Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1110

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 9B
Chunk 1110
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 also included evaluating the accounting principles used and significant estimates
         made by management, as well as evaluating the overall presentation of the financial
         statements. We believe that our audits provide a reasonable basis for our opinion.

/s/
MaloneBailey, LLP

www.malonebailey.com

We
have served as the Company’s auditor since 2024.

Houston,
Texas

March 4, 2025

206

F-2

FLAG SHIP ACQUISITION CORPORATION

BALANCE SHEETS

(Currency expressed in United States Dollars (“US$”), except for number of shares)

    December 31,  2024  
    December 31,  2023 
  
    ASSETS 

    Current asset: 

    Cash 
    $76,747  
    $116,210 
  
    Prepayments and deposits 
     95,737  
     4,338 
  
    Total current assets 
     172,484  
     120,548 

    Deferred offering costs 
     -  
     30,000 
  
    Investments held in trust account 
     70,799,136  
     - 
  
    TOTAL ASSETS 
    $70,971,620  
    $150,548 

    LIABILITIES AND SHAREHOLDER’S DEFICIT 

    Current liabilities: 

    Accrued liabilities 
    $34,370  
    $- 
  
    Promissory notes – related party 
     677,851  
     433,554 
  
    Total current liabilities 
     712,221  
     433,554 

    Deferred underwriting compensation 
     1,725,000  
     - 
  
    TOTAL LIABILITIES 
     2,437,221  
     433,554 

    Commitments and contingencies 

    Ordinary shares subject to possible redemption, 6,900,000 and 0 shares issued and outstanding at redemption value of $10.26 and $0 at December 31, 2024 and 2023, respectively 
     70,799,136  
     - 

    Shareholders’ deficit: 

    Ordinary shares, $0.001 par value; 50,000,000 shares authorized; 1,963,000 and 1,725,000 shares issued and outstanding (excluding 6,900,