Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 81

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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 the initial business combination (the “Closing”) and (2) 200,000 of registered and
unrestricted shares of the Company, shall be issued and delivered to D. Boral at the Closing.

Financing
from Debt

From
July 2024 to December 2024, the Company received $775,000 from a subsidiary of Tianji (as defined below). These amounts are
unsecured, non-interest bearing and due on demand. From January 2025 to September 2025, the Company borrowed $900,000 from Tianji
and its subsidiaries, these amounts are unsecured, non-interest bearing and due on demand. Subsequent to September 30, 2025, the
Company received an additional $275,000 from Tianji and its subsidiaries for working capital and extension deposits purposes,
resulting in an aggregated of $1,950,000 due to third party up to the date the unaudited consolidated financial statements were
issued.

On
August 5, 2024, the Company borrowed $300,000 from another unrelated third party, by issuing a promissory note. The unpaid principal
balance of this note bears an annual interest rate of nine point one two seven percent (9.127%) per annum. The note will be due two months
after executed. On August 6, 2024, the Company received the $300,000 in full under such note. On September 10, 2024, and September 27,
2024, the Company repaid $100,000 and $150,000, respectively, to the payee, leaving $50,000 in principal unpaid as of September 30, 2025.
On October 5, 2024, the remaining principal of $50,000 was due and will be payable on demand. Up to the date the unaudited interim consolidated
financial statements were issued, the principal of $50,000 remained unpaid and past due.

For
the three months ended September 30, 2025 and 2024, the Company recorded $1,150 and $3,513 in interest expenses under the promissory
note - third party. For the nine months ended September 30, 2025 and 2024, the Company recorded $3,413 and $3,513 in interest expenses
under the promissory note - third party. As of September 30, 2025 and December 31, 2024, the total outstanding under