Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 160

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 160
---
 
     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 6,900,000 and 0 shares, subject to possible redemption as of December 31, 2024 and 2023, respectively) 
     1,963  
     1,725 
  
    Additional paid in capital 
     -  
     23,275 
  
    Accumulated deficit 
     (2,266,700) 
     (308,006)
  
    Total Shareholders’ deficit 
     (2,264,737) 
     (283,006)
  
    TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT 
    $70,971,620  
    $150,548 

See accompanying notes to financial statements.

F-3

FLAG SHIP ACQUISITION CORPORATION

STATEMENTS OF OPERATIONS

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

    Years ended  December 31, 

    2024  
    2023 
  
    Formation, general and administrative expenses 
    $(889,298) 
    $(62,399)

    Other income: 

    Dividend income earned in investments held in Trust Account 
     1,799,136  
     - 
  
    Total other income, net 
     1,799,136  
     - 

    Income (loss) before income taxes 
     909,838  
     (62,399)

    Income taxes 
     -  
     - 

    NET INCOME (LOSS) 
    $909,838  
    $(62,399