Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 247

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 247
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ing into the Trust Account $55,000
for each monthly extension (the “Extension
Payment”) until January 4, 2025 (assuming a business combination has not occurred). Further, the Company drew down seven times monthly extension fund with
aggregate amount of $385,000 under the promissory note and deposited into the Trust Account to extend the deadline to complete the business
combination from April 4, 2024 to November 4, 2024. As on December 31, 2024 and 2023, there were
outstanding as loan amounts of $1,262,500
and $690,000 respectively, against  promissory
notes.

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 December 31, 2024 and December 31, 2023, due to related parties amounted to $568,299 and $199,318, respectively.

Advisory
Services Agreement

The
Company engaged TenX Global Capital LP (“TenX”), a related party to the Company, as an advisor in connection with the Initial
Public Offering and business combination, to assist in hiring consultants and other services providers in connection with our Initial
Public Offering and the business combination, assist in the preparation of financial statements and other relevant
services to commence trading including filing the necessary documents as part of the transaction. Further, TenX will assist in preparing
the Company for investor presentations, conferences for due diligence, deal structuring and term negotiations.

     F-18 

During
the period from September 15, 2021 (inception) through December 31, 2024, a cash fee of $200,000 has been incurred as deferred offering
costs for these services of which $160,000 has been paid by the Sponsor through December 31, 2022 and additional $40,000 was paid subsequently
through December 31, 2023.

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 $120,000
was recorded for the year ended December