Company: ATMCW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004801
Chunk: 858

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9
Chunk 858
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 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. The Company is currently not aware of any issues under review that could result in significant payments, accruals,
or material deviation from its position.

Income
earned from U.S. debt obligations held by the Trust Account is intended to qualify for the portfolio income exemption or otherwise be
exempt from U.S. withholding taxes. Furthermore, shareholders of the Company’s shares may be subject to tax in their respective
jurisdictions based on applicable law, for instance, United States persons may be subject to tax on amounts deemed received depending
on whether the Company is a passive foreign investment company and whether U.S. persons have made any applicable tax elections permitted
under applicable law. The provision for income taxes was deemed to be immaterial.

There
is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman