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 [130]. 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 - 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]. Initial Public Offering - 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 FASB issued ASU 2023-09, effective for the annual period ending December 31, 2025, which requires disaggregated information about effective tax rate reconciliation [132]. - The company does not anticipate that the adoption of ASU 2023-09 will materially impact its financial statements and disclosures [132]. - ASU No. 2024-03, issued in November 2024, requires disclosures of certain disaggregated income statement expense captions, effective for annual periods beginning after December 15, 2026 [133]. - The company is currently evaluating the impact of ASU No. 2024-03 on its condensed financial statements [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 Corporation(SPKLU) - 2025 Q3 - Quarterly Report