Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 1

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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,264,737
    )

    TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
     
    $
    71,695,640

    $
    70,971,620

See accompanying notes to unaudited financial statements.

1

FLAG SHIP ACQUISITION CORPORATION

UNAUDITED STATEMENTS OF OPERATIONS

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

    For the
three months ended
March 31,

    2025

    2024

    Formation, general and administrative expenses
     
    $
    (162,071
    )
     
    $
    (75,788
    )

    Other income:

    Interest and
    dividends earned on cash and investments held in Trust Account

    739,769

    -

    Total other income, net

    739,769

    -

    Income (loss) before income taxes

    577,698

    (75,788
    )

    Income taxes

    -

    -

    NET INCOME (LOSS)
     
    $
    577,698

    $
    (75,788
    )

    Basic and diluted weighted average shares outstanding, ordinary shares subject to possible redemption

    6,900,000

    -

    Basic and diluted net income per ordinary shares subject to possible redemption
     
    $
    0.07

    $
    -

    Basic and diluted weighted average shares outstanding, ordinary shares attributable to Flag Ship Acquisition Corporation

    1,963,000

    1,500,000

    Basic and diluted net income (loss), ordinary shares attributable to Flag Ship Acquisition Corporation
     
    $
    0.07

    $
    (0.05
    )

See accompanying notes to unaudited financial statements.

2

FLAG SHIP ACQUISITION CORPORATION

UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

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

    For the three months ended March 31, 2025

    Ordinary shares

        Additional paid-in

        Accumulated

        Total shareholders’ 

    No. of shares

    Amount

    capital

    deficit

    deficit

    Balance as of January 1, 2025

    1,963,000

    $
    1,963

    $
    -

    $