Spark I Acquisition (SPKL) - 2024 Q2 - Quarterly Report

Financial Performance - As of June 30, 2024, the company reported a net income of $870,843 for the three months ended June 30, 2024, with interest income from investments in the Trust Account amounting to$1,341,032[88]. - For the six months ended June 30, 2024, the company had a net income of $1,641,221, driven by interest income of$2,667,341 from the Trust Account[90]. - The company incurred operating expenses of $138,726 for the three months ended June 30, 2024, and$373,443 for the six months ended June 30, 2024[88][90]. Trust Account and IPO - The company completed its Initial Public Offering on October 11, 2023, raising net proceeds of $100,500,000, which are held in a Trust Account[93]. - As of June 30, 2024, the company had$104,344,851 in the Trust Account and $471,210 in its operating bank account[94]. Business Operations - The company has generated no operating revenues to date and does not expect to do so until after completing its initial Business Combination[85]. - The company is currently in discussions with multiple prioritized targets for its initial Business Combination[85]. Financial Obligations and Concerns - The company has a contractual obligation to pay$77,500 per month to its management team until the completion of the Business Combination[98]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[97]. - Management has raised substantial doubt about the company's ability to continue as a going concern for the next twelve months from the issuance of the financial statements[96].