Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 25

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 the amounts due to related party was $144,060 for expenses paid by CFO on behalf of the
Company. These amounts are unsecured, non-interest bearing and due on demand.

Convertible
Promissory Notes - Related Party

On
September 8, 2023, the Company issued an unsecured promissory note (the “September 2023 Convertible Note”), effective as
of September 8, 2023, in an amount of $10,000 to the Sponsor. The Convertible Promissory Note No.1 bears no interest and is repayable
in full upon the consummation of the Company’s business combination. It is convertible at the Sponsor’s election upon the
consummation of the Company’s business combination. Upon such election, the note will convert, at a price of $10.00 per unit, into
units identical to the private placement units issued in connection with the Company’s Initial Public Offering.

On
each of October 10, 2023, November 8, 2023 and December 14, 2023, the Company issued an unsecured promissory note (each is called “October
2023 Convertible Note”, “November 2023 Convertible Note” and “December 2023 Convertible Note”, respectively,
collectively with September 2023 Convertible Note were called “Convertible Promissory Notes”) amounting to $100,000, $190,112
and $100,000, respectively, for an aggregated of $390,112, to the Company’s CFO. The Convertible Promissory Notes bear no interest
and are repayable in full upon the consummation of the Company’s Business Combination. They are convertible at the Sponsor’s
or CFO’s election upon the consummation of the Company’s Business Combination. Upon such election, the notes will convert,
at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company’s Initial
Public Offering.

From
January 1, 2024 to December 31, 2024, the Company issued five unsecured promissory notes (together with the convertible promissory notes
as described above, were called “Convertible Promissory Notes”) amounting to $100,000, $100,000, $100,000, $70,000 and $81,000,
respectively, for an aggregated of $451,000, to the Company’s CFO