Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 99

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 99
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, analysts and others within its industry.

Consumers may be less likely to purchase our products if they do not believe that our business will succeed or that our operations, including service and customer support operations, will continue for many years. Similarly, large insurance companies and other third parties will be less likely to invest time and resources in developing business relationships with us if they are not convinced that our business will succeed. Accordingly, to build, maintain and grow our business, we must establish and maintain confidence among customers, insurance companies, analysts and other parties with respect to our liquidity and business prospects. Maintaining such confidence may be particularly difficult as a result of many factors, including our limited operating history with our management team after Ms. Xiameng Ding acquired us in February 2020, our inability to sell our own insurance policies to consumers in the marketplace, and competition and our ability to generate commission fees from insurance companies compared with market expectations. Many of these factors are largely outside of our control, and any negative perceptions about our business prospects, even if exaggerated or unfounded, would likely harm our business and make it more difficult to raise additional capital in the future. In addition, it is possible that other insurance brokers may enter the insurance brokerage industry, which is an industry that has historically does not have a high barrier to entry. If these new entrants or insurance providers go out of business, or otherwise fail to meet expectations, such failures may have the effect of increasing scrutiny of others in the industry, including us, and further challenging customer, insurance companies and analyst confidence in our business prospects.

We are currently dependent on a small group of customers for most of our revenue. If we cannot expand our customer base, our business growth will be challenged and affected, resulting in adjustments to our business strategy.

As we have not achieved significant scale, we have and expect to continue to have customer concentration.The revenue generated to date by our business has come from a small number of individual customers and partnered insurance providers. For the year ended March 31, 2025, two partnered insurance providers accounted for approximately 51.2% and 40.0% of the Company’s total revenue and one partnered insurance provider accounted for approximately 92.0% of the total accounts receivable balance as of March 31, 2025. For the year ended March 31, 2024, two partnered insurance providers accounted for approximately 69.9% and 21.8% of the Company’s total revenue and two partnered insurance providers accounted for approximately 63.