Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 42

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 repayable in full upon the consummation
of the Company’s Business Combination. It is convertible at the Sponsor’s election upon the consummation of the Company’s
Business Combination. Upon such election, this loan will convert, at a price of $10.00 per unit, into units identical to the private
placement units issued in connection with the Company’s initial public offering.

From
October 2023 to December 2024, the Company borrowed $841,112 in total from our Chief Financial Officer, in form of convertible promissory
notes, for working capital and extension deposits purposes (as described in Note 5 of the Notes to the Financial Statements). These loans
bear no interest and are repayable in full upon the consummation of the Company’s Business Combination. They are convertible at
the CFO’s election upon the consummation of the Company’s Business Combination. Upon such election, these loans will convert,
at a price of $10.00 per unit, into units identical to the private placement units issued in connection with the Company’s initial
public offering. Up to the date the financial statements were available to be issued, the total amounts borrowed from the CFO under convertible
promissory notes were $841,112.

From
October 2023 to December 2024, the Company’s CFO also paid $144,060, on behalf of us, to the third-party vendors for working capital
purposes. These amounts are unsecured, non-interest bearing and due on demand. Up to the date the unaudited interim consolidated financial
statements were available to be issued, the total amounts paid by the CFO were $144,060.

From
July 2024 to December 2024, the Company borrowed $775,000 from Tianji and its subsidiaries. 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. The
Company recorded them as due to third party on the consolidated balance sheet. As of September 30, 2025 and December 31, 2024, the
total due to third party was $1,675,000 and $775,000, respectively. 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