Company: FSHPU
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001829126-25-003624
Chunk: 18

Company: Flag Ship Acquisition Corp
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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,000 ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s unaudited balance sheet, respectively.

    ●
    Net income (loss) per share 

The Company
calculates net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share.” In order to determine the net
income attributable to both the redeemable shares and non-redeemable shares, the Company first considered the undistributed income allocable
to both the redeemable ordinary shares and non-redeemable ordinary shares and the undistributed income is calculated using the total net
loss less any dividends paid. The Company then allocated the undistributed income ratably based on the weighted average number of shares
outstanding between the redeemable and non-redeemable ordinary shares. Any remeasurement of the accretion to the redemption value of the
ordinary shares subject to possible redemption was considered to be dividends paid to the public stockholders.

The net income (loss) per share presented in the unaudited statements of operations is based on the following:

    Schedule of unaudited statement of operations

    For the three months ended March 31, 2025

    For the three months ended March 31, 2024

    Net income (loss)
     
    $
    577,698

    $
    (75,788
    )

    12

    Schedule of Basic and dilute net
    income per share

    For the Three Months Ended

    For the Three Months Ended

    March 31, 2025

    March 31, 2024

    Redeemable

    Non-Redeemable

    Redeemable

    Non-Redeemable

    Ordinary Share

    Ordinary Share

    Ordinary Share

    Ordinary Share

    Basic and diluted net income (loss) per share:

    Numerators:

    Allocation of net income (loss) including carrying value to redemption
    value
     
    $
    449,748

    $
    127,950

    $
    -

    $
    (75,788
    )
  
    Allocation of net income (loss)
     
    $
    449,748

    $
    127,950

    $
    -

    $
    (75,788
    )
  
    Denominators:

    Weighted-average shares outstanding

    6,