Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 790

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 6
Chunk 790
---
 Measurement,” approximates the carrying amounts represented in the accompanying balance sheets,
         primarily due to their short-term nature.
       
      The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the
         sale of the assets or paid in connection with the transfer of the liabilities in an
         orderly transaction between market participants at the measurement date. In connection
         with measuring the fair value of its assets and liabilities, the Company seeks to
         maximize the use of observable inputs (market data obtained from independent sources)
         and to minimize the use of unobservable inputs (internal assumptions about how market
         participants would price assets and liabilities). The following fair value hierarchy
         is used to classify assets and liabilities based on the observable inputs and unobservable
         inputs used in order to value the assets and liabilities:

            Level 1:
            Quoted prices in active markets for identical assets or liabilities. An active market
               for an asset or liability is a market in which transactions for the asset or liability
               occur with sufficient frequency and volume to provide pricing information on an ongoing
               basis.

            Level 2:
            Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted
               prices in active markets for similar assets or liabilities and quoted prices for identical
               assets or liabilities in markets that are not active.

            Level 3:
            Unobservable inputs based on our assessment of the assumptions that market participants
               would use in pricing the asset or liability.

      The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company
         utilized to determine such fair value. The carrying amount of investment held in trust account was $0 as of December 31, 2023.

    Schedule of fair value hierarchy 

    December 31,2024  
    QuotedPrices inActive Markets(Level 1)  
    Significant
    OtherObservableInputs(Level 2)  
    Significant
    OtherUnobservableInputs(Level 3) 
  
    Assets 

    Investments held in trust account 
    $70,799,136  
    $70,799,136  
    $-  
    $- 

            ●
            Recent accounting pronouncements

      In November 2023, the FASB issued ASU 2023