Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $475,225, with operating expenses of $595,005 and interest income of $391,382 [112]. - For the nine months ended September 30, 2025, the company had a net income of $429,687, with operating expenses of $1,380,937 and interest income of $2,637,524 [114]. - 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 nonredeemable ordinary shares subject to forfeiture [130]. - As of September 30, 2025, and December 31, 2024, the company had no dilutive securities, resulting in diluted loss per share being the same as basic loss per share for the periods presented [130]. Revenue Generation - The company has generated no revenues to date and does not expect to generate operating revenues until the completion of its initial business combination [106]. Financial Position - As of September 30, 2025, the company had $614,005 in its operating bank account and $24,823,733 in the Trust Account, with a working capital deficit of $3,177,393 [121]. - The company has no off-balance sheet arrangements as of September 30, 2025 [125]. Business Combination Efforts - 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 [107]. - The company has incurred significant costs in pursuit of its acquisition plans and cannot assure the success of completing a business combination [110]. - The underwriters are entitled to a deferred underwriting commission of 3.5% per unit, totaling $3,500,000, upon completion of the initial business combination [128]. Capital Raising - The company completed its Initial Public Offering on October 11, 2023, raising $100,500,000, which was placed in a trust account [116]. - The company issued an unsecured promissory note of up to $1,900,000 to the Sponsor, with $700,000 borrowed during the nine months ended September 30, 2025 [123]. Accounting Standards - The company does not anticipate that the adoption of ASU 2023-09 will materially impact its financial statements and disclosures, effective for the annual period ending December 31, 2025 [132]. - The company is currently evaluating the impact of ASU No. 2024-03 on its condensed financial statements, which will require disaggregated income statement expense disclosures starting after December 15, 2026 [133]. Reporting Classification - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [134].
Spark I Acquisition (SPKL) - 2025 Q3 - Quarterly Report