Flag Ship Acquisition Corporation(FSHP) - 2024 Q4 - Annual Report

Financial Performance - For the year ended December 31, 2024, the company reported a net income of $909,838, primarily driven by dividend income of $1,799,136 from marketable securities held in the Trust Account, offset by expenses of $889,298[396]. Initial Public Offering - The company completed its Initial Public Offering on June 20, 2024, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units and an additional $2,380,000 from the sale of 238,000 Private Units[397]. - The company incurred total transaction costs of $3,448,233 related to the Initial Public Offering, including $1,380,000 in underwriting fees and $1,725,000 in deferred underwriting fees[398]. Trust Account and Investments - As of December 31, 2024, the company had total investments in the Trust Account amounting to $70,799,136, which will be utilized to complete the Business Combination[399]. - The company has cash of $76,747 held outside the Trust Account, which will be used for operational expenses and due diligence related to potential Business Combinations[400]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2024, and only has a monthly fee obligation of $10,000 to the Sponsor for administrative services[404][405]. - The company issued an unsecured promissory note (the "2024 Note") for up to $1,000,000 to the Sponsor, with $677,851 outstanding as of December 31, 2024[402]. Future Expectations and Capital Needs - The company expects to incur increased expenses due to being a public entity, including legal and compliance costs, as well as due diligence expenses for potential acquisitions[395]. - The company anticipates needing to raise additional capital to complete a Business Combination, which may involve loans or investments from its Sponsor or other parties[403]. - The company has extended the Outside Date for the Proposed GRT Business Combination from February 28, 2025, to August 28, 2025, through an amendment to the Merger Agreement[393].