AlphaTime Acquisition p(ATMC) - 2023 Q1 - Quarterly Report

Financial Performance - As of March 31, 2023, the company reported a net income of $524,743, consisting of a loss of$207,499 from formation and operating costs, offset by $732,242 earned on investments held in the Trust Account[90]. - The company has not engaged in any operations or generated revenues to date, and does not expect to do so until the completion of its initial business combination[90]. - The company may require additional capital to meet liquidity needs beyond the net proceeds from the IPO[95]. IPO and Capital Raising - 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[91]. - An additional 900,000 units were sold under the underwriters' over-allotment option, generating gross proceeds of$9,000,000[92]. - The company completed the sale of 370,500 Private Placement Units at a price of $10.00 per unit, generating total gross proceeds of$3,705,000 on January 4, 2023[107]. - The underwriters exercised their over-allotment option in full, purchasing an additional 900,000 Units at a price of $10.00 per unit, generating gross proceeds of$9,000,000[111]. Trust Account and Cash Position - As of March 31, 2023, the Trust Account held marketable securities valued at $70,974,242, primarily in U.S. government treasury bills[93]. - The company had a cash balance of$186,560 and a working capital surplus of approximately $175,366 as of March 31, 2023[95]. - As of March 31, 2023, the amount due to related parties was$28,693, a decrease from $380,566 as of December 31, 2022, representing a reduction of approximately 92.5$30,000 was recorded for the three months ended March 31, 2023, with a maximum allowable charge of $10,000 per month until the close of the initial business combination[110]. - The company has incurred a total cash fee of$200,000 for advisory services related to the IPO, with $160,000 paid by the Sponsor through December 31, 2022, and an additional$40,000 paid subsequently[115]. - The Company incurred deferred offering costs of $200,000 for advisory services related to the IPO, with$160,000 paid by the Sponsor by December 31, 2022, and an additional $40,000 paid by March 31, 2023[115]. Accounting and Financial Reporting - The company has not identified any critical accounting policies that could materially affect its financial statements[117]. - The ordinary shares subject to possible redemption are presented at a redemption value of$10.18 per share, classified as temporary equity[118]. - Deferred offering costs were recorded as $0 as of March 31, 2023, down from$584,518 as of December 31, 2022[121]. - The company has no off-balance sheet arrangements or commitments as of March 31, 2023[116].