Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1600

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 1600
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 and the Ministry of Finance
of the PRC, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered
in mainland China and Hong Kong completely, consistent with U.S. law. The Statement of Protocol gives the PCAOB sole discretion to select
the firms, audit engagements and potential violations it inspects and investigates and put in place procedures for PCAOB inspectors and
investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed. In
addition, the Statement of Protocol grants the PCAOB direct access to interview and take testimony from all personnel associated with
the audits the PCAOB inspects or investigates. While significant, uncertainties still exist as to how the Statement of Protocol will
be implemented and whether the applicable parties will comply with the framework.

The
lack of access to the PCAOB inspection in certain emerging markets prevents the PCAOB from fully evaluating audits and quality control
procedures of the auditors based in those emerging markets. As a result, the investors may be deprived of the benefits of such PCAOB
inspections. The inability of the PCAOB to conduct inspections of auditors in certain emerging markets makes it more difficult to evaluate
the effectiveness of these accounting firms’ audit procedures or quality control procedures as compared to auditors outside of
those emerging markets that are subject to the PCAOB inspections, which could cause existing and potential investors in our shares to
lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this Form 10-K, as an auditor
of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States
pursuant to which the PCAOB conducts regular inspections to assess our auditor’s compliance with the applicable professional standards.
Our auditor is subject to inspection by the PCAOB on a regular basis with the last inspection report dated June 28, 2021. As such, as
of the date of this Form 10-K, our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021.

While
the Company’s auditor is based in the U.S. and is registered with the PCAOB and subject to PCAOB inspection, it may later be determined
that the PCAOB is unable to inspect or investigate completely the Company’s auditor because of