Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 61

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 2
Chunk 61
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 raised $20,000 from the sponsor against a promissory note. In connection with this extension, on December 28, 2023,
the Company entered into a non-interest bearing promissory note with the Sponsor for $660,000, that is payable on the earlier of January
4, 2025 or promptly after the completion of an initial business combination. On April 14, 2025, the Company amended and restated the
promissory note to extend the maturity date to promptly after the date of the consummation of the business combination. As on September
30, 2025 and December 31, 2024, there were outstanding as loan amounts of $1,262,500 and $1,262,500, respectively, against a promissory
note issued to the Sponsor for extension of the period of business combination from October 4, 2023 to November 4, 2024 The total deposits made to date were $10,061 less than the amount required to fully fund the extensions through February 4, 2025. Thereafter,
the Company entered into extension letters to extend the timeline of the business combination on a monthly basis through October 4, 2025.
As of September 30, 2025, the extension payments relating to January through June 2025, together with the $10,061 shortfall from prior
extensions, in aggregate totaling $450,061   had not yet been deposited into the Trust Account and, accordingly, did not accrue
interest income during the period. These extension payments were also not included in the common stock subject to possible redemption
as of September 30, 2025.

Due
to Related Parties

The
Sponsor paid certain formation, operating or deferred offering costs on behalf of the Company. These amounts are due on demand and non-interest
bearing. As of September 30, 2025 and December 31, 2024, due to related party amounted to $784,700 and $568,299, respectively.

Administration
fee

Commencing
on the effective date of the registration statement, an affiliate of the Sponsor shall be allowed to charge the Company an allocable
share of its overhead, up to $10,000 per month up to the close of the business combination, to compensate it for the Company’s
use of its offices, utilities and personnel. An administration fee of $30,000 was recorded for both the three months ended September
30,