Company: ATMCW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023265
Chunk: 23

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 23
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 a promissory note for working capital
purposes and further raised an additional $20,000 on February 20, 2024, bringing the total drawdown beyond the original principal amount
of $690,000. On January 4, 2024, the Company deposited $165,000 into the Trust Account to extend the deadline to complete the business
combination from January 4, 2024 to April 4, 2024. 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. Pursuant to the Trust Agreement Amendment,
the Company has extended the date by which it has to complete a business combination from the Termination Date up to ten (10) times,
with the first extension comprised of three months, and the subsequent nine (9) extensions comprised of one month each from the Termination
Date, or extended date, as applicable, to January 4, 2025 by providing five days’ advance notice to the trustee prior to the applicable
Termination Date, or extended date, and depositing 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 June 30, 2025 and December 31, 2024, there were outstanding as
loan amounts of $1,262,500 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 June 30, 2025 and December 31, 2024, due to related parties amounted to $754,589 and $568,299, respectively.

Advisory