Company: ATMCW
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001493152-25-024097
Chunk: 53

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 2
Chunk 53
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less amounts released to us for taxes
payable and deferred underwriting commissions) to complete our initial business combination. We may withdraw interest and dividend income
to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts
held in the Trust Account. We expect the interest and dividend income earned on the amount in the Trust Account (if any) will be sufficient
to pay our taxes. Through September 30, 2025, we did not withdraw any income earned on the Trust Account to pay our taxes. To the extent
that our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds
held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other
acquisitions and pursue our growth strategies.

As
of September 30, 2025, we had a cash balance of $1,281 and a working capital deficit of $3,941,880. As on September 30, 2025, there was
an amount of $1,262,500 outstanding as loan against promissory notes issued to the Sponsor for extension of the period of business combination
from October 4, 2023 to November 4, 2024 and an additional loan of $154,939 borrowed from HCYC (as defined below) to extend the business
combination period from November 4, 2024 to February 4, 2025. The total deposits made to date were $10,061 less than the amount required
to fully fund the extensions through February 4, 2025.   Thereafter, the Company entered into extension letters to extend the
timeline of the business combination on a monthly basis through October 4, 2025. Company expects that it will need additional capital
to satisfy its liquidity needs beyond the net proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account
for paying existing accounts payable, identifying and evaluating prospective business combination candidates, performing due diligence
on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring,
negotiating and consummating the Initial Business Combination. Although certain of the Company’s initial shareholders, officers
and directors or their affiliates have committed to loan the Company funds from time to time or at any time, in whatever amount they
deem reasonable in their