Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 16

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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have been omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make
the information not misleading. The interim consolidated financial statements as of September 30, 2025 and for the three and nine months
ended September 30, 2025 and 2024, respectively, are unaudited. In the opinion of management, the unaudited interim consolidated financial
statements include all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results
for the interim periods. The accompanying balance sheet as of December 31, 2024, is derived from the audited financial statements presented
in the Company’s Annual Report on Form 10-K for fiscal the year ended December 31, 2024. The interim results for the three and
nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected through December 31, 2025 or
for any future periods.

Principles
of consolidation

The
unaudited interim consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries.
All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

    9

Use
of Estimates

The
preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the unaudited interim consolidated financial statements and the reported amounts of expenses during the reporting period.

Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the unaudited interim consolidated financial statements, which
management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly,
the actual results could differ significantly from those estimates.

Emerging
Growth Company

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section