Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 48

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 48
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 in the Trust Account, including any amounts representing income earned on the Trust Account (less amounts released to us for taxes
payable and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest and dividend income
to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts
held in the Trust Account. We expect the interest and dividend income earned on the amount in the Trust Account (if any) will be sufficient
to pay our taxes. Through March 31, 2025, we did not withdraw any income earned on the Trust Account to pay our taxes. To the extent
that our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds
held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other
acquisitions and pursue our growth strategies.

As
of March 31, 2025, we had a cash balance of $1,377 and a working capital deficit of $3,553,143. Until the consummation of our IPO, our
liquidity needs were satisfied through a capital contribution from our Sponsor of $25,000 to purchase the founder shares. As on March
31, 2025, there was an amount of $1,262,500 outstanding as loan against promissory notes issued to the Sponsor for extension of the period
of business combination from October 4, 2023 to November 4, 2024 and an additional loan of $54,979 borrowed from HCYC to extend the business
combination period from November 4, 2024 to December 4, 2024. On December 4, 2024, January 4, 2025, February 4, 2025, March 4, 2025,
the Company entered into extension letters to extend the timeline of the business combination on a monthly basis through April 4, 2025.
Company expects that it will need additional capital to satisfy its liquidity needs beyond the net proceeds from the consummation of
the IPO and the proceeds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective
business combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting
the target business to merge with or acquire, and structuring, negotiating and consummating the Initial Business Combination. Although
c