Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $362,583, with operating expenses of $478,217 and interest income of $1,126,449 from investments held in the Trust Account[120]. - The company reported a net loss per share, calculated by dividing the net loss by the weighted average number of ordinary shares outstanding, excluding 3,435,065 Class A ordinary shares subject to forfeiture[138]. - As of June 30, 2025, the company had no dilutive securities, resulting in diluted loss per share being the same as basic loss per share for the periods presented[138]. Revenue Generation - 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[114]. Financial Position - As of June 30, 2025, the company had $1,101,828 in its operating bank account and $109,172,314 in the Trust Account, with a working capital deficit of $2,210,134[129]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2025[133]. Business Combination - The company has 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[115]. - The company completed its Initial Public Offering of 10,000,000 units, generating net proceeds of $100,500,000, which were placed in a trust account[124]. - The underwriters are entitled to a deferred underwriting commission of 3.5% per unit, amounting to $3,500,000, upon the completion of the initial business combination[136]. - The company has a contractual obligation to pay an aggregate of $77,500 per month to its management team until the completion of the business combination or liquidation[134]. Costs and Expenses - The company incurred significant costs in pursuit of its acquisition plans and expects to continue incurring increased expenses as a public company[118]. Accounting Standards - The FASB issued ASU 2023-09, effective for the annual period ending December 31, 2025, which requires disaggregated information about the effective tax rate reconciliation[140]. - The company is currently assessing the impact of ASU 2023-09 on its financial position, results of operations, or cash flows[140]. - ASU No. 2024-03, effective for annual periods beginning after December 15, 2026, requires disclosures of certain disaggregated income statement expense captions[141]. - The company is evaluating the impact of ASU No. 2024-03 on its condensed financial statements[141]. Reporting Classification - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[142].
Spark I Acquisition Corporation(SPKLU) - 2025 Q2 - Quarterly Report