Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $488,327, driven by dividend income of $891,298 from investments held in the Trust Account, offset by formation and operating costs of $402,971[104]. - For the nine months ended September 30, 2024, the company achieved a net income of $432,463, with dividend income of $989,243 and formation and operating costs of $556,780[106]. - The company incurred a net loss of $45,809 for the three months ended September 30, 2023, entirely attributed to formation and operating costs[106]. Costs and Expenses - The company expects to incur significant costs in pursuing its acquisition plans, with no assurance of successful completion of a Business Combination[102]. - The underwriters are entitled to 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[109]. - 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[110]. Financial Position and Accounting - The company had no off-balance sheet arrangements as of September 30, 2024[115]. - The company has not identified any critical accounting estimates that could materially affect its financial statements[113]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[116]. Investment Strategy - The company has invested the net proceeds from its Initial Public Offering in U.S. government securities with a maturity of 180 days or less, minimizing exposure to interest rate risk[118].
Flag Ship Acquisition Corporation(FSHP) - 2024 Q3 - Quarterly Report