Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 1622

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 1622
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 that is payable on the earlier of January 4, 2025 or promptly after the completion of an initial business
combination. As on December 31, 2024 and 2023, there were outstanding as loan amounts of $1,262,500 and $690,000, respectively, against
a promissory note issued to the Sponsor for extension of the period of business combination from October 4, 2023 to November 4, 2024.
On November 4, 2024, December 4, 2024, and January 4, 2025, the Company entered into monthly extension letters with the sponsors to extend
the timeline of the business combination from November 4, 2024 to December 4, 2024, from December 4, 2024 to January 4, 2025, and from
January 4, 2025 to February 4, 2025, respectively. The November and December extension funds were deposited into the trust account following
December 31, 2024, and as a result, did not accrue interest income during that period. The November and December extension payments were
not included in the common stock subject to possible redemption figures as of December 31, 2024.

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 2023, due
to related party amounted to $568,299 and $199,318, respectively.

Administration fee

Commencing on the effective date of the registration
statement, an affiliate of the Sponsor shall be allowed to charge the Company an allocable share of its overhead, up to $10,000 per month
up to the close of the business combination, to compensate it for the Company’s use of its offices, utilities and personnel. An
administration fee of $120,000 was recorded for the year ended December 31, 2024.

Other Contractual Obligations

Underwriting Agreement

We granted the underwriters a 45-day option from the
date of IPO to purchase up to 900,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts
and commissions. The underwriters exercised the over-allotment option in full effective January 9, 2023. Simultaneously, on January 4