Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 24

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
 due to third party was $975,000
and $775,000, respectively. Subsequent to March 31, 2025, the Company received an additional $100,000 from Tianji and its
subsidiaries for working capital purposes, resulting an aggregated of $1,075,000 due to third party up to the date the unaudited
condensed financial statements were issued.

NOTE 7. PROMISSORY NOTE - THIRD PARTY

On August 5, 2024, the Company issued an
unsecured promissory note, in an amount of $300,000
to an unrelated third party, which are used as the extension fee and/or working capital. 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 March 31, 2025. On
October 5, 2024, the principal of $50,000 was due and will be paid 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 March 31, 2025
and 2024, the Company recorded $1,125
and $0 in interest expenses under the promissory note - third party. As of March 31, 2025 and December 31, 2024, the total
outstanding under the promissory note- third party was $55,789
and $54,664, respectively.

    16

NOTE 8. COMMITMENTS AND CONTINGENCIES

Registration Rights

The initial shareholders and their permitted transferees can demand that the Company register the founder shares, the private units and the underlying private shares and private warrants, and the units issuable upon conversion of working capital loans and the underlying ordinary shares, warrants and rights, pursuant to a Registration Rights Agreement signed on August 9, 2022. The holders of such securities are entitled to demand that the Company register these securities at any time after