Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1224

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 12
Chunk 1224
---
 $69,000,000 
  
    Less: 

    Proceeds allocated to Public Rights 
     (621,000)
  
    Proceeds allocated to Public Warrants 
     (1,104,000)
  
    Allocation of offering costs related to redeemable
    shares 
     (4,770,382)
  
    Accretion of carrying value to redemption value 
     7,737,382 
  
    Redemption of public shares 
     (62,154,467)

    Subsequent measurement
    of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit 
     3,820,199 
  
    Ordinary shares subject
    to possible redemption - December 31, 2023 
    $74,062,199 
  
    Redemption of public shares 
     (62,154,467)
  
    Subsequent measurement
    of ordinary shares subject to possible redemption (income earned on trust account) and extension deposit 
     3,332,552 
  
    Ordinary
    shares subject to possible redemption – December 31, 2024 
    $15,240,284 

     F-15 

Income
Taxes

The
Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.

ASC
740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be
sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2024
and December 31, 2023.