Spark I Acquisition Corporation(SPKLU) - 2024 Q2 - Quarterly Report

Financial Performance - The company reported a net income of $870,843 for the three months ended June 30, 2024, compared to a net loss of$443,054 for the same period in 2023[101][104]. - For the six months ended June 30, 2024, the company achieved a net income of $1,641,221, an improvement from a net loss of$796,410 in the same period of 2023[103][104]. - 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[101][103]. Liquidity and Financial Position - As of June 30, 2024, the company had $104,344,851 in the Trust Account, which is designated for future business combinations[108]. - The company has a liquidity condition that raises substantial doubt about its ability to continue as a going concern for the next twelve months[112]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[113][114]. Initial Public Offering and Future Plans - The company completed its Initial Public Offering on October 11, 2023, raising net proceeds of$100,500,000, which includes $3,500,000 of the underwriters' deferred discount[105][107]. - The company intends to utilize cash from its Initial Public Offering and private placement warrants to effect its initial business combination[99]. - The company is currently in discussions with multiple prioritized targets for its initial business combination[98]. Revenue Generation - The company has no revenues generated to date and does not expect to generate operating revenues until after completing its initial business combination[98][100].