Financial Performance - As of June 30, 2025, the company reported a net loss of $127,315 for the three months ended June 30, 2025, and a net loss of $9,346 for the six months ended June 30, 2025[108]. - The company had a working capital deficit of $3,893,147 as of June 30, 2025[114]. - The company has incurred significant costs in pursuit of financing and acquisition plans, raising doubts about its ability to continue as a going concern[122]. - The company expects to incur increased expenses related to being a public company, including legal and compliance costs[107]. IPO and Fundraising - The company generated gross proceeds of $60,000,000 from its IPO of 6,000,000 units at $10.00 per unit on January 4, 2023[111]. - The Company raised a total of $3,705,000 from the sale of 370,500 Private Placement Units at $10.00 per unit[130]. - The underwriters exercised their over-allotment option, generating gross proceeds of $9,000,000 from the purchase of 900,000 Units at $10.00 per unit[131]. - The Company extended the deadline for its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account[134]. Trust Account and Shareholder Transactions - Following the IPO, the company held approximately $70,242,000 in a Trust Account, with $15,809,323 in marketable securities as of June 30, 2025[113]. - Approximately $23,302,146 was removed from the Trust Account due to the redemption of 2,160,774 ordinary shares, leaving approximately $51,712,221 in the Trust Account[118]. - As of June 30, 2025, the amount due to related parties was $754,589, an increase from $568,299 as of December 31, 2024[135]. - The Company will pay a deferred commission of $2,415,000 to underwriters from the funds held in the Trust Account upon completion of the initial business combination[137]. Business Combination and Acquisition Plans - The company entered into a Merger Agreement on January 5, 2024, to combine with HCYC Group Company Limited, pending shareholder approval[121]. - The company intends to focus its acquisition efforts on rapidly-growing sectors such as fintech, biotech, and AI, primarily in Asia[106]. - The company has not yet selected a specific business combination target and has not engaged in substantive discussions regarding potential targets[105]. Share Issuance and Equity - The Company issued an additional 287,500 ordinary shares to the Sponsor, resulting in a total of 1,725,000 ordinary shares held by the Sponsor[124]. - The ordinary shares subject to possible redemption are presented at a redemption value of $10.91 per share as temporary equity[144]. - The Company complies with FASB ASC 260, reporting net income (loss) per share using the two-class method for redeemable and non-redeemable shares[145]. Fees and Expenses - An administration fee of $30,000 was recorded for both the three months ended June 30, 2025, and 2024[136]. - The Company incurred a cash fee of $200,000 as deferred offering costs for advisory services related to the IPO and business combination[141]. - The Company incurred a cash fee of $200,000 as deferred offering costs for advisory services, with $160,000 paid by the Sponsor through December 31, 2022[141]. - The Company has no off-balance sheet arrangements or commitments as of June 30, 2025[142].
AlphaTime Acquisition p(ATMC) - 2025 Q2 - Quarterly Report