Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 436

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 436
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 be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized only if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended March 31, 2025 and 2024. The Company does not believe there was any uncertain tax provision as of March 31, 2025 and 2024.

| F-51 |

Earnings per Share

The Company computes earnings per share (“ EPS”) in accordance with ASC 260, “Earnings per Share” (“ ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended March 31, 2025 and 2024, there were no dilutive shares.

Foreign Currency Translation

The functional currency for HCYC Cayman and HCYC Agent is the U.S Dollar (“ US$”). HCYC Cayman and HCYC Agent currently only serve as the holding companies and did not have active operations as of March 31, 2025. The Company operates its business through HCYC HK as of March 31, 2025 and 2024, which uses Hong Kong dollar(“ HKD”) as its functional currency. The Company’s consolidated financial statements have been translated into and reported in US$.

Assets and liabilities accounts are translated using the exchange rate at each reporting period’s end date