Alphatime Acquisition Corp(ATMCU) - 2023 Q2 - Quarterly Report

Financial Performance - As of June 30, 2023, the company reported a net income of $701,529 for the three months and $1,226,272 for the six months, primarily from interest income earned on the Trust Account[99]. - The company has not generated any operating revenues to date and does not expect to do so until the completion of its initial business combination[96]. - As of June 30, 2023, the company had a cash balance of $126,594 and a working capital surplus of approximately $50,490[103]. IPO and Fundraising - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[100]. - An additional 900,000 units were sold under the over-allotment option, generating gross proceeds of $9,000,000[101]. - The underwriters exercised the over-allotment option in full, purchasing 900,000 additional Units at a price of $10.00 per Unit, generating gross proceeds of $9,000,000[118]. - The Company sold 370,500 Private Placement Units at a price of $10.00 per unit, generating total gross proceeds of $3,705,000[114]. - The Company has agreed to sell to the underwriters an option to purchase up to 58,000 Units at $11.50 per unit, which expires five years from the effective date of the IPO[120]. - The Company sold 115,500 Founder Shares to the underwriter for a total purchase price of $231,000 at $2.00 per share[119]. Costs and Expenses - The company incurred transaction costs of $4,892,699 related to its IPO, including underwriting discounts and other offering costs[101]. - The Company incurred a cash fee of $200,000 as deferred offering costs for advisory services, of which $160,000 was paid by the Sponsor through December 31, 2022[122]. - A cash fee of $200,000 has been incurred as deferred offering costs for advisory services, with $160,000 paid by the Sponsor through December 31, 2022, and an additional $40,000 paid subsequently[122]. - The Company expects to incur increased expenses as a public entity, including legal and compliance costs, as well as due diligence expenses[98]. Trust Account and Securities - The total amount held in the Trust Account as of June 30, 2023, was $71,816,062, consisting of marketable securities in U.S. government treasury bills[102]. - The Company recognizes changes in the redemption value of ordinary shares subject to possible redemption immediately as they occur, with a redemption value of $10.18 per share[125]. - Ordinary shares subject to possible redemption are presented at a redemption value of $10.18 per share, classified as temporary equity[125]. Business Strategy and Targets - The company intends to focus its acquisition efforts on rapidly-growing sectors such as fintech, clean energy, biotech, and AI, primarily in Asia[97]. - The company has not yet identified any specific business combination target and has not engaged in substantive discussions regarding potential targets[96]. Other Financial Information - As of June 30, 2023, the amount due to related parties was $8, compared to $380,566 as of December 31, 2022[117]. - An administration fee of $30,000 and $60,000 was recorded and paid for the three months and six months ended June 30, 2023, respectively[117]. - The Company recorded $0 in deferred offering costs as of June 30, 2023, compared to $584,518 as of December 31, 2022[127]. - The Company complies with FASB ASC 260 for earnings per share, presenting income (loss) per redeemable and non-redeemable shares[126]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[128]. - The Company has no off-balance sheet arrangements or commitments as of June 30, 2023[123].