Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 784

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 6
Chunk 784
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 a class of securities registered under the Exchange Act)
         are required to comply with the new or revised financial accounting standards. The
         JOBS Act provides that a company can elect to opt out of the extended transition period
         and comply with the requirements that apply to non-emerging growth companies but any
         such election to opt out is irrevocable. The Company has elected not to opt out of
         such extended transition period which means that when a standard is issued or revised
         and it has different application dates for public or private companies, the Company,
         as an emerging growth company, can adopt the new or revised standard at the time private
         companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth
         company nor an emerging growth company which has opted out of using the extended transition
         period difficult or impossible because of the potential differences in accounting
         standards used.

            ●
            Use of estimates

      The preparation of financial statement in conformity with U.S. GAAP requires management
         to make estimates and assumptions that affect the reported amounts of assets and liabilities
         and disclosure of contingent assets and liabilities at the date of the financial statement.

    F-11

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      Making estimates requires management to exercise significant judgment. It is at least
         reasonably possible that the estimate of the effect of a condition, situation or set
         of circumstances that existed at the date of the financial statement, which management
         considered in formulating its estimate, could change in the near term due to one or
         more future confirming events. Accordingly, the actual results could differ significantly
         from those estimates.

            ●
            Cash and cash equivalents

      The Company considers all short-term investments
      with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash balance of $76,747

      and $116,210
      as of December 31, 2024 and 2023, respectively.  The Company has no
      cash equivalents as of December 31, 2024 and 2023.

            ●
            Deferred offering costs

      Deferred offering costs consist of underwriting, legal, accounting and other expenses
         incurred through the balance sheet dates that are directly related to the Initial
         Public Offering and that were charged to shareholders’ equity upon the completion