Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 331

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 331
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 increase of interest-free borrowings from related parties.

Net cash provided by financing activities amounted to $ 512,865 for the year ended March 31, 2024, attributable to an increase of $502,866 in interest-free borrowings from related parties and proceeds from shareholders contribution of $9,999.

LIQUIDITY AND CAPITAL RESOURCES

To date, we have financed our operations primarily through contributions from shareholders and borrowings from related parties. As reflected in HCYC’s consolidated financial statements, the Company had an accumulated loss of $1,656,956 and a working capital deficit of $825,582 as of March 31, 2025. As of March 31, 2025, we had $523,013 in cash and cash equivalents.

We believe that our current cash and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for at least the next 12 months. We may, however, need additional capital in the future to fund our continued operations. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity or debt securities would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that might restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

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Internal Control over Financial Reporting

Prior to the Business Combination, HCYC was a private company with limited accounting and financial reporting personnel and other resources to address its internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, a “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

The material weakness that has been identified relate to lack of sufficient internal capabilities and resources with relevant experience, skills and knowledge in accounting and financial reporting under the requirements of U.S. GAAP and rules set forth by the SEC to prepare financial statements and related footnote disclosures in accordance with U.S. GAAP. See “ Risk Factors -Risks Related to HCYC- If HCYC fails to implement and maintain an