Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 1221

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 13
Chunk 1221
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 Association. There is a possibility that business
         combination might not happen within the prescribed period of time.
       
      In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards
         Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company
         is unsuccessful in consummating an initial business combination within the prescribed
         period of time from the closing of the IPO, the requirement that the Company cease
         all operations, redeem the public shares and thereafter liquidate and dissolve raises
         substantial doubt about the ability to continue as a going concern. The financial
         statements do not include any adjustments that might result from the outcome of this
         uncertainty.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

●Basis of presentation

      These accompanying financial statements have been prepared in accordance with generally
         accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant
         to the rules and regulations of the Securities and Exchange Commission (“SEC”).

            ●
            Emerging growth company

      The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act
         of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various
         reporting requirements that are applicable to other public companies that are not
         emerging growth companies including, but not limited to, not being required to comply
         with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation
         in its periodic reports and proxy statements, and exemptions from the requirements
         of holding a nonbinding advisory vote on executive compensation and shareholder approval
         of any golden parachute payments not previously approved.
       
      Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to
         comply with new or revised financial accounting standards until private companies
         (that is, those that have not had a Securities Act registration statement declared
         effective or do not have 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