Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1109

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1109
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, the financial statements present fairly, in all material respects,
         the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Matter

The accompanying financial statements have been prepared assuming that the Company
         will continue as a going concern. As discussed in Note 1 to the financial statements,
         the Company has a net capital deficiency and has incurred and expects to continue to incur
         significant costs in pursuit of its financing and acquisition plans. The Company’s business plan is dependent on the completion of a business combination within a prescribed period of
         time and if not completed will cease all operations except for the purpose of liquidating.
         These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this
         uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
         Board (United States) ("PCAOB") and are required to be independent with respect to
         the Company in accordance with the U.S. federal securities laws and the applicable rules and
         regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
         and perform the audit to obtain reasonable assurance about whether the financial statements
         are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal
         control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting
         but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement
         of the financial statements, whether due to error or fraud, and performing procedures
         that respond to those risks. Such procedures included examining, on a test basis,
         evidence regarding the amounts and disclosures in the financial statements. Our audits