Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $19,924, driven by dividend income of $97,945 from investments held in the Trust Account, offset by formation and operating costs of $78,021 [101]. - For the six months ended June 30, 2024, the company experienced a net loss of $55,864, with formation and operating costs totaling $153,809, partially offset by dividend income of $97,945 [103]. - The company reported a net income of $2,546 for the three months ended June 30, 2023, with other income of $4,250 and formation and operating costs of $1,704 [103]. Business Operations - The company has not generated any operating revenues since inception and will only do so upon the completion of its initial business combination [100]. - The company expects to incur significant costs in pursuing its acquisition plans, with no assurance of successful completion of a business combination [99]. - The company has entered into an agreement to pay its sponsor $10,000 per month for administrative support services until the consummation of the initial business combination [107]. Financial Position - As of June 30, 2024, the company had no off-balance sheet arrangements [112]. - As of June 30, 2024, the company was not subject to any market or interest rate risk, as proceeds from the initial public offering have been invested in short-term U.S. government securities [115]. - The company incurred a cash underwriting discount of 2.0% of the gross proceeds of the initial public offering, amounting to $1,380,000, upon the closing of the initial business combination [106]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards [113].
Flag Ship Acquisition Corporation(FSHPU) - 2024 Q2 - Quarterly Report