Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 70

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. As of September 30, 2025 and December 31, 2024, the Company
borrowed $241,112, which was included in convertible promissory note – related party in the consolidated balance sheet.

    15

Office
Space Provided by Sponsor

The
Company currently maintain executive offices at 5186 Carroll Canyon Rd, San Diego, CA 92121. Such space was provided to the Company free
of charge by the Sponsor.

NOTE
6. DUE TO THIRD PARTY

From
July 2024 to September 30, 2025, the Company borrowed an aggregated amount of $1,675,000
from Tianji and its subsidiaries. These amounts are unsecured, non-interest bearing and due on demand. As of September 30, 2025 and
December 31, 2024, the amounts due to third party were $1,675,000
and $775,000,
respectively. Subsequent to September 30, 2025, the Company received an additional $275,000
from Tianji and its subsidiaries for working capital and extension deposits purposes, resulting in an aggregated of $1,950,000
due to third party up to the date the unaudited consolidated financial statements were issued.

NOTE
7. PROMISSORY NOTE - THIRD PARTY

On
August 5, 2024, the Company issued an unsecured promissory note, in an amount of $300,000 to an unrelated third party, which are used
as the extension fee and/or working capital. The unpaid principal balance of this note bears an annual interest rate of nine point one
two seven percent (9.127%) per annum. The note will be due two months after executed. On August 6, 2024, the Company received the $300,000
in full under such note. On September 10, 2024, and September 27, 2024, the Company repaid $100,000 and $150,000, respectively, to the
payee, leaving $50,000 in principal unpaid as of September 30, 2025. On October 5, 2024, the principal of $50,000 was due and will be
paid on demand. Up to the date the unaudited interim consolidated financial statements were issued, the principal of $50,000 remained
un