Spark I Acquisition Corporation(SPKLU) - 2024 Q3 - Quarterly Report

Financial Performance - The company reported a net income of $901,986 for the three months ended September 30, 2024, with interest income from investments in the Trust Account amounting to$1,356,606[101]. - For the nine months ended September 30, 2024, the company achieved a net income of $2,543,207, driven by interest income of$4,023,947 from the Trust Account[103]. - The company incurred a net loss of $448,131 for the three months ended September 30, 2023, with total operating expenses of$373,416[104]. Trust Account and Capital Structure - As of September 30, 2024, the company had $105,701,457 in the Trust Account and a working capital deficit of$251,453[108]. - 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[107]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[113]. Business Operations and Future Outlook - The company has no revenues to date and does not expect to generate operating revenues until after completing its initial business combination[98]. - The company has engaged in substantive discussions with multiple prioritized targets for its initial business combination[98]. - The company has a contractual obligation to pay$77,500 per month to its management team until the completion of the business combination[114]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern for the next twelve months[112].