Spark I Acquisition (SPKL) - 2024 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $770,378, which includes interest income of$1,326,309 from investments held in the Trust Account[111]. - The company incurred operating expenses of $234,717 and related party administration and consulting fees of$321,215 during the three months ended March 31, 2024[111]. Revenue Generation - The company has generated no revenues to date and does not expect to generate operating revenues until after the completion of its initial Business Combination[108]. Liquidity and Capital Resources - As of March 31, 2024, the company had $932,714 in its operating bank account and$103,003,819 in the Trust Account, with a working capital of $621,857[115]. - The company may not have sufficient liquidity to fund its working capital needs for the next twelve months, raising substantial doubt about its ability to continue as a going concern[117]. Initial Public Offering - The company completed its Initial Public Offering on October 11, 2023, raising total proceeds of$100,500,000, which includes $3,500,000 of the underwriters' deferred discount[114]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[118]. - The company has a contractual obligation to pay an aggregate of$77,500 per month to its management team until the completion of the Business Combination[121]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[120]. Business Combination - The company has identified multiple prioritized targets for its initial Business Combination and is in substantive discussions with them[108].