Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $542,329, with operating expenses of $307,715 and interest income of $1,119,693 [106]. - 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 [100]. Financial Position - As of March 31, 2025, the company had $108,045,865 in the Trust Account and a working capital deficit of $1,446,268 [111]. - The company has no long-term debt or capital lease obligations, but incurs management fees of $77,500 per month [116]. - The company issued an unsecured promissory note of up to $1,900,000 to the Sponsor, with $600,000 borrowed in February 2025 and $840,000 advanced at December 31, 2024 [113]. Business Combination Plans - The company signed a non-binding LOI for a business combination with Kneron, a provider of edge AI solutions, and is actively negotiating terms for a binding agreement [101]. - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure that its plans will be successful [104]. - The company has a deadline of July 11, 2025, to complete its initial business combination, with substantial doubt about its ability to continue as a going concern [114]. Regulatory and Compliance - FASB issued ASU 2023-09 requiring disaggregated information about effective tax rate reconciliation, effective for annual period ending December 31, 2025 [122]. - The Company is currently assessing the impact of ASU 2023-09 on its financial position, results of operations, or cash flows [122]. - The Company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures [123]. IPO Information - The company consummated 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 [110]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities [115].
Spark I Acquisition (SPKL) - 2025 Q1 - Quarterly Report