Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 56

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 56
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 the
Trust Account to extend the deadline to complete the business combination from January 4, 2024 to April 4, 2024. On February 20, 2024,
the Company further raised $20,000 from the sponsor against a promissory note. 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. As on March 31, 2025 and December 31, 2024, there were outstanding
as loan amounts of $1,262,500 and $1,262,500, respectively, against a promissory note issued to the Sponsor for extension of the period
of business combination from October 4, 2023 to November 4, 2024. In addition, the Company borrowed an loan of $54,979 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. As of March 31, 2025, the extension payments for December, January, February,
and March had not yet been deposited into the Trust Account and, accordingly, did not accrue interest income during the period. These
extension payments were also not included in the common stock subject to possible redemption as of March 31, 2025.

5

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 March 31, 2025 and December 31, 2024, due to related party amounted to $727,478 and $568,299, respectively.

Administration
fee

Commencing
on the effective date of the registration statement, an affiliate of the Sponsor shall be allowed to charge the Company