Company: EMCRF
Filing Date: 2025-12-10
Form Type: 10-Q
Source: 0001493152-25-027065
Chunk: 27

Company: Embrace Change Acquisition Corp.
Filing Date: 2025-12-10
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 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
unpaid and past due.

For
the three months ended September 30, 2025 and 2024, the Company recorded $1,150 and $3,513 in interest expenses under the promissory
note - third party. For the nine months ended September 30, 2025 and 2024, the Company recorded $3,413 and $3,513 in interest expenses
under the promissory note - third party. As of September 30, 2025 and December 31, 2024, the total outstanding under the promissory note
- third party was $58,077 and $54,664, respectively.

NOTE
8. COMMITMENTS AND CONTINGENCIES

Registration
Rights

The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the private units and the
underlying private shares and private warrants, and the units issuable upon conversion of