Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 39

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 the participation
of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure
controls and procedures as of March 31, 2025, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our
Certifying Officers concluded that, as of March 31, 2025, our disclosure controls and procedures were not effective, because of material
weaknesses in our internal control over financial reporting relating to (1) inadequate segregation of duties within account processes
due to limited personnel, and (2) insufficient written policies and procedure for accounting, IT, financial reporting and record keeping.
Therefore, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with
U.S. GAAP. Accordingly, our management believes that the financial statements included in this Report present fairly in all material respects
our financial position, results of operations and cash flows for the periods presented. Management intends to implement measures
to improve our disclosure controls and procedures and our internal control over financial reporting. Specifically, we intend to expand
and improve our review process for complex securities and related accounting standards by enhancing access to accounting literature, identification
of third-party professionals with whom to consult regarding complex accounting applications and consideration of additional staff with
the requisite experience and training to supplement existing accounting professionals.

We do not expect that our disclosure controls and procedures will prevent
all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived financially literate and operated,
can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the
design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered
relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls
and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design
of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can
be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting
(as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal quarter that have materially
affected