Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 580

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 580
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 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. Pursuant to the
Trust Agreement Amendment, the Company has extended the date by which it has to complete a business combination from the Termination
Date up to ten (10) times, with the first extension comprised of three months, and the subsequent nine (9) extensions comprised of one
month each from the Termination Date, or extended date, as applicable, to January 4, 2025 by providing five days’ advance notice
to the trustee prior to the applicable Termination Date, or extended date, and depositing into the Trust Account $55,000
for each monthly extension (the “Extension
Payment”) until January 4, 2025 (assuming a business combination has not occurred). Further, the Company drew down seven times monthly extension fund with
aggregate amount of $385,000 under the promissory note and deposited into the Trust Account to extend the deadline to complete the business
combination from April 4, 2024 to November 4, 2024. As on December 31, 2024 and 2023, there were
outstanding as loan amounts of $1,262,500
and $690,000 respectively, against  promissory
notes.

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 December 31, 2024 and December 31, 2023, due to related parties amounted to $568,299 and $199,318, respectively.

Advisory
Services Agreement

The
Company engaged TenX Global Capital LP (“TenX”), a related party to the Company, as an advisor in connection with the Initial
Public Offering and business combination, to assist in hiring consultants and other services providers in connection with our Initial
Public Offering and the business combination, assist in the preparation of financial statements and other relevant
services to commence trading including filing the necessary documents as part of the transaction. Further, TenX will assist in preparing
the Company for investor presentations, conferences for due diligence, deal structuring and term negotiations.

     F-18 

During
the period from