Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 39

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 39
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262,500 and $1,262,500, 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. In addition, the Company borrowed an loan of $54,979 from HCYC to extend
the business combination period from November 4, 2024 to December 4, 2024. On December 4, 2024, January 4, 2025, February 4, 2025, March
4, 2025, the Company entered into extension letters to extend the timeline of the business combination on a monthly basis through April
4, 2025. As of March 31, 2025, the extension payments for December, January, February,
and March had not yet been deposited into the Trust Account and, accordingly, did not accrue interest income during the period. These
extension payments were also not included in the common stock subject to possible redemption as of March 31, 2025.

5

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 March 31, 2025 and December 31, 2024, due to related party amounted to $727,478 and $568,299, 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 $30,000 was recorded for both the three months ended March 31,
2025 and 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, 2023, an amount of $352,350 due to related party was converted into over-allotment of