Flag Ship Acquisition Corp 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or For the transition period from __________ to __________ Flag Ship Acquisition Corporation(Exact name of registrant as specified in its charter) Cayman IslandsN/A(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☒No☐ As of June5, 2026, the registrant had 5,025,517 ordinary shares, $0.001 par value per share, issued and outstanding. FLAG SHIP ACQUISITION CORPORATION FORM 10-Q FOR THE QUARTER ENDED March31, 2026 TABLE OF CONTENTS PagePart I. Financial Information1Item 1. Financial Statements1Balance Sheets (Unaudited)1Statements of Operations (Unaudited)2Statements of Changes in Shareholders’ Deficit (Unaudited)3Statements of Cash Flows (Unaudited)4Notes to Unaudited Financial Statements5Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk27Item 4. Controls and Procedures27Part II. Other Information28Item 1. Legal Proceedings28Item 1A. Risk Factors28Item 2. Unregistered Sales of Equity Securities and Use of Proceeds28Item 3. Defaults Upon Senior Securities29Item 4. Mine Safety Disclosures29Item 5. Other Information29Item 6. Exhibits30Part III. Signatures31i FLAG SHIP ACQUISITION CORPORATIONUNAUDITED BALANCE SHEETS(Currency expressed in United States Dollars (“US$”), except for number of shares) FLAG SHIP ACQUISITION CORPORATIONUNAUDITED STATEMENTS OF OPERATIONS(Currency expressed in United States Dollars (“US$”), except for number of shares) FLAG SHIP ACQUISITION CORPORATIONUNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT(Currency expressed in United States Dollars (“US$”), except for number of shares) FLAG SHIP ACQUISITION CORPORATIONNOTES TO UNAUDITED FINANCIAL STATEMENTS NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND Flag Ship Acquisition Corporation (the “Company”) is a blank check incorporated company incorporated in the Cayman Islands onMay14, 2018. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase,reorganization or similar business combination with one or more businesses (“Business Combination”). Although the Company is not limited to a particular industry or geographic region for purposes of consummating a BusinessCombination, the Company intends to focus on businesses that have a connection to the Asian market. The Company is an early stageand emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerginggrowth companies. As of March 31, 2026, the Company had not yet commenced any operations. All activities from inception through March31, 2026,relate to the Company’s formation, the initial public offering (the “Initial Public Offering” or “IPO”), and since the Initial PublicOffering, the Company’s evaluation of business combination candidates and efforts to consummate the initial business combinationdescribed below. The Company will not generate any operating revenues until after the completion of a Business Combination, at theearliest. The Company will generate non-operating income in the form of dividends and interest income from the cash and i