Company: ATMCW
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011749
Chunk: 8

Company: ALPHATIME ACQUISITION CORP
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 8
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 and a working capital deficit of $3,553,143. The Company expects that it will need additional capital to satisfy its liquidity
needs beyond the net proceeds from the consummation of the IPO and the proceeds held outside of the Trust Account for paying existing
accounts payable, identifying and evaluating prospective business combination candidates, performing due diligence on prospective target
businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating
the Initial Business Combination. The Company has incurred and expects to continue to incur significant professional costs to remain as
a public traded company and to incur transaction costs in pursuit of a Business Combination. In connection with the Company’s assessment
of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties
about an Entity’s Ability to Continue as a Going Concern,” management believes that these conditions raise substantial doubt
about the Company’s ability to continue as a going concern. In addition, if the Company is unable to complete a Business Combination
within the Combination Period, with the last extension termination date on October 4, 2025, and such period is not extended, there will
be a liquidation and subsequent dissolution. As a result, management has determined that such additional condition also raises substantial
doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might
result from the outcome of the uncertainty.

    F-8

In addition, in order to finance
transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain
of the Company’s officers and directors may, but are not obligated to, loan funds to the Company as may be required but there
is no guarantee that the Company will receive such funds. As on March 31, 2025, there was an amount of $1,262,500
outstanding as loan against promissory notes issued to the Sponsor for extension of the period of business combination from October
4, 2023 to November 4, 2024 and an additional loan of $54,979
borrowed from HCYC (as defined below) 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