Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1125

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1125
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      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 of the Initial Public Offering.

            ●
            Rights accounting

      Rights — Except in cases where the Company is not the surviving company in a Business
         Combination, each holder of a right will automatically receive one-tenth (1/10) of
         one ordinary share upon consummation of a Business Combination, even if the holder
         of a right redeemed all shares held by him, her or it in connection with a Business
         Combination or an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to its
         pre-business combination activities. In the event that the Company will not be the
         surviving company upon completion of a Business Combination, each holder of a right
         will be required to affirmatively redeem his, her or its rights in order to receive
         the one-tenth (1/10) of a share underlying each right upon consummation of the Business
         Combination. No additional consideration will be required to be paid by a holder of
         Public Rights in order to receive his, her or its additional ordinary shares upon
         consummation of a Business Combination. The shares issuable upon exchange of the rights
         will be freely tradable (except to the extent held by affiliates of the Company).
         If the Company enters into a definitive agreement for a Business Combination in which