Company: EMCRF
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001829126-25-003812
Chunk: 52

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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 Notes (as defined and
described in Note 5), the amount due to third party which is defined and described in Note 6 and the promissory note - third party
which is defined and described in Note 7. As of March 31, 2025, there was $851,112
outstanding under the Convertible Promissory Notes, which was issued to the Company’s related party for extension and working
capital purposes, $144,060
due to related party for working capital purposes, $55,789
outstanding under the promissory note - third party, which was issued for working capital purpose and $975,000 due to third party
for extension purposes. 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.

Going Concern Consideration

The Company expects to incur significant costs in
pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in
accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an Initial
Business Combination by August 12, 2025 (subject to the Amended Extension Payment is made as required for each monthly extension.
There have been deposits of $150,000 for required extension payments to extend the Termination Date to October 12, 2024. The Company
has the right to further extend the Termination Date by depositing $75,000 per month, up to ten additional times, through August 12,
2025.  As of the date of these unaudited interim consolidated financial statements are issued, $600,000
of the required extension payments, to extend the Termination Date to June 12, 2025, has not been deposited into the Trust Account),
the requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate and dissolve raises substantial
doubt about the Company’s ability to continue as a going concern within one year after the date that the unaudited interim consolidated
financial statements are issued. The unaudited interim consolidated financial statements do not include any adjustments that