION
       
      ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial
         statement information about operating segments, products, services, geographic areas,
         and major customers. Operating segments are defined as components of an enterprise for which separate financial
         information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources
         and assess performance.
       
      The Company’s chief operating decision maker has been identified as the Chief Financial Officer
         (“CODM”), who reviews the operating results for the Company as a whole to make decisions
         about allocating resources and assessing financial performance. Accordingly, management
         has determined that the Company only has one operating segment.
       
      When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews
         several key metrics, which includes general and administrative expenses and interest
         earned on assets held in Trust Account which are included in the accompanying statements of operations.
       
      The key measures of segment profit or loss reviewed by our CODM are earned on assets held in Trust Account and general and administrative expenses. The CODM reviews earned
         on assets held in Trust Account to measure and monitor stockholder value and determine the
         most effective strategy of investment with the Trust Account funds while maintaining
         compliance with