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]. Company Structure and Regulations - 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[116]. - The company had no off-balance sheet arrangements as of September 30, 2024[115]. 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]. Investment and Risk Management - As of September 30, 2024, the company was not subject to any market or interest rate risk, with investments in U.S. government securities and money market funds[118]. - The company generated non-operating income in the form of interest income from the Trust Account, with no operating revenues expected until the completion of its initial business combination[103].
Flag Ship Acquisition Corporation(FSHPU) - 2024 Q3 - Quarterly Report