Financial Performance - For the year ended December 31, 2024, the company reported a net income of $909,838, primarily from dividend income of $1,799,136 on marketable securities held in the Trust Account, offset by expenses of $889,298 [396]. - The company had cash of $76,747 held outside the Trust Account as of December 31, 2024, which will be used for operational needs and potential Business Combination expenses [400]. 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 investments in the Trust Account totaling $70,799,136, which will be used to complete the Business Combination [399]. - The company plans to use substantially all funds in the Trust Account for the Business Combination, with the possibility of withdrawing interest to pay taxes [399]. Debt and Financing - 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]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2024 [404]. - The company may need to raise additional capital through loans or investments to complete the Business Combination, which raises concerns about its ability to continue as a going concern if the transaction does not close [403]. Future Expenses - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence costs related to the Business Combination [395].
Flag Ship Acquisition Corporation(FSHPU) - 2024 Q4 - Annual Report