Financial Performance - The company generated a net income of $770,378 for the three months ended March 31, 2024, with operating expenses of $234,717 and interest income of $1,326,309 from investments held in the Trust Account[103]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[100]. - The company has generated non-operating income primarily from interest on marketable securities held in its Trust Account[102]. Liquidity and Capital Structure - As of March 31, 2024, the company had $932,714 in its operating bank account and $103,003,819 in the Trust Account, resulting in a working capital of $621,857[108]. - The company has significant liquidity concerns, raising doubts about its ability to continue as a going concern for the next twelve months[110]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[111]. Initial Public Offering and Business Combination - 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[107]. - The company intends to utilize cash from its Initial Public Offering and private placement warrants to finance its initial Business Combination[101]. - The company has engaged in substantive discussions with multiple prioritized targets for its initial Business Combination and aims to execute binding agreements efficiently[100]. Management and Fees - The company incurred management fees of $77,500 per month starting May 1, 2021, which will continue until the completion of the Business Combination or liquidation[113].
Spark I Acquisition Corporation(SPKLU) - 2024 Q1 - Quarterly Report