Company: ATMCW
Filing Date: 2025-11-17
Form Type: DEFM14A
Source: 0001493152-25-023842
Chunk: 437

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-17
Form: DEFM14A
Chunk 437
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. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:

Schedule of Currency Exchange Rates

|                      |     | March          
 31, 2025       |     | March          
 31, 2024       |
|:---------------------|:----|:---------------|:----|:---------------|
| Period-end spot rate |     | US$1=HKD7.7799 |     | US$1=HKD7.8259 |
| Average rate         |     | US$1=HKD7.7930 |     | US$1=HKD7.8246 |

Comprehensive income

Comprehensive income consists of two components, net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the financial statements expressed in HKD to US$ is reported in other comprehensive income (loss) in the consolidated statements of comprehensive loss.

Statement of Cash Flows

In accordance with ASC 230, “Statement of Cash Flows”, cash flows from the Company’s operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

| F-52 |

Employee Defined Contribution Plan

Full time employees of the Company’s subsidiary in Hong Kong participate in Mandatory Provident Fund Scheme, which is an employee defined contribution plan mandated by the government. Employee defined benefits included as expenses in the accompanying statements of operation and comprehensive income (loss) amounted to $18,390 and $15,919 for the years ended March 31, 2025 and 2024, respectively.

Lease

On April 1, 2020, the Company adopted Accounting Standards Update (“ ASU”) 2016-02. Under this guidance, the Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ ROU”) assets, operating lease liability, and operating lease liability, noncurrent in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to